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

Institutional FX

Sucden Financial launches access to 25 of China’s futures and options contracts

“We are delighted to offer clients access to three key futures markets in China, the world’s largest commodity consumer.”

Industry News

Kraken sponsors Williams Racing to expand institutional reach and fan engagement

“Kraken’s partnership with Williams Racing shows what is possible when you combine a great mission with excellence, innovation and breakthrough performance. These are both iconic brands that have stood the test of time. We’re excited to engage with both Kraken’s and Williams Racing’s global communities, showcasing the power and life-changing impact of crypto and Web3.”

Retail FX

FXChoice taps Acuity’s news, sentiment tools, calendars, trade ideas on MT4/5

“Our tools are designed with the end-user in mind and are engineered to present insightful and actionable market data in an accessible way to help traders manage risk by identifying potential market movements before they occur and ultimately make better decisions on how, when, and where to invest.”

Digital Assets

BlockFi to refund $103K to Californian users

Bankrupt crypto lender BlockFi will refund more than $100,000 to its California-based users who continued to repay loans even after the company halted client withdrawals following a liquidity crisis.

Institutional FX

SimCorp and FlexTrade team up to strengthen Open Platform

Broker-neutral technology firm FlexTrade Systems announced that its solution FlexTRADER EMS has been certified for integration with SimCorp, a provider of integrated, front-to-back, multi-asset investment management solutions.

Digital Assets

MicroStrategy prepays Silvergate loan, trims loss on BTC bet

MicroStrategy, spearheaded by one of bitcoin’s most vocal proponents, has prepaid the $205 million bitcoin-backed loan it took out from insolvent crypto-focused Silvergate Bank in March 2022.

Executive Moves

UK spread better InterTrader hires Joe Rundle as CEO

Multi-regulated online trading provider InterTrader has publicly revealed its newest appointment, having onboarded industry veteran Joe Rundle as its Chief Executive Officer (CEO).

Digital Assets

Federal judge puts brakes on Voyager sale to Binance

A federal judge temporarily halted the proposed deal to sell bankrupt crypto lender Voyager Digital’s assets to Binance US after a request by the United States government for an emergency stay.

Industry News

Equals Group expands payments solutions and BaaS into Europe

“We have made a significant investment in our technology and payment platform over the last few years which will allow us to rapidly deploy new products into the European market and we are confident that we can meet the diverse needs of businesses across the continent.”