Tickmill has enhanced its copy trading services with the latest integration of SoFinX's platform. Announced today (Friday), the new platform will offer tools for experienced traders and investors, claiming to provide users with “a new and improved trading experience.”
Tickmill Enhances Copy Trading Offers
The press release shared with Finance Magnates detailed that SoFinX's platform features over 10,000 signal providers whose trades on the market can be copied by others.
“Tickmill has been a pioneer in prioritising customer service and technological innovation,” said Edison Tuan, Founder & CEO of SoFinX. “This collaboration is set to elevate the customer experience to a new level.”
Copy Trading: A Popular Service for Brokers
Copy trading allows expert traders to share their trades, including short and long positions, publicly, which can be copied by other traders. This means that if the expert trader makes profits from their trades, those copying the trader’s positions will also make profits. In exchange, the expert trader, whose positions are being copied, will receive a percentage of the profits from others.
The concept of copy trading or social trading has been prevalent since the early days of electronic trading. Initially, traders shared their positions on forums and group chats, but the process was streamlined with the advancement of technology.
Companies like eToro and ZuluTrade have dominated the social trading space, but they operate with different models. While eToro offers its services to its customers along with its regular brokerage service, ZuluTrade partners with other brokerage firms to offer copy trading infrastructure to their customers. Interestingly, eToro is planning to go public, while Finvasia acquired ZuluTrade in 2021.
Tickmill followed the industry trend by entering the copy trading space years ago and also launched its own social trading platform last year. Recently, Tickmill also joined other big brokers in offering the benefits of interest rates to its customers, providing them with 3.5 percent interest on unused funds.
