Arena FX, a Japanese broker, announced today that it is going to be changing its signal providers for its Arena FX ZuluTrade service. The company’s statement did not explain precisely why it is doing so as it only mentioned a recent company review without detailing its outcomes.
ZuluTrade provides social and copy trading solutions to brokers. The firm’s activity in Japan dates back to 2014 when it bought Market Crew Investment Advisor, rebranded it to ZuluTrade Japan and received regulatory approval from the Japanese authorities.
In the same year, Arena FX formed a partnership with ZuluTrade. This meant the Japanese broker could provide copy trading capabilities to its client base.
Poor signals
Today’s announcement will see Arena FX changing its signal providers in the next two weeks. As noted, the firm did not go into great detail as to why it is doing this. It only stated that after a “rigorous review,” and based on recent investment results, it would be changing signal providers.
For those not in the know, signal providers are users who grant other traders access to their trading data. In doing so, they enable other users to copy their trades - hence ‘copy trading.’ Some users provide their data for free, but it is more common to receive a commission of some description for doing so.
The signal provider switch will take place in ten days time, on the sixteenth of June, at 06:00 am Japanese time. Arena FX users can see who the new signal provider will be by logging in to their accounts and checking the company’s ‘important notice’ section.
