FP Markets is launching a new social trading service, joining many other brokers in offering community-driven trading services. It will allow traders to either be a Copier – following the trading activity of others – or a Provider, a trader who is happy for others to follow them.
Copy trading is one of the favoured ways for novice traders to get a feel for complex financial markets. They can follow the activity of successful and experienced traders before risking money on their own ideas. FP Markets says it will be ranking its Providers based on their profitability as traders. Copiers can view their full trading history and performance in order to evaluate their success for themselves.
Social trading means that new traders don’t have to develop their own trading plan at first – they can simply see what others who are successful are doing. Traders still keep control over their own accounts, so can choose to ignore trades being executed by those they are following.
“FP Markets Social Trading allows traders to find, follow and copy successful traders automatically,” explained Craig Allison, Head of Europe, Middle-East and Africa. “Since its beta launch at the beginning of March, we have experienced huge demand for FP Markets Social Trading with a huge uptake in registrations and increased activity and engagement ratios, especially on social media.”
A new class of traders want to use copy trading
Allison said there is a new class of traders in the market who are interested in forex trading and contracts for difference (CFDs). They prefer to analyse the performance of experienced traders and replicate their behaviour. FP Markets is positioning this new service as “a high end solution for serious traders.” It is available on Android and iOS devices for those traders who want to access it while on the go.
The new FP Markets copy trading service allows traders to follow multiple Providers and includes risk management tools to limit your downside risk.
Over 10,000 CFDs on global market prices
FP Markets currently offers more than 60 currency pairs and more than 50 of the world’s biggest stocks to its trading clients.
FP Markets says it will still be offering 500:1 leverage for pro traders, but traders in Australia will be facing restrictions on leverage when the Australian Securities and Investment Commission (ASIC) brings in leverage ceilings for CFDs at the end of this month (31 March). After thatt leverage for Australian traders will be brought down to 30:1. It is currently up to 400:1 for forex trading.
FP Markets offers clients access to over 10,000 CFDs and delivers its services for MT4 and MT5. It provides raw pricing through its institutional grade market liquidity with no price manipulation, no dealing desk and no requotes.