Axi deploys Pelican’s copy trading app to address demand for social trading

Rick Steves

Social trading carries many benefits for brokers, including the potential to lower the marketing budget by 60% and leading to customer accounts that stick around for longer or more likely to top their accounts up.

Axi, formerly known as AxiTrader, has announced the launch of its copy trading app, in a move to make its offering more attractive to retail investors as social trading becomes the norm out there.

“Copy trading makes it easy to automatically copy the trades of top traders around the world. To enjoy a more social trading experience, simply download the Axi Copy Trading platform, link your MT4 trading account, then choose the traders you want to copy!”, the firm stated.

The copy trading app was developed in partnership with Pelican Trading and follows the launch of Axi’s new MAM and PAMM platform for FX and CFD trading, developed in partnership with Singapore-based fintech specialist FYNXT.

Pelican Trading, the fintech behind Axi’s copy trading app helped several other FX brokers adhere to the copy trading party, including IS Prime, One Financial Markets (OFM), and AvaTrade.

Pelican Trading is an award-winning, social copy-trading technology solutions and white label provider for brokers regulated by the FCA.

The copy trading technology developer has an innovative broker neutral solution that connects users directly with brokers, integrating trade execution and communication into a central network for traders.

Its proprietary mobile application is available via iOS and Android and enables broker clients to auto-copy signals, execute trades, chat and analyze performance.

A recent guest editorial had Mike Read, CEO of London’s Pelican Trading, discussing social trading, why do traders want a social system, why do brokers need to offer a social system, if a social trading platform requires regulation, and the many options for brokers.

According to Pelican’s chief executive Mike Read, as social systems enable users to access their own list of contacts, one new client might actually be 1.5 clients assuming every other person invites a friend.

By providing a social offering, brokers are making the existing client base work as the platforms marketeer. “A recommendation from a friend carries more gravitas than a Facebook campaign”, he said, adding that “the most effective networks aim for a viral coefficient of 0.6 – that means 60% of your clients invite friends – which means your marketing budget falls by 60%”.

Another benefit of social trading is that it typically either leads to profitability or a slower loss of funds – both options lead to an account that sticks around for longer or is more likely to top their account up.

 

Read this next

Digital Assets

Despite crypto winter, Cake DeFi paid out $58 million in Q2 rewards

According to its latest ‘Transparency Report,’ Cake DeFi continued its growth trajectory in the three months through June 2022, even as the entire crypto industry experienced macro challenges this quarter.

Retail FX

SimpleFX Review: Cryptos, Spreads, Pros & Cons

SimpleFX combines years of Forex and cryptocurrency experience with a focus on offering resources to retail traders. 

Retail FX

Ironbeam becomes CME clearing member and launches MT5

“The direct clearing aspect along with our low-latency proprietary trading tools and technology solutions make Ironbeam the ideal trading destination.”

Institutional FX

Top 0.07%: oneZero makes it to Inc. 5000 of fastest growing companies in America

oneZero started out by serving the foreign exchange trading community, developing and executing technology that could scale with the growth of the FX market.

Industry News

CFTC wins case against broker for secretly taking other side of client orders in block trades

“As we said at the outset of this case, the illegal use of inside or confidential information undermines confidence in markets and will not be tolerated.”

Technology

BankiFi raises $4.8m to bring embedded banking platform to North America

“Our mission is to make all aspects of cash management and payments easier for SMBs everywhere, and this investment is another huge step to making that a reality.”

Executive Moves

Shieldpay hires ex-Payoneer Chris Andrews as Head of Sales

“We’ll be expanding our position in existing markets and accelerating growth into new verticals, whilst building on our direct and indirect channels.”

Digital Assets

Crypto.com secures preliminary approval to operate in Canada

Crypto.com, one of the longest-established crypto platforms, has become the first digital asset platform to sign a Pre-‘Registration Undertaking’ with the Ontario Securities Commission (OSC) in Canada.

Retail FX

CySEC hits IC Markets One with regulatory warning

The Cyprus Securities and Exchange Commission has once again stepped up its fight against unauthorized brokers.

<