Forex Trade Copier or Copy Trading Software is another forex fund management tool used by pro traders and their followers wherein the follower traders can copy trades of master trader they follow. If you are starting a forex brokerage or already running a brokerage, you should consider adding Forex Copier Solution in your offerings’ portfolio.
In this blog, you will learn:
What is Trade Copier Software Or Copy Trading Software?
How does Trade Copier Software work?
Benefits to Forex Broker, Master Trader & Retail Traders
You must have come across retail traders who keep asking if someone else can trade forex for them?
You know the answer, don’t you?
“Yes, they can avail someone else’s expertise in trading to trade on behalf of them”. And Trade Copier is the software that makes it possible.
Many Forex Brokers offer PAMM Accounts, MAM Accounts and Trade Copier. Sometimes even the Forex Signals services to Master Traders and their follower retail traders.
We have already discussed about PAMM, MAM & Forex Signals in other blogs. This blog is solely dedicated to Forex Trade Copier Software & Services.
What Is Forex Trade Copier Software?
Forex Trade Copier Software allows retail traders to connect their trading accounts to a Master Trader or Pro Trader who would Mirror his/her trade into multiple client accounts by just placing trades in his/her own account. Since MT4 Trading Platform is the most popular Trading Terminal and large numbers of forex traders use it, the MT4 Forex Trade Copier Software is in most demand.
Let’s understand it with a story.
Stephen is a Forex Trader who has figured out trading strategy that makes him profit consistently. He leads a great life with the financial freedom he has got with Forex Trading. His family and friends get to know about his trading expertise. He shares his trading experiences on his social media accounts as well like Facebook, Instagram, Pinterest, Twitter, LinkedIn, YouTube etc. He has got a large following.
Some of his family, friends and followers want to copy his trade and make money too. He is OK with it but the challenge is:
- He cannot place order one by one to multiple accounts especially when the numbers are more than 2-3
- By the time he places orders in those 2-3 accounts manually, the prices have moved and risk and reward ratio doesn’t look attractive.
- More the Manual work, more the chances of typos and other errors.
Stephen needs a tool or software which will let him connect with multiple trading accounts and get access to placing orders. When he places in order in his own trading account, the same trade gets mirrored in all the connected accounts automatically. This will make everyone’s life easier.
Features Of Forex Trade Copier Software
There are several Forex Trade Copier Software available in forex market to accommodate the requirement of different brokers and traders.
Multi currency pairs
Multi Trading Platform (MT4-MT5)
Trade Copier Software or Copy Trading Software has been designed primarily for Master Traders unlike PAMM, MAMM Software which are availed by Forex Brokers.
How Does Trade Copier Software Work?
Let us explain you the working of Trade Copier Software in simplest way.
- Trade Copier Software Subscription
The Master Trader gets the Trade Copier Software from a Developer or Forex Brokerage Solution Provider
The Trade Copier Software is deployed in Server
- Connecting with Client’s Accounts
The Clients Accounts are connected using Login Credentials. The connection is established with access to the Order Placement & related functions.
- Trading / Order Execution
When Master Trader places an order, it gets mirrored or duplicated in all connected client accounts simultaneously with the help of EA.
- Trade Management
Any change in orders made by Master Trader in his account will make same changes in client’s accounts. These changes could be made in Stop Loss, Take Profit, Additional Trades, Partial Closure of trade etc.
- Performance Reports
Clients or Retail Traders could check the trade reports and P&L reports etc in Performance Reports.
Benefits of Trade Copier To Forex Broker, Master Trader & Retail Traders
Forex Brokers may not directly provide Trade Copier Services like PAMM and MAMM Accounts but a Master Trader may influence new traders to open accounts and start trading using trade copier service. Forex Broker gets new clients and volume thereby increase in brokerage revenue. A Master Trader may work as an affiliate or IB for a frex broker.
Master Trader gets to share his profit making skills to fellow retails traders. He may have additional earnings by way of:
Lets give you the break up and clarification on MT4 White Label Cost & Price.
- Charging Professional Fee
- Share in Profit
- Affiliate Earnings by introducing new clients to Forex Brokers
Retails Traders it’s pretty obvious that retail traders get someone else to trade and make money for them.
List of Trade Copier Software Providers
Forex Trade Copier or Copy Trading Software is developed primarily for Master Traders and their clients. It allows Master Trader to connect and get access to the retail trader’s accounts. When he places any order in his account it gets copied/mirrored in all connected accounts.
Everyone gets to benefit from copy trading software.
If you are planning to start a forex brokerage business or already running a brokerage, you must consider adding Forex Trade Copier solution to your offerings.