Forex Trade Copier
The best forex trade copier services make it easy to replicate the positions of profitable traders. But unsurprisingly, the quality and price of auto trade copy programs and signals vary. Here we’ll review their uses and explain how to get set up with a forex trade copier, which can often be downloaded for free to your MT4 software.
Top Forex Copy Trading Brokerages
What Is Forex Trade Copier Software?
A forex trade copier program is simply a piece of software that lets you copy trades across multiple accounts. So if you’ve seen a trader using a profitable EA, for example, you can automatically mirror their positions on your platform.
How Do Forex Trade Copier Services Work?
After signing up with a provider, you’ll normally be able to download the copier software for free, which essentially acts as a bolt on to your platform. Then when you have a trader whose strategy you want to follow, positions taken from their remote master account will be executed on your platform. There are fully automated programs and those that allow for a degree of manual modification to trades.
Most online forex copier services take a percentage of trades executed. There is also free software available, which we’ll cover later.
Forex Signal Services
Disclaimer – the service providers listed here are not endorsed, or guaranteed, by DayTrading.com to be fit for any purpose. Any use of third-party service providers is at the user’s personal risk. We may receive financial compensation from providers listed here.
Forex Trade Copier For MT4
Due to its popularity for forex trading, the bulk of programs are designed around the MetaTrader 4 (MT4) platform. The FX Blue Trade Copier is one of the top-rated providers designed specially for MT4. With that said, as providers continue to improve their software, programs are becoming compatible with an increasing number of platforms and systems.
Benefits & Uses
There are several advantages to using forex trade copier services:
- Profit – First and foremost, if you find a consistently profitable trader, copier programs make it easy to replicate their success on your account.
- Time – For traders with limited time to do market research and price analysis, copier software leaves the heavy lifting to someone else.
- Learning – For new traders, in particular, auto copy trading can be an excellent way to learn how profitable traders approach forex market signals and deploy strategies.
- Trade reversal – Many programs allow you to reverse the trade direction, so you can buy instead of sell to turn a losing trade into a winning one.
- Maximise revenue – For already successful traders, selling access to your strategies is a straightforward way to generate additional income.
Best Forex Trade Copier Programs
With thousands of forex trade copier services available online, finding the best can be challenging. So when shopping around, consider:
- User reviews – Reading reviews from other forex traders is one of the best ways you can verify the provider is reliable, trustworthy and can deliver returns.
- Support – Make sure the trade copier has readily accessible support should you encounter an issue with the program’s software.
- Unrealistic promises – Be wary of forex auto copy and signal providers promising huge profits while claiming to be low risk.
- Track record – The best way to confirm a provider can deliver is by looking at verified backtests. The track record of reputable forex trade copier services can be viewed from their website.
- Price – There are free forex trade copier programs on the market plus more expensive options. Some free providers are good, however, you usually compromise somewhere, for example, technical download support or a proven track record.
How To Start Using A Forex Trade Copier Program
Providers have made it quick and easy for traders of all experience levels to get set up and trading.
1. Choose A Provider
To get started using a forex trade copier, you first need to choose a provider following the guidance above.
Lots of forex trade copier providers let you demo their program for free. This is an excellent way to make sure the software operates how you would expect, allowing you to test your trade parameters and incorporate your risk management parameters.
Note, with some providers the demo account does come with limitations. For example, Forex Trade Copier 2 & 3 are both top-rated options that limit the number of receivers you can have with a trial version.
2. Chose A Trader
When looking for traders to copy, check for consistent performance, assets used, and their risk score. Finding a trader with a similar risk appetite is very important. It’s also worth thinking about the strategies they use. If you want to learn a Fibonacci forex strategy, for example, find an experienced trader that uses Fibonacci retracements so you can learn as you copy.
3. Consider Costs & Expiry
Check you’re comfortable with the subscription fee or percentage of trades being charged. Also, check on the expiry date. Traders offering copying services may only do so for set periods at a time.
4. Copy & Monitor
Once you’re comfortable, set your software to copy. If you opt for a fully automated mirror trading service, make sure you check in on progress, noting even successful traders have periods where they make losses. If you select a copying service that allows you to modify trades as you go, make sure it aligns with the overall strategy and that you’re learning.
Forex Trading Signals
For traders that don’t want a fully automatic trade copier, there are signal providers that will alert you when a trading opportunity arises.
The depth and format of signal services vary. For example, some providers will tell you exactly when to buy an instrument, what size position to take, where to set stop-loss and take-profit levels, plus the reasoning behind decisions. With other providers, you’ll get written notification of a trading opportunity, but you choose all the parameters. Similar to full auto-trade copier services, some signal providers are free to use while others charge a fee.
For further guidance on the best forex signals, see here.
Forex trade copier programs let you mirror the trades of experienced traders. For beginners or those tight on time, they can be particularly useful. With plenty of programs available online, remember the best providers make it quick and easy to sign up and start trading. The top forex trade copier services also have excellent customer reviews, technical support, and a strong track record.
What is a trade copier in forex?
A forex trade copier mirrors trades across multiple accounts. You can get fully automated programs and those that allow for manual modification to trades.
Why trade with a forex trade copier?
A forex trade copier system is an excellent option for beginners looking to learn how the currency market operates and which strategies are profitable. It’s also a sensible choice for traders without the time to follow and analyse the FX market.
Do forex trade copier programs work with MT4?
The majority of forex trade copier software is compatible with MetaTrader 4 (MT4). Often available as a free download, copy trading software will link to your MT4 platform and automatically replicate positions taken on the master account.
Is forex copy trading legal?
Yes – using a forex trade copier service is legal. There are multiple reputable programs available online. To minimise the risk of scams, choose software with good customer reviews and a proven track record.
Is forex copy trading profitable?
Using a forex trade copier service can generate healthy returns. However, it does depend on the success of the primary account that you’re following. Users should also remember that returns should be measured over the longer-term and that many successful traders may experience losses in the short-term.