Transaction Copy Services

Copying Forex trades is a trading method that allows beginners to make a profit by copying the trades of successful traders. This allows you to invest your money with minimal risk and even people who have no idea about currency trading can make a profit on the Forex market.

Many people are trying their hand at the Forex market. But beginners often incur losses at the beginning of trading, because it is not so easy to immediately understand all the terms, indicators, levels, etc. and it takes a lot of time to learn how to constantly trade with profit. In this article, we will look at what to pay attention to in order to effectively use copying transactions of traders, as well as some brokers that offer a copy service for transactions.

The principle of operation of the transaction copying service

As the name suggests, you can directly copy the positions of another trader. To do this, you only need to connect your trading account to the transaction copying service and select a managing trader. If your chosen trader opens a position, then the exact same transaction opens in your terminal. When a trader closes a trade, your position is also closed. Most often, all this happens automatically. As a result, if the managing trader makes a profit, you get the same profit minus the commission that remains with your trader. If a trader’s trade closes at a loss, you get the same loss.

But all of the above does not mean that you do not have any control over the result of trading, as is the case with PAMM accounts. In most platforms, once you have established a connection with a trader’s account, you still have the ability to open and close your trades, as well as close and modify the trader’s trades.

This type of trading is becoming more and more popular, as it allows novice traders to earn money using the skills and experience of successful traders. Some do not trade themselves at all, but invest in such services, creating portfolios of successful traders.

When you enable copying transactions, you should immediately set up the rules by which your transactions will be made, choose the size of the lot to be opened, the percentage of the trader’s lot, financial instruments, etc., those parameters that are available in the transaction copying service from the broker you have chosen. For example, you have chosen a trader, his statistics look promising, but in order not to take risks and not invest all the funds at once, you can first set how much to invest in trading (for example, 10% of the deposit). In addition, a trader can have a deposit of thousands and tens of thousands of dollars, and you have it – $ 100. Naturally, if a managing trader opens a position equal to 1 lot, it will be too much risk for your deposit.

Therefore, first of all, be sure to study all the parameters and settings of the selected transaction copying service, so as not to lose all the invested funds in case of a possible drawdown. And don’t forget: even though you don’t trade yourself, it still remains a highly risky activity.

Advantages of the transaction copying service.

You don’t need deep knowledge of the Forex market. Any beginner can start trading. To do this, it is enough to choose an experienced professional trader and competently configure the transaction copying service to meet your requirements.
There is no need to constantly be behind the monitor and monitor the market. All transactions are made automatically.
Connecting to the service does not mean that you cannot control your terminal. You can also independently work on it in parallel with transactions opened through the service, as well as manage these transactions.
Beginners, observing the work of an experienced trader, can acquire the necessary skills in trading, and the emotional factor will not have such a strong influence as with independent trading.

Disadvantages of the transaction copying service

You will have to give part of the profit in the form of a commission to the managing trader. Of course, you can find traders who do not take a commission. But they are most likely just starting to work as a provider and thus gathering a customer base.
Even relying on an experienced and successful trader, the risks still remain. The market is constantly changing and a successful trader’s strategy may lose its profitability with a change in the market situation. And together with the managing trader, you will also have losses.
You may also lose your deposit if you configure the service incorrectly. If a trader has an account of $ 10,000, the drawdown of $ 100 will be 1%. This is perfectly acceptable. And your $100 deposit will, alas, be merged.

Choosing a deal copying service

Currently, there are a large number of transaction copying services. Almost every major Forex broker has its own such service. Each has its own name and its own characteristics, but the principle of operation is very similar for everyone. Which one to choose is up to you. You just need to familiarize yourself with the conditions and features of each and determine the most suitable one for yourself. You can also register with several brokers and start with a minimum deposit in order to understand how each service works in practice.

In order for you not to search the Internet, I suggest you get acquainted, in my opinion, with the best services for copying transactions.

Share4you

Share4you. One of the leaders among the services of copying transactions of successful traders. The accounts of the Forex4you broker are used. There are more than 500 leaders to choose from (the so-called traders offering to copy trades).

The broker offers instant copying with minimal slippage, besides there is no need to use a VPS server or keep your client terminal constantly on, since the Share4you service promises constant operation even when the terminal is closed. You can also fine-tune the work using the rules.

The reliability of the Share4you service is confirmed by the Forex4you broker. The popularity of this service is confirmed by data on registered subscribers, leaders and the number of copied transactions.

CopyFX

CopyFX. This is a service for copying transactions from the well-known Forex broker Roboforex. All types of accounts are available for opening. More than 200 traders in profit. The cross copy system allows you to copy trades, even if you and the trader have different types of accounts. You can choose from 5 modes of copying transactions (test, flexible, standard, risky, proportional).

Both an investor and a trader can participate in the “Tradable Bonus” program and receive up to 50% when replenishing, which is not debited when drawdown occurs.

In the CopyFX service, there is not only a rating of traders, but also a rating of investors. You can see which traders the leaders of this rating invest in. This is quite interesting and useful information.

ForexCopy

A system for copying transactions developed by InstaForex. Terms of the company: minimum requirements to start with – a deposit of $ 10, the ability to manage a subscription: setting the scale of copying transactions, both up and down, the choice of financial instruments, setting limits for copying transactions, the ability to install a fixed lot. If you do not have enough funds to open a position, it will not be copied to your terminal. It is possible to copy binary options.

The commission is paid only for profitable transactions. You can choose a trader with a different form of payment for copying transactions: for the subscription period, for the volume of copied lots, for each open transaction, a percentage of the profit received, and free copying is also possible. The number of traders only with a rating of more than 100 is almost 1000.

XSocial

A trading platform based on the X Station terminal of the broker Markets, which allows you to copy the transactions of other traders. Moreover, there is no commission for copying. The remuneration of signal providers is embedded in the spread. There are more than 1,500 providers from all over the world to choose from, which undergo a thorough selection procedure.

You can open both a real account and a demo account and first check the operation of the service and the selected signal provider without investing funds.

You can open the Social platform in a browser without downloading it to your computer, that is, you will have access to it anywhere, on any device. The Social service makes it possible not only to copy, but also to counter-copy (you will open opposite deals).

The Social platform provides extensive options for setting up copying transactions: you can manually set the volume of copied transactions, the maximum total loss, the maximum volume of copied positions, financial instruments for copying. You can view the market sentiment in a separate window and even put a notification that will trigger when certain conditions are met.

The minimum deposit to start working with the service is $ 100.

CopyTrading

The service of automatic copying of transactions from the Forex Financial Services broker. Various types of accounts are available. When choosing a successful trader from the Master account rating, you can copy his trades in equal, smaller or larger volume. To start copying deals, you will need to subscribe. The minimum subscription price is $15. In case of insufficient volume of transactions on the Master account during the month, the subscription amount is refunded to you in full.

The choice of the managing trader.

After you have decided on the choice of a deal copying service, you will need to choose a successful trader (or several) to whom you will connect. As mentioned above, each service has its own characteristics. But also the choice of provider (they can be called differently in each service) everyone has the same. In the rating of the service, you choose the right trader for you using additional filters: profitability, risk level, drawdown, account lifetime, number of subscribers, etc. Any account can be viewed in more detail if you go to its page. Choose a successful trader and copy his trades. If you don’t like something, you can disconnect your account at any time and connect to another provider.

Result

Copying trades is an ideal start for novice traders. This allows you to experience successes and failures by learning from the mistakes of other traders. This is a good way to make money on Forex, but it does not exclude risk. You should be very careful and careful in choosing a transaction copy service and choose it depending on how much you want to have control over your transactions. You should also be careful when choosing a trader, as you trust him with some of your funds.