de | cn | ru

Brokers News

XEMarkets Gives the Boot to Social Forex Networks ZuluTrade and Tradency

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, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

More Forex Brokers News

Fortrade is the first broker to get an ASIC license in nearly 2 years

Mar 20 2019 15:03:35

  Fortrade acquired a financial services license from the Australian Securities and Investments Commission (ASIC), which hasn’t been very welcoming of new retail forex broker applicants lately. Read more

FP Markets launches a suite of cutting-edge MT4 tools for traders

Mar 06 2019 14:31:42

  FP Markets, a market-leading Forex and CFD provider, launches MT4 Trader Toolbox, a suite of twelve online trading tools which will take their clients’ trading to the next level. Read more

Major broker IG launched its US website

Jan 31 2019 13:15:37

  Global brokerage IG launched its website intended for US retail clients (www.ig.com/us). Residents of the US (with the exception of those in Arizona or Ohio) can now register on the broker’s website in less than 5 minutes and start trading. Read more

FOREX.com announced important updates to its Web Trading platform

Jan 25 2019 15:13:43

  Major forex brokerage  Forex.com  proudly announced important updates of its in-house Web Trading platform, which will take your trading experience to the next level.   Accessible from all browsers and operating systems, Web Trading was launched in 2017. Read more

HotForex parent gets licensed by UK’s FCA

Jan 21 2019 12:31:59

  Less than a month after HotForex acquired license to operate in the UAE, the trading services provider gets an authorization by the Financial Conduct Authority of the UK. The UK subsidiary of the HF Markets Group, HF Markets (UK) Ltd. Read more

Rakuten Securities offers HK$700 prepaid cards as a welcome gift

Jan 18 2019 10:26:57

  Hong Kong forex broker Rakuten Securities offers up to HK$700 Spending Limit Prepaid Card as a welcome gift to new account registrants. Here are all the details you need to know about the company’s promotional offer, which is valid from now until the end of March 2019. Read more

XM applies for a forex dealer license in the US

Jan 11 2019 13:39:14

  The US subsidiary of major forex brokerage XM has applied for a membership with the National Futures Association (NFA). This became clear from a filing by the broker’s US entity Trading.com Markets Inc. (previously Trading Point US Inc.) with the NFA dated January 3, 2019. Read more

HotForex acquired DFSA license, commences operations in the UAE

Jan 08 2019 10:45:37

  HotForex is now licensed by the Dubai Financial Services Authority (DFSA) and announced it commences operations in the United Arab Emirates (UAE). The Dubai arm of the HF Markets Group, HF Markets (DIFC) Ltd., acquired the DFSA license in December last year. Read more

CySEC warns Efexa1000 is not licensed

Oct 22 2018 12:55:06

  The Cyprus Securities and Exchange Commission (‘CySEC’) officially warned investors that Efexa1000 is not authorized to provide investment services in the country. Read more

IG Group gets licensed in the USA

Oct 16 2018 13:48:15

  Major forex broker IG Group (IG) got a green light from the National Futures Association (NFA) to operate on the US retail forex market. The US arm of IG Group, IG US LLC, has just been approved as a NFA member and is officially registered as a Retail Foreign Exchange Dealer (RFED). Read more

de | cn | ru