ZuluTrade

ZuluTrade
Private
Industry Financial services
Founded Virginia, United States, 2007
Founders Leon Yohai, Kosta Eleftheriou
Headquarters Athens, Greece
Area served
 Worldwide
Key people
 George Ilias(CEO)
Products Social trading platform
Parent Formax Group
Website Official Website

ZuluTrade is a fintech company that operates an online and mobile social and copy trading platform . The platform allows users to mimic trades on the forex markets made by often more experienced traders.[1][2][3][4] ZuluTrade has around one million users and an executed trading volume of over $800 billion.[5]

History

ZuluTrade was founded in 2007 by Leon Yohai[6] and Kosta Eleftheriou.[7] The company was founded in Yohai's living room in the U.S. state of Virginia.[6] Eleftheriou left the company in 2008.[7] Yohai traded on the FXCM prior to founding ZuluTrade. He created a software connected to FXCM's API that allowed him to copy trading strategies in his realm of interest. The concept was then put into beta in 2008.[6] By 2009, the company had over 4,500 "expert" trader (or "signal provider") portfolios whose trading strategies could be copied by the platform's user base.[8] In 2011, ZuluTrade was listed among The Daily Telegraph's "Start-Up 100" in the category of "Finance, Payments and Ecommerce."[9] The company also unveiled several new features including the ability to follow other followers (rather than just signal providers)[10] and the requirement for signal providers to be profitable in order to receive payment.[11] In November 2012, ZuluTrade redesigned their website and added more new features including ZuluGuard.[12] By the end of 2013, the company had around 120 employees, 40 of whom were designated for customer support.[6]

In September 2014, Zulutrade expanded in Japan through the acquisition of a regulated investment advisor, Market Crew Investment Advisor Co., Ltd., and launched its collaboration with local FX retail brokers. The first Japanese broker was Arena FX Co., Ltd.[13] In March 2015, ZuluTrade Group announced that the platform was awarded an EU Portfolio Management License from the European Union. The designation made the company a licensed portfolio management company in the EU.[14]

In 2017, ZuluTrade was acquired by Formax Group who also purchased Dayo, the company holding the patents used by ZuluTrade.[15] It began to transition into more of a fintech company with research and development in cryptocurrency, stocks, and trading performance. The acquisition also allowed it to expand in Asia where it was already licensed in Japan.[16]

Service

The ZuluTrade service is a social and copy trading online platform that allows users to mimic the investing strategies of trading "experts" in forex markets.[1][2] The user base is typically split into two categories: signal providers and followers. Signal providers are generally traders that have developed a strategy willing to share and can be copied by their followers.[6][17] Followers can also mimic strategies of the portfolios created by other followers.[10] Signal provider compensation fees are based on the success and popularity of their trading strategies.[18]

The platform also has several features, including ZuluGuard, that automatically unfollows a signal provider if their trading strategies change. Lock Trade allows users to verify the execution of a trade after the signal has been received. The website also features several social network-like features including comments and forums.[12] The platform also has a feature called ZuluScript which allows users to create scripts that designate specific parameters as criteria for trading robots (known as "Expert Advisors") to automatically start making trades.[19] Additionally, ZuluTrade operates a binary option social trading platform.[5]

ZuluTrade provides rankings of investor performance and allow investors to immediately observe and copy other trader's portfolios.[20] This is provided by simulator which shows overall profit, alerts user if a margin call occurred and even allows user to download a spreadsheet of all the simulated trades.[21]

References

  1. 1 2 Robinson, David (27 September 2014). "Return of the daytrader: can you earn a living by copying other investors?". The Daily Telegraph. Retrieved 11 November 2015.
  2. 1 2 Hamilton, Walter (28 November 2009). "Americans rushing to invest overseas". Los Angeles Times. Retrieved 11 November 2015.
  3. ↑ Passy, Charles (2 March 2011). "You Snooze, You Lose". The Wall Street Journal. Retrieved 11 November 2015.
  4. ↑ "Social Trading Platform ZuluTrade Becomes Regulated in the EU". Business Wire. 3 June 2015. Retrieved 11 November 2015.
  5. 1 2 "ZuluTrade Rolls out to Binary Market". HighBeam Research. 9 December 2014. Retrieved 11 November 2015.
  6. 1 2 3 4 5 Saks McLeod, Andrew (27 December 2013). "Executive Interview: ZuluTrade CEO Leon Yohai Discusses The Modernization Of Social Trading". Finance Magnates. Retrieved 11 November 2015.
  7. 1 2 "Kosta Eleftheriou". www.crunchbase.com. CrunchBase. Retrieved 11 November 2015.
  8. ↑ "ZuluTrade.com Revolutionizes Autotrading of Foreign Currencies Online". HighBeam Research. 19 November 2009. Retrieved 11 November 2015.
  9. ↑ Yiannopoulos, Milo; Rosenberg, David (5 April 2011). "Start-Up 100: the final list by category". The Daily Telegraph. Retrieved 11 November 2015.
  10. 1 2 Greenberg, Michael (31 March 2011). "Zulutrade launches a 'follow a successful follower' capability". Finance Magnates. Retrieved 11 November 2015.
  11. ↑ Patterson, Sara (21 November 2011). "Zulutrade Announces New Compensation Plan". DailyForex. Retrieved 11 November 2015.
  12. 1 2 Finberg, Ron (29 November 2012). "ZuluTrade Gets a Makeover". Finance Magnates. Retrieved 11 November 2015.
  13. ↑ Mizrahi, Avi (9 September 2014). "Exclusive: ZuluTrade Acquires Japanese Subsidiary and Partners with Arena FX". Finance Magnates. Retrieved 9 February 2016.
  14. ↑ Finberg, Ron (3 June 2015). "ZuluTrade Gains EU Portfolio Management License in the EU". Finance Magnates. Retrieved 11 November 2015.
  15. ↑ "Exclusive: Price paid by Formax for ZuluTrade: $12.4 million". LeapRate. 9 February 2018.
  16. ↑ "Democratisation of Asset Management Makes Successful Trading Accessible to All". Raconteur. 5 December 2017.
  17. ↑ Lemon, Adam (28 October 2015). "Who Makes Money with Zulutrade". DailyForex. Retrieved 11 November 2015.
  18. ↑ Greenberg, Michael (18 November 2011). "ZuluTrade will pay signal providers only for profitable months, charged by NFA". Finance Magnates. Retrieved 11 November 2015.
  19. ↑ Hatzakis, Steven (12 February 2014). "ZuluTrade's New Web-Based Platform Lets Traders Run Trading Robots via Zuluscripts". Finance Magnates. Retrieved 11 November 2015.
  20. ↑ Baghestanian, Sascha; Gortner, Paul J.; Weele, Van Der; J, Joel (2015-02-02). "Peer Effects and Risk Sharing in Experimental Asset Markets". Rochester, NY: Social Science Research Network. SSRN 2504541.
  21. ↑ Viljoen, Ray (2015-10-28). "ZuluTrade Review". BestSocialTrading.com. Retrieved 2016-12-11.
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