Myfxbook is a platform that offers several trading services that are widely used throughout the world and trusted by many successful traders. Currently, it is used by around 100,000 traders who believe that it gives them a greater advantage in the market. In addition, Myfxbook offers a wide range of information and analysis to its users. Israeli-owned and operated, Myfxbook offers communication between traders primarily in English due to its global user base.
In addition to hundreds of manual and algorithmic forex trading systems on the platform, investors can subscribe to trade signals and participate in conversations on a wide range of subjects. It is basically a global marketplace with a wide range of investment opportunities.
How the platform is set up
The tool for tracking account-specific trading activities
The investor must first link his broker to the site before using this tracking function. After that, he’ll have access to an analysis of his trading history. In this way, a user’s trading activity can be reviewed, compared, analyzed, and shared with other traders. Over 100 brokers currently support Myfxbook Ltd.’s tracking platform.
The company’s website offers a wide range of services, and traders can also interact with one another by exchanging information.
The Myfxbook application integrates with your trading platform and imports all of your trading account’s history and current transactions automatically.
Traders can also see all of their trading account statistics graphically, thanks to the data integrated into Myfxbook.
The trader can see all of his previous transactions’ statistics, such as the number of transactions and their performance, etc., without doing any calculations. As a result, traders can see in their Myfxbook which assets have given them the best returns or worst returns.
Analysis of the market
With this feature, traders can evaluate the market, including real-time monitoring of forex currency volatility, access to statistics on liquidity, and currency pair correlation. The beauty of it is that it also allows you to apply multiple filters as needed. For four major currency pairs, there, it gives guides for trading strategies based on technical patterns. MyFxBook keeps track of over 30 patterns and alerts traders about them.
Autotrade
This is a service that allows you to replicate traders who have linked their MyFxBook accounts. The main menu has a tab for it. The act of copying is carried out in a simple manner. The investor opens a MyFxBook broker account and selects automated copying from the account settings.
To begin, you can use a free demo account to see how the copied signals perform. An account with Myfxbook with at least three months history, at least 100 trades made during that time period, and an account balance of at least $1000 are all requirements to become a trading activity provider. In addition, one must have a drawdown of no more than 50%. However, it’s illegal for copied traders to utilize strategies like Grid trading.
Economic calendar
The news calendar may be found on the top dashboard, under the Home tab. It is a basic calendar that allows you to filter events depending on their dates, importance, and the trading asset they are associated with, among other criteria.
Calculators
On the platform’s home tab, you get customized calculators for computing position size, margin size, Fibonacci, Pip, etc.
Spread comparison
The Brokers tab has all of this information. Spread comparison is made easy with this tool, which compares spreads offered by different brokers. Those that adopt trading techniques, in which the spread covers the majority of the profits, will benefit from this.
Forex analytical services (brokers, signal providers, and traders)
To check the validity of a particular trader or signal provider’s performance claims, you can use this tool. It will provide the account performance curve showcasing winning trades and losers as well as the account’s biggest losses or profits. To demonstrate the validity of their strategy and business model, a trader can market and sell their services here.
Fake accounts are tracked by MyFxBook, which verifies all of its users thoroughly. Investors have the option of requesting access to a particular trader’s account, giving them full access to the account’s details. Investors are therefore free to decide how to make use of such data for their trades. As an example, you can use equity changes to identify the strategy type, risk level, or trade results to see how profitable the account is.
In order to protect its users’ interests, MyFxBook is a brokerage-independent platform. By making their pages public, traders can display audited trading outcomes by sending their passwords to investors and the public, who can view their trading statistics without interfering with the account.
In summary
As a full-featured web service, MyFxbook gives a trader access to complete mathematical and statistical analysis, while investors can learn about the strategies used by successful traders. The platform is set up in a manner that ensures reduced risk of dealing with scammers. There are a number of more useful features on the platform, turning it into a complete analytics platform.
