26 February, AtoZForex, Lagos – Cyprus headquartered FxPro has issued a public notice regarding its services in connection with their cTrader platform. The FX and CFDs broker has clarified that effective as of Friday, February 26th, it will no longer offer the cTrader’s mirror/copy trading feature. This is an interesting update as FxPro remains one of the pioneering brokers to offer the cTrader platform service.
How CMirror works
FxPro cTrader is powered by Spotware. The application operates such that traders have an opportunity to broadcast trading signals simply, therefore becoming strategy providers and charge commissions. While other traders can stereotype the provided strategies, and follow the trades.
cTrader describes itself as ”By using cMirror, any trader can become a strategy provider, broadcast trading signals and charge commissions. Other traders (investors) can mirror the provided strategies and send orders in the same direction.” It also allows for Advanced risk management settings when mirroring a strategy, including equity Stop Loss, volume percentage, mirroring direction, forcing Stop Loss and forcing a Take Profit per Position. It is also available in 16 different languages. Investors transparently see the strategy's trading history and open Positions.
FxPro officially stated on its website that: "on Friday February 26th, 2016, at market close FxPro shall be disabling the cMirror functionality currently available until further notice."
Clients still have the ability to close out open positions until the market closes, after which any remaining open position at the specified date will be closed automatically at the market price for the instrument traded.
See also: FxPro IPO in the works
Recent platform updates
However, FxPro maintains the cTrader platform, only without the functionality of the cMirror option. The broker also recently released a cTrader application for iOS gadgets (Version 2.1.23). Some of the notable additions to the upgrade include an option for traders to choose between a Light theme and a Dark theme, with both having a new improved design, adjustable in “settings”. It also offers traders the ability to add symbols to their watch list. Lastly, there have been some general bug fixes and stability improvements.
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