Myfxbook provides an easy way to autotrade through your trading platform. Here's a list of forex brokers that gives access to Myfxbook.
There are many ways in which forex trading can be done. For traders who are extremely busy and don't have all day to monitor the market condition but simultaneously don't want to miss any opportunity, autotrading can be an attractive option. Generally, autotrading is similar to copy trading. Instead of copying other traders' strategies, it can also automate the execution of your own trading plan. So, autotrading allows traders to apply specific rules for the entry and exit orders, and then the computer program will do the rest. The orders will be executed once the conditions in the system are met.
Autotrading typically uses third-party software with direct access to brokers, and it must be connected to the trading platform. Because the order execution is automatic with minimum control, most traders would prefer to choose a highly customizable system that responds to their trading needs. As soon as the conditions are submitted, any orders including stop losses and take profits will be automatically generated. In a volatile market, a small difference can make a huge impact, so it is crucial for traders to wisely choose their autotrading system.
In this case, Myfxbook is one of the autotrading systems that provide an automatic trading facility and display signal choices from expert traders. Many brokers are already connected to Myfxbook, making it far easier for traders to use their service.
Contents
The Advantages of Autotrading
- Minimizing Emotional Influences
By making the trade automatic, traders can put aside their emotional factors and let the computer do the work based on the pre-made trading plan. Since orders will be executed automatically when the criteria are met without the trader's confirmation, there will be no room for hesitation or fear. This can be beneficial because, in some cases, traders could miss an opportunity because they are afraid to take the risk or too ambitious. - Maintaining Discipline and Consistency
Because the execution is based on a trading plan, the system will stick to it no matter what. Typically, traders can lose their consistency due to being too afraid of losses or wanting to take more than initially planned. However, this won't happen in autotrading because it will respond to the market all the same and follow the plan exactly as it is. - Not Wasting any Opportunity
Forex market is probably the most flexible market because it opens 24 hours, five days a week. Therefore, the market can change anytime and it moves really quickly too. In autotrading, the computers will instantly respond to the market conditions as soon as the requirements are met. So, traders won't miss any opportunity even when they're away. Remember that in forex trading, a few second changes can make a big difference. - Diversification
Autotrading can execute orders from multiple accounts at once, which means traders can use a few strategies and monitor several market conditions at the same time. It would be hard to do it in manual trading, but the computer can efficiently execute the trades in no time. - Backtesting
Automatic trading is perfect if you want to check the efficiency of a strategy. When designing a trading plan, all rules must be absolute and there's no room for individual interpretation from the trader's part. The autotrading system can't make guesses and won't be affected by any circumstances outside of the assigned strategy. Whereas in manual trading, traders can change their plan midway, so the data acquired are not entirely accurate to describe the trading plan's performance.
Why Myfxbook?
- Good Track Record
Myfxbook has been in business for more than a decade with a good reputation among traders. The system is also one of the earliest autotrading providers that could be connected to the trading platform. - Compatible with MetaTrader 4
MetaTrader 4 is a top-tier trading platform that is commonly used by traders across the globe. Brokers affiliated with Myfxbook can directly connect the trader's MetaTrader 4 platform to the system, which is very easy to use. Moreover, if you are registered as a Follower, the Myfxbook autotrading can be executed automatically in your MetaTrader 4. - Social Trading
If you are interested in social trading, Myfxbook also provides an excellent active forum for discussions and facilitate the Followers to track, compare, and analyze the signal provider's performance. Likewise, Myfxbook also allows signal providers to get as many followers as possible. - Accurate Statistics
The statistics provided by the Myfxbook is highly accurate compared to other systems. That is why many signal providers like to choose this system to show their performance. - Excellent Selection of Trading Systems
Myfxbook offers several unique features to identify signal providers that are trusted and credible. The system does not allow demo account holders to become signal providers. Thus, you can be sure that the signals really come from real traders who have managed live accounts and have proven to have a good track record. Not only that, but the system is also equipped with an automatic filter capable of eliminating trading systems with bad performance. - Unlimited Demo Account
Traders can try forex demo accounts for free and for an unlimited time. This is very convenient for beginners who don't want to risk their funds yet. - Transparent Fee
Traders don't have to worry about transparency because Myfxbook always shows their service and fee details. It also occasionally gives out extra bonuses to profitable signal providers. - Full Control
This might be the most determining factor for traders before choosing an autotrade provider. Just because the trade is automatic doesn't mean that the traders will lose control over their orders. In Myfxbook, traders are free to choose which strategy they're going to use, how they manage the money, and what adjustments they should make when the market conditions are not as expected.
Brokers that Provide Access to Myfxbook
Here's a list of forex brokers with Myfxbook features in their services. You could choose the one that is most suitable to your overall condition.
IC Markets
IC Markets is an Australian-based broker founded in 2007. The broker is very well-known, especially in Australia, and is often referred to as the country's best broker. IC Markets offers a competitive choice of ECN trading accounts and access to high technology trading services, such as Myfxbook. Once you are registered with the broker, you can connect your account with Myfxbook. Afterward, you can continue the next step by filling the form on the Myfxbook website. Conveniently, there is no minimum deposit requirement for traders to get autotrading access.
IC Markets is an online forex broker operating under the company of International Capital Markets Pty Ltd. Traders under the Australian jurisdiction are provided with the trading service of IC Markets AU that is headquartered in Australia and licensed by the Australian Securities and Investments Commission (ASIC).
On the other hand, non-Australian traders who open an account in this broker are registered under IC Markets SEY that is based in Seychelles, and regulated under the Seychelles Financial Services Authority (SFSA). The dual operation is a result of the relatively new rules from ASIC that prohibit their regulated broker to offer trading services outside Australia.
Classified as an ECN broker, IC Markets provide clients with MetaTrader 4, MetaTrader 5, cTrader as platform trading options. This broker also follows market trends to include Cryptocurrencies as one of its products, enriching its already wide selection of trading assets that include Currencies, Indices, Metals, Energies, Softs, Stocks, as well as Bonds.
The minimum deposit in IC Markets is in the middle range compared to other ASIC-regulated brokers, as it reaches $200 for every client. Market analysis materials are also prepared regularly for trading insights on IC Markets's official website, proving their competence to serve their traders with important contents created by market experts that work specifically for them.
For payment methods, IC Markets allows funding and withdrawal via wire transfer, credit card, PayPal, Skrill, Neteller, FasaPay, UnionPay, as well as Bitcoin via BitPay. The more interesting aspect from this broker is its multi-base currencies that include USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, and CAD.
As the trading technology in IC Markets is highly equipped with co-located servers and extremely low latency (especially on cTrader), the broker is widely known for its capability in hosting traders with the special needs for high-frequency trading as well as scalping.
To sum up, IC Markets is a fitting destination for active traders looking for a well-regulated broker. IC Markets is also flexible in terms of base currency and payment methods, signaling their commitment to welcome traders beyond their home country. As of late 2019, IC Markets provided their website in 18 international languages including English, Korean, Indonesian, French, Spanish, Italian, Malay, German, and Chinese.
FXOptimax
At first glance, FXOptimax might seem simple. To many people's surprise, it actually covers various needs of traders, including autotrade. The broker recommends Myfxbook as one of the leading autotrading platforms and allows its clients to connect the MetaTrader 4 platform and Myfxbook in the Member Area. The steps to get access are relatively easy to follow. First, register an account in the broker and fulfill the minimum deposit requirement of $1000. Then, submit a connection request to customer support. You will be directed to fill out a form with your login data, such as the MT4 account number, server, and password.
Tickmill
Not only compatible with scalping conditions, Tickmill also provides facilities for autotraders. Through its partnership with Myfxbook, Tickmill allows traders to connect the MetaTrader 4 directly with Myfxbook. To activate this service, you only need to submit a request via email after registering an account. In other words, you don't have to make any deposit first. Submitting the proposal is required so that Tickmill can add your account to the Tickmill Myfxbook Autotrade group.
Tickmill is an award-winning global ECN broker, authorized and regulated by the Financial Conduct Authority (FCA) in the UK, CySEC in Cyprus, and the FSA of Seychelles. Founded in 2014, it offers its retail and institutional clients various trading services with a prime focus on forex, stock, commodities, CFDs, and metals.
For traders who prioritize the value of spreads in broker selection, Tickmill provides excellent services with low spreads, starting from 0.0 pips.
The London-based company has a mission to provide clients with the best possible trading environment, so clients can focus on trading and become successful traders. One way to reach its mission is to offer a fast-execution of 0.15s. With this facility, it's no wonder that Tickmill gets the 2019 Best Forex Execution Broker award by the CFI.co Awards. Also, Tickmill received the achievement as Best CFD Broker Asia 2019 by International Business Magazine, the Best Forex Broker Asia, and the Most Transparent Broker 2019 by Forex Awards.
After registering in Tickmill, traders can choose the most ideal asset among 60 currency pairs that they can trade. If traders aren't sure yet to open a real account, Tickmill recommends learning to trade through a demo account.
There are also educational features such as Webinars, Seminars, Ebooks, and Video Tutorials. All of these facilities can be used by traders to increase knowledge about trading and the financial market as a whole. If traders already have enough knowledge, they have a greater opportunity for earning profit consistently.
For traders registered in real accounts, they can choose between provides three types of accounts, including Pro Account, Classic Account, and VIP Account. Traders can open positions with a minimum order of 0.01 Lots. This applies to all types of accounts.
The company provides recommendations for traders who are still confused when choosing an account. For example, for novice traders, Tickmill encourages clients to choose a Classic Account. It offers optimal conditions with fast order execution while enabling traders to use virtually any trading strategy. Additionally, the account is trade commission-free so traders only pay the bid/ask spread. Other than the 3 main accounts above, Tickmill also provides an Islamic account (swap-free).
The downside is, trading with Tickmill will only enable traders to use MetaTrader 4 as their offered trading platform. Although not much if compared to other brokers, the Tickmill platform provides a user-friendly and highly customizable interface, accompanied by sophisticated order management tools to help traders control positions quickly and efficiently.
The convenience of trading on Tickmill is enhanced by the existence of One-Click EA integrated on MT4. Traders will get Stop Loss and Take Profit calculations automatically. On top of that, Tickmill provides a VPS hosting for automated traders that can't be bothered with technical problems such as troublesome internet connection.
They offer several third-party research solutions, including Autochartist, which is a popular pattern-recognition software that uses automated technical analysis to make forecasts and generate trading signals. Autochartist is available both in Tickmill's web portal and as a platform plugin for MetaTrader 4.
As a Tickmill client, a trader can deposit and withdraw with a variety of payment methods, including Visa, Mastercard, bank transfer, and Skrill. Tickmill accepts deposits and withdrawals in 4 currencies, which include USD, EUR, GBP, and PLN.
Overall, Tickmill is a competitive broker in spreads and provides a safe trading environment with its regulated entities in three different jurisdictions. Although their trading platform is not outstanding, the analytical tools they present to equip traders' needs are considered by retail broker standards.
FXOpen
Compared to other brokers, FXOpen does not explicitly explain in detail how to register and connect a trader's account to Myfxbook autotrading platform. If you want to get access, you may need to open a live trading account and link your MetaTrader 4 with the Myfxbook according to the advanced instructions.
FXOpen started its operation as an online trading provider for retail clients since 2005. The company was founded by a group of traders with a mission to provide services that refer to the interests of traders. FXOpen claimed to be one of the firsts to offer ECN trading via MetaTrader 4 (MT4). With FXOpen's unique proprietary price aggregating technology, their clients can benefit from the industry's most competitive spreads (from 0 pips) and low trading commissions.
In 2006, FXOpen also became the first broker to offer a micro account and a swap-free account. After that, they continue to be the pioneers of several new and high-tech services, including the first Crypto account that can provide trading facilities on 24 Cryptocurrency pairs such as Bitcoin, Litecoin, and Ethereum.
Furthermore, the company provides One Click Trading and Level 2 MT4 plug-ins, enabling traders to place trades with just one click of the mouse. Traders do not need to worry about trading security at FXOpen. They have registered in Nevis, the UK FCA, and ASIC Australia.
A variety of trading accounts are provided such as STP, Micro, ECN, and free unlimited demo accounts. The minimum deposit for each account depends on the account type; USD1 in Micro Account, USD10 in STP and Crypto Accounts, and USD100 in ECN Accounts. As for leverage, FXOpen offers up to 1:3 (for Crypto Accounts), and up to 1:500 (for Micro, STP, and ECN Accounts).
Besides, traders can enhance their trading capabilities with Myfxbook and Zulutrade automated trading systems. Both of these services allow anyone to copy the transactions of experienced traders. Thus, traders can replicate the results of professional traders' strategies.
The FXOpen PAMM Service allows copying trades from a Master account to one or more than one Follower account and automates the distribution of profits and losses. The Master operates personal capital through a PAMM account, and his trading strategy is replicated to the Follower's capital. The owner of the Follower account can view and analyze the performance of the PAMM account with the help of advanced analytics. There are 3 PAMM accounts in FXOpen, namely STP, ECN, and Crypto PAMM.
On ECN accounts, traders will get direct price quotes from leading liquidity providers, including Dresdner, SG Paris, Standard Chartered, Barclays Capital, Bank of America, CRNX, JP Morgan, Morgan Stanley, Deutsche Bank AG, RBS, CITI, and UBS. This is one of the reasons why FXOpen's ECN account has become a trader favorite.
After seeing the various advantages offered by FXOpen, traders can easily register an account, simply by filling out the form in the registration menu on the FXOpen website. Traders will be asked to verify documents in advance if the trader will make a deposit or withdrawal of funds. Based on traders' experience and information since FXOpen was founded, there have not been any major complaints about payments (depositing or withdrawing funds) from clients.
Once registered with the FXOpen broker, traders also have the opportunity to get other benefits. One example is the FXOpen cashback program for the first 90 days from registration as a new client. The minimum cashback is USD5 and the maximum is USD1,000.
Furthermore, free VPS is available for ECN, STP, and Crypto account holders. Traders can use FXOpen VPS without any fees for 1 month if they can maintain equity of USD5,000 at the end of the month or trade with a trading volume of USD10,000,000 per month. The advantages of VPS on FXOpen are excellent accessibility, flexibility, and speed.
Trading on FXOpen is made easier because traders can add insight into trading by entering contests. FXOpen Broker offers weekly and monthly trading contests on demo accounts through the ForexCup.com site. Traders can join competitions that are free of charge to hone their skills. If a trader wants a bigger challenge, there is also a trading contest on a real account.
The company also offers Forex partnership programs to traders, Forex brokers, and website owners who publish information about fiat and crypto-currency trading. There are 3 types of partnership levels, including Forex IB (Forex Agent) that attracts new clients to FXOpen using a referral (affiliate) link, Forex Rebate, and individual partnership conditions.
In Conclusion, FXOpen is a well-rounded forex brokerage for traders with a desire to try various trading instruments, a trading environment in ECN account, low minimum deposits, the best cryptocurrency trading condition, as well as interesting trading features like PAMM and demo contests.
The Bottom Line
Automated trading may be beneficial for some traders, especially those with tight schedules or multiple accounts because it allows them to execute orders more efficiently. Myfxbook is one of the top autotrade providers with a high reputation and long track records, suitable for both beginners and professionals. It is quite famous now and many forex brokers have connected with its service.
However, using an autotrade platform still won't guarantee you full protection from getting losses. Sometimes technology failures could happen, and because it is automatic, it can be hard to monitor the whole process all the time. So before you use the service, make sure that you have prepared yourself with comprehensive trading knowledge and a manageable strategy that suits your goals. Short of material sources for forex learning? These forex brokers provide free education that you can take advantage of.