ProFollow Social Trading Tool Making Waves In The Binary Trading Community
Recently, the binary options trading community has been abuzz with a new trading feature called “ProFollow” that is available on some SpotOption 2nd generation platforms. Described by some as social media trading at its best, the ProFollow feature is a new binary option trading mode which allows binary traders to duplicate the transactions of their more successful peers.
While some traders might argue that social media trading is not something new in the online trading world, it is NEW when you consider the fact the feature is being made available on a dedicated binary options trading platform.
The History of Social Trading
The advent of social trading first made its debut appearance in the spot forex segment of the online trading industry. Online forex platforms like Ayonda, EToro Openbook and ZuluTrade had long made social media trading as the focal point of their business models. However for the binary options industry, social media trading had never been a big thing for the primary reason that no broker had ever provided such a feature on their platforms. Basically until the introduction of the ProFollow feature on the SpotOption powered Gen 2 platform, binary traders never really had any access to this trading tool.
How Does It Work?
Despite its simplicity, the ProFollow is a very powerful tool. Incorporated directly into the trading platform, accessing the feature is a very straightforward matter.
On the main trading screen, traders just need to choose the ProFollow mode (Encircled in red). They will next be taken to the ProFollow screen where they can then decide which traders they want to follow. Trade leaders can be chosen based on the assets they traded, their win ratios or the number of followers which they have.
After the trade leaders have been chosen, traders next have to decide on the duration of the “follow” period and the amount to be invested. Once they are satisfied with the “follow” settings, traders just need to click on the “Follow” button and they will be on their way.
With this tool, binary traders are no longer tied to the trading platform as their trades are carried automatically based on the transactions of the trade leader. Built into this revolutionary feature is also an instant notification system where traders are notified of each trade update by email.
To “Unfollow” a trade leader is also a simple process. Traders just need to click on “Unfollow” next to the trade leader’s name and their trades will no longer be tied to the trade leader’s trades. If you are thinking of trying this new trading feature for yourself, take note that only brokers using the SpotOption Gen 2 platform will have this feature.
