We are reviewing AM Forex Copier service by Andrew Mitchem. The service provides a trade copier to investors who want to automate their trades. Andrew Mitchem is a popular figure in the Forex trading scenes and has a couple of websites out there. AM Forex Copier is just one of the many services he runs.
AM Forex Copier is targeting clients with less than $20,000 in their trading accounts, $20,000-$40,000 or more than $40k. The 3 types of accounts attract varying subscription fees if the investor would love to subscribe to one of the plans.
This trade copier is mirroring trades from an expert advisor owned by the developer. This expert advisor is using the same trading principles that the owner of this website uses to place trades in the FX market. Clients who don’t have time to learn how to trade on their own but would wish to make money as Forex traders are only required to have a MT4 account with some trading balance. The service is 100% automated, and so this means that clients won’t need to intervene in trading activities in any way.
So the question is this, can we trust AM Forex Copier? Is this a good trade copier service which can be used by serious investors?
Note: Use these Forex robots.
AM Forex Copier has teamed up with another entity known as 4XSolutions to provide a 100% hands-free copy trading service. The developer claims that users don’t need to load any EAs or purchase a VPS for the setup to work. They also reassure us that the entire operation can be set up in 5 minutes.
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Apart from the monthly fees that clients pay to AM Forex Copier, there is a fee of $28 which clients must pay to 4X solutions every month. The advantages that this type of operation comes with is that trades will be executed according to the operations of the AM Forex Copier’s Forex robot. Besides the quick setup time, the service is also promising that clients can have their free time dedicated to other things while money is being made in their sleep.
So far, this service looks like a genuine opportunity for making money as a Forex trader who relies on trade copiers. However, there are a few setbacks that we would wish to bring to your attention as far as this service is concerned.
AM Forex Copier recommends a minimum account size of at least 5K, although clients can trade with any account size. The fact of the matter is that there are very few traders in the world who can afford to trade with an account worth 5k. Majority can afford 1K and not more than 2K.
So this means the service isn’t quite suitable to traders who have $500 for example. Although the vendor says that they can still work with you under these circumstances, the fact that they are recommending 5K balance means that the service won’t be convenient enough when you’re trading with a small account size.
You need to select your account size from the 3 options listed on the sales page. The first option is for those with less than 20K account size. They will be paying a monthly fee of $50 plus $28 for the trade replicator.
The second account size attracts a fee of $100 in addition to $28 per month. The third account size requires $150 and $28 per month. AM Forex Copier has no refund whatsoever. In fact, the sales page has a fine print that warns traders against asking for a refund. The declaration states that traders must evaluate the service carefully before they can sign in.
This can be disadvantageous to investors who don’t conduct due diligence before making payments. Moreover, if a trader somehow forgets to cancel the subscription, those charges will keep reoccurring even if the trader has opted out.
If you think this is something you can handle, you can go ahead and sign up. However, if this is quite an inconvenience to you, then we have a better service for you. Pick any of these robots and spend a one time payment. You will get free lifetime updates thereafter and no monthly fees to incur.
This is yet another setback for investors who would like to use AM Forex Copier and are based out of the US. This is because not all trades will be executed if the trading account of the client is based in the US. This is due to FIFO rules. The only way round this would be to find a US broker who accepts hedging and allows US clients as well. These brokers are quite few, and for some reason, this market is quite monopolized.
That would mean sticking to one or two brokers even if you don’t like their services. AM Forex Copier is recommending one broker, Tradersway and that means clients who for some reason are not able to use Tradersway won’t be able to use AM Forex Copier.
If you are that type of person, please feel free to sign up with these brokers and use the robots we mentioned above.
After everything else has been said about this service, the bottom lie is that all clients who intend to sign up would first want to familiarize themselves with the performance of this trade copier over time. What is the win rate or average monthly returns? Are there some losing months?
To answer this question, we spend some time analyzing the myfxbook account for AM Forex Copier. This trading account has a gain of 27% and has been running since Nov 2017. The service gained insignificantly in January 2018. April was a losing month. And so far, August of 2018 seems to be a bad month as well.
While these returns are not bad in general, the monthly return of 2% is quite small. It would require traders with a big account to make significant profits. Those who are trading with an account worth $1000 for instance won’t find it very convenient.
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