The success of forex social networking sites like Currensee and their Trade Leaders program has attracted a lot of attention by brokers and traders in this new online arena. In our recent quarterly report, we talked about brokers setting up partnerships with such sites and the benefits of doing so.
It came as no surprise to us that FXOpen has teamed up with FXStat to bring the benefits of social trading to their clients. What got my attention is that users are given an option to setup new FXOpen accounts with no extra fees to use this service. Similar investment products regularly charge 2% management fee and 20% performance fees.
Client profitability has been low in this industry and brokers are offering more and more useful tools to change that. This is a better way for new traders to get started and they can lean on the shoulders of successful traders. Traders who don’t have time also benefit by following strategies of other traders. This is a win-win situation for traders, FXOpen and FXStat. Below is the press release:
FXOpen, one of the world’s leading FOREX brokerage companies, is pleased to announce the integration of FxStat Tradebook, a new social automatic trade service that allows traders to follow the activity of the FxStat traders that have the best performance.
Through Tradebook, traders can start executing their trades and achieve success. Clients can choose the traders they want to follow according to their strategy and their results, while still having complete control over their portfolio and investments. FXOpen clients can use FXStat Tradebook with newly-created FXOpen accounts (via FXStat IB) with no additional commission or mark-up on spread charged, and with already existing accounts (via PAYG).
Further features of FxStat Tradebook include:
- The ability to manage several accounts from one place
- Create a portfolio by pooling together the top performing currency from each strategy provider
- Over 150 detailed statistics and analysis to assist traders in the selection of strategies
- Real time (low latency) order processing from signal provider to signal follower
- Receive email notifications on each activity including buy, sell, close and orders
- Receive daily, weekly and monthly trading reports on each account
- Real time position monitoring
- Close open positions manually from a web based platform
- Full control over your trading accounts (add and remove signal providers)
- Real traders with real money and real accounts providing signals
- Economic calendar
- Forex market news
- Forex market trading time