A new company called TenkoFX, has announced to Forex Magnates that it has launched PAMM service accounts on the Forex platform cTrader ECN. With this move, TenkoFX becomes the first broker that offers PAMM cTrader accounts for money managers, providing a real alternative for the widespread MT4.
Percent Allocation Management Module (PAMM) is commonly used for FX trading management around the world, but is particularly popular in Russia as Alpari was the first company to introduce it as a solution for money managers years ago. Up until today the old MT4 platform still dominates FX PAMM accounts.
Developed by Spotware to provide a new alternative to brokers looking to lessen their dependence on MT4, the cTrader has steadily been enhancing its utility. Just this month it was announced the platform will integrate algorithmic trading robots, and if more brokers introduce PAMM support for cTrader, it will offer a real challenge for MT4 to lock in money managers.
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Ilya Holeu, the Managing Director of Spotware Systems, commented on the announcement: “We are pleased that the guys from TenkoFX made an interesting product . This is a really useful service that will bring a new level of PAMM service.”
TenkoFX explains the service works by combining several platforms’ trading history at a single database for PAMM accounts. Using the service a money manager can now open PAMM accounts on both the cTrader ECN and MetaTrader4 platforms with the broker. In this way TenkoFX says, the technology allows PAMM account managers to migrate from MT4 to cTrader without having to rebuild their history. A manager may transfer his trading to another platform , while not losing customers and accumulated statistics.
The Director of TenkoFX New Zealand, Ali Hashemifar, claimed in the announcement the new service is already gaining traction, he said: “We have already received applications from large managers who want to use our system as a Verified PAMM Trader. What attracts them is the cTrader ECN platform and our general trading conditions.”