Autochartist has announced the completion of the acquisition of VerifyMyTrade, a company that has developed capabilities to accurately asses the execution quality of positions across the retail FX market.
The acquisition further expands Autochartist’s technological products, that are focused on the automation of trading decisions for users.
VerifyMyTrade’s Trust Builder works in tandem with an impartial industry-recognized service provider, in an effort to enable traders to receive verification on the validity and accuracy of their positions’ prices.
Benefits to Brokers
While it is easy to understand the benefits of the system to retail traders, there are also several uses for brokers and companies as well.
Due to the price verification capabilities, brokers who implement the service would be able to settle price disputes internally, by inducing evidence on asset prices at any given time, from an impartial party.
Moreover, VerifyMyTrade’s development also generates a monthly regulatory report, specifying the broker’s price execution quality.
Autochartist Chief Executive Ilan Azbel summarized the benefits of the acquisition: “VerifyMyTrades fits perfectly with the Autochartist content for broker marketing, sales, retention and VIP solutions. Transparent demonstration of quality price execution enables brokers to achieve the dual objectives of building trust with traders and meeting regulatory requirements.”
The purchase of VerifyMyTrade illustrates Autochartist’s commitment to enhance its product offering, by providing a diverse set of tools for brokers and traders alike, focused on improving the overall trading environment.
Instant Extension of Product Reach
VerifyMyTrade had already partnered with the Financial Commission (FinaCom PLC) toward the end of last year. Now under the control of Autochartist, VerifyMyTrade’s reach will likely extend far beyond its current capacity.
Autochartist has been highly active in creating partnerships, and companies have seemingly been adding its service to improve their automated capabilities.
More specifically, financial technology and service provider Leverate integrated the Autochartist tools into its Activ8 trading platform. This was a big deal for Autochartist, due to the instant access for Leverate’s portfolio of brokers, who could suddenly use the company’s tools.
Other companies have begun collaborating with Autochartist as well, in an effort to provide clients with a better overall trading experience.