FxGrow Adds Signal Trader Platform for Traders to Copy Forex Strategies

SignalTrader platform launches by FxGrow after synergy announced today.

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 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), and the deal with SignalTrader includes an introducing brokerage agreement as part of the technology partnership.

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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.

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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:

SignalKING trading system (as of July 12 2016) Source: Signal Trader
SignalKING trading system (as of July 12 2016) Source: Signal Trader

 

 

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