Based out of Greece, Zulu Trading offers copy trading services to its users around the world – even those residing inside America’s borders. They offer an ultra competitive spread through their Raw ECN account to ensure traders are getting the best possible deal on trades. xcritical has been around since 2006, and they have a suite of tools to help you trade. You can use the MQL5 Signal Service for automated trading, or API Trading if that’s more your style. Duplitrade is their newest tool, with which you will be able to mirror trade in an easy way.

Experienced traders should also consider the benefits of social trading platforms. Professionals are able to earn passive income from allowing other users to copy their trades. Or they can increase their profits by copying or engaging with other traders who have a profitable track record. When social trading platforms initially became popular they were predominantly focused on forex trading. However, as time has progressed most platforms offer lots of assets and you’ll need to make sure what you want to trade is available.

Cons Of Mirror Trading

After partnering with Pelican Trading, Axi has launched a user-friendly copy trading service that provides access to more than 30 products across popular financial markets. Axi is a global online FX and CFD trading company, trusted by investors around the world. Highly leveraged trading opportunities plus a $0 minimum deposit make it popular with beginners and seasoned traders. After choosing a ‘mirror trader’ to operate their account, the system encourages clients to open an account with the nominated broker for that particular master account. Hence, the structure auto-configures the account to the master account of the selected trader. The technology used in xcritical’s patented CopyTrader™ is one of their most popular features.

And indeed, some professionals can record a huge yearly Return on xcritical that exceeds 100% or oven 500% in some cases. When incompetent beginners see these impressive gains, they set their expectations too high expecting to repeat this success through social trading. Everyone, no matter how competent and experienced they are, is likely to suffer losses at one point or another. Here are five of the most common reasons why some people fail at social trading. It is also important to note that this format of trading ensures high levels of transparency and saves time. Some people are confident enough to trade on their own but simply cannot afford to dedicate enough time to market research, technical or fundamental analysis, and trend identification.

Large Social Network of Traders

Not only do you get to emulate the trades of successful professionals but you can also interact with them. Participants in the social trading network can discuss different strategies, price movement trends, and news reports. This helps build a close-knit trading community whose members exchange ideas, help improve each others’ performance, and collaborate in different ways. Additional issues might result from the sheer amount of trading activity involved in mirror trading. One must constantly keep track of their balance to ensure there is sufficient equity to cover all the trades.

You can manually close these positions or change stops/limit levels at any time. The history tab displays all past trades with information on profits and losses. Mirror trading has opened numerous possibilities in the trading world. Although it cannot guarantee the most satisfactory outcomes, it can undoubtedly assist you in becoming a good trader. It’s best not to start without having any rudimentary idea about it.

Advantages and Disadvantages of Social Trading

Various investors may prefer to work with a fully integrated platform, which means it helps to share trades. New and reigning traders alike would go to an online chat room to discuss trades and get the information they needed to copy trades instantaneously. Commodity, stock and currency traders have kept their trading insight close to their chest in the past. It also gives you the ability to trade in automated ways, such as social copy trading. While the social network aspect is usually free, you may have to pay to place trades.

• You can also Contact Axi via phone, email or live chat to request a download link.
• You can copy the individual trades of the people you follow or their entire trading strategy.
• Despite this, xcritical UK offers our clients access to successful traders on our intuitive platforms; so, come get in on the copy trading action.
• Trading CFDs, FX, and cryptocurrencies involves a high degree of risk.
• Assume, for example, you allocate $2,000 to someone whose account equity is $20,000.

Researching more experienced traders takes a long time – Although you won’t be placing any trades yourself, you still need to find the best strategies to mirror. There’s no need to research any trade idea or place any trades yourself. Mirror trading is a method that allows any trader to set their account to automatically “mirror” the decisions taken by a pre-selected trading strategy. Fondex offers a top-rated copy trading solution where beginners can mirror the buy and sell positions of experienced investors. xcritical offer forex trading with specific accounts for each type of investor. PrimeXBT offers an excellent Covesting module where traders can follow the strategies of other users with free and paid-for signals.

Is Mirror Trading Legal?

Social trading is a popular way for an online investor to count on user-found data content gathered from various web-based sites and use it as their primary source of trading information. There are numerous different approaches from which you may choose. If you are an experienced trader, you could be looking for an algorithm that is predicated on data patterns. On the other hand, if you are a novice trader who is interested in learning how to trade devoid of emotion, you should choose an algorithm that is appropriate for your level of experience. The main idea of Social Trading is to become a marketplace that allows expert and novice forex traders to make a profit by providing knowledge, experience and insight into this market. Ezekiel Chew the founder and head of training at Asia Forex Mentor isn’t your typical forex trainer.

• Mirror trading allows traders to copy the positions of other traders in real-time.
• This idea is further promoted by some social trading networks and brokerages.
• We believe that the risk indicators don’t really have any value due to their drawdown calculation method.
• All you have to do is register to start using it, and it’s easy to copy each trade straight to your xcritical account.

Most copy trading applications display a leaderboard with the most effective signal providers. Signal providers typically have a profile visible on the copy trading app, allowing you to get an idea of ​​their past performance. While past performance is not indicative of future performance, it can help traders better understand a particular signal provider’s trading style. After that, the copy trading platform will automatically copy all positions of the selected trader on your account.

Autocopy features a leaderboard to make it easy for anyone to find the top performing traders on the network and copy their trades with just a few clicks. As a leading copy-trading platform, xcritical’s ‘CopyTrader’ feature allows users to track the performance of top traders on the platform, see their stats, and follow their trades. The best traders explain why they make each move and are given a rating based on their success rate. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Tradency is the software provider of Mirror Trader, up till now accessible Forex platform for trading live signs. You can sit back and see the performance of the trade at the end of the week. If the performance is satisfactory, you can keep using the strategy, otherwise, choose a new one. After deciding, you can choose a pre-existing strategy that best suits you. InvestinGoal has created a guide to Copy-Social trading, but it’s obviously a perfect fit for an xcritical with Mirror Trading.

To make your trading experience a breeze, the UI is simple and easy to use, but comes with a range of sophisticated features. One example of this is the advanced algorithm that finds the best strategies for you to mirror. NAGA Trading is a Fintech company that offers traditional financial markets, cryptocurrencies, and virtual goods. User friendly – Mirror trading is all about simplifying the trading process. It’s important that using the platform is easy to use; otherwise you may get frustrated and make incorrect decisions.

What is mirror trading?

Skilling offers low-cost trading on 900+ assets with spreads from 0.1 pips. The multi-regulated brokerage also hosts a copy trading platform and a trade assistant for beginners. Many beginners are attracted by social trading because they are quick to assume this method guarantees massive gains from small xcriticals. This idea is further promoted by some social trading networks and brokerages. They only highlight the gains of high-ranking copied traders without mentioning about their losses. Mirror trading is a bit more complex and is, therefore, considered the better option for bigger-scale investors.

• These early traders built up a small, dedicated following, whereby they would send email alerts to each of them through their computers at home.
• The brokerage has an enormous customer base that spans over 200,000 registered traders.
• When social trading platforms initially became popular they were predominantly focused on forex trading.
• While big/quick gains are appealing, it’s advisable to be wary of such trades, as this could be a fluke in an otherwise volatile and unproven trading strategy.
• The network gives traders the chance to interact with each other, see the results of successful investors of long-standing, and discuss trends and price movements in real-time.
• This is the best start for novice traders, so if you are one, take a look at this article to learn the ins and outs of social trading.

Along came spread betting in the currency world and now you are not having to risk vast sums of money. It is now accessible to people who do not have enormous sums of money. The UK regulator, the Financial Conduct Authority xcritical official site , supports the European Securities and Markets Authority view as to how mirror trading fits within the MiFID directive. According to the FCA, mirror trading fits within MiFID’s definition of portfolio management.

In addition to automatic mirror trading, the Tradency platform allows you to manually select the signals that you want to follow (semi-automatic mirror trading). This screen displays the signals sent by all of the Mirror Trader strategy providers. For each signal, you can view past performance information and https://xcritical.pro/ the number of people who follow the signal provider. The position will be closed when the strategy provider closes the trade, unless you decide to close it yourself. There are tons of experienced traders you can choose to connect with. Other types of mirror trading involve more advanced features like a bot.