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FXCM Expands Its Social Trading Offering by Adding Tradeo

Earlier today the Tradeo social trading network announced its partnership with FXCM. The broker will be linked to the social platform through a designated cloud bridge. 

With this partnership all FXCM customers can get together virtually, share their ideas and expertise, and copy signals – and do so absolutely free of charge. 
The results of a broker survey conducted recently by Integral Development Corp., 79% of brokers believe that social trading is a sustainable trend and is here to stay. FXCM is an early adopter of the automated trading concept – it has been offering signal copying via the ZuluTrade and Tradency's Mirror Trader platforms for quite a while now. Recently, the broker simplified the use of Mirror Trader, making it easily accessible to all its clients. 
By teaming up with Tradeo, FXCM makes social trading available even for small portfolio size traders who can't afford (or simply don't want) to pay for their signals – one of Tradeo's greatest features is that for the time being, all its services remain free of charge. A downside to this is that anyone can become a signal provider – you can't really be too picky about the leaders if you're not paying them, can you? 
Obviously, ZuluTrade and Mirror Trader get bonus points for that: they charge followers for the insight they are getting, and pay the leaders. While this system should be working all right in ideal conditions, in reality it shows two weak spots. The first one is that signal providers get paid for both good and bad signals, so they have incentive to make more trades for followers to copy, thus paying less attention to the quality of the signals. The other problematic feature is the fact that signal provider ranking is determined by a computer algorithm, and is therefore not too reliable. The good news is that both networks are aware of this and offer solutions for avoiding issues. 
The problem with signal quality is particularly acute with Tradeo – as I said, there is no control over signal providers there. However, the platform's strength lies elsewhere: technical innovation and flexibility. The partnership with FXCM came to life after Tradeo listened carefully to feedback from users – and then put the wheels in motion to create MT4 and ActTrader bridges for the broker. 
Technology-wise, I am a big fan of Tradeo's SocialTrader – a platform that provides market and social data at the same time and on the same chart, the same chart that allows for opening positions straight from it. 
Whether you go for Tradeo, decided to stick to ZuluTrade/Mirror Trader, or stay away from social trading in general, it's good to know that FXCM offers the variety to match your choices – and so does Tradeo – so kudos!

About FXCM Inc. 

FXCM Inc. (NYSE: FXCM) is a global online provider of foreign exchange (forex) trading and related services to retail and institutional customers world-wide. 
At the heart of FXCM's client offering is No Dealing Desk forex trading. Clients benefit from FXCM's large network of forex liquidity providers enabling FXCM to offer competitive spreads on major currency pairs. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. FXCM's U.K. subsidiary, Forex Capital Markets Limited, also offers CFD products with no re-quote trading and allows clients to trade oil, gold, silver and stock indices along with forex on one platform. In addition, FXCM offers educational courses on forex trading and provides free news and market research through 
TAGS: FXCM  Tradeo  ZuluTrade  Mirror Trader  Tradency  social trading  forex trading  forex broker  trading signals 

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