The online Forex trading and CFD broker FXCM has recently announced that the company has introduced new social and copy trading services to diversify its product portfolio for any type of trader.
ZuluTrade has been stated as the partner of FXCM for these fresh services according to the official news release. With these new services, the clients of FXCM can enjoy copy trading and benefit from the trading decisions of more experienced traders instead of speculating on their own. The increasing accuracy of the trading decisions can boost the client retention for the company as well as profit.
The company has recently obtained a license issued by Cyprus Securities and Exchange Commission (CySEC) and expanded its product offering with seven new stock baskets. FXCM reported that the social trading platform will allow traders to see the ranking of the others and choose among them depending on the success rate.
Brendan Callan, CEO of FXCM, talked about the recent announcement and 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.”
Social Trading Is Getting Popular
While social media platforms are integrating more and more into our lives, it was inevitable that we experienced a transition from a classical understanding of trading to a more social and interactive one.
“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,” FXCM told in the press release.