FxPro puts social trading platform SuperTrader under review
The broker says that the social platform is not closed, but rather that it is “under review”.
The path of social trading in the Forex industry has been uneven: whereas companies like Swissquote are developing new social networks for their clients, others, like OANDA (remember Currensee?) have long ago abandoned the social trading platform attempts. There are at least a couple of quite popular social trading networks now – eToro and ZuluTrade, whereas MT4 is open to signal providers.
The future of one social trading platform is now uncertain, as FxPro’s SuperTrader platform is under review. At least, this is the answer FinanceFeeds’ Managing Editor got from a customer service representative of FxPro today.
The reason for my brief chat with FxPro’s team (they are pretty responsive guys, let’s note that) were my futile efforts to download the FxPro SuperTrader application for my iPhone. After I could not find the solution in a number of iTunes stores, I decided to check with FxPro’s support team.
The information I got is the following: FxPro currently does not accept new registrations for the SuperTrader platform. The reply to my question on whether the platform is closed, was that SuperTrader is under review.
The platform was launched in October 2013, enabling investing in select strategies. The aim of the platform, in tune with similar solutions, is to allow those without traditional trading skills to get access to the Forex market. Amid the advantages for investors was the fact that the so-called “trade leaders” whose strategies one could copy were allowed to use only live accounts on SuperTrader, that is, they traded and risked their own money along with that of investors. The FAQ section on FxPro’s website shows that the latest minimum deposit requirement for a SuperTrader account was $2,000, if one decided to use a Credit Line (thus fund the account with the necessary minimum of $2,000 and $8,000). The relatively big minimum investment amount could be one of the dissuading factors for investors. However, this amount was lowered several times since the rollout of the platform.
As mentioned earlier, the future of social trading in the online trading industry is hard to predict: while some companies give up on such attempts, networks like eToro are gaining investments from companies like Sberbank and PingAn and are pushing into large-scale markets like Russia and China. There is also Swissquote’s Pulse, a very neat new solution, which is currently in Beta and allows getting in touch with other traders and the company itself, tapping new trading ideas and staying up-to-date with the market developments.
In conclusion, let’s say that “under review” does not necessarily mean “that’s the end”. FinanceFeeds will keep an eye on SuperTrader and will provide updates on this story as it develops.