Over the years since retail forex trading was first introduced, most of the various brokers have offered up pretty much the same thing.
One of the most discussed updates in recent years to online forex trading is Social Trading. Social Trading lets traders follow other traders, automatically opening the same positions as the “Chart Leaders”. This of course comes with a number of shortcomings, primarily the fact that someone else’s mistake can also be your own.
Seeing these shortcomings, and still wanting to bring their traders something innovative and useful, online trading broker UFX.com has developed its MassInsights™ Technology. UFX’s MassInsights™ lets traders see how a large number of traders are trading, and not just a top 10 list. Every asset on UFX’s trading platform displays BUY/SELL ratios, showing you what type of positions traders are opening.
It’s interesting, as it leaves the decision of opening a position, and what kind of position, up to you. For example, if 85% of traders are opening a BUY position on the EUR/USD, you can choose to go with the majority and also open a BUY position. However, sometimes opening a SELL position in an overbought market could be the better choice, so you could go against the majority. It’s up to you.
In addition to the BUY/SELL ratios associated to each asset, UFX has also updated its ParagonEx Trading Platform to include a live stream, displaying more information on specific assets, updates on upcoming events, and even trading signals. These elements are updated automatically, and are triggered by UFX’s in-house developed algorithms. If an asset suddenly witnesses larger than usual movement in either direction, the stream will pick up on it, and display all the relevant information on stream.
It’s a great tool to have and it helps in saving time. By the time you would have calculated an asset’s movement on a graph, and try to predict where it will go, the trend could be already over. Who hasn’t gotten in too late on trading opportunity?
The MassInsights™ Stream also displays upcoming market events, their predicted figures, and the related assets, making keeping up with an economic much easier and intuitive. Trading Signals are powered by a third party provider, Alliance Signals, and appear in the stream, with suggested Stop-Loss and Take Profit limits.
All of UFX’s MassInsights™ features are in addition to the broker’s up to 400:1 leverage, fixed spreads, and personalized trading consultations. UFX is fully regulated by the Cyprus Security and Exchange Commission (CySEC) and is compliant with the Markets in Financial Instruments Directive (MiFID) in the EU.
Overall, UFX’s MassInsights™ Technology offers a refreshing and robust trading tool to which traders of all skill levels can benefit from.