FX technology provider X Financial Solutions today announced that it has formed a corporate alliance with Tradency in order to integrate the firm’s Mirror Trader copy trading platform with the back office and trading engine of X Financial Solutions’ X Open Hub cloud-based trading environment.
Juan Jutgla, Director of Institutional Business at the X Financial Solutions said of the partnership: “We are very excited to be working with Tradency to offer our clients a complete trading solution fully integrated with the world-renowned Mirror Trader platform.”
“This alliance, along with our recently announced partners last week, is a strong validation of the open concept we are developing through our flagship X Open Hub trading environment.
The response has been extremely positive from both our existing clients and the marketplace and we look forward to the advantages this collaboration will bring to our broker clients and their end users” he explained on behalf of the firm.
Copy Trading Migration To Open Platforms?
With most of the copy trading and automatic trading firms having concentrated their efforts on MetaTrader compatibility over the last few years by forming revenue-share type arrangements with retail brokers that offer MetaTrader, a significant business was built by such firms effectively offering a third party solution which worked in conjunction with MetaTrader 4.
A degree of immediate change came about this year, when MetaQuotes began to offer its own social trading facility which is built into the platform.
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This was swiftly followed by the extremely vociferous accusation by the firm that four of the major copy trading providers were hacking MetaTrader protocols, in the form of a notice on the firm’s broker support website discouraging brokers from using any of these firms.
With Tradency being the first of these to refute the allegations made against it, and withdraw its relationship with any broker using MetaTrader 4 platform the same day, this integration with X Financial’s X Open Hub provides the firm with a formula to enter the non-proprietary, open platform market.
Nadav Levi, Tradency’s Director of Marketing, made a corporate statement regarding the integration: “We are experiencing a global growing demand for the Mirror Trader service and as a result we are expanding our backend partners’ network with leading technology providers.”
“X Financial Solutions’ X Open Hub is an important addition to our complete offering and we have great confidence that our joint proposition will enable many more brokers to enjoy the Mirror Trader value” said Mr. Levi.
The new partnership is, according to X Financial Solutions, a two way street insofar as it will be available to both existing brokers of X Open Hub which are now able to swiftly implement the Mirror Trader platform and for Mirror Trader potential clients that are now able to use X Financial Solutions’ back-end.
Interesting times ahead, as MetaQuotes takes an increasingly proprietary view toward the plethora of third party software providers which had built an entire ecosystem around the MetaTrader 4 platform.
At this year’s IFXEXPO the firm launched a third party marketplace in which it can vet and control each offering, plus having denounced the four copy trading platform providers earlier this year, in this instance, does this represent a case of MetaQuotes showing Tradency the door, or Tradency turning its back on MetaQuotes in favor of new, open pastures?