Leverate, the software provider for brokers, reports that copy trading volumes in its social platform, Sirix, have quadrupled in the past 3 months.
Copy trading was launched by the company around one year ago. For more details, here is the official press release:
December 4, 2013 – Leverate announces that Sirix copy trading volumes have quadrupled in the past 14 weeks. The increase in volume resulted from the implementation of the Sirix Community, which comprises the traders of many different brokers. The introduction of the Sirix Community enabled new features added to Sirix, including standardizing how instruments are mapped across brokers, and customization of tolerances for prices differences between master traders and copiers.
“Although we can’t share the exact stats, we can say that after incorporating Sirix into a multi-broker community, it has indeed resulted in a massive growth in copy volume,” according to Leverate Senior Product Manager Shai Kritz. “Copy trading proves to save brokers investment in the education of traders in how to trade FX. We have also seen that it increases the average first deposit and trading volumes.”
Copy trading was introduced to the Sirix platform in late 2012, and allows traders to find and mirror the trading strategies of other members of the Sirix Community. Sirix Social brokers offer beginners access to a pool of existing traders to use as a guide for choosing positions. More experienced traders can also use this feature to improve performance, by mirroring traders who have successfully sustained high profitability long term while incurring acceptable levels of risk.