The forex social network scene is certainly heating up. The largest broker in the US , OANDA, launches a social platform named fxUnity in Europe.
A very interesting feature is an “Undo” button – traders can cancel their orders within 10 seconds after submitting a trade. The platform consists of the “copy trade” button. Is this feature becoming a standard for brokers?
Another interesting option introduced by OANDA is the option to trade on a basket of currencies, alongside the regular currency pairs.
This is the second social forex announcement this week: Leverate launched its social platform for brokers, named Sirix.
Here are more details from the press release:
OANDA Europe introduces community-based trading platform
European customers benefit from unique features that help diversify risk and encourage peer learning
OANDA Europe, a division of online trading company OANDA Corporation, is pleased to announce that European clients now have access to the company’s new social trading platform, OANDA fxUnity.
OANDA fxUnity is designed for aspiring currency traders who want a social, interactive trading experience in either real or practice environments – online or via mobile device. With fxUnity, clients invest in a diversified basket of currency pairs rather than a single currency pair.
Users can follow each other on the fxUnity platform and copy each other’s trades directly from the community or friend feeds. If they enter a trade by mistake, the “undo” feature gives them 10 seconds to correct the error on a maximum of three trades per calendar week.
Antony Broadbent, who is managing director of OANDA Europe, said the new platform is a unique offering that makes a welcome addition to the division’s product lineup.
“We are delighted to be launching fxUnity in Europe. As the market continues to grow and evolve, it is important to offer a variety of trading experiences that match the diverse needs of different types of customers,” said Broadbent. “With its social trading components and innovative features like the ability to take positions on individual currencies rather than currency pairs, fxUnity complements fxTrade perfectly.”
Margin trading comes with its share of financial risks, so OANDA has designed fxUnity with limited leverage available to traders. The platform provides a user-friendly, interactive dashboard so traders can monitor their funds closely and follow the activities of fellow fxUnity traders to shed light on market sentiment. Following the initial rollout, additional features and functionality will be introduced on an ongoing basis.
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