Trading technology company Spotware announced changes to its cTrader Copy solution this Monday.
The technology firm issued a statement saying that it has removed commission charges for people using the service.
Prior to Monday, traders using the cTrader Copy platform would have to pay a 30 percent commission fee on any money they made.
cTrader Copy has been around for almost a year now. Spotware launched the service in October of 2018 in an effort to tap into the demand for social and copy trading solutions.
Like its competitors, cTrader Copy allows users to follow or copy trading strategies being used by more advanced traders.
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Such tools are generally more appealing to novice traders who want to reduce their level of risk by effectively entrusting their cash to someone more experienced than they are.
Lower fees, more pros
They also allow those more experienced traders to make money, with a percentage of any profits a trader makes going to the person he or she is copying.
Traders offering their strategies on cTrader Copy can charge their followers based on profit, a management fee or trading volume.
The decision to remove commission fees from those charges was, according to Spotware, driven by a desire to attract more professionals to the platform.
“[cTrader Copy] already has many strategy providers among which are professional traders, PAMM managers, and IBs,” said James Glyde, Spotware’s chief commercial officer.
“To allow them to earn even more from trading, we decided to remove our interest completely. This will attract even more strategy providers to cTrader Copy, thus increasing investors’ options for copying, and allow them to offer lower fees for their services.”