FXCM Joins SwipeStox Social Network for Trading

Swipestox, the recently-launched social trading app for iOS and Android, announced today that it has sealed a further partnership with FXCM Ltd joining its growing social network for traders.

We are delighted to be able to offer our clients this new dimension of trading.

Through this partnership, SwipeStox enables FXCM clients to take part in the social trading network by providing their existing account data. FXCM clients may trade all major Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term crosses, indices and commodities. In addition, SwipeStox’s growing audience can now open accounts with FXCM to execute their trades via the SwipeStox app.

FXCM is the third and most internationally engaged broker to join the SwipeStox network. Benjamin Bilski, CEO of SwipeStox, commented, "Through our strong focus on mobile technology we look forward to offering FXCM clients a chance to engage on a new type of social trading experience. Clients will benefit from a direct and native account opening from within the app. Thus with each big partnership we can train our algorithms more precisely and shape our APIs, which we can give back to FXCM with higher conversion and more activity”.

He continued, ”In the wake of integrations, we are the first worldwide to achieve automatic broker onboarding, where partners can sign-up like traders but with their complete brokerage offering. This makes us the most accessible platform for social trading.”

High Uptake

Entrepreneur Benjamin Bilski developed the idea for the social trading app SwipeStox in October 2014 together with Yasin Sebastian Qureshi, the founder and former CEO of Varengold Bank AG. Within the first 5 weeks of its launch, which was reported by Finance Magnates in April this year, the app SwipeStox achieved 150,000 downloads and 50,000 user registrations.

Also commenting on the company’s latest announcement, Brandon Mulvihill, MD and Global Head of Sales at FXCM Pro said, “Built by industry veterans, SwipeStox is assertively pushing the envelope by combining the simplicity and reach offered via mobile trading. FXCM’s API capabilities and our global networking and connectivity, offers customers utilizing the Swipestox platform the efficiency and transparency in trade Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term for which FXCM is known. The integration of these complimentary products not only provides tremendous excitement today, but certainly lends itself to future enhancements and subsequent announcements to come.”

The FXCM service will start on 1st August, 2016.