Mirror Trader when it was operating

Around 2005, Copy trading and mirror trading developed from automated trading, also known as algorithmic trading. It was an automated trading system where traders were sharing their own trading history that others could follow.
Tradency was one of the first to propose an autotrading system in 2005, called by them Mirror Trader.
A trader could host their own trading strategy on the systems with the trading records showing the performance of that strategy. Other users could then decide to mirror-copy on their account all the transactions generated from that strategy.

Mirror Trader Stated

The world largest B2B technology provider for copy / mirror / social trading.

Mirror Trading is the core concept behind the unique offering of the Mirror Trader, Tradency’s innovative trading platform. The Mirror Trader is the largest technology provider for brokers with over 200 brokers and 2M retail clients users since 2005.

The Mirror Trading concept is quite simple: Tradency servers keep track of strategy developers’ “buy” and “sell” signals.
By using the Mirror Trader platform, traders can view, analyze and evaluate signals sent by experienced traders and execute the signals in their own account.

How Did Mirror Trading® Work?

Strategy developers from around the world share their knowledge with users of the Mirror Trader platform. Tradency records all strategy developers’ “Buy” and “Sell” signals. This information assists Mirror Trader’s users to decide which strategy’s signals they would like to have executed in their own brokerage accounts.

Key details of Mirror Trading International fall:

• Collapse and Investigation: In 2020, vulnerabilities were exposed, and the scheme collapsed when CEO Johann Steynberg disappeared. Investigations by the FSCA (Financial Sector Conduct Authority) in South Africa revealed MTI was unlicensed, fraudulent, and misled clients.
• Legal Action and Rulings: In 2021, MTI was placed into final liquidation. In April 2023, the Western Cape High Court formally declared MTI a pyramid and Ponzi-type scheme.
• Founder Arrest: CEO Johann Steynberg was arrested in Brazil in December 2021 for using forged documents and has faced significant legal penalties.
• Restitution and Recoveries: Liquidators successfully recovered over 1,281 BTC (approx. R1.05 billion). In 2023, the U.S. Commodity Futures Trading Commission (CFTC) ordered MTI to pay over $1.7 billion in restitution to victims. 

It is important to distinguish this specific entity, Mirror Trading International, from the general, legitimate investment strategy known as “mirror trading,” which involves automated, copy-trading methods. 

What was Tradency?

Tradency was a pioneering financial technology provider, focusing on B2B product development and advanced services for retail investors and retail traders.

Their products included

As a renowned pioneer in social trading, Mirror-trading and Robo-advisory, Tradency was known for its high standard bank-grade service, robust and scalable technology.
As such, Tradency products, the Mirror Trader, RoboX and Smart Investor platforms where used by millions of end users globally