Trendsonline reports that Magick.nu, an online platform for algorithmic currency trading has just received its third investment. This time the investment is a € 260 000 round, which makes the total investment in the company over € 650 000. The money comes from Magicks existing shareholders and a group of professional business angels from England, Singapore and Denmark, including one of the founders of the Danish company Docia.
“We are very happy with the attention we have received from our investors, and we look forward to developing the company together with them. They come with tremendous experience and skills, which will certainly strengthen the company going forward.” says Founder and CEO of Magick, Mikael Breinholst.
The investment will be used to launch version 2 of the service, as well as strengthen the userbase. User acquisition will be mainly through direct marketing and sales efforts, as well as deployment of partner cooperates with foreign exchange brokers and banks. The recent investment will not be the last either, as Mikael says:
“We are committed to a major investment round later this year from one or more professional investors.”
Simple automation of trade
Magick.nu is a cloud-based online platform that makes it easy and simple for people without programming experience to build systematic trading strategies and get them to act automatically with MetaTrader 4 accounts. It is a so-called algorithmic trading, meaning a system that uses algorithms to make decisions and make transactions on the financial markets.
The company was founded back in 2013 by two former Saxo Bank employees, Danish Mikael Breinholst and New Zealander Anton Hughes.
Since its launch, the team has continuously upgraded the platform, including the new backtesting functionality that allows the user to test his trading strategy on historical market data before he activates it.
Good prospects for Magick
According to Mikael Breinholst the use of computers to monitor and act on the financial markets is growing strong. But the professional sector is evolving faster than the individual market, which creates good opportunity for Magick that just specialize in helping individual currency traders to execute their trading strategies.
“Professional traders use to a much greater extent computers to decide when and how much they act. Where up to 75 percent of the professional trading is automated, the proportion of individuals using automation is below 30 percent.”
explains Mikael and continues:
“The explanation for this is the [lack of] availability of software tools for individuals. If you as a private currency trader want to get the computer to help it requires solid programming skills, which few possess. And this is where we come in.”