A lot of forex traders today are so engaged that they are not able to trade themselves. Many are just obsessed with the returns made often by some professional forex traders and they wish they can make the same returns with them. To help these engaged set of traders participate in forex trading and make the same returns with the experts, many forex brokers have provided an excellent trading platform for such traders to link their accounts with their desired professionals.
This work will guide you on how to join the copy trading services today. You will also find in this work the list of the best copy trading brokers that provides an excellent platform for traders to copy professional traders.
What is forex copy trading?
Forex copy trading is an innovative trading practice that allows forex traders to copy the trades of other professionals trading on the same platform with them when they link their accounts to a signal provider’s account. The forex copy trading services are similar to trading using a robot. The only difference is that the positions opened and closed by a human agent rather than a robot. There are also a few signal providers who use robot for trading.
Step-by-step guide on how to set up the copy trades account today
There are ten major procedures to follow while setting up one’s account for the copy trades services today.
- Register an account with a broker that provides copy trading services: Not all brokers offer copy trades services, hence, the trader needs to select from the list of brokers that provide this service.
- Get your trading account approved: The usual step after registering an account with a broker is to get the account approved by uploading one’s identity documents as requested by the broker.
- Fund your copy trading account: It is always advisable, to begin with, a lower capital while using copy trades services. This will give time to test the signal provider’s results.
- Download the copy trading platform: Some brokers have a separate platform for their copy trading services. The trader is requested to download the application for such brokers that have a separate app for it.
- Create your profile on the platform: Traders are usually identified on the platform through the username on their profile. Each trader is expected to create his profile and choose a unique username.
- Log in to your registered account with the broker: An option is usually provided for traders to enter the particular account they wish to use for copying trades on the platform.
- Choose your preferred trader on the platform: There are many signal providers on the copy trading platform. Often the platform displays the performance of each trader from the time he joined the platform. This will make it easy for traders to choose their preferred trader to copy their trades.
- Click on the copy trades option to link your account with the signal provider: Once you have found a trader to copy, then you can proceed to click on the “copy trades” button attached to their names on the platform.
- Set your lot size and volume of trades to copy: The platform often provides options for traders to set their lot size based on their account size. You can also choose the maximum number of trades to copy.
- Accept the terms and conditions: The final step is to accept the terms and conditions for using the services which also includes the service charge placed by the signal providers for copying their trades.
List of brokers providing the forex copy trades services
- RoboForex
- eToro Social Trading
- IC Markets
- FBS
- InstaForex
- Hantec Markets
- Pepperstone
- ATFX
- AvaTrade
- Vantage