Tradency Mirror Trader Review: Brokers
Unlike some other social trading networks and auto trading providers, Tradency don’t act as a broker and they’re a pure technology provider. You therefore have to sign up via one of their associated brokers before you can use the Mirror Trader platform. Tradency have partner brokers all over the world and in March 2013 this list included:
FXCM, FXDD, INVAST SECURITIES, Alpari Russia, Alpari UK, FX TRADE, AForex, AVA FX, Central Tanshi FX, Golder Markets, Markets.com, Finexo, Forex Club, USG Capital, Gallant, Seven Investors, youtradeFX, Axiory, I am FX, Forex Yard, Phillip Securities, Think Forex, FXOpen, FXOptimax, FXPrimus, Fibo Group, FIBO Group Holdings, FxGrow, Mayzus, World Pro FX, FX Pulp, XE Markets, CM Trading, Planex Trade, Integral Menkul, ACM Gold and TMS. And coming soon: Varengold, HotForex, directFX and ILQ.
(Please note that we’re aware this list is outdated though there’s no longer a list of supported brokers available on the Tradency website, so you can still use this as a starting point any manually check with any of those brokers. For sure AvaTrade, previously called AVA FX, still offers Mirror Trader to their customers.)
With the choice of brokers provided there’s a good chance you’ll find one in your region, though the choice of currencies currently supported by Mirror Trader seems to be limited to USD and EUR. I.e. while some brokers may offer different currency accounts for their own platforms (e.g. GBP and JPY) the choice is limited to EUR and USD when you want to use Tradency’s Mirror Trader platform.
It’s not within the remit of this Tradency review to evaluate each and every single broker which offers the Tradency Mirror Trader platform to their customers. We suggest you do your own research and you may want to check whether the broker charges for using Mirror Trader or not. As discussed in our “costs review” section, Tradency charge the broker a volume fee per trade or a monthly technology fee , and quite a few brokers levy an extra commission on you or widen the spreads when you use Mirror Trader in order to cover some of the costs.
From our limited broker research we know for a fact that a the time of writing this review section AvaTrade (new name for AvaFX) didn’t charge anything extra while FXCM did. From the list which was still displayed on the Tradency website we also noticed that Alpari no longer offers Mirror Trader.
We also know that AvaTrade offers you access to the fully functioning Mirror Trader platform with a demo account (with 100,000 dollars or Euros). Click here to try the Mirror Trader demo.