OctaFX has introduced an impressive new feature to its popular copy trading service. Clients can now select Master Traders based on an innovation that measures how risky a trader’s strategy is. Previously, clients could only select traders to follow based on how much profit they make and how popular their strategy is. With the latest upgrade, users can find a strategy that complements their risk appetite.
New Risk Rating
The challenge with copy trading has always been finding a suitable trader to follow. Get it wrong and you can end up losing capital. That’s where the broker’s new risk algorithm adds value.
The risk score is calculated by analysing a trader’s average profit, volume of trades, and the stability of their strategy. The risk rating ranges from 1 to 6 with a 1 or 2 indicating a stable, less risky strategy.
How Copy Trading At OctaFX Works
Copiers can browse the broker’s list of professional traders, known as Master Traders, who let users replicate their market positions. When a Master Trader buys Bitcoin, for example, the position is automatically replicated in the copier’s account.
Copy trading at OctaFX is available in a few clicks on the broker’s bespoke mobile app. Once clients have registered for an account, they can start mirroring the positions of other investors in a few minutes.
Copy trading is an excellent way for beginners to learn about the financial markets while hopefully generating revenue.
The CySEC-regulated forex and CFD broker serves traders from all over the world, with more than 1.5 million accounts opened since it launched in 2011. Both MetaTrader 4 and MetaTrader 5 are available in addition to the popular cTrader solution.
28 forex pairs, 10 indices, precious metals, plus a handful of top cryptocurrencies such as Bitcoin are available. High leverage rates up to 1:500 are offered to live account holders, though EU traders are capped at 1:30.
The copy trading application is available on mobile devices and includes the Master Traders leaderboard in addition to facilitating in-app deposits and withdrawals. The latest risk feature is an excellent upgrade and will give traders peace of mind when selecting investors to follow.