If you are an investor looking for a healthy combination of wealth and independence, copy-trading is for you.This is because websites like CopyFX by RoboForex have come up with a clever idea that will let you copy strategies of successful traders on their platform.
Copying trades is not a fad like this popular BBC TV show called Millions By the Minute has been putting it. It’s not a dream but a sure bet — if you work with the right platform.
Social media has even added a unique twist in the world of copy-trading. Look at prime examples of copy-trading platforms such as eToro’s Copyfunds. They are doing well, and users are appreciating the fact that their investments on such platforms are worthwhile.
CopyFX seems to have been created with the idea that you can become your own boss and still make a killing by implementing the strategies of other professionals. And the best part is that you don’t even have to know anything about trading since the process of copying trades is entirely automatic.
It’s for this reason that we’re doing a review on CopyFX to see how it works and whether or not you should commit your money to it
First off, RoboForex is a regulated Forex broker under the watch of CySec and IFSC.
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This broker has stayed in business for some time now. This is a sign that this broker is doing his job fairly well. Of course no one can remain in business for so long when customers are not satisfied with what they offer.
Now, RoboForex has once again diversified their trading services to welcome everyone on-board, including those who have never traded Forex before.
But how do you trade Forex to make money if you haven’t done it before? Simple, it’s the reason they introduced CopyFX platform.
The moment you sign up on this platform, your account will be linked to the top traders who have been listed as best traders by the broker.
There’s an option to manually select traders whose activities will be mirrored on your account. You select them based on their performance record.
There are two ways in which CopyFX compensates those whose trade activities are being copied by others.
Let’s say trader A is copying trader B. Trader A can opt to compensate trader B with a fixed amount of commission for every successful trade. Alternatively, trader A can choose to share a fixed amount of profit made by trader A as a result of copying trader B.
Now, one may ask: how do these traders stay motivated to doing what they do? Is there a risk of copying traders who sometimes opt to use high-risk strategies for no apparent reason?
Well, you have to remember that traders who do well are compensated by those who copy them. Secondly, because these traders are paid by the CopyFX system, they do not always see the need to use high-risk investment strategies.
And finally, traders are presented with the option of choosing the risk levels which they want to use. So there is no way surprises can happen in the event that a trader chooses to copy another trader.
As already hinted before, CopyFX is not broker-independent. If you want to use this service, you have to integrate it with RoboForex because this broker owns it.
In as much as one may think that this is disadvantageous, that’s not the case at all. You see, some trade copier services which allow using any broker you want will let you trade currency pairs with high slippage.
This happens because orders have to be communicated between various brokers — which happens simultaneously.
However, here is a scenario where users of CopyFX will only stick to one brokerage platform called RoboFX. This arrangement actually helps to keep slippage low.
This platform shares lots of details with regards to previous performance of trader who feature on the platform.
What this means is that rookie traders have a chance of viewing their performance in order to get a feel of their risk profile, thus making an informed decision whether or not to copy them.
The platform is completely transparent and honest. Users can also see the strategies used by the most successful traders on this platform. Although these details are not as comprehensive as in other copy-trading platforms, the service provides more than you’ll ever need to evaluate the performance of other traders.
To know whether or not CopyFX platform works, you need to consider something known as wisdom of the crowds.
Basically, when you copy other successful traders, you’re more likely to do better than if you traded on your own.
Trading is not an easy task. But the best thing is that people still profit from it even if they don’t know how to study the markets. If you’re copying someone who knows his game well, you will definitely make money, and that’s the wisdom of the crowds.
Generally speaking, users of CopyFX tend to consistently perform well than those who choose to go the way of a lone wolf.
The one thing that you should do is to study investors who have consistently performed well over time.
This statistic is there for you to study. As a general rule, you should always copy traders who have proved a solid track record for the last 3 months.
At the time of writing this CopyFX review, the best trader had an average return on investment of 131% (over the course of 3 months).
Most traders who dominate CopyFX platform have a sensible risk/reward strategy. But at the same time, some traders still use a high-risk strategy to gather more profits within a short time. These traders may eventually burn their accounts, so it’s not wise to copy them even if they have generated consistent profits in the last 3 months.
CooyFX also uses a ranking system that identifies those who do well on their platform.
As for you, this is not the only thing to look for in a trader. If you’re really serious about it, you should short-list traders who have been ranked highly based on their strategies. Are they taking huge risks? Is their risk/reward ratio sensible? If yes, then CopyFX platform will make you smile on the way to the bank.
You can opt out of copy trading at any time. This would mean trading on your own. However, this approach is not recommended unless you know what you’re doing.
Secondly, traders can copy trades even if they are using two different account types. Of course they all use MT4 accounts. But trading conditions may vary depending with the account type that you have chosen.
You’ve got the opportunity now. All you have to do is to sign up and start copying trades from users who have a long success track record.
Also, this service offers a demo account through RoboForex brokerage. You can try it out to get a feel of how it works before switching to a live account. You don’t have an excuse for not trying it out.
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