OANDA broker makes rather surprising turn and decides to stop its social trading feature all together. The broker announced the decision on its website and on several fore forums, informing traders to change their strategies.
OANDA adopted social trading solution provider Currensee just about a year ago in September 2013. This allowed the broker to offer copy trading solutions to its clients.
The surprising decision to discontinue the social trading may come as a shock to 16 trade leaders with 3,737 followers. The broker’s official statement says: “Today, we have notified all participating parties that on October 31, 2014, Currensee and the OANDA Trade Leaders Program (OTLP) will cease operation.”
Ed Eger, President & CEO, OANDA Corporation, commented on the decision: “Following a strategic review including feedback from our customers around the world, self-directed trading remains their priority.
As such, we will continue to focus on core OANDA principles of superior execution, competitive spreads, integrating with industry leaders like MT4, providing analysis tools from partners like Autochartist, and premium educational resources.”
OANDA decision might be the outcome of the latest notion of social trading coming under the regulatory radar, where both European and regional regulators have started moving and diving the issue.