FxPro shuts down social trading service SuperTrader
The retail FX broker has stopped offering SuperTrader, the social trading platform that has been “under review” for several months.
A short follow-up to FinanceFeeds’ earlier article about the uncertain future of SuperTrader, the social trading platform that retail FX broker FxPro launched in October 2013… Back then, FinanceFeeds reported that the platform was “under review” and that no new registrations were accepted. The SuperTrader mobile application has also stopped being available.
Today, a brief chat with FxPro’s customer service confirmed that the broker has ceased offering SuperTrader. SuperTrader accounts are no longer available and the page dedicated to the service is no longer accessible.
Back in 2013, when the platform was launched, it aimed to enable those without solid 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 of the SuperTrader page, which is not available anymore, showed that the 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. But this is a matter of speculation only.
The end of the road for SuperTrader exemplifies the uncertainties around social trading services offered by retail Forex brokers. FxPro is not the first broker to abandon such an offering. OANDA, for instance, has dropped Currensee. ZuluTrade and eToro, however, keep providing social trading services.
A number of Forex brokers try to maintain trader community services, alike forums and social networks, instead of providing social trading services per se. Swissquote is an interesting example. Its Pulse network allows traders to share ideas and get the latest information about the company and the market. Pulse has recently celebrated its 1st anniversary and has officially grown out of its Beta phase.
