The first FX company to adopt the newly X Open Hub powered Mirror Trader platform from Tradency is Aforex, according to an announcement today by X Open Hub’s developer, X Financial Solutions.
Aforex, which operates from its offices in Russia, will also take the full X Open Hub suite of products, whilst integrating multiple liquidity providers into the solution, the announcement said.
Tradency and X Financial Solutions have been working hard over the last few months to connect Mirror Trader with X Open Hub’s API to integrate and build an entirely bespoke version of the popular Mirror Trader platform.
Strategic Technology Partnerships
This has now enabled X Financial Solutions to offer the platform to both their own clients and those adopting the X Open Hub environment, and thus Mirror Trader will be available for all X Open Hub clients directly from Tradency.
According to the press release, in addition to going live with xStation and MirrorTrader, Aforex will use X Open Hub’s wlCreator tool to set up white label partners in minutes and will also take X Open Hub’s liquidity solution, price feed and executors, as well as integrate the environment with two additional liquidity partners.
X Open Hub’s Best Bid Offer (BBO) functionality is intended, according to X Financial Solutions, to help ensure that Aforex receives the best price across all three liquidity providers, and that Aforex will also use xRisk to consolidate their entire portfolio across X Open Hub and multiple MetaTrader 4 servers, offering an extremely efficient way to manage their risk and set exposure limits, according to the description.
XOB Powered Mirror Trader Platform
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Commenting in the corporate press release, Lior Nabat, Tradency’s founder and CEO said, “Tradency is experiencing a growing demand for the Mirror Trader services. It is our goal to meet this demand by exposing brokers and traders alike to advanced integrated systems such as this joint solution. Tradency had long been collaborating with market leading technology providers and this venture with X Financial Solutions is a perfect example of that productive collaboration.”
X Financial Solutions, Managing Director, Jakub Zablocki added in the corporate statement saying, “The new Aforex trading platforms showcase the power and flexibility of X Open Hub.”
At the Forex Magnates London Summit yesterday, Mr. Zablocki spoke as a panelist on the FX Technology Panel, during which the advancements in technology which serve to increase volumes were discussed. During that particular discussion, he added that beyond tech, the overall industry decrease in spreads is also a major driver of volumes, but this had led to a greater importance of having good technology to handle this order flow and the risks it brings.
Mr. Zablocki concluded, “Our open API makes it easy for partners like Tradency to create bespoke platform and software solutions for broker clients. We are very happy with the result and expect to see much more growth in this area.” X Financial solutions has made a series of recent changes including recent hires and building out their robust technology offering and new partnerships.
Commenting on their selection of the XOB Powered Mirror Trader platform, Kirill Koshienko, CEO of Aforex said in the official release, “Customers are constantly looking for robust trading tools. We aim to stay ahead of the curve with our new trading technology and deliver a competitive advantage to our customers.”
Aforex.ru First to Launch
Mr. Koshienko concluded, “xStation is a modern solution for active traders looking for flawless execution, technical analysis and sophisticated order management.”
The intention to launch the Mirror Trader platform with Aforex was previously covered by Forex Magantes earlier this year.
Aforex, which has provided financial trading service since 2007, and has established numerous partnerships around the world, is aiming to provide the best financial tools and products for its traders in order to give them a competitive edge in the market. The company is a member of the Financial Commission and regulated by self-regulatory organization (SRO) CRFIN.