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FIBO Group Cuts Off Social Forex Networks ZuluTrade and Tradency

Jul 23 2013

It has been about a month since Metaquotes accused a number of social trading networks like Myfxbook, ZuluTrade and Mirror Trader of hacking Metatrader 4 (MT4) protocols. So far, this statement has remained nothing but that – a statement – and hasn't been backed up with any proof, but the fact remains that these networks are now on Metaquotes' blacklist. 

What we see shaping here is a David vs. Goliath-like battle, where, unfortunately, ZuluTrade and Mirror Trader are David, only we're not quite sure they can win. 
The two networks took their first hit when XEMarkets, a fairly large global broker, announced that it won't be working with them any more. Right before that the Finnish brokerage FinFX had done the same, informing its clients that it is replacing the two with an alternative social forex platform – Currensee. 
A third broker is now following these steps: FIBO Group has issued a warning to its clients, letting them know that July 28 will be the last day of working together with ZuluTrade. On that date, all ZuluTrade NDD accounts will be transformed into MT4 NDD ones. FIBO only joined ZuluTrade's network five months ago, in March this year, and is now caving in to please Metaquotes and keep offering the developer's MT4 platform to the end users. 
From that date on, the FIBO Group will also stop rendering automated trading services through the Mirror Trader platform, powered by Tradency. 
While both XEMarkets and FinFX replaced the copy trading services supported by the two networks with alternatives (Currensee, Tradeo and own signals), it seems that FIBO Group plans to do no such thing for now. Instead, it leaves its traders no other choice but sticking to the signals integrated in the MT4 account, and this – let's face it – is far away from ideal. 
Metaquotes' signals have only been launched recently, and the platform provider doesn't seem to have any criteria for selecting its free signal providers; it claims that signal providers who wish to broadcast paid alerts should go through a one-month trial period and comply with certain criteria, yet the company refuses to publish any further details on the exact criteria they're looking for. On top of that, both followers and signal providers have been reporting bugs with the service, thus making us doubt its quality even more.
I do realize that most of FIBO Group's clients trade on MT4 and shutting down the platform altogether would be a ginormous hassle; nonetheless, the broker has a choice – it can re-direct all of its customers to the cTrader ECN platform that it also supports. Of course, the broker has made its choice, and it has obviously taken the path of least resistance. We're not judging here, but if it were up to us, we'd definitely take a different direction. 

About FIBO Group

The International Financial Holding FIBO Group comprises a group of companies whose main business area is margin trading in financial instruments. Clients can benefit from a number of investment products, including Spot Forex, Futures/Options, CFDs and Spot Gold. The brokerage is headquartered in Limassol, Cyprus, and is therefore regulated by CySec – the Cyprus Securities and Exchange Commission. As of May 2006, FIBO also has a functioning office in Shanghai.
TAGS: forex 

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