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Offshore forex brokerage LiteForex said on Monday it has launched LiteForex Social Trading, a social platform for copy trading. The service is automated and is available for traders with ECN accounts and via the MetaTrader 4 (MT4) trading platform.
Traders can use the platform to copy the trades of peers or get copied themselves, follow peers’ strategies or get followed themselves, as well as to exchange knowledge with others in the social network. Social trading with LiteForex is available free from requotes for more than 150 trading instruments, including forex, contracts for difference (CFDs) on shares, indices, oil, and precious metals.
The platform allows users to assume one or all of three roles, depending on their objectives – a provider (to share strategies with subscribers through the newsfeed and earn a commission on duplicators’ profit), a duplicator (to copy providers’ successful trades, adopt their practices and make real profits from trading), or a follower (to subscribe to providers’ newsfeeds and make use of firsthand information from practicing traders).
Four different types of copy trading that are fully customizable. Users can choose from full size copying, copying a fixed size of each trade predetermined in lots, copying a predefined percentage of each trade, or copying a fixed share of duplicator’s equity defined by the copy equity/provider’s equity ratio.
LiteForex, set up in 2005, is a brand of LiteForex Investments Ltd., which is registered and regulated in the Marshall Islands. The Marshall Islands are known as an offshore destination where many forex brokers choose to be regulated.
Social trading allows investors to trade, follow other fellow traders and copy their trades and trading signals, or get followed themselves. It is especially suitable for inexperienced traders who don’t feel comfortable selecting their own strategies. Some of the most popular social trading platforms are eToro, Tradeo, ZuluTrade, and Tradency, among others. Forex broker RoboForex also offers similar service through its service CopyFX.