Are all mirror trading platforms equal?

By James Glyde, Business Development Manager, Spotware Systems Mirror Trading is a familiar concept which has really kicked off in recent years with traders and brokers alike, the core objective of any mirror trading platform is well understood, which is to facilitate automated mirroring of someone else’s strategy and deliver an incentive to both the […]

FX trading platform evolution: A close look at cTrader's updates

By James Glyde, Business Development Manager, Spotware Systems

Mirror Trading is a familiar concept which has really kicked off in recent years with traders and brokers alike, the core objective of any mirror trading platform is well understood, which is to facilitate automated mirroring of someone else’s strategy and deliver an incentive to both the investor and provider.

This is exactly where the similarities stop. One platforms unique semlling point could be a devastating condition for some users; most are focused on providing better conditions for one party over another just to attract attention from one side to bring in another. Hence strong considerations should be made by any broker, provider or investor before diving head first into this great opportunity.

After years of planning and researching to determine what will be the most widely applicable and appreciated conditions for both parties Spotware released cMirror in February of this year which was preceded by rigorous testing as the platform was available for over year as a beta version where traders could test using demo accounts and provide feedback, all in all a three year task which resulted in us being confident that cMirror provides characteristics equally beneficial for both sides of the spectrum.

cMirror was made available to all cTrader supporting brokers at no additional charge and is now a staple part of the famous cTrader Suite which boasts a strong following from traders which appreciate many aspects of the platform, most notably the guaranteed ECN, Non Dealing Desk environment and the sincere values held by us, the product and developer.

We got in touch with one of the many leading strategy providers in cMirror who at a quick glance we can see has had his cTrader account for 2 years and 8 months (way before cMirror was released), the strategy has been available for 4 months in which 92.22% of trades were profitable with an average profit of USD 17.93 per trade.

Here is what the provider of Falcon Fund who is currently ranked second in cMirror by all-time ROI had to say on why cMirror is the better choice for any strategy provider and investor.

“Hi, my name is Soimu Denis. I have been trading Forex Market for 6 years, for 3 of those years I have used cTrader platform. And these 3 years have been the for me in terms of trading experience. One of my success factor is that using cTrader allows me to register in cMirror as a strategy provider.”

“cMirror is a social trading platform where traders, investors, analysts’ interests are united for common goals. It is a special environment that proves that nowadays opportunities are spread to many not limited to the few. Hence, I have this opportunity to share my success with my subscribers and let them grow and raise their funds with me. In addition, the most beneficial thing here is that setting commission charged from my subscribers is at my disposal.”

“cMirror makes me feel responsible not only for my funds but for my subscribers’ funds as well. This responsibility is a great incentive which makes me do my best.”

“They will be able to diversify their investments following different strategy providers, setting mirroring volume and risk parameters at their will. To put it mildly, follow my strategy – Falcon Fund: which is the most stable on cMirror, which is profitable every month, which is not only about trading or making money but which embodies the whole, special philosophy of investing.”

One of the most noteworthy and reassuring aspects of cMirror is the fact that everything is administered by the same developer resulting in trading conditions of both parties being as similar as possible and cross platform incompatibility will never be an issue, such complications have sabotaged other third party providers in the past.

cMirror uses the same infrastructure as cTrader in which the strategies are provided from and allows traders from different brokers to interact in the completely open cMirror environment and ensures strategy providers will receive commission directly into their trading account via their chosen broker. Spotware oversees the remuneration process and allows traders to charge anything up to 100 USD per million USD of volume.

Additionally, cMirror is the only mirror trading platform that allows strategy providers to decide exactly what their service is worth.

cMirror does not have a restrictive induction period where strategy providers must pass some conformance criteria, providers can get started immediately. The concept that this could be dangerous is countered by the fact the demo accounts can follow any of live strategies which are showcased in cMirror prior to making the decision to proceed using their own funds from a live account.

Information is a vital component when determining if a strategy is the right for you which is why a lot of effort was put into how it details are exhibited to the investor to avoid turning it into a burden, a sleek and sophisticated user interface handles that with ease.

All the expected information outlining the popularity, age and profit of a strategy is included inside each strategy’s profile this is shown in the form of a detailed performance table which breaks the strategy down to its core. Investors are given deep insight into how a Signal Provider is trading by providing ten fields of interest. That same information gives far more information for Strategy Providers to illustrate their performance and attract investors.

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