Until recently, Alpari UK was offering social and auto trading to their customer base via Tradency’s Mirror Trader platform. Earlier this year they decided to replace Mirror Trader with their own TraderConnect social trading network.
MetaTrader 4 (MT4) forex traders can connect their trading accounts with TraderConnect, allowing their account activity to be published in real-time for others to see, copy or comment on. Traders can also analyse their own or other traders’ performances with charts and graphs in the TraderConnect interface. You don’t need a live account, since both MT4 demo and live accounts can be connected and their signals copied. If you want to copy other traders using the AutoCopy function you will however need to keep your instance of MT4 running.
It’s certainly an interesting move from Alpari to replace the Mirror Trader platform, which has a much broader user base because it’s used across multiple brokers. On first glance TraderConnect adds a few more “social” features, such as comments on trades, which Mirror Trader was lacking (as its focus was mainly on autotrading). The focus is also more on the ‘traders’ instead of ‘automated systems’. However unlike on Mirror Trader or social trading networks like ZuluTrade or Currensee, traders on TraderConnect are not rewarded for their copied trades.
It does show however the growing importance brokers such as Alpari give to offering a “social trading” capability as part of their customer offering. In the first 2 months they managed to get a few hundreds of live account subscribers, though the social activity is still limited (no comments on trades yet). At the Social Trading Guru, we’ll keep an eye out on the further development of TraderConnect since it’s clearly only started and the real value will be on the quality of the traders it can attract over time.