Brokers News

XEMarkets Gives the Boot to Social Forex Networks ZuluTrade and Tradency

Jul 19 2013 08:39:02 GMT
By
Hannah Levi , Forexbrokerz.com Find me on Google+

This week I wrote about FinFX replacing ZuluTrade with the Currensee social trading network, and I just got the news of another broker breaking up with ZuluTrade – and Mirror Trader: XEMarkets

 
A few weeks ago the access of ZuluTrade and Tradency's Mirror Trader to Metatrader 4 (MT4) was cut off as Metaquotes, the publisher behind the most popular platform for forex and CFD trading, accused the networks of hacking MT4 protocols. Of course, the social platforms denied this and answered with the contra-accusation that Metaquotes is trying to monopolize the business of copying trading signals but after that point things must have continued behind closed doors as no further information was released to the general public. 
 
Terminating its agreements with ZuluTrade and Tradency makes a lot of business sense for the XEMarkets; I suppose that it would be much, much easier to find another network for trading signals, than to completely change its platform offering and migrate all of its users from MT4 to an alternative solution. This is the better option for traders as well, as the disruption for them switching signal providers will be smaller. 
 
XEMarkets has not made it clear if it would be replacing the two networks with a different one. If they decide to do so, I am guessing that Currensee or FXSTAT would be the natural choice for a number of reasons. 
 
First off, both networks steer away from the Metaquotes debacle, which means that they're in the clear and can link their services to MT4 and MT5. 
 
Furthermore, these are both respectable companies that impose strict criteria for selecting their signal providers, thus ensuring the high quality of the trading alerts broadcast. The signals of both Currensee and FXSTAT are paid, which eliminates any possibility of signal providers “experimenting” and offering bad trades for their followers to copy – and at the same time, the fees followers pay are reasonable. 
 
In the meantime, Tradeo remains an option for automated trading, however we should keep in mind that it was also amongst the companies accused of MT4 protocol hacking – so this may not continue a lot longer.  
 
This is why I recommend for XEMarkets' clients to stick to the trading signals provided by the brokerage's chief technical strategist Avramis Despotis – these have been live for over a couple of months now, and are offered free of charge. 
 
July 30, 2013 is the last day of XEMarkets' partnerships with ZuluTrade and Tradency. The broker has already given notice to all of its clients, encouraging them to close all their open positions on the two networks prior to that date to avoid any losses. 
 
 

About XEMarkets

 
XEMarkets is the trading name and the registered trademark of Trading Point of Financial Instruments Ltd, regulated by the Cyprus Securities and Exchange Commission (CySEC) and registered as a Cypriot Investment Firm (CIF). Trading Point of Financial Instruments Ltd operates its XEMarkets services for forex, precious metals, equity indices, and energies trading in compliance with the Markets of Financial Instruments Directive (MiFID) and with full European Union authorization. 
 
The popularity of XEMarkets is first of all attributed to its strict no re-quotes, no rejection of orders and no hidden fees or commissions policy, along with real-time markets execution, with 99.35 of all orders executed in less than 1 second. Moreover, 24/5 multilingual Personal Account Managers ensure smooth client communications and professional support in over 15 languages.
TAGS: forex broker  forex trading  forex  forex platform  trading signals  social trading  ZuluTrade  Mirror Trader  forex signals  Tradeo  Currensee  FXSTAT  XEMarkets  xm.com 

More news about XM

Broker Country Regulation Platform Min Deposit Review
Cyprus CySec MT4, MT5, Web $5 Review Website
US, UK, Australia CFTC/NFA, FCA, ASIC MT4, Web,
Mirror Trader,
Trading
Station,
NinjaTrader
$50 Review Website
UK, Australia, Singapore FCA MT4, Web,
ProRealTime,
2Dealer
$1 Review Website
UK, Cyprus FCA, CySec MT4 $5 Review Website
UK, Cyprus FCA, CySEC MT4, MT5, Web,
cTrader,
SuperTrader,
FxPro Markets
$100 Review Website
Seychelles FinaCom MT4 $10 Review Website
UK, Bulgaria FCA, FSC Web $150 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus CySEC MT4, MT5 $300 Review Website

More Forex Brokers News

Morgan Stanley raises its stake in Plus500

Jan 16 2017 15:31:23

Morgan Stanley, the US multinational financial company who is among the major stakeholders in the London Stock Exchange (LSE)-traded forex broker Plus500 (LON:PLUS) has raised its stake in the company to pass the 6% threshold. Read more

IG urges its clients to take a stand with regards to FCA’s proposals

Jan 13 2017 08:36:04

Major brokerage IG Group (LON:IGG) encourages its clients to share their opinions about the recent proposal from the Financial Conduct Authority (FCA) to raise margin requirements for CFDs and spread betting, among other things. Read more

FXCM sees December, Q4 2016, annual trading volumes fall

Jan 12 2017 14:31:39

FXCM, the leading US forex brokerage saw a double-digit decline in its December retail and institutional trading volumes both on a monthly and annual basis, show the officially released company metrics. Read more

IG Group renames binary options to “Digital 100s”

Jan 12 2017 10:44:34

 IG Group, one of Europe's largest forex, CFD and spread betting (UK only) brokers has rebranded its binary options products and now calls them “Digital 100s”. Read more

It's official: Banc De Binary renounces Cyprus license

Jan 11 2017 12:43:49

 Banc De Binary, the largest and oldest regulated binary options broker has renounced its Cyprus license, several days after the first reports that it is planning to shutter its business and has stopped taking clients from the EU. Read more

Forex.com’s trading volumes drop by double digits in December

Jan 10 2017 15:17:56

According to the monthly metrics, provided on Gain Capital’s website, the over-the-counter (OTC) trading volume of its retail brand Forex.com dropped to $189.1 billion. The figure represents a decrease of 26.4% from previous month, and a drop by 33. Read more

Grand Capital releases mobile app for iPhone

Jan 10 2017 08:17:00

Forex and binary options broker Grand Capital always strives to improve existing products and services. As the number of traders who prefer to trade on the go through their mobile phones increases every year, previous week the broker released a mobile app for iPhone, called Grand Capital Invest. Read more

Banc De Binary shuts down, new EU clients are no longer accepted

Jan 09 2017 15:35:49

Update: on January 11, the Cyprus Securities and Exchange Commission officially announced that Banc de Binary renounced its authorization to operate as a Cyprus Investment Firm.   One of the leaders in the binary options trading market, Banc de Binary, closes operations. Read more

Blackwell Global acquires double licenses with Hong Kong’s SFC

Jan 06 2017 09:30:05

Pure STP brokerage Blackwell Global has acquired a double license from Hong Kong’s Security and Futures Commission (SFC) and is now allowed to offer both securities and futures trading services. Read more

FXCM's November retail client deposits fall YoY

Jan 05 2017 09:29:51

The deposits of FXCM's retail clients in November 2016 amounted to $178,375,472, shows the latest CFTC data from US retail forex brokers. This is 1.6% more than in October 2016, but 5.3% lower than November 2015. Read more