@bendex Thanks a lot for the insightful comments.
The migration tool dates back to a time when no-one knew Darwinex and migrating track records was a great commercial tool because a) the most investable traders were most likely to use it and b) the incentives to faking, but also moving to Darwinex, were lowest.
As we go forward, I believe two things will happen If stuff goes to plan,
a) we’ll (meaning, the entire community, not just Darwinex, aka the IT department) attract more and more solid traders from environments where faking track records is impossible (e.g. you can’t fake an interactive brokers track-record)
b) we’ll organically groom & attract more professional investors, who will make the best use of the tools on offer - migration policy or not.
We have some interesting feedback from A and G - both of whom you spoke to. Their key insight was that Darwinex is for Alphas - mature individuals who are committed to personal improvement through deliberate practice.
E.g. in their words “good, solid traders” = Alphas. After 8 years going at this, I have yet to meet a mature trader who wasted a second of his life whining about stuff they can’t change, with migration vs. non-migration being one of them. It’s like marmite, some people will love it, and some will hate it, regardless of what we do.
Which is a very long winded way of saying that:
- Despite the fake cases, which are few and far between, despite the whole hullabaloo - in the bigger scheme of things, more traders don’t know about Darwinex than know about Darwinex, and one feels reluctant to bin their track-record because of a couple of crooks who allegedly fooled some investors (who overloooked the fact that we highlight everywhere that it’s a migrated track-record, but it’s still our fault)
- I think the subject will gradually fade into irrelevance either because we do better and it matters less and less, or because we fail to attract Alphas, in which case we will have become irrelevant.
Personally, I think that if Alphas don’t care, neither do I. We have better uses for the Tech team (improve our positioning, integrate with Interactive Brokers, pivot our business model) than commit more resources into making marmite haters love marmite.