Regulation

20 Jul 2016, 01:19Regulation#1
DAANIIKposts: 25since: 23 Dec 2015

Dear Spotware, 
Can you tell if cMirror is a licensed and regulated service?

02 Aug 2016, 01:49RE:#2
DAANIIKposts: 25since: 23 Dec 2015

No answer?

 

 

03 Aug 2016, 14:16#3
Spotwareposts: 2830since: 23 Sep 2013

Hello DAANIIK, 

Spotware is not regulated financial service company, being a technology provider does not require such licensing. Although, keep in mind that all the financial operations are being handled on the broker's side. SO basically cMirror is only a platform that is used fro connecting investors and signal providers and it doesn't deal with the funds directly.  


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03 Aug 2016, 19:06#4
DAANIIKposts: 25since: 23 Dec 2015

Ok, please tell: is it true that some cTrader brokers can't provide cMirror service for their clients because it is subjected to the "Portfolio Management" and their license doesn't cover it???
If so, do you have any solutions?

04 Aug 2016, 17:06#5
Spotwareposts: 2830since: 23 Sep 2013

Hello DAANIIK, 

Please be advised that there are 4 types of membership in cMirror: Full, Demo, Guest and Isolated. Only full membership allows following paid strategies from the live accounts regardless of the broker. It is brokers' business decision which type of membership they choose.


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05 Aug 2016, 00:47#6
DAANIIKposts: 25since: 23 Dec 2015

But that "business decision" depends on regulation. So i'ts YOUR FAULT 

22 Aug 2016, 17:25#7
Spotwareposts: 2830since: 23 Sep 2013

Hello DAANIIK,

Please be advised, that Spotware cannot be a subject of any financial regulations, since, as a technology provider, we are not involved in any financial operations. The business decisions of our clients can be caused by many different factors and we cannot impact them. 


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22 Aug 2016, 21:11#8
DAANIIKposts: 25since: 23 Dec 2015

What about other technology providers which are (or were) regulated - for example Myfxbook ? 
Yes - you are right about your disability to influence on broker's decisions!!!!!   but  it's to your ability to promote your products efficiently and to defend it when broker wants to refuse it.
Well - it's not your fault  & it's not broker's fault, because you have too many excuses. 
IT"S MY FAULT - THAT I SPENT TOO MUCH TIME $ MONEY USING YOUR PRODUCTS AND TRYING TO BUILD LONG TRACK RECORD.

 

05 Sep 2016, 22:43#9
Spotwareposts: 2830since: 23 Sep 2013

Hi Daaniik,

The majority of cTrader brokers do provide the cMirror service. Some don't offer it because in their regulation it is considered Portfolio Management, some don't promote it strongly because it is not clearly defined by their regulator, some don't offer it because they do not wish to meet Spotware's capital requirements held against debts that could be owed to other brokers, they are typically smaller brokers. 

You are correct that other similar solutions are regulated, but because of the way Spotware's relationships are configured we do not need to do this. The main reason is the Spotware do not hold traders money, or receive traders money directly, i.e we remain purely in a B2B relationship, even when providing the cMirror service. 

I hope our explanation helps you. 

All the best. 


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