FXCM (NYSE:FXCM), the largest forex broker in terms of client deposits, now offers social trading through the platform of the German social trading mobile app Swipestox.
According to the official announcement, FXCM’s clients will be able to trade all major forex pairs, international indices and soft commodities.
„SwipeStox has convinced us,” said Brandon Mulvihill, MD and global head of sales at FXCM. “A true innovation, fantastically executed. For us, SwipeStox is the tool for true social trading. It’s fun, easy to access and handle, and it literally engages and mobilizes our clients. We are delighted to be able to offer our clients this new dimension of trading.”
Swipestox was founded in Germany in 2014 and offers copy trading of forex, Indices, and CFDs. The app was launched this February. It works a bit like the famous dating app Tinder, in which users can swipe left or right on users’ profiles and connect with them. Swipestox users can see live trades and copy them by swiping, without having to rely on fundamental or technical decisions alone. The app lets users either use the available information to execute their own trades or simply follow and copy other traders.
The application offers trading on almost 800 markets and the latest update allows opening of a “real-money” account from within the app. According to Google Play store, it has between 100 000 and 500 000 installs and has an average ranking of 4.3 of 5 stars.
Since its launch, Swipestox has a social network of 150 000 traders from across the world. Among the app’s major partners, besides FXCM, are the brokers One Financial Markets and Hanseatic Brokerhouse.
In February this year Swipestox raised $1 million from an angel investor.
FXCM is a registered futures commission merchant (FCM) and a retail foreign exchange dealer (RFED) with the US CFTC. It has units registered and regulated with the relevant authorities in the US, the UK, Australia, and France.
The broker offers forex, contracts for difference (CFDs), and spread betting services. It offers 40 currency pairs on the Trading Station and MetaTrader 4 (MT4) trading platforms.