Moneta Markets has expanded its social trading offerings by adding ZuluTrade to its trading platform, the broker announced on Friday. The latest integration came when Moneta already offers such services with Duplitrade, another popular third-party social trading platform.
"We have always intended to offer clients access to ZuluTrade, simply because it's the largest automated peer 2 peer social trading platform out there. However, we wanted to ensure we were set up to really get the most out of it," said David Bily, the Founder and CEO of Moneta Markets.
The broker's decision to integrate ZuluTrade came after it expanded its product range and also improved its trading infrastructure and pricing.
Copy Trading Trend
Copy trading, which allows traders to copy the trading strategy of experts, has become very popular in the past decade. The industry is estimated to grow at an annual compounded rate of 7.8 percent and has been expected to reach from $2.2 billion at the end of 2021 to $3.77 billion by 2028.
ZuluTrade is a very popular copy-trading platform that has partnered with dozens of brokers to enable them to introduce copy-trading services to their clients. The platform was founded in 2007 and was acquired by the Finvasia Group last December for an undisclosed sum. It was a deal that also included Greek-licensed broker, AAAFx.
Headquartered in Greece, ZuluTrade is now focused on expanding its global reach and is seeking new regulatory licenses. It is also pushing to add new capabilities to its existing social trading platform.
"By introducing an additional platform that allows clients to trade and invest without requiring the need to constantly watch the markets, we are opening the door to an additional category of traders who want to dabble in the markets, but may not yet have the know-how," Bily added.
Moneta, established in 2020, recently came out of the Vantage umbrella to operate on its own. The broker gained a new regulatory license in Australia, while it is already regulated in South Africa and St. Vincent and the Grenadines.
Meanwhile, third-party trading platform providers have become cautious lately after Apple delisted two MetaTrader apps from the App Store, possibly in response to the usage of the platform by scammers. These third-party trading platforms are now hardly partnering with shady brokers who operate without a license or offshore approvals.
