Automated trading is an excellent method to make money with minimum effort. If you prefer to trade from your phone, which app is best for automated trading?
Today, practically anyone with a stable internet connection can start trading and gain money from it. This certainly makes forex trading more accessible, but it doesn't change the fact that trading is risky and somewhat difficult to manage. This is why automated trading is so attractive to many traders.
Automated trading refers to a strategy that utilizes a program or software to execute trades based on a set of predetermined rules. In other words, the trader only needs to determine and arrange the rules and let the computer execute the trade once all of the conditions are met. There are several forms of automated trading, but the most popular one is copy trading. This method basically allows traders to copy other traders' strategies and take profit from them. This certainly makes trading a little easier, especially for newbies. What's even better is that now some copy trading platforms are available not only on PC but also on mobile devices.
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Reasons to Use Automated Trading
The most obvious advantage of using automated trading is improved order entries, in which you can open positions immediately when a trading opportunity appears on the market or when the traders that you copy open some positions. This is important because the forex market can be really volatile at times, so a few seconds can make a huge difference in the outcome of the trade. This can also save your time as you don't need to stare at the screen all day and just let the software do the thing.
Apart from that, automated trading can help you retain discipline. Unlike regular trading, automated trading leaves no room for interpretation or hesitation when trading. All rules are absolute, so there will be no losses due to emotional causes such as fear of losing money or the desire to take more profit than you initially should. That being said, you can use this opportunity to do backtesting as well. The system simply doesn't make guesses, so you just need to set the rules and check the validity of the strategy with automated trading.
With special regard to copy trading, you might not have a lot of control over your positions. But if you choose the right trader, you can make a significant fortune with very minimal effort.
Best Mobile Automated Trading Platforms
When it comes to automated trading platforms, there are two types that you can choose based on the platform provider. Firstly, there are platforms provided by forex brokers which can be found in brokers that offer copy trading features. Conveniently, their services can be accessed with various devices, including mobile phones. You just need to download the apps on the Play Store.
However, if your broker doesn't provide a mobile app for automated trading, then you can choose to use independent platforms like ZuluTrade. In order to see which platform suits you best, let's see the breakdown of each one in the following list.
eToro
eToro is a popular broker that is widely known to focus on social trading and offers one of the best copy trading platforms. The broker has proven to be trustworthy as it is regulated by the CySEC, ASIC, FINRA, and the FCA. For extra security, the platform uses advanced encryption and requires users to complete the two-factor authentication (2FA) after registering an account.
Moreover, when it comes to copy trading, eToro offers a bunch of benefits for its users. First of all, you get to decide which traders you want to copy based on their trading style, level of risk, past performance, and recent positions. You're allowed to copy multiple traders with different assets at once, so you can diversify your portfolio.
Another benefit is that there is no fee for copying other traders on the platform. You just need to pay the regular trading commissions, which is one of the lowest in the industry too. You can open a new account by depositing at least $10 and start copy trading with as little as $200 per trade. On top of that, you can contact customer service at any time if you have any difficulty.
eToro established in early 2007, with a mission to make trading accessible to anyone, anywhere, and reduce dependency on traditional financial institutions. The company has head offices in the United Kingdom, Cyprus, USA, and Australia.
eToro (Europe) Ltd operates as a Financial Services Company authorized and regulated by the Cyprus Securities Exchange Commission (CySEC) under license no. #109/10. Meanwhile, eToro (UK) Ltd is authorized and regulated by the Financial Conduct Authority (FCA) under the license FRN 583263.
As for eToro AUS Capital Pty Ltd, the legal standing is acknowledged by the Australian Securities and Investments Commission (ASIC) to provide financial services under Australian Financial Services License 491139.
A broker that belongs to the 4-digit type, eToro offers both short-term options for day traders and long-term options for investors, such as their innovative Smart Portfolios, a fully managed thematic portfolio.
Since 2007, eToro has been at the forefront of the Fintech revolution. The most recent was launched in 2017, which is Smart Portfolios powered by Machine learning Al. Beyond developing Smart Portfolios, the company integrated Microsoft's machine learning technology into Momentum DD.
The new Smart Portfolios investment strategy uses artificial intelligence to find the steadiest traders who are most likely to generate a double-digit return and bundle traders into one fully-managed portfolio. eToro has hundreds of financial assets for trading across several categories including stocks, commodities, crypto assets, currencies, indices, and ETFs. Each asset class has characteristics and can be traded using a variety of investment strategies.
Some positions on eToro involve ownership of underlying assets, such as non-leveraged positions on stocks and cryptos. Employing CFDs will enable a variety of options, such as leveraged trades, short (sell) positions, fractional ownership, and more. For example, traders can invest as little as USD100 in gold, even if a single unit of gold cost USD1,000. Some of eToro's most popular CFD commodities include gold, oil, natural gas, silver, and platinum.
Currencies are traded on eToro only as CFDs. Also, CFDs enable Sell (short) positions and leveraged trade, even for assets that don't offer the option in traditional trading. Some of the popular currencies include EUR/USD, GBP/USD, AUD/USD, USD/JPY, and USD/CAD.
Furthermore, An Exchange-Traded Fund (ETF) is a financial instrument comprising several assets grouped to serve as one tradable fund. After opening an account in eToro, traders can invest as little as USD250 in an ETF that costs USD500. Some of the popular ETFs on eToro include SPY, VXXB, TLT, and HMMJ.
However, eToro also offers additional functions using CFD trading. All leveraged ETF positions in the UK are under FCA regulations. Meanwhile, all CFD positions executed by eToro Australia are under ASIC regulations.
The company has other advantages. In all financial assets that can be traded, eToro does not charge any deposit or trading frees other than spreads.
eToro charges a USD25 fee for withdrawals and the minimum withdrawal amount is USD50. Long (Buy), non-leveraged crypto, stock, and ETF positions are not executed as CFDs and do not incur any fees. eToro does charge overnight or weekend fees for CFDs positions, such as leveraged positions and short (sell) orders.
Fee updates always apply to open positions. Fees are subject to change at any given time and could change daily, without prior notice, depending on market conditions.
As a beginner, trader can use CopyTrading eToro. Different from the features of other brokers, traders can copy the strategies of professional traders without fee or profit-sharing. Therefore, 100% profit is fully owned by traders. For example, while trader A who is copied by trader B, produces a profit of 10% this month, then trader B also gets a profit of 10%.
The company is the world's leading social trading network. Since eToro operates in complete transparency, each trader has valuable information on their eToro profiles, so other traders that are interested to copy their trades can have assistance in creating their best portfolios.
Another feature that is unique to eToro is the personalized, social News Feed. Just like on any social media, traders can post their updates on feed, comment on other's posts, and gradually create a feed that is tailor-fitted to trader's trading and investing interests. On eToro social trading platform, traders will also get notifications when a trader writes a new post and many other important updates.
Share4You
Share4You is a copy trading platform that's supported by the broker Forex4You. The broker was established in 2007 and is currently operating in the British Virgin Islands under the license of BVI FSC (Financial Services Commission). Forex4You is known to be a beginner-friendly broker with various great offers, such as a wide range of trading assets and speedy transactions.
Share4You is a fully automated copy trading platform that is available for mobile users. While it's not as big as eToro, Share4You is definitely still worth checking out and it has been operating years before FBS Copy Trade. Basically, the broker puts out a list of active traders on the platform. Then, a potential copytrader could join their account. By doing this, the trader's strategy is automatically copied to the copytrader's account. If the trade is successful, the copytrader should pay a certain amount of commission from their profit to the trader.
If you want to be on the list and let others copy your strategy, you only need to trade normally and make profits. Your account will automatically get into the broker's rating. The higher your rate of return, the higher your position in the rating and the higher the chance of attracting copytraders.
Share4You offers an excellent execution speed of several milliseconds (ms), which is one of the fastest on the market. This means you can copy the strategy as soon as possible and minimize the risk of losses due to fast market movements. Another benefit that you can get is flexibility because the number of traders that you can copy is not limited. Thus, you can diversify your portfolio and make as many trades as you like. You can also disconnect your account and stop copying at any time you want.
Providing services since 2007, Forex4you is mostly out of the spotlight even though their trading conditions can be regarded as one of the most flexible among other forex brokerages. Setting headquarters in the British Virgin Islands, this broker is currently under the regulation of local financial regulatory called the BVI Financial Services Commission (BVIFSC).
After opening an account with Forex4you, traders can choose leverage as high as 1:1000, thanks to the relatively loose policy from BVIFSC. Forex4you divide their account types by execution. Between the 4 accounts available, two adopt instant execution (Cent & Classic) while the remaining two call for market execution (Cent NDD & Pro STP). For traders choosing accounts with instant execution, there will be no trading commissions charged, but the spread is a bit high as it settles on 2 pips range (at the minimum). On the other hand, account types with market execution can give a floating spread from 0.1 pip despite charging a commission starting from $8 per lot.
Forex4you provides no Swap-Free feature, so this broker is not Sharia-compliant. Still, it is quite interesting to note that this broker provides an alternative on platform trading, so traders can try to trade on another platform with a new interface should they feel restricted by MetaTrader4 limits. The said platform is uniquely Forex4you's trading technology, which is available on WebTrader and Mobile App.
Forex4you also highlights their own Social Trading platform hailed as Share4you, which allows all traders to play as either Leaders or Followers. Both sides have mutual advantages, as Leaders are granted additional fees from their Followers while the Followers can copy trades which makes their transactions a lot easier and reliable as the signals come from more experienced traders.
Beyond their innovations on trading platforms as well as Social Trading facilities, Forex4you is quite transparent on their forex pairs' liquidity providers. However, they don't have a certain page dedicated to their Contract Specifications for other class assets.
Payment methods in Forex4you are quite limited, only available in Bank Transfer, Neteller, Skrill, WebMoney, and Credit Cards (Visa and Master Cards). This broker claims to have more than a million accounts all over the world, so it is believed that Forex4you is one of those forex brokers who perform steadily even if their popularity doesn't soar extremely high because of intense marketing schemes.
What makes trading in Forex4you stands out from is the remaining Cent Account which allows traders to trade with a contract size as low as 1000 units per lot. The ultra-small trading volume has been infamous for traders who want to trade in a real account with very minimal risk. However, the numbers of broker offering Cent features are gradually lessening as retail traders seem to keen on taking more risks. Yet, Forex4you maintains their Cent Account offering, not only in one type but in two types of execution so beginners can make their own choice on spread over commission or otherwise.
All in all, Forex4you is one of the preferred choices for a forex broker if you look for flexibility in trading conditions and an advanced platform in Social Trading. Also, the remaining Cent Account offers an interesting option even for experienced traders who look for spare accounts to try out new strategies. Nevertheless, it is not highly recommended for trading with big money as the company is registered in an offshore jurisdiction. Forex4you also tends to fly under the radar as the broker rarely generates buzz in the brokerage industry.
FBS Copy Trade
As the name suggests, FBS Copy Trade is a mobile copy trading platform provided by FBS. Founded in 2009, the broker is known to offer various trading instruments and services, including forex trading, CFD trading, and more. FBS has excellent security measures as it is regulated by the ASIC, International Financial Services Commission (IFSC), and many more.
Moreover, copy trading is one of the most interesting features of FBS because it is available as an app for tablets and smartphones. Alternatively, you can download the file in APK format from the broker's official website. Opening an account in FBS also very easy.
In FBS copy trading, you can choose to register as an Investor or as a Trader. If you're planning to be the one copying the strategy, then you should join as an Investor. This option is suitable for those who don't have enough time or experience to do regular trading. Meanwhile, if you're confident in your skills and you want to earn additional income by letting other traders copy your strategy, you can join as a Trader. In return, you'll get commission every time someone copies your strategy.
FBS Copy Trade has a nice and user-friendly interface that makes it easy to make transactions. The app lets you browse through many different strategies and show the details of each one so you can learn about them. You can see the Trader's profile, which includes a number of personal information such as their name, profile picture, profit record, and recent trading performance. You can then put this information together and decide which Trader is the most prospective for your trades.
Other than that, you can also choose the Risk-Free Deal investment, which involves an automatic stop loss of 10%. If the stop loss is triggered, the broker will compensate the client for the loss. However, keep in mind that the special offer only applies to 3 trades (one for 3 different Traders).
Since 2009, the action of FBS Holding Inc. or known as FBS in the world of forex trading has been recognized by various international institutions. With clients reaching 14 million as of 2019, FBS has received the title of Most Transparent Forex Broker 2018, Best Investor Education 2017, Best Customer Service Broker Asia 2016, IB FX Program, and many others.
FBS is regulated by FSC Belize and CySEC Cyprus. This broker has been trusted by millions of traders and 370 thousand partners from various countries. Based on their data, FBS garners about 7,000 new traders and partner accounts every day. And, 80% of the clients stay in the FBS for a long time. No wonder the broker is growing rapidly due to the incredible growth in the number of clients.
Trading products offered by FBS range from forex, CFD, precious metal, and stock. For forex trading, CySEC-regulated FBS offers leverage up to 1:30 on Cent and Standard Accounts. Clients who want to try higher leverage than that can alternatively register an account under FBS Belize.
FBS spread begins from 0.5 pips for Pro account type and from 0.7 pips for Standard and Cent accounts. On a standard account, volume orders can be made from 0.01 to 500 lots. Therefore, this account is recommended for experienced traders.
Whereas on Cent Accounts, volume orders can be carried out with a maximum of 500 cent lots or the equivalent of 5 standard lots. Cent Accounts involve a different level of risk. FBS recommends Cent Accounts for beginner traders. All account types support the following trading instruments: 36 Forex pairs, 8 metals, 3 energies, 11 indices, 127 stocks, 5 crypto pairs.
Before plunging into the real forex market, traders can practice with FBS Demo Account which consists of two types, i.e Standard and Cent.
FBS uses the MetaTrader 4 and MetaTrader 5 platforms. They offer them on Windows and Mac as well as Android and iOS mobile. These platforms provide a trading experience at traders' fingertips, allowing traders to progress as a trader anywhere at any time.
MetaTrader platforms also have a variety of mainstay features, including the possibility to create, buy, and use expert advisors (EA) and scripts, One-click trading and embedded news, technical analysis tools, the possibility to copy deals from other traders, hedging positions, and VPS service support.
Another advantage provided by FBS is a deposit bonus of 100% for clients who fulfill certain requirements. The process of FSCing and withdrawing funds can be run easily and quickly. Based on clients' testimonies, each process usually takes no more than 3-4 hours, except on holidays.
Traders also have the opportunity to develop a side business when trading with FBS, namely as an Introducing Broker (IB) or Affiliate. The FBS partnership system provides partner commissions that are already in 3 level positions. Only by introducing new clients to FBS according to certain procedures, traders can earn extra income.
Traders will also get trading education experience at FBS. They have prepared a comprehensive forex course. The course consists of 4 levels: beginner, elementary, intermediate, and experienced. Traders can take courses that will turn them from newbies to professionals. All materials are well-structured. Besides, FBS provides various forex analyzes, webinars, forex news, and daily market analysis that can be accessed easily on their site.
Traders can access the FBS website with many language choices. Of course, this will increasingly provide comfort for traders. Available languages include English, Italian, French, Portuguese, Indonesian, Spanish, and others. Live chat support is also provided 24 hours 7 days a week.
In conclusion, FBS is a widely known broker among retail traders around the world. It continually grows to become a preferred broker because of flexible trading conditions that enable its clients to trade with various instruments, low deposit, and other trading advantages.
ZuluTrade
ZuluTrade is the only platform on this list that's not exclusive to a certain broker. The platform was first released in 2007 and has gained big traction ever since. Today, ZuluTrade has served users from more than 150 countries and has over 90,000 traders on the platform to choose from. Essentially, the platform allows traders to copy the strategies of expert traders. Not only that, but traders can also leave feedback and share their ideas on the platform.
Currently, there are at least 70 brokers integrated with ZuluTrade. If your broker is one of them, all you need to do is go to ZuluTrade and choose an expert to copy. Keep in mind that the minimum deposit varies from broker to broker. Some may only charge you $1, while others require $300.
The Bottom Line
Automated trading is an effective solution to increase potential profit and minimize risk factors that are present in manual trading. This method is suitable for beginners and traders who are too busy to execute the trade themselves and watch the computer screen at all times. Since automated trading and copy trading are now available for mobile users, you can see the progress and manage your trades way more easily.
When choosing the best platform to use, you need to consider a number of important factors like trading fees, execution speed, and level of risk. This is why you need to do your research beforehand and find out which platform is most suitable for you. You can simply read the terms and conditions on the platform's website or read the user reviews. Last but not least, don't forget to check the app's compatibility with your device. Make sure to have enough memory space and a stable internet connection for a smooth trading experience.
2 Comments
Jun 20 2022
This article is extremely helpful for newcomers who are getting ready to venture into the world of trading. It contains a lot of useful information. Trading with an application downloaded to a mobile device is not only incredibly simple but also quite helpful, particularly for traders who are just starting out.
The most obvious benefit of utilizing automatic trading is enhanced order entry, in which you are able to open positions promptly once a trading opportunity presents itself on the market or whenever the traders whose trades you copy establish some positions.
This is crucial because the foreign exchange market can be extremely unpredictable at times, and as a result, even a few seconds can make a significant difference in the result of a trade. Because of this, you won't have to be glued to the screen all day; instead, you can let the program handle everything for you and save some time in the process.
Jun 20 2022
Trading through an application on a mobile phone is not only incredibly simple but also quite helpful, particularly for those just starting out in the market. Nevertheless, not just any application that may make trading simple will do.
When it comes to trading, the article that was just read discussed various applications that are not only simple to operate but also reliable for novice traders. This article is, without a doubt, both very interesting and very useful.