Global Banking and Finance Review recently spoke with Robert Anson, Head of Development at OctaFX to find out more about OctaFX and social trading.
Hi Robert, thank you for taking the time to speak with me. Please begin with a brief introduction to OctaFx.
Being a client-oriented company we let the traders’ trade and handle everything else ourselves. Since the day of establishing OctaFX in 2011 we make sure nothing slips our attention – order execution remains flawlessly fast, requotes are abolished, spreads are outstandingly low. Financial transactions deserve mentioning too, being one of the main company priorities – they are convenient and fast, thanks to our qualified financial department staff and latest technologies, apart from the cooperation with local banks in Indonesia, Malaysia and China.
We also put tremendous effort and work into building our multilingual customers support team. Our highly skilled team of professionals are ready to answer traders’ every question and help in the most tangled cases. Still, we keep evolving and learning every day.
In order to be closer to our clients the OctaFX team developed a range of promotions to keep our customers motivated and entertained. We are especially proud of the latest one – Word it Out Contest, designed to hear the actual opinions concerning our services.
Summing it all up – calling ourselves a progressive entity on the forefront of the industry will suffice – that’s who we are and that’s what we are doing.
How do you define Social Trading and how do you see it progressing?
Even though previously there was lots of scattered information on the Forex market, now it tends to be more accessible and unbiased, originating from various independent sources. Internet takes over the world, no surprises at that – and now we can witness a tremendous and revolutionary process of shifting from local forex forums to the global communities. Globalization can be of good use in that sense – the points of view are expressed followed by immediate feedback, the exchange of not only positive and negative opinions on brokers takes place, but also some on-line workshops, sharing the strategies, not to mention simple and humane cooperation and communication. So that is the soil on which the concept of Social Trading grows.
The time of gurus’ monologues also tends to give way to the communication between traders of different proficiency. Which eliminates old-fashioned schemes and establishes creativity, imagination and new smart ways of fund management, previously unseen through the thick glass of gurus’ authority. One more reason of this diversifying process is that Gurus fail to support a trader throughout trading – after giving recommendations they leave a trader on his own – while a new system of social trading allows to create a strategy based on other traders’ activity in real time.
The rapidness of this kind of communication can also be spectacular – we all live on-line now, we are always connected through the Internet. Traders can reach one another in real time, and Facebook and Twitter both serve as a basis for creating social trading environment. If you can share your mood or a photo taken, why not share the tips on trading, or the exact examples and techniques? The more traders are involved in the system the more experienced and successful one can be learning from others.
What are the advantages and disadvantages to social trading?
Advantages are a bit obvious, regarding the features and the variety of options to choose from – a trader can ask himself – how do I want to trade today, and pick any possible technique to copy. The environment also allows people to communicate and share the views, and probably even debate, defending an opinion – it is also quite useful for a healthy competition which we praise at OctaFX. Thus – the more the merrier – it is never too late to join the community of fellow traders gaining the access to the opportunities of keeping your trading up to date using latest innovations and techniques.
Still there are drawbacks – though now a trader is not alone in the dark anymore – bright flashes of different opinions could also be blinding. With plenty of various and sometimes controversial visions at one’s disposal trader faces a problem of making the right choice. That excessiveness of information can lead to a confusion and loss of trader’s belief in his own abilities to trade independently. Moreover, in the case of simply copying the scheme one can never know one’s talent in the full bloom.
What can our readers expect to see from OctaFX in the upcoming year?
We have developed our Facebook community and are constantly working on a built-in social platform to allow our clients to share every thought and strategy they have. Social trading is an inevitable future and for OctaFX clients it is closer than you might think. All we want to do is to offer traders an environment they won’t abandon. The environment so integral that it includes all the information needed – real-time quotes, commentaries, tool for sharing strategies, etc. Environment which allows trader not only to copy orders but to create a decent portfolio of one’s own. Not to mention viewing various investment options. In the upcoming year we will present you a vanguard platform with the latest features and of course with a great, state-of-art design. That attention to details makes us stand out of line of top forex brokerage services providers, and motivates us to be creative and thorough doing our job. We strongly advise traders join our global community to explore its magnificent opportunities. Stay tuned!