FXCM, an online forex trading and CFD broker, announced that the company has expanded its FX and CFD trading offering with the introduction of new social and copy trading services.
According to the official press release, FXCM has partnered with ZuluTrade for the newly launched services. FXCM highlighted the growing popularity of social and copy trading in the retail trading market. The broker mentioned that its clients can copy a high-performing trader’s signals and strategies, removing the need to speculate themselves and instead follow more experienced market participants.
FXCM has recently expanded its product offering through the introduction of seven new stock baskets. Finance Magnates earlier reported about the acquisition of a Cyprus Securities and Exchange Commission (CySEC) license by FXCM.
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The broker mentioned that the newly launched social and copy trading platform identifies rankings of traders’ performance which makes it easy for clients to identify successful traders.
Commenting on the recent announcement, 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.”
Rise of Social Trading
Interest in social trading has grown significantly in the last few years. Several financial brokers around the world have introduced innovative social trading platforms to meet the growing demand. FXCM mentioned that it has launched a fully integrated platform to facilitate clients.
“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,” the broker mentioned in the press release.