ForexNewsNow – Renowned forex broker FXCM recently announced that it managed to form a partnership with online trading technology provider Tradency. The partnership between the two companies will allow FXCM to offer the mirror trading solutions to its clients through Tradency’s Mirror Trader platform.
The agreement between the two ventures allows FXCM clients to use the mirror trading solutions created by Tradency without creating a new and separate trading account. FXCM traders will have the possibility to log into the newly added Mirror Trader platform with their old login credentials.
FXCM explained that the new mirror trading services available from now on will greatly aid the transition of beginner traders to the status of regular and advanced live traders. Through mirror trading, new traders will have the possibility to follow advanced traders and copy the actions performed by them. By observing the actions of advanced traders, beginners will be able to develop their skills.
FXCM founder and CEO Drew Niv explained that the mean reason for the implementation of the Tradency Mirror Trader is to offer new traders’ the possibility to expand their skillsets. Likewise, FXCM believes that the new service will attract a new market segment to the company ensuring an influx of new traders as well as more revenues.
Tradency CEO Lior Nabat explained that the new partnership with FXCM is part of his company’s new business strategy. Nabat explained that his company managed to successfully turn the Mirror Trader copy-trading platform into a mass market product. This way FXCM is now able to offer services that cover the full spectrum of traders from beginners to experts.
About Mirror Trading
Mirror trading is becoming increasingly popular these days. After multiple companies such as Tradency launched their mirror trading platform, both novice and experienced traders have embraced this practice.
Mirror trading allows traders to follow expert traders and automatically copy the actions performed by them. Experts, on the other hand, will have the opportunity to earn extra income on successful traded copied by their followers.
Tradency is an online trading technology provider that was created in 2005. Tradency‘s most important product is the Mirror Trader online trading platform. The Mirror Trader platform allows forex traders to copy other traders’ trading strategies.
The platform allows for a greater customization allowing traders to adjust various parameters. Based on the parameters set, the software platform will automatically execute the actions performed by traders that the user of the platform decided to follow and mirror.
FXCM is a global forex broker and one of the largest actors on the market in the online trading industry. The company offers forex trading solutions on multiple platforms including the popular MetaTrader 4 platform and various other platforms specially designed for expert traders.
FXCM is a regulated forex broker with a license issued by the Commodity Futures Trading Commission (CFTC) in the US and is also member of the National Futures Association (NFA). US regulation and licensing is usually only achieved by the best and most secure brokers on the globe. The company operates and has offices in multiple countries including the UK, Germany and Japan.