Retail Fx trading tools provider, Autochartist has announced the closure of acquisition process of VerifyMyTrade, by acquiring a controlling stake in the company. VerifyMyTrade specializes in measuring execution quality of positions in the retail Fx segment. The acquisition allows Autochartist to further expand its technological capabilities focused on automating trading decisions at traders end.
VerifyMyTrade’s Trust Builder allows traders to validate their trade via an impartial industry-recognized service provider, on whether the prices they receive on their trades are market-related and accurate. The platform also allows brokers to address price dispute resolution processes internally and provides a monthly regulatory report on the overall quality of operating metrics of brokers for both regulators and marketing purpose.
At the end of 2017, VerifyMyTrade has entered into several agreements with brokers that will use its services for analyzing price competitiveness of their platform and for internal regulatory and dispute resolution processes. It has also formed a partnership with Financial Commission, to provide price dispute resolution processes.The post-acquisition synergy will also help both entities to provide a diverse set of trading tools for traders and brokers and improve the overall trading environment.
Now under Authochartist control, VerifyMyTrade will able to expand its reach far beyond its current capacity. Recently financial technology and service provider, Leverate has integrated Autochartist tools into its Activ8 trading platform which gives Autochartist an default access to Leverate’s portfolio of brokers who will be using the company’s tools.
Autochartist Cheif Executive Ilan Azbel commented on the acquisition:
“VerifyMyTrades fits perfectly with the Autochartist content for broker marketing, sales, retention and VIP solutions. Transparent demonstration of quality price execution enables brokers to achieve the dual objectives of building trust with traders and meeting regulatory requirements.”
VerifyMyTrade’s CTO, Jeremy White commented:
The combination of regulatory technology solutions as a marketing and sales tool for brokers enables brokers to get a significant return on investment in what is traditionally considered a cost or overhead to their business. Further added: Partnering with the Autochartist group enables us to rapidly expand our sales reach within the forex industry at a time when price competitiveness and quality of execution is front-of-mind with respect to MIFID II.