You may have heard about copy trading, but are you aware of its dangers? Copy trading works by leaving your capital in your wallet while following the trades of an experienced trader. You pay the trader a commission whether or not you win. This method may zero out your account. Here are some tips on how to avoid this pitfall. Read on to learn more. This article also covers Metatrade 5 and eToro.
Customer service
Customers can contact customer support at any time to get assistance with their account. They can contact the customer support team via email, phone, or live chat. Customers can also check out their FAQs section, which contains answers to common questions. There is also a glossary of terms and instructions on how to use the software. If you have questions, OctaFX offers 24/7 customer support in multiple languages.
OctaFX is a global broker that offers copy trading services. It was founded in 2011 and has a community of several million traders. The company offers several features, including a swap-free trading environment. Traders can benefit from a bonus program that provides significant prizes and incentives. Additionally, the broker offers copy trading services for an affordable price. Customers should consider OctaFX if they’re new to forex trading or looking for a reliable copy trading platform with a low learning curve. The customer service department is available twenty-four hours a day.
MT5 order types
MT4 and MT5 trading platforms are available in desktop versions and lightweight web-based interfaces. Both platforms include mobile apps for iOS and Android devices. OctaFX’s proprietary copy trading service enables traders to follow signal providers, or Master Traders. These service providers receive a fixed revenue per lot for each trade, and they are able to filter their signals according to their commission structure.
To use the copy trading service, you must first fund your account. You can either fund your account directly or transfer money from another trading account. Once you have funded your account, navigate to the Copy area. From here, you can compare the history and risk appetite of different master traders and allocate a certain amount to copy each trader. OctaFX offers a drawdown percentage calculator that shows the exact amount of money you will have to invest in copy trading with a particular Master Trader. You can also manually close open positions.
eToro
If you are looking for a reliable copy trading platform, eToro is a great choice. The company pays its investors for allowing others to copy them. These investors earn from commissions and spread fees. To use the site, you must make a minimum deposit of 200$ and you can select a master trader or a strategy. Be careful not to follow “free trade leaders” because they can actually harm your investment. In addition, check out the payment rules of the broker and eToro to ensure that you are paying the right amount for your signals and EA.
Most modern copy trading platforms offer user-friendly interfaces and various features to ensure that investors are satisfied with their investment. They offer a selection of experts and analyze their profitability and risk levels. You can then decide on the best expert to copy. While it may seem tempting to follow the best experts, it’s also wise to opt for a platform with a clear interface. Make sure it has all the features you need, like capital management settings, risk ratio, and volume. If you are still unsure of whether or not copy trading is right for you, try it out in a demo account first.
Metatrade 5
The key benefit of using the Metatrade 5 copy trading software is that it replicates the trading activities of a successful trader. It features hundreds of free and paid signal providers to choose from. Once you subscribe to a signal provider, you can monitor his or her trading activity and profits and rely on them. You can also monitor the economic calendar to anticipate market trends. By following the behavior of the signal providers, you can earn like a professional trader.
Another benefit of the MetaTrader 5 mobile platform is that it comes with advanced tools that make for a thorough analysis. You can use 30 popular indicators such as volume and oscillators to analyze the market. In addition to the advanced tools, you can also make use of 24 graphical objects and view timeframes ranging from one minute to one month. This software is highly compatible with both iOS and Android devices, allowing you to analyze the market even from your mobile phone or tablet.
FXCM
If you’re an inexperienced trader and want to learn from someone who is already making money, you should consider a copy trading system. With copy trading, you can learn from another trader while you simultaneously trade for yourself. The software should rank trader performance based on consistent performance and risk metrics. Copy trading is legal in most jurisdictions. There are several platforms that offer copy trading services.
The most popular and highly regarded copy trading platforms include Duplitrade and FXCM. This latter is cloud-hosted and offers cross-platform copy trading. It supports LMAX, MT4, cTrader, and FXCM accounts. It allows you to automate partial closures, reverse trade, and split your investment. It also offers an app that lets you track your followers.
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