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SimpleTrader - TradingMates Review !
Reliability
Headquarters - Hong Kong Founded – 2005 Broker Choice - Almost all brokers worldwide support the MetaTrader 4 trading platform. SimpleTrader leverage solely on MT4 platforms. Cost & Management Fees – Signal subscription is fee-based. Most of the signal providers charge between $20/month and $150/month for subscription. Many signal providers grant a free trial period of one or two weeks.
Platform Features
Automated Trade Copying - Automated Trade Copying is supported. Demo Account - There is no possibility to open a demo account and try the platform before committing your money. Mobile Apps - There is no mobile app currently available. Software Requirements - As long as your broker support MT4, SimpleTrader can offer you either a completely Managed Trading Service, consequently with no need to install any software on your computer or an Unmanaged Trading Service, where you will have to install their EA bridge on your MT4 instance running on a VPS or your personal computer. Both option provide a very fast execution of your copied trades.
Signal Providers Quality
Trader Prerequisites - When a trader signs up for becoming a signal provider he/she is put under evaluation to verify the track record before being accepted. The exact details of the checks done by SimpleTrader team are not public, but most of the signal providers accepted have a public track record on MyFxBook. Both demo and live broker account are accepted. Top Trader Turnover - Very low turnover. Trader Longevity - Most of the signal providers have longevity greater than 6 months. Around one third, is running the signal for more than one year.
Signal Choice & Configurability
Query parameter – SimpleTrade provider list page has the minimum required query criteria for the signal providers. Specifically, the absolute growth , the monthly growth and the drawdown. Clicking on the name of the signal provider you can access the detailed page of the signal provider. Here the traders typically provide you with useful tips on how to configure your risk level and with the strategy they follow. The chart and analytics on trade history is poor, but this is not really needed given that usually the trader expose the full history on MyFxBook where advanced statistics are available. And if a trader do not use MyFxBook, we suggest to avoid it. Multi/Single Signal composition – Composition of signal to create a portfolio and reduce the risk via diversification is not supported. Instruments traded – All trading instruments that can be copied from the signal provider broker to your broker are synchronized. SimpleTrader allows for the configuration of a mapping of the symbols from one broker to another. Traders to Copy – Typically the signal providers are experts consequently the number of signal to copy is limited. Currently only 44 signal providers are available for subscription.
Signal Provider Reward Model
PROs – The payment is based on a free market model. If the trader is successful he/she will attract more followers and consequently the monthly earning will increase. The trader has to be consistent month by month in order to keep his monthly income. CONs – SimpleTrader charge traders a fixed amount per month and per follower connected to their signal. Consequently most of the signal providers cannot afford to offer more than one or two weeks of free trial.
Do you have experience with SimpleTrader platform? Leave a comment below and tell us your opinion!