Leading contract for difference (CFD) broker Moneta Markets launched its copy trading mobile app on Tuesday in collaboration with Pelican Trading. The app is available on the Play Store and App Store.
After the launch, Moneta Markets CEO Davis Bily was interviewed by popular finance media house Finance Magnate. When asked what inspired the broker to roll out a copy trading platform, Bily said there had been demands from the broker’s customers.
He added that the current copy trading providers, such as ZuluTrade, cannot meet the growing demand on their own, so there was a need for Moneta Markets to step into that space. Bily also claimed that most of the existing copy trading providers are not reliable and don’t operate with transparency. He said his broker was looking to fill those shortages.
The Moneta Markets Copy Trading App
Bily says the copy trading app is ideal for both pro and novice traders. As of this writing, more than 5,000 traders have registered on the platform to allow others to copy their trades. To find the right trader to follow, you can use the app’s search filter to discover traders who employ trading strategies that can help you meet your financial goals.
On the Moneta Markets copying trading app, the trading activities of all traders are recorded and displayed on their profiles, allowing other users to assess their performance using key metrics like drawdowns and PnL.
Moreover, the app comes with a chatroom that lets traders interact with each other. This feature is useful, especially for novice traders, as they get to receive mentorships from seasoned traders, along with educational materials.
If you gain enough trading experience and start placing profitable trades, you can register to become a signal provider. This allows you to earn extra income through commissions collected from traders who follow your signals.
Meanwhile, Bily says the Moneta Markets copy trading app has witnessed massive growth in its user base since launch. The trading volume is also growing. He asks the users to provide feedback so his team can improve the app’s features to offer a fantastic user experience.