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MyFxBook - TradingMates Review !
Headquarters - Not Available
Founded – 2008
Broker Choice - 42 forex brokers supported. Among them, some of the most reliable and well known brokers such as FXCM.
Cost & Management Fees – The cost are charged by the broker in terms of commission or increased value pair spread. It is reported that with FXCM there is no increase on the spread.
Automated Trade Copying - Automated Trade Copying is supported.
Demo Account - Possibility to open an AutoTrade Demo Account without the need to have a forex broker account neither live or demo.
Mobile Apps - Android App available on Google Play.
Software Requirements - MyFxBook offers a completely Managed Trading Service, consequently there is no need to install any software on your computer in order to start sending or receiving trading signals..
Trader Prerequisites - Only verified MT4 live account are allowed. Additionally at least a minimum of 100 trades with an average of 10 winning pips are required in the last 3 months preceding the trader request to become a provider. Moreover, trading history should not include a drawdown greater than 50% and the return should be at least 10% and in any case higher than the largest drawdown.
Top Trader Turnover - Very low turnover.
Trader Longevity - Most of the signal providers have longevity greater than one year.
Signal Choice & Configurability
Query parameter – Autotrade Available System page has the minimum required query criteria for the signal providers. Specifically, the absolute growth , the daily and monthly growths and the drawdown. Nonetheless, clicking on the name of the signal provider you can access the detailed page of the signal provider. Myfxbook provides accurate statistics and the most detailed information we have seen so far. Be aware that the signal provider can set the open position and the history as private information. Be always suspicious of providers that do not want to show you how they have been trading so far. Additionally, pay attention to the chart timeline, some provider hide the real starting date to show you only the successful period.
Multi/Single Signal composition – Composition of signal to create a portfolio and reduce the risk via diversification is not supported.
Instruments traded – Only currency, silver, gold are supported so far.
Traders to Copy – Due to stricter selection criteria for traders, only 32 traders are available. Even if there are less trader to choose from, this makes far easier to select your signal provider and avoid duplicate signals under different naming. Differently from other platforms, demo traders are not allowed to become signal providers.
Signal Provider Reward Model
PROs – Signal Provider earn a commission for each lot copied by followers. Consequently, in order to grant their income they need to continue to be successful in the long term.
CONs – Signal provider are allowed to modify their charts to hide their losing trade history and doing so they can gain additional followers.
Do you have experience with AutoTrade platform by MyFxBook? Leave a comment below and tell us your opinion!
