Copy-trading, also known as social trading, mirror trading, or automated trading, is relatively new to regular market trading and is driven by only one factor – technology.
Thanks to Web 2.0. copy trading is a new generation methodology (over the last decade) that allows even an inexperienced trader to automatically copy trades taken by one or more professional traders within a trading network.
The idea behind copy trading is simple. Use the technology to copy forex trades (forex signals) in real-time from other traders (forex trading system providers) that you want to follow.
Every time they trade, you can automatically copy their trades and profit from their experience and reputation.
This is a great option for those who want to trade to increase their capital but do not want or cannot spend time gaining experience to trade on their own.
Now, let’s review some of the most popular copy trading software and brokers for Pakistani traders.
Copy Trading by Forex Brokers for Pakistani Traders
Forex brokers offer you social trading. You can copy trades of other traders without any hassle.
LiteForex
An important advantage of the platform is that trading is carried out exclusively on ECN accounts. This is significant for both traders and copiers because the ability to open orders at the best prices instantly is a chance to increase profits significantly.
The main difference from LiteForex, which even the best brokers for social trading do not offer, is options for copying transactions depending on the volume. The investor can copy transactions in full or fixed volume (for example, one lot). You can also set limits or specify the maximum amount that can be allocated in transactions for a certain provider.
OctaFX
OctaFX is another one of the best Copy Trading brokers available. They are well known for their very competitive low spreads. They start at just 0.4 pips in a standard Forex trading account and can go as high as 0.2 pips if you qualify for a professional account type.
With this forex broker, you can benefit from very fast execution at an extremely low minimum deposit to get started. If you are interested in copy trading, you will be eligible for the OctaFX copy trading service after opening an account.
eToro
The service from Etoro successfully combines a social network and a trading platform. It is easy to find a suitable trader to copy here since the search displays interest trades and a list of traded assets, the number of profitable weeks, and other indicators. There is an important function that helps newbies save funds; when connecting to one strategy, you can use no more than 40% of the deposit.
FBS
FBS offers its clients a dedicated social trading app that won best social trading app in MENA 2020. Around five million users are using the social trading program of FBS. The interface is quite easy for the beginners. You can easily find the best strategy providers and you can copy their trades with a go. Like other social trading platforms, FBS allows customers to set the risk limit and allows the users to close the opened trades when they want.
Roboforex
CopyFX from Roboforex is one of the best services for copying trades of successful managers with a convenient investor calculator. You can choose a successful trader from thousands of traders from the system. You can immediately calculate the approximate income based on their trading history, even before opening an account. Start copying experienced traders by opening a trading account and depositing a minimum amount of $100 or more.
Among traders’ tools, there are CFDs on crypto indices and cryptocurrency pairs. Thus, it is possible to choose special strategies and copy traders’ transactions with cryptocurrency.
HotForex
HotForex is a popular Forex broker that offers state of the art social trading web platform for its traders. You can join social trading either as a follower or as a strategy provider. Followers can set a rescue level while following a strategy provider. This can help in reducing the risk. Followers can also read the analytics of a strategy provider before copying and they can allocate certain risk or copy in a proportion. Followers are free to close the opened trades whenever they want.
Copy Trading Portals for Pakistani Traders
Now, let’s learn about some of the popular independent copy trading platforms.
MQL
The creators of the famous MetaTrader terminal, of course, could not ignore such a popular way of making money like copying transactions of successful traders. The service is built right into the trading platform, so every MT4 or MT5 user can receive signals and copy them, regardless of the chosen broker.
A feature of the site is a strict selection of signal sellers. Only traders who have shown positive results on a test account can make their account public and sell signals within a month.
Zulu Trade
Unlike most of the participants in this ranking, the ZuluTrade platform is not owned by a specific broker. The service acts as an intermediary between the clients of dealing centers, which has made it possible to create an impressive network of users from different companies and countries.
To become a trader or subscriber, you need to open an account with your broker and then link it to your ZuluTrade account. Please note that here you can trade not only Forex instruments but also binary options.
MyFxBook
This service is popular primarily as a platform for the public monitoring of accounts. Placing statistics on such a well-known site for many investors is the main indicator of a trader’s reliability. You can connect to copying selected signals if you have already opened a trading account with one of the platform’s partners.
The Myfxbook Signals Rating, along with standard profitability indicators, provides information about the type of trading system, which can be based on technical or fundamental analysis. It also indicates whether the trader is trading manually or using expert advisors.
Share4You
One of the most popular auto copying services globally, where subscribing to traders’ signals is available without an obligatory limitation on the minimum deposit. You can start with at least $1. The amount of capital depends only on the conditions set by the Leader – the owner of the account from which trades are copied. The subscriber can open both classic and cent accounts.
Signal Trader
This intermediary platform offers to copy of transactions on existing accounts opened with partner brokers. The minimum deposit to connect to the service is at least $2000. The subscriber receives signals from prop traders who are pre-tested in the Signal Trader system.
A new client of the service can open a demo account to test strategies, valid for 30 days. Manual trading is allowed, but there is no way to limit the drawdown or the load on the deposit.
Tradeo
Broker with the service of copying trades and great opportunities for communication with traders. The subscriber can receive answers from the author of the strategy online using a simple and convenient chat.
Differences from other platforms:
· Social charts for analyzing the trade of other traders on the same instruments.
· General rating of the sentiments of all users – how many percent are willing to buy or sell a certain asset.
Note that the platform has both subscribers (copiers) and followers who only observe the strategy and are not connected.
Bottom line
Thanks to the evolution in the Forex industry and the integration of technology, Forex traders can enjoy the benefits of copy trading. Brokers and independent social trading platforms offer copy trading. They connect the traders and copiers in one place. Copiers can copy trades of successful traders without any hassle. If you are a Forex trader from Pakistan, you can opt for the brokers or copy trading platforms discussed above.