FxGrow Adds Signal Trader Platform for Traders to Copy Forex Strategies

Another brokerage has just shown support for social trading, as FxGrow announces its partnership with I.S. Signal Trader Limited (Signal Trader) – a platform that aggregates Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term trading signals including automated trading systems for investors to choose from and copy into their trading account.

FxGrow is a brand name of Growell Capital, a Cypriot Investment Firm (CIF) licensed by the Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term), and the deal with SignalTrader includes an introducing brokerage agreement as part of the technology partnership.

Letter of direction

Clients looking to use the platform to find trading strategies must agree to a Letter-of-Direction (LoD) – which is used to permit the trading signals that are generated from systems that clients select - into trades in their brokerage account with FxGrow.

This is similar to how investors may use a power-of-attorney when authorizing a fund manager to trade, but in this case, the authorization is done through the platform.

The SignalTrader platform ranks trading strategies based on a number of criteria related to their historical trading performance and other risk/reward performance and provides such data and statistics for traders to inspect and compare signal providers. Rather than allowing anyone to become a signal provider, the company has a number of standards that providers must meet in order to be considered.

Rewarding profitable signals

Signal Trader rewards profitable signal providers based on the amount of volume that is copied by clients that follow each signal. The company requires providers to have a live MT4 account with at least $2000 and a historical max-drawn of not more than 20% and an overall net profit of at least 10% since the inception of the account’s trading.

In addition, signal providers need at least 3 months worth of trading history for their track record to be considered. A screenshot can be seen below of the trading performance for the SignalKING trading system which is ranked currently as a top performer from among the 14 systems offered on Signal Trader: