At the beginning of the year RoboForex, an innovative forex broker requlated in New Zealand and Cyprus, announced the lauch of CopyFX, its social trading network. At first the network was available only in Russian, but as of last week it has expanded its geographic footprint and now copyfx.com is translated in 11 languages - English, Chinese, Taiwanese, Indonesian, Malaysian, Arabic, Spanish, Italian, Portuguese, Ukranian and Polish.
Just like Mirror Trader, eToro and Zulutrade networks, CopyFX enables traders to copy their successful fellows’ transactions. Experienced traders may become gurus themselves, attracting investors and getting paid to manage their funds. Currently CopyFX features about 300 gurus, the most popular of them being MargoStFX – a Ukrainian trader, copied by 76 subscribers. For comparison SwissRunner, Zulutrade's most popular trader, has more than 3500 followers.
The move is kind of surprising given the fact that many leading forex brokers discontinued their in-house social trading networks. Alpari TraderConnect, IBFX Connect and Oanda fxUnity are three examples of short-lived networks, shut down just because they failed to gain critical mass.