Copy Trading Appears to be the New Trend in Binary Options, But is it Social?
Copy Trading, The Latest Trend in Binary Options
According to Google’s search trend data the words “Copy Trading” has grown exponentially in searches since winter 2014. I guess it’s no longer a secret that social trading is the new popular trend in binary options. Traditional Forex traders have been social trading for a few years. The growth of popularity among platforms like ZuluTrade, FXCopy and FXCM has led to the emergence of copying to the binary community. Now binary options traders are able to take advantage of similar copy and social trading services.
Zulutrade was the first to make inroads to true binary copy trading. They partnered with SpotOption to create what has become known as iFollow or SpotCopy, depending on the broker. This is a very interesting broker based platform where you can copy traders who are using the same broker, or join Zulu as a signal provider/follower. There are several brokers supporting iFollow at this time but only 4 connect directly to ZuluTrade. Full service copying is available through each broker so it is not necessary to join Zulu just to copy on this platform.
While the first, the ZuluTrade/SpotOption partnership is not the only platform to pop up in recent years. At least three others including AnyOptions CopyOp, CTOptions Binary Replicator and Tradesmarter’s latest contribution are all gaining market share. The Binary Replicator and CopyOp are both proprietary platforms but Tradesmarter is a white label so there will be numerous brokers built on it. Each has unique features, such as Tradesmarters partnership with AutoChartist for short term signals, but all fall short of true social trading.
CommuniTraders – The Only Real Social Trading
Social trading may be the future of binary options but so far most technology providers are falling short. To date, the market has been flooded with copy trading solutions, not social trading. Social trading involves social interaction, hence the name, and is focused on education. Copy trading is merely following a trade made by someone else. Hallmarks of true social trading include forums, profiles and the ability to communicate with other traders. Copy trading is exactly the same as trading a signal, there is no social interaction and no chance for learning.
These new platforms are great starting points for new traders and offer an enjoyable way to trade the market but they are not social trading. CommuniTraders, launched in 2013, is the only true social trading on the market. It is built around a forum, includes full profiles, a demo trading platform and the ability to copy trades from live traders. The website is focused on building a community of traders to support and educate each other. New traders are encouraged to join and can then follow existing members, learn from pro traders or trade on their own using tips and insights gained in the forum.