A couple of days ago FXstreet.com and Tradency Inc announced a joint venture where FXstreet will introduce Tradency’s auto trading platform to its visitors.
FXstreet.com is one of the world’s largest foreign exchange (Forex) portals and Tradency Inc. is a global market leader in automated Forex software. The deal includes Tradency’s “Mirror Trading” product, in which traders can view and adopt dozens of strategies from leading Forex experts.
The mirror trading product will be offered under Tradency’s FX-Auto brand name. Traders will be able to utilize and execute proven strategies in their own portfolios after following three easy steps. To begin mirror trading, traders should visit http://www.fxstreet.com/services/fx-auto/
This might not sound like big news but it is. Tradency leads the auto trading market with almost every respectable Forex broker as a client or in the process of becoming one. FXstreet.com, to the best of my knowledge, is not a Forex broker but a Forex portal. And this my friends is the big news. I have long anticipated that the Forex portals will realize that advertisement money is never enough and that there is a lot of money to be made utilizing their large number of visitors.
The only business most Forex portals had so far is CPM – being paid by brokers for number of impressions their banners get. Some like trade2win offer Forex added value products like chart packages or books. Some small portals offer trading rooms and signal services.
For some reason large Forex portals like fxstreet, forexfactory and others have overlooked other complimentary products and I’m glad that someone met the challenge. It remains to be seen how successful will this joint venture be – Tradency certainly can provide the quality software and FXstreet can certainly provide the large traffic – success shouldn’t be too difficult. The only thing this partnership lacks is a broker’s brandname and its services umbrella.
Hi Michael
The broker we use in this partnership with FX-Auto is FXCM UK.
I can not speak for others, but the biggest problem we have been facing that kept us away from offering more services related to FX to our visitors was the lack of advertising space we had on our site.
To link good services of interest for our visitors just to the site and do nothing does not mean at all that visitors will show any interest for it. We have had so many bad experiences with that.
To make it work, you have to push it hard, and to do that you need to better structure your site and ad space to promote it. The best structured your site is, the less ad space you need.
Our site was not well structured enough to guarantee any success, so we had to improve it, otherwise all rely on ad space.
Well… I can say now that we are on our way to that better site organization so we have started to add good services to the site.
Fortunately for us, the ad space of the site is fully booked, so there is not much left for good services. Improving the usability of the site and its navigation is going to be key for the success of those kind of partnerships.
Thanks for the post
Keep up the great work you are doing at Forex Magnates!
Francesc