Have you ever heard of a trade copier?
Before you respond, allow me to explain something. If you’ve been paying attention to the Forex trading news recently, or if you’re already a Forex trader, you’ll notice that the competition is heating up. Foreign exchange (FX) markets have become more competitive over the last year, as global trade increased and currency markets experienced significant volatility.
Before we get into the meat of this article, I’d like to provide you with a brief overview of the subject matter through the following infographic:
According to a recent survey, 72 percent of forex traders are new to the market, with only about 15% trading for five years or more.
As a result of the massive influx of new traders, many forex brokers are aggressively competing for inexperienced traders’ attention. For example, brokers frequently advertise leverage of up to 400:1, with accounts starting at just $100.
This has resulted in intense competition among forex brokers, with constant offers of “risk-free” trading and hundreds of dollars in cash bonuses.
Due to the intense competition in the forex market, it has become nearly impossible to participate in it successfully. But, it’s worth noting that copy trading was invented specifically to address this issue.
What is Copy Trading?
The concept of copy trading is straightforward: use technology to copy the real-time forex trades (forex signals) of other live investors (forex trading system providers). Therefore, whenever they trade, their trades will be automatically reproduced (copied) in your brokerage account.
The small and straightforward example provided above demonstrates that copy trading is now easier than ever. However, keep in mind that the Forex market is a real-time market that requires quick execution to avoid missing out on profitable trades.
Fortunately, with the help of Forex copiers, the concern of missing profitable trades due to time differences is now a thing of the past.
A trade copier is a piece of software that is used to copy trades between multiple trading accounts. This is the most efficient way of managing multiple MetaTrader accounts and opening the same trades on multiple trading platforms.
To be completely candid with you, there are a lot of trade copiers available out there, but only a few are considered to be the best in the Forex market in 2023. When discussing the top tradecopier on the market, it is critical to bring up Copygram.
Best Trade Copier App in the Copy Trading Market
Copygram is a trade copier app that allows you to quickly copy and execute trades from MT4/5 to MT4/5 accounts. In addition, Copygram eliminates the need for you to manually copy the Forex signals received from the source/provider since the whole procedure is automated.
Copygram is now assisting over 12K customers in copying trades from their masters to their trading accounts. That is to say, this milestone has never been accomplished before. And, while other trade copiers are a little harder to use, Copygram has advanced and simplified its interface for both experienced and inexperienced traders.
While Copygram is undoubtedly the maestro of trade copiers, it is important to recognize other trade copiers that have had an influence on copy trading.
Typically, trade copiers demand a powerful laptop and an extensive understanding of risk and money management. Not to mention the charges ranging from $50 to $200 depending on the trading app.
Copygram’s Features
Copygram is regarded as the greatest trade copier in the Forex market due to the inclusion of fresh and unique features such as:
1- Money management Settings:
- option1: From Room: Calculate lot size based on room admin volume of trades:
Example: Admin Room has 10000 USD in balance and executes EURUSD order with 0.8 lot size. A member of the room has 1000 USD in balance, the EURUSD order will be executed with 0.08 lot size
- option2: Fixed Lot: Member can use a fixed lot for all orders.
- option3: Percentage of Balance: Volume calculation depends on SL points so that if the order reaches SL the user will lose the set % of the balance.
- option4: Percentage of Equity: Volume calculation depends on SL points so that if the order reaches SL the user will lose the set % of the equity.
- option5: Lot per 1000: let’s say the user sets this to 0.1 and has 2500 usd in balance, volume calculation will give 0.25 lot size.
2-SL Settings:
- option1: From Room: Copy the same SL as room admin.
- option2: Custom SL: Set value(in points) for your SL.
- option3: No SL: enter orders with no SL.
3-TP Settings:
- option1: From Room: Copy same TP as room admin.
- option2: Custom TP: Set value(in points) for your TP.
- option3: No TP: enter orders with no tp.
Users can set the same configuration for all rooms (from EA settings) or set separate configurations per room.
Thus far, I feel you’ve gained an understanding of what trade copiers are in general and some other great trade copiers in particular. Additionally, although all of the copiers described above are dependable in terms of performance and accuracy, if forced to select only one, I would always and without hesitation choose Copygram.