Leverate, a leading technology provider to the FX brokerage sector has announced the launch of Sirix Community, a multi-broker social trading environment that incorporates different users of Leverate to form one large social trading community. The move positions Leverate as one of the largest social trading portals in the margin FX business.
Social trading is a recent phenomenon that has opened up the FX and CFD markets to clients who are either new to the markets or require a helping hand. Through the social trading network users can monitor, copy and analyze the trading patterns of profitable traders. Through this latest offering, users of Sirix Community will benefit from a large number of traders offering users the ability to monitor and copy their trading strategy.
Itay Damti, VP at Leverate spoke about the product extension in a comment to the media, saying, “The introduction of Sirix Community is a huge asset for forex brokers who offer social trading. The strength and continued success of any social network is measured by its size and level of continued activity. By uniting many brokers’ networks into one unified community, each broker will have a higher chance of success with the social network.”
Client Data Protection
Under the new regime the security of client data is questioned, however, Leverate has created the network in such a way that all the functionality that users need in order to copy or follow traders is present, except the finer details e.g. the broker, the client trades which are not available. Mr Damti added, “We designed Sirix in ways that benefit both brokers and traders, while safeguarding privacy and empowering brokers to be flexible with the management of their ‘private’ client base.”
Leverate’s new offering is ideal for firms that are looking to start-up as a broker in the FX social trading space, during the initial phase of business most brokers have a limited client base, and a social network loses its appeal without a mass user base thus Sirix Community serves well.