FxPro puts social trading platform SuperTrader under review

Maria Nikolova

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.

Read this next

Industry News

OKX to open office in Australia, starts rivalry with Kraken in Formula 1

“Our ambition is straightforward – to become the leading crypto platform in the world. We see Australia as an indispensable part of this strategy and a key growth market.”

Executive Moves

Freemarket taps Greg Sherwin as CTO of international payments and FX-focused fintech

“At Freemarket, we are focused on providing the best optimized cross-border payments and currency exchange service to our customers and Greg’s exceptional technology expertise will help us deliver even more for our customers and support their future growth and success.”

Digital Assets

Boerse Stuttgart Digital secures BaFin authorization for crypto custody

“This is the first time that an established market participant has been licensed to hold cryptocurrencies in custody without any acquisitions. This completes the unique infrastructure we offer: of all the traditional service providers operating in the European crypto market, we are now the only one-stop-shop that’s fully regulated by BaFin in Germany for brokerage, trading, and custody of digital assets. For banks, brokers, asset managers, and family offices, this makes us the infrastructure partner of choice.”

Executive Moves

Capital.com hires Simone Manni as Head of Marketing, Europe

“I am proud to join Capital.com, a dynamic, fast-growing FinTech company harnessing technology to disrupt traditional access to financial markets. My focus over the next few years will be to grow Capital.com’s market share across western Europe and to gain a stronger foothold in countries like Italy and Germany which boasts a mature and sophisticated trading community.”

Retail FX

Axi extends partnership deal with Manchester City

FX broker Axi, previously known as AxiTrader, has renewed its flagship sponsorship deal with soccer giant Manchester City.

Digital Assets

Russia delays digital ruble pilot to May

Russia has postponed its central bank digital currency (CBDC) pilot indefinitely, which was originally scheduled for April 1, as it awaits specific legislation to be voted before the “crypto ruble” trial.

Executive Moves

Scope Markets promotes James Hughes to head of marketing

Belize-based FX and CFDs brokerage Scope Markets has promoted James Hughes, who until recently was its head of brand, to take on an expanded role as the company’s global head of marketing.

Retail FX

Fraudsters clone Financial Commission’s website, two ex-members under suspicion

The Financial Commission, an industry-specific dispute resolution service that caters to the financial services industry, today announced that it believes a clone website has been impersonating its membership roster.

Retail FX

CMC Markets warns of operational challenges in Q1

CMC Markets PLC (LSE:CMCX) said in a trading update for the fiscal year 2023 that February and March posed a more challenging environment with lower equity volumes and a higher proportion of lower margin institutional trading activity.