Hello cTrader! Myfxbook Integrates Social Trading and Analytics Tools With Spotware's Platform
As demand for a diverse range of platforms has grown, trading analytics firm Myfxbook has today announced the integration of
Automated analytical tool and social trading network Myfxbook has today announced that it has integrated its service to Spotware Systems cTrader FX platform.
Until recently, Myfxbook had accrued a number of traders via relationships with brokers using the MetaTrader 4 platform, however the firm found itself embroiled in MetaQuotes’ controversial rejection and warning against the use of four copy trading firms earlier this year.
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Myfxbook’s co-founder and CEO Alex Rekun today explained to Forex Magnates that the firm had been receiving requests on a daily basis from users to support the cTrader platform and therefore started working with Spotware a few months ago.
On the subject of Spotware Systems’ collaboration in the development time leading up to the integration of the social trading network to its system, Mr. Rekun explained “Spotware has been super helpful and quick to develop a solution for us which allows a dedicated connection to their systems with no need to run any software on the client side (oAuth) – we’re the first to create such an integration with the firm”.
“As is the case with other supported platforms, an integration with Myfxbook will help to familiarize and attract many new clients for cTrader, as we have seen (and continue to) with the existing supported platforms and brokers by Myfxbook” concluded Mr. Rekun.
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Platform Neutrality Becoming Prevalent
Just days after MetaQuotes showed the red card to the copy trading developers, and then announced its impending third party marketplace at the Cyprus iFXEXPO this year, questions began to circulate as to how long market domination by a single platform can continue.
At the time, Ilya Holeu, Head of Sales and Marketing at Spotware Systems conveyed his view to Forex Magnates.
“Domination of the single platform is definitely at its end” said Mr. Holeu at the time.
“This may come from the increasing risk, as evidenced in the recklessness of the last few weeks, or the increasing appreciation of open and fair platforms like cTrader, where we’ve seen our client base grow tremendously” he said.
The subject of discussion at the iFXEXPO during the panels inevitably led in that direction. During a dialog on the virtues of customization of solutions as opposed to off the shelf offerings, Alain Broyon, CEO at Dukascopy Bank explained to the delegates that he considers it important that certain popularly requested custom objects are provided as an integral part of the platform, alluding to the same overall principle as in this case.
He explained that “The Jforex platform is built with different interfaces that can be set by the broker. Every platform should have a detail that is different, to help it be global and allow the technology to be in line with regulation.”
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MT4 is going no where…
I really feel this will provide a huge bump for CTrader.
The fewer things making MT4 a “sticky” product, the faster people will be ok with moving to a new (better) platform. And MyFXBook was quite the attractive tools for MT4 users.
so i suppose other platforms will take suit? they will look to be integrated into myfxbook as a means to improve the transparency and simultaneously promote the existence of the platform?
@Jon, I think MyFXBook was the driver in this integration. CTrader support was probably the most requested feature they’ve seen in a while from their users (as seen in their user forums and suggestions section of their site.)
And I’m sure CTrader was happy to help out given the exposure it would give them.
win-win much? :-p