The financial industry presents many ways for a trader to profit as they climb up the ranks of trading success. One such opportunity is available in the form of a trade copier. Depending on the configuration, it can mimic executions on the same computer or provide remote copy services. Most of the popular trading platforms such as MetaTrader and cTrader are currently supported. Our article will highlight the best auto trade copiers available for traders along with their associated advantages and disadvantages.
What are the benefits of using trade copiers?
You have the following advantages at your disposal through the use of a trader copier:
- Automation. You are removing all the manual hindrances from copy trading. In this scenario, the machine does take over man in a profitable way.
- Order modification. It is possible to set your auto trade copier to modify the incoming orders based on the receiving account’s equity.
- Diversify brokers. By spreading your cash over different brokers and executing a trade on each by using a single portfolio, you can diversify the risk efficiently.
- Psychology. Automation always helps in improving the mindset of a trader in the markets.
- Speed. Orders are copied from one account to another with minimum to no latency. Achieving this feat manually is practically impossible.
- Signals. You can sell your signals to other traders or teach them by showing your executions. There is also the possibility of providing a subscription to expert advisors.
- Accounts. With the use of trade copiers, you can mimic your positions to hundreds and thousands of accounts.
- Strategies. It is possible to test out your game plan under different risk management settings by using stop loss and take profit modification.
Best trade copiers
Let us shed some information on the best trade copiers in the market and their qualities.
The mirror trading software comes in two different versions:
- Forex copier 2 for remote copy trading.
- Forex copier 3 for local copy trading.
There are various forex copier features, including lot/risk management, price adjustments, order filtering, SL/TP adjustment, and emergency stops. The reverse mode is exclusive to the second edition, where it is possible to convert an incoming buy into a sell and vice versa. Newbies who are stuck with a high loss rate can take this quality to their advantage. A 30 days money-back guarantee is available if you have a change of mind.
Duplikium trade copier
Unlike the forex copier, Duplikium has services that are self-hosted, and you do not need to install anything as everything takes place on the cloud. With latency as low as 1 ms, the remote copy trader is designed for high-frequency trading and supports multiple currencies and risk tweaking.
Advanced features such as reverse mode, global account protection, custom servers, symbol-specific settings, and order filtering are the disposal of professional traders. The company allows you to register and begin copying within 3 minutes. There are three plans:
- Prepay plan with 2 euro per standard lot charges
- Flexible plan with 19 euro charges per account
FX Blue Trade Copier
One of the best free trade copying platforms out there that offers all the features of premium copiers. FX Blue is a service that provides performance metrics for trading portfolios since its inception back in 2009. The website has various free tools for traders, and the trade copier is just one of them.
The mirror trading software provides investors with the ability to copy from one MetaTrader platform to another and use lot adjustments, SL/TP modification, reverse mode, time selection, and email alerts. Use the online user guide to help you out with installation and usage.
eToro is a famous broker that allows investors to trade on commodities, crypto-assets, stocks, currencies, indices, and ETFs. The major catch is in the brokerage’s fully automated copy trading service, which happens online through their web-based platform. You can lend out your trades or copy the executions of others by filtering the top investors. The 10 million traders on the forum will testify to the superior services that don’t cost a single penny.
The major disadvantage of using eToro is that you can not copy trades to your local accounts with other brokers. The facility is restricted and exclusive to the brokerage and its clients.
At what point in your trading should you start using trade copiers?
The answer lies in the amount of trading experience and the trading capital you have at your disposal. As a beginner or even an amateur, you would not want to mess with something out of your scope. Utilize a trader copier when you feel like you have enough consistency and think that you can do better with your equity dispersed over specific portfolios. It is possible to feel like a pro fund manager through copy trading as you are able to trade multiple accounts.
End of the line
Using trade copiers is definitely a superior and easier way to increase your income. Currently, this service is not popular amongst investors, but as more innovation occurs in the financial industry, many professionals will give into it. It will certainly put all those scammers who lend out their signals through various fake channels. As there is multiple software with different payment packages, you must choose the one that fits your need to avoid wasting money.