Michael Berman, who is known for heading trading strategy provider PsyQuation as CEO, has launched a copy trading platform, Ditto. The platform is officially registered as Gleneagle Securities and is licensed by the regulators in Australia and Vanuatu.
“I am excited to announce a new venture that I have been working on and will soon be going live with. After more than 20+yrs trading and always building products on top of someone else’s broker we have finally become a product lead broker,” Berman, who is now Ditto’s CEO, wrote.
The new platform was launched when demand for copy trading services skyrocketed with surging retail traders in the industry.
“There are no shortages of brokers in the market,” Berman added. “We believe we are bringing something different to the Copy Trading space and as a product lead broker you will enjoy more products for traders built by traders.”
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A High Bar for Expert Traders
Ditto is also going to allow only the expert traders, whose trades can be copied by rookie traders looking to generate some gains without actively jumping into the markets. It requires professional traders to have a track record of at least two years, along with a Sharpe ratio of more than 1. They also need to be managing more than $2 million in AUM.
The platform is offering trading services with forex and CFDs of commodities and metals, indices, and more than 1,000 US and 300 Australian Stocks, along with cryptocurrency instruments. For copy trading clients, Ditto has set the initial investment amount to $200.
Along with Berman, the copy trading platform has been co-founded by Vladimir Krouglov and Vladislav Moskovskiy, both of whom were at PsyQuation. Ukraine-based Krouglov is holding the position of CIO at Ditto, while Moskovskiy is the COO.