FXCM introduces social and copy trading via ZuluTrade platform
FXCM Group, LLC (‘FXCM Group’ or ‘FXCM’), the leading international provider of online foreign exchange (FX) trading, CFD trading and related services, has expanded its FX and CFD trading offering by providing customers with social and copy trading capabilities.
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Social and copy trading have emerged as a popular addition to the retail trading market. Through this offering, FXCM customers can copy a high-performing Trader’s signals and strategies, removing the need to speculate themselves and instead follow more experienced market participants.
The platform, powered by ZuluTrade, identifies rankings of Traders’ performance which makes it easy for customers to identify Traders to follow and invest with. The platform also highlights the current ‘Rising Stars’, including Traders who have had recent successes and are closing in on their all-time-highs. Customers can also choose to follow dynamic combinations of Individual Traders called ‘Combos’ for their trading strategy. Combos use a point-based algorithm that has been set up for identifying profitable combinations of trading strategies. Combos are grouped in tiers that correspond to different risk appetites, from conservative to highly aggressive.
The Traders that customers follow fully explain their strategies and answer questions from fellow investors. This is a fully integrated platform that provides an incentive for Traders to ensure their strategy performs well, with Traders only receiving a percentage of the profits generated for their investor.
Brendan Callan, CEO of FXCM, said: “When beginning a trading career, it can often seem overwhelming to create an initial strategy. Market volatility, trading products and risk appetite are all new elements for customers to consider when exploring profit-making strategies.”
“Social trading gives customers a great choice, especially when beginning to trade. By following an independent Trader, customers can view the Trader's performance over a period of time and make an informed decision before parting with their money. We’ve made it easier than ever for customers to have confidence in their chosen strategy.”