Copy trading firm ZuluTrade announced a new partnership with Japanese broker Excite One this Tuesday.
The deal will see the two companies launching a copy trading service called Macaso, which translates to “I’ll leave it to you” in Japanese.
The new solution is powered entirely by ZuluTrade’s technology.
That means any of Excite One’s clients using the solution will have access to all of the other traders using the copy trading company’s services.
According to a statement sent to Finance Magnates by ZuluTrade on Tuesday afternoon, the firm now works with over 150 brokers and has approximately 2,000,000 people using its solutions.
The company’s clients can access strategies used by traders around the world. These can be filtered for different traits, risk appetite for example so that a user has a trading strategy that matches their needs.
KVB PRIME: Gateway to the World's MarketsGo to article >>
Breaking into Japan
ZuluTrade is fairly unique in having been able to crack the Japanese retail foreign exchange (FX) market.
Many European or US brokers have attempted to enter the market but, unless they have simply acquired a local broker, have struggled to make an impact there.
ZuluTrade got started in the East Asian nation in 2014 when it acquired a local firm, Market Crew Investment Advisor, which was renamed to ZuluTrade Japan.
Since then, the firm has established relationships with a number of local firms, including Kabu, one of the country’s largest brokers.
Significantly for the deal with Excite One, the first Japanese broker that ZuluTrade worked with was Arena FX.
The small firm was later acquired by – guess who – Excite One in 2017. Since then, both ZuluTrade and Arena FX’s new owners have been making noises about a revamped copy trading service.
And now, at long last, traders have one.