Tradency lately changed its business model and it seems that the change is doing wonders for the autotrading company: at least 9 more brokers have signed up for its Mirror Trader platform. In April FXDD was the first broker to go live with the new business model.
Tradency’s new business model means that it charges technology fee of a few tens of dollars per active user per month. Simply put if a trader trades just a few standard lots per month the broker in most cases has already covered the cost.
Such business model both releases Tradency from regulatory obligations in the US as an IB (as it’s a flat technology fee rather then volume related compensation) and benefits the traders as the 1-2 pips mark-up levied upon them by brokers is now removed.
Tradency will be exhibiting at the Forex Magnates Summit taking place in London in November 2012.
Tradency BVI, developer of the industry-leading foreign exchange trading platform Mirror Trader, has announced the launch of the Mirror Trader platform with nine new worldwide brokers: Youtradefx, USGCapital, FxPrimus, FxOptimax, Aforex, United World Capital, DirectFx, GolderMarkets and FiboGroup.
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According to Oz Golan, Tradency’s Director of Sales, since the launch of Tradency’s new business model, based on a fixed fee structure for brokers, the company demonstrated record breaking growth in both business and volume. Golan believes this change along with the platform’s Trade-by-Knowledge capabilities make the platform extremely attractive to both brokers and traders.
Terry Thompson, President of FXPRIMUS: “By adding Mirror Trader to our product offering, it has benefitted us in two ways. First, it has enabled FXPRIMUS the ability to further enhance our clients experience by providing them with the cutting edge technology and mirroring tools that has made Mirror Trader an industry leader . Secondly, as a straight-thru-processing (STP) broker, our revenue is derived strictly from client volume. Mirror Trader’s new fixed fee structure allows us to maintain our razor-thin spreads our clients have come to expect, without affecting our bottom line. In other words, the cost savings of not having a per trade fee, allows us to pass our savings on to our clients, which ultimately, is what is most important to FXPRIMUS.”
Golan adds: “We are very happy for each new broker adding Mirror Trader to their professional offering. We are also very happy that the brave business model change we undertook is turning out to be a great success. Existing client are moving to the new model and our potential pipeline is growing rapidly. It’s a real win-win situation for brokers, answering to market grassroots demand for advanced mirroring tool, and at the same time maximize volume and revenues.”
Tradency Inc. is the developer and originator of Mirror Trading technology, which enables traders in foreign exchange to automatically evaluate and adopt global strategies. Tradency’s Mirror Trading Platform offers traders a flexible choice of combining its groundbreaking approach with traditional online trading methods. Since its inception in 2005, Tradency has pioneered this new method, creating a new category of platform trading. Tradency continues to innovate its services, reinforcing its reputation as the creator of cutting-edge industry practice.