Online forex broker One Financial Markets partners with app software SwipeStox to offer mobile social trading

Online forex broker One Financial Markets partners with app software SwipeStox to offer mobile social trading

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One Financial Markets SwipeStox

One Financial Markets, a London-based online forex broker, has introduced mobile social trading to its offering after partnering with German trading software developer SwipeStox, the developer said on Monday. The mobile trading service will be available through the SwipeStox mobile application as of 1 March, 2016.

As a result of the partnership, all clients of One Financial Markets will gain access to mobile trading of major instruments, including forex, indices and soft commodities.

“Social trading with the SwipeStox-app is an exciting project and easy for our clients to set up. You can trade and share your ideas amongst your peers, wherever you are,” said One Financial Markets director Andrew Henderson.

Investors can use social trading platforms to trade, copy others’ trades, follow or get followed by other fellow traders. However, unlike with other types of social trading software, SwipeStox doesn’t allow the copying of strategies. Instead, it allows users to buy or sell small single trades. Moreover, the SwipeStox mobile app, however, allows corss-broker networking. Users can follow and copy the trades of others even if they work with different brokers under different trading conditions.

All trades shared within the network carry a fully-customizable stop-loss/take-profit setting.

SwipeStox was launched in October 2015. It could be downloaded and used on devices with Android and iOS operating systems. Investors can use the social trading mobile app for forex, indices, commodities, or contracts for difference (CFDs), and share single trades with others in the SwipeStox community. They can, however, decide not to make their trades available for copying, but if they do, they get get up to $5 per traded lot for each copied trade when a position gets closed.

The SwipeStox app offers bonuses to users for sharing their trades with other users.

“SwipeStox is a unique social trading platform offering a long-needed alternative and contemporary approach to trading. The additional bonus-based income for sharing trades is significant – and surely engaging,” said Christoph Brueck, executive director of the Naga Group, holding to Swipestox.

One Financial Markets is the trading name of UK-based C B Financial Services. It is an online broker licensed by UK’s Financial Conduct Authority (FCA) and the Financial Services Board in South Africa. It offers trading of forex and CFDs on indices, commodities, energies, bonds and futures to retail and institutional clients.

The Naga Group, set up in August 2015, is present in London, Hamburg, Frankfurt and Nicosia, and also operates a technology center in Sarajevo. The SwipeStox is currently the only product developed by the group.

SwipeStox competes with the forex social trading platforms eToro, ZuluTradeTradeo, FxPro SuperTrader, and Tradency among others.

Source: Business Wire

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