US social trading system FX Junction has been fully acquired by Slovakian fintech holding company PineByte, online finance media LeapRate reported on Monday, citing official PineByte notice. The acquiring company intends to expand the scope of services that FX Junction offers by including exchange trader futures and securities and making I compatible with mobile technologies.
The acquisition deal was finalized in January 2016 and was financed with equity capital. The move will help PineByte to expand within the social trading segment.
The value of the deal was not disclosed.
PineByte is active in three segments – financial technologies, social trading, and financial services.
FX Junction represents an open social network for forex traders, where they can exchange information with fellow traders, follow and copy the trades of more experienced traders. An auto-copy function allows real-time auto-pilot copying of top traders. The company has nearly 25,000 active members.
The company also provides brokers white-label solutions that they can offer under their own brand. It collaborates with more than 770 brokers worldwide, which clients can link their accounts to FX Junction.
The FX Junction forex trading network was launched in 2011 and auto-trading was introduced in the following year.
Investors can use social trading platforms to trade, copy others’ trades, follow or get followed by other fellow traders. It is a good choice for beginner traders and traders without much experience. Other such networks include e-Troro, ZuluTrade, Tradeo, FxPro SuperTrader, SwipeStox and Tradency among others.