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Trader Connect - Alpari UK's Useless Social Trading Network

Jan 17 2013

The bigger emphasis modern society puts on networking and crowd-sourcing, the more I get convinced that social trading is not a fleeting phenomenon and has a lot of potential for development. 

While there are still many brokers that don't offer signal trading or social trading platforms, most of them have already jumped that wave – with Alpari UK being the last one to announce some news on its social trading offering. 
The broker's customers can already sign up for the Alpari's own Trader Connect platform and start sharing insight and signals with the other users. So far the platform only has 70 registered users but that makes sense – Alpari hasn't really rang any bells about its social network and it might take a while until it gets popular (if it ever does). 
The look and feel of Trader Connect resemble these of FX Junction (in fact, the platform might as well be a white label of FX Junction) – each trader has a profile with their stats displayed for the others to judge whether it is worthy to follow them and copy their signals (these are two separate functions, though – keep a note of that). 
Copying signals is free of charge and anyone can copy everyone – the network lacks proper selection processes for signal providers. This could be a problem for newbies who don't know how to read and interpret the other users' profiles. Other networks, such as FXSTAT, are way more advanced in that matter – but then again, that is why they charge for the signals, while Trader Connect remains completely free of charge. 
Some of the advantages of Trader Connect are the fact that it analyzes the users' activities to give them better insight about what they're doing right or wrong. The option to make trades straight from the platform is also neat (for that, you need to be logged to your MT4 terminal, though). 
Despite the network's benefits, however, I can't help but wonder why on Earth would Alpari go ahead and introduce a platform like that? It already offers signal trading via ZuluTrade and Tradency's Mirror Trader – these two are definitely superior to Trade Connect and offer a far more sophisticated service. 
Furthermore, I fail to see the reasoning behind brokers creating their own, “closed” trading platforms. To me, this simply takes to “social” out of “social/trading” and is as pointless as creating Facebook that is only available to people of your company (and every company having a Facebook of its own). 

About Alpari

Founded in 1998, the international Alpari brand is one of the leading names in online Forex trading and was recently listed as the world's third largest broker in a 2012 report from online financial portal Forex Magnates, with an average monthly trading volume of more than 200 billion US dollars.
Alpari has earned the trust of hundreds of thousands of clients in more than 150 countries across the world, thanks in large part to its reputation for delivering high-quality products and top-notch customer support. The Alpari brand is represented in many of the world's leading centers of commerce, with offices in New York, London, Tokyo, Dubai, Frankfurt and Moscow.
TAGS: Alpari UK  forex trading  forex broker  trading signals  FXSTAT  ZuluTrade  Mirror Trader  Tradency  copy forex signals  Facebook  Trade Connect 

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