ForexNewsNow – Popular Russian financial service provider and retail broker Finam announced the launch of a new product and brand called WhoTrades. The new brand is a social forex trading network allowing traders to interact with each other as well as copy their actions in order to maximize profits.
Finam Launches WhoTrades Social Forex Network
The launch of WhoTrades represents Finam’s newest online trading endeavor. The company recently revealed that it decided to launch a social forex trading network due to the fact that in the company’s opinion the currently existing services of this kind are of not satisfying quality.
The above is especially true when it comes to the Russian financial trading market. Finam revealed that the new WhoTrades brand is aimed mainly at the Russian forex trading market however it would also aim for a general global presence as well.
At this moment the website and services of WhoTrades are already available in a total of 21 languages including English, Russian, Chinese, German, French, Italian, Spanish and more. New languages will most likely be added based on the popularity of the brand in different countries.
New traders registering at WhoTrades will have the possibility to follow other traders and interact with them. Traders will be able to posts status updates, create blog posts as well as discuss the latest strategies and tricks with each other.
Another powerful feature offered by WhoTrades allows traders to follow each other and copy each other’s actions. Besides being able to copy each other’s actions, traders will also be given the possibility to copy the actions performed by approved forex trading professionals partnered with WhoTrades.
WhoTrades separately lists all the endorsed partners and professionals. These professionals also have the possibility to create webinars and other educational material that will be offered to the traders who have decided to follow them.
Like pointed out above, Finam is at this moment one of the largest retail financial trading companies in Russia. The first online trading product released by the company was FinamFX, a forex trading broker that is at this moment officially licensed by the Cyprus Securities and Exchange Commission (CySEC).
The new WhoTrades product is basically an expansion of the FinamFX brand with social networking capabilities. Apart from the company’s traditional online trading and copy trading services, at WhoTrades traders will have the possibility to engage into social trading as well.
About Social Forex Trading and Copy Trading
Social forex trading is a relatively new phenomenon in the forex trading industry. This type of online trading allows traders to interact with each other in real time through social network type platforms. Traders will be able to discuss latest trends and strategies as well as share their trading history and actions with each other.
Social trading works best with the combination of copy trading. Forex copy trading allows traders to follow each other and let the software platform automatically copy and execute the actions performed by the people who were followed. This way, traders may effortlessly copy the actions performed by renowned professionals in the business.
While both of these concepts are relatively new, they are already extremely popular in the Western Hemisphere. On the other hand, only a reduced number of genuine Russian companies are specialized on these services. Finam and WhoTrades intend to become the largest brands in this emerging market.