The complex nature of Forex Trading makes the use of Forex Trading Copier Software very necessary for smooth and efficient Forex trading purpose.
In this article you will know how the Forex copier software works and other crucial information concerning Forex trade copier.
What is Copy Forex Trading?
This simply means the use of technology and expertise to copy all the real-time Forex Signals of other live Forex trading Platforms you may want to follow.
This is to say that every time these platforms are trading Forex, you will automatically reproduce or copy their trades in your brokerage account.
What is Forex trade Copier Software?
Forex Copier is a software package that allows you to copy trades from one account to several different copier accounts. It is a piece of software used to copy trades across numerous trading accounts.
With Copier you can open and manage positions and close trades across a range of diverse brokers and platforms concurrently by having control of your own trading account.
The Copier had reproduced over 5,000,000 trades for over a decade and now being used by about 5000 Forex traders around the world.
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It simply means that with the use of this software you can link up to other platforms and if you have noticed a trader using a profitable expert advisor you can routinely copy their positions on your own platform.
How to Find Good Forex Trade Copier Software
There are large numbers of Forex trade copier services available online.
To choose the good Software/program from among thousands of them, the following factors will guide you:
Evidence of Good Track record
You must verify a provider that can render efficient result by looking at the antecedent in the industry.
Go their websites to view their records, judging from their Forex trading reputability.
Support Initiative
This is an intervening mechanism of a good Copier. You must find help from within the system. A Forex trade copier must have a freely accessible support so that you may find help when you encounter any issue with the software.
Appraisal User Reviews
Other Forex traders usually give account of their experience with the copier. You must appraise reviews from other Forex traders as this is one of the best ways you can verify the provider is efficient and genuine.
Cost
We have free Forex trade copier software in the market. We also have some costly ones.
Some free providers are good, but you may require technical download support or a proven track record.
The Best Forex Trade Copiers
There are 10 most important World leading Forex Copiers listed and discussed hereunder.
MT4 Copier
MT4 Copier was developed by Rimantas Petrauskas and is the world’s leading Forex trade copier. MT4 allows numerous account owners to reproduce trades to infinite copier accounts instantly.
MT4 Copier has the best feature in the industry with a great support team, constant updates and a variety of risk management qualities that are critical to forceful traders.
Forex Copier 3
This is reputed for being fast and reliable. The software is easy to setup and connects from MT4 to MT5. It also has a range of risk management backgrounds and automatic problem solving with a free demo.
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Forex Copier is currently serving over 5000 traders worldwide to copy their trades automatically onto other broker accounts.
Social Trader Tools
This software has the most wide-ranging values for managing numerous trading accounts and copying trades across MT4 brokers.
It is cloud-based with a range of useful qualities from reverse copying to equity protection and very useful tool to fund managers.
FxBlue Trade Copier
FxBlue trade copier works across MT4 and MT5 to enable trades to be copied without error and comes with a range of risk management features.
Trades can only be copied from one master account to one receiver account which is the only disadvantage of this free tool.
Telegram FX Copier
Telegram FX Copier is trade copy software that specializes in copying trades directly from Telegram Channels to your M4 and MT5 accounts spontaneously in less than 5 seconds.
Duplikium Trade Copier
Duplikium Trade Copier is fully cloud-based trade copier software offering unlimited accounts, low latency, and huge range of cutting-edge qualities and cross platform functionality.
The software is most useful to fund managers and traders working across MT4 to cTrader to LMAX.
4X Solutions Trade Copier
4X solutions is a trusted by some of the world’s largest retail Forex brokers. It is trusted trade copier used by over 15,000 traders worldwide.
The package is wholly cloud-based, easy to setup and comes with sophisticated risk control competences and can handle more than 10,000 copier accounts.
FX Copier
Fx Copier is a trade copier tool that allows traders to use the 100 innovative features to perfectly copy trades from a master account to unlimited receiver accounts.
This package comes with an online backend portal to enable you monitor all copier accounts.
Trade Tools FX
Trade Tools FX is a fully automated Forex trade software copier that allows trades to be copied nearby or remotely.
The tool comes with anti-slippage, low latency and claims to provide a perfect copy of the trades already undertaken to infinite amount of remote receivers.
Auto-Fx-Pro
Auto FX Pro is trade copier software that functions with any broker and either nearby or distantly to provide an instant trade reproduction service.
Trades are reproduced on MT4 and MT5 with multiple risk minimization features. It also has inverted copying and a real time control panel, making this a great option for traders looking to copy their trades on other accounts.
How Does Forex Trade Copier Work?
After signing up with a provider you will be allowed to download the copier software for free and this is linked to your platform.
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When you have a trader whose strategy you want to trail, then techniques adopted in their remote master account will be executed on your platform. Most online Forex copier services take a percentage of trades performed.
However, providers have made it easy for traders of diverse experience to get set up and trade in just 4 steps:
Step 1: Choose a Provider
To use a Forex trade copier, you first need to choose a provider from the list above.
Lots of Forex trade copier providers allow you demo their software for free. This is an excellent way to make sure the program functions as expected. The software must allow you to test your trade performance and integrate risk management matrix.
Step 2: Choose Traders to Copy
When looking for traders to copy you must first view their steady performance, assets used, and their risk tally. Make sure you find a trader with similar risk comfort.
You must understand the trader’s strategy before you copy. 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.
Step 3: Consider Costs & Expiry
Your financial position will help you know if you are contented with the subscription fee or percentage of trades being charged.
Don’t forget to check on the expiry date. Traders offering copying services may only do so for a given period.
Step 4: Copy & Monitor
Once you are okay with the above three steps, you will set your software to copy.
But if you choose a fully automated mirror trading service, make sure you monitor your progress so as to know when to quit and when to continue.
Select copying service that allows you to adapt trades as you go and make sure it aligns with the overall strategy as you learn along.
Bottom line
Forex trade copier Software enables you to mirror and reproduce the trades of experienced traders in the Forex market.
This strategy is very useful for beginners or those who don’t have time for continuous research. With plenty of programs available online today we are sure that the best providers make it quick and easy to sign up and start trading.
You must know that the top Forex trade copier Software would have features like excellent customer reviews, technical support, and a strong track record.
