Copy Traders’ FOLLOWME Records 9% Profit Increase in Q3 2020
Traders recorded 9% more profit on China-based FOLLOWME, earning a total of 48.4% in the first half of 2020. Copy traders are among the numerous beneficiaries of the positive effects that the Coronavirus has had on the forex industry.
The gains also show the highest profit-to-loss ratio between copy traders, individual traders, and signal providers. Compared to the first half of 2020, the profitable accounts’ ratio has increased by around 10%.
A total of 31.1% of traders recorded profitable gains in their accounts. On the other hand, there were more loss-making accounts, which totaled to 68.7%. Additionally, trading orders on FOLLOWME grew by 18.6% in the third-quarter to 4.83 million, compared to the second quarter.
FOLLOWME Records Increase in Profitable Accounts
Third-quarter results by FOLLOWME support the continued positive effect of COVID-19 in the forex market. The social trading platform recorded an average of 25.5% profitable accounts from its community of active brokers. The figure represents a 3% point increase from the first six months of 2020.
FOLLOWME reported that there were a total of 233 active Brokers on its platform. The Brokers accounted for nearly 4.83 million trading orders from 15,000 active accounts. The data also shows that trading accounts reduced by 24.1% from 322 in the first half of the year.
FOLLOW ME stated that it is pleased to see the improvement among the brokers on its platform. This will help users benefit from the best traders in the forex industry.
The top five profitable accounts ratio which includes GKFX as the best in the group also improved significantly. The group recorded a 14% increase in comparison to the first half of 2020.
In the third quarter, the top trader GKFX recorded 41.8% as the highest ratio of profitable accounts. FBS followed closely with a 38.3% profitable accounts ratio while Swissquote came in a third position with 34.6%.
Furthermore, there was a replacement between IC Markets and the regulator in Q3 2020. IC Markets has grown to become the most popular new trader in FOLLOWME’s trading community. This is due to its low spreads service, which has become an important factor between a user and a Broker.
Among the top 20 Brokers, the average number of order accounts was 110 with the highest at 936. This is an increase from 760 in the first half of the year.
FOLLOWME was established in 2015 to provide social trading services to Foreign exchanges around the world. The latest FOLLOWME news indicates that the platform has more than half a billion registered users in over 176 countries globally.
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