Copy trading can be a solution to earn profits without being directly involved in trading. In FXOpen, you can copy trade through two reliable platforms.
In this very demanding time, having a passive income would be highly beneficial since it could boost the quality of living by adding more earnings. But is there any chance of having a passive income through trading? The answer is a big yes. But how?
By using what is called copy trading, you are enabled to automatically copy trades from successful traders around the world. One of the forex brokers that allows this method is FXOpen, an international forex broker with more than 19 years of experience in the industry. FXOpen provides access to electronic communication networks (ECNs) to trade currencies, commodities, indices, and stock CFDs.
Guide to FXOpen Copy Trading
FXOpen offers a possibility for beginners in trading to earn more profit from the path paved by the more experienced traders by copying their trade. So how does it really work? First, let us see why this copy trading is beneficial.
- No more spending time learning from the beginning, particularly for those who are new to the trading world.
- Even novice traders can be on par with the most successful traders on the platform in terms of earnings.
- Its affordability makes this method highly convenient for most people.
From the three major benefits of copy trading above, it can be concluded that a speedy process and affordability are the main keys to successful copy trading. This of course answers some basic notions of trading in which trading is always associated with a long process of learning and keen market observations.
To support copy trading, FXOpen has been working with well-known social trading platforms such as Myfxbook Autotrade and ZuluTrade. Please be informed that FXOpen is in partnership with the two platforms to execute copy tradies. So, let's get to know each of them further:
What is Myfxbook Autotrade?
This social trading platform is widely known for its large users and sophisticated statistics that help traders to have a keen market understanding. Other benefits from this platform include the competitive commission and demo account. However, some flaws such as outworn user interface and the unavailability of search functions are still found. This autotrade offers a 1,000 USD minimum investment of copying with a 0% service fee. These two factors are quite interesting. To utilize this social trading platform on FXOpen is quite simple. You just have to open an account in FXOpen and connect it to Myfxbook Autotrade.
What is ZuluTrade?
ZuluTrade is one of the world's best social trading platforms based on the number of users. It is registered in Greece, USA, and Japan and works with 34 brokers worldwide. As part of copy trading on ZuluTrade, users can subscribe and copy the trade from over 1,000 of its top traders. ZuluTrade also has various minimum investments for copying starting from $50 to $1,000 on average and starting from $2,000 for combo services. In addition, there are two plans for the service fee for ZuluTrade:
- Profit Sharing Plan: $30 monthly subscription + 25% share of profits
- Classic Plan – depending on the chosen broker: $20 on average per standard lot in a currency pair.
ZuluTrade Platform also provides a demo option that grants new traders $100,000 for copying trades within 30 days. This is a good deal to start a journey and learn more about ZuluTrade. To start copying trades from the ZuluTrade platform to the FXOpen account, subscribe to the traders by clicking Follow on their profile. In a pop-up window, specify the amount to copy. FXOpen has a minimum deposit of $100, but most of the top signal providers require anywhere from $300-500 to thousands of dollars to subscribe.
How Much Does FXOpen Copy Trading Cost?
FXOpen commission levels are low on average. On ECN accounts, the commission is only $1.5 per lot with a variable spread of 0 pips. For STP accounts, the average spread is around 1.3 pips. When using ZuluTrade, the terms for STP accounts remain unchanged and there is an additional markup on spreads for ECN accounts. On average, it's 1-2 pips on Zulu's Classic plan.
Verdict
FXOpen offers a promising way to earn more income through copy trading. Its simplicity and convenience allow even beginners to get as much profit as possible. Do not forget the fact as the broker works with top platforms and offers rather low commissions, this is so lucrative. However, just like the nature of trading, losses are quite inevitable. Copy trading still has some risks that are prevalent since even brilliant strategies from experienced traders may result in loss.
The risk is still there but so is the profit. With some smart and cautious steps particularly when choosing the traders, the loss might be avoided and the profit might be maximized.
FXOpen is a forex brokerage that has been offering services since 2005. It is currently one of the most successful forex brokers in the world. Since the very start, FXOpen aims to make forex trading more professional, easy to access, and secure.
25 Comments
Jan 8 2023
dude, can anyone explain to me the mechanism of copy trading? Did I really no need to get involved at trading? And if it is yes, why its sounds like using expert advisor and anyway why the copy trading need to give some profit sharing? And if I compare to standard trading, which one is profitable and little risky?
Jan 8 2023
Vincent:The mechanism you're talking about is how copy trading works, right? Copy trading is a trading method that you copy from other expert traders that brokers or institutions like choose. Therefore, it is perfect for investors who do not want to trade directly in the forex market. The operation is very simple, you first choose the specialist you want to follow, then you make a deposit there, choose the subscription fee and voila, the trading will start and everything will be done automatically. In the meantime you get passive profits, although not always profitable, expert traders or I call them money managers will get subscription profits or even payout fees for each transaction or percentage that he will receive. For example, when you choose the subscription plan as the article says, you will pay $30 and get only 25% of the total profit. If you deposit $100 you will pay $30 and if manager money earns $500 at trading for example you will get 25% of $500 or $125. Or you will be charged $20 per trade, but 100% profit will be yours. What is the difference between an expert advisor, the expert advisor is programmed so that it cannot always keep up with the market conditions, while the money manager is an adept trader so of course he can trading well. And if you mentioned risk, if we are not an expert, of course copy trading can be more profitable and less risky.
Jan 8 2023
Martin: Sorry, I disagree if you say that copy trading can be more profitable and less risky. I am thinking about profit, of course I agree if you say that we have no forex experience and just want to generate passive income, if you choose to copy trades. It is very perfect and a lot of benefits that you can get. But on the other hand to get high profit you need to deposit more because as you said in your statement this copy trade has a fee and it does not include other fees charged by the broker count. So there are also many hidden fees and profit based on percentage. On the other word, if you deposit less, you will suffer some loss at the fees. In terms of risk, I think all risks in Forex are the same, manager's money will also be at a loss sometimes and you should choose a good performing manager's money by looking at its score. If you make the wrong choice, it can affect the profit target you want to achieve
Jan 8 2023
Thanks man for the reply. I am very impressed. I want to ask is copy trading suits me. Look, based at my status, which is not very well known in forex. Little knowledge but at least I understand forex. Which trading method can work for me, I mean I want to make profits faster, and of course most traders will think so. Second, I also have money in my pocket. So I want to get more profit and of course with less cost in it. Could copy trading be my choice?
Jan 8 2023
Feb 13 2023
Jack: Sorry, I am new to this. But what do you mean the profit is not all mine? Are you talking about the commission for the providers? Will that be taken from our profit and not paid beforehand? I am confused.
Feb 12 2023
I've read the above article but I think there's still some missing information. About Zulutrade, can we immediately get free access if we open an account at FXopen? Because as far as I know ZuluTrade subscriptions are quite expensive.
If it's free, how much is the minimum deposit to get an account with a Zulutrade package so you can participate in copy trading?
Feb 14 2023
Zaqqiya: Actually, I have never heard of an FX Open broker before, but I like brokers that provide copy trading services.
Copy trading provides an opportunity for traders to automatically or manually copy the orders of successful traders. Using social trading platforms, novice investors can benefit from the success of more experienced players, exchange information and reviews, and learn from the example of professionals.
FX Open has provided 2 of the most popular copy trading platforms, MyFxBook Autotrade and ZuluTrade. Between the two platforms, I am pretty familiar with ZuluTrade. from what I learned, registering at ZuluTrade is free without any fees, However, commissions and fees applied will depend on the type of account you will choose to copy trades.
to be able to do copy trading on this platform, you have to deposit starting from $ 50 to $ 1000 on average. So it's actually cheap, for only $ 50 you can take part in copy trading at ZuluTrade.
Feb 15 2023
I have never tried trading with a real account at several online brokers providing trading such as OctaFx and Pepperstone, but I am very interested in the copy trading services offered by several brokers. and yeah I'm interested in this article because it discusses copy trading, but I've never heard of the Fx Open broker.
Is this broker less popular among traders? although I haven't tried trading yet, I have studied some of the most popular brokers and have a good level of security for trading.
If anyone of you knows about this broker, please explain, is this broker good and safe for saving funds and for trading too? thanks, guys...
Feb 15 2023
Yolanda: It turns out that you have never heard of FX Open, so let me explain about this broker. FXOpen Markets Limited is a registered Nevis-based business in Australia authorized and regulated by the Australian Securities and Investments Commission (ASIC) under AFSL 412871 - ABN 63 143 678 719. Indeed, the opening of the Head Office is in London and resulted in significant company development throughout the EU and beyond, and FXOpen is currently one of the most popular brokers.
FXOpen's headquarters are located in three locations-Perth, Australia; London, England; Charlestown, Saint Kitts, and Nevis. All accounts at FXOpen AU are ECN or STP accounts and use the ECN model. The ECN model gives traders access to quotes and the liquidity available on the interbank market, where FXOpen AU protects all client positions with our liquidity providers such as banks, funds, or other traders. There is no dealing desk and no requotes.
Well, it seems from my explanation, this has answered your question about the safety of the FX Open broker. In my opinion, this broker is still a broker which is for trading or copy trading.
The advantages of this broker are actually clear. Besides being safe, this broker also provides 2 copy trading platforms at the same time, namely Myfxbook Autotrade and ZuluTrade for its customers. For those who have traders who like copy trading, FX Open can be an option in trading.
Feb 15 2023
Lalisa: I actually just want to add to your explanation regarding open FX broker regulations. This broker is not only supervised by the Australian regulator ASIC but also regulated by 2 other regulators from the UK and Europe, namely FCA and CYSEC respectively. If you only explain 1 regulator, surely some traders will think that this broker is not safe and not very good, especially for traders from outside Australia.
besides that, this broker also provides negative balance protection for its customers. Negative Balance Protection is a feature that automatically resets the account balance to zero if it falls below zero after being stopped. Forex accounts are considered highly leveraged, which increases the chance of losing more money than you put in.
Fx Open also has Client money protection. This broker keeps all your money in a completely segregated account from the FX Open account, so your money is backed by the assets we hold in segregated accounts.
This broker has also received certificates for high-quality execution from VerifyMyTrade and the Financial Commission in 2018. From all the regulatory oversight and certificates obtained, I can conclude that this broker is safe and good enough for traders or those who prefer copying trading.
Feb 15 2023
Wow, I didn't expect a broker to offer 2 popular copy trading platforms at once. as you know both ZuluTrade and Myfxbook are copy trading platforms which are popular among traders. of course when a trader is interested in copy trading, traders often choose these 2 options.
only at Fx Open did I find a copy trading platform offering this good, because it's rare for brokers to offer 2 of these platforms at once. Why do I love copy trading? the only reason is that I prefer to have passive income through trading rather than having to jump into trading myself.
But I'm a little confused, between Myfxbook and Zulutrade, which copy trading system is the best? because when I studied, these two platforms both have their own advantages, that's why I'm confused. If friends, anyone who knows, can you help explain which platform is good for copy trading.
Feb 15 2023
Tabitha: Indeed, between Myfxbook and Zulutrade, they both provide a good copy trading platform and are often an option for traders who like copy trading. Previously, I was very impressed with the FXOpen broker that was able to provide these 2 platforms.
I used to prefer ZuluTrade in copy trading, why? because of Zulutrade's reputation as an independent and authoritative source of analysts, signals, effective strategies, account statistics, and trader contests.
All ZuluTrade advantages also apply to Autotrade tools. and the most important thing is that you can adjust the level of risk and the maximum number of lots opened by the signal and can close the current deal at any time and reject signals from certain providers.
Copy trading using ZuluTrade allows beginners to copy strategies from more experienced traders, as well as communicate with them. Another advantage is that ZuluTrade has an easy-to-use dashboard and application user interface. It's just that, some parties have complained about the customer service provided.
even though Myfxbook is also good, as far as I know, Zulu Trade is one of the best copy trading providers.
Apr 20 2023
FXOpen is a highly awarded broker, which not only gets great reviews from traders but also gets timely awards for its services from the largest financial institutions and organizations. Finally, our FXOpen Review found that the broker holds awards such as Best Forex Broker in Australasia, Best Islamic Forex Broker, Best Southeast Asia Forex Broker, Best ECN Forex Broker, and many more.
FXOpen is a securities broker. it is a broker that is regulated by top-level authorities such as the FCA and ASIC and is considered a low-risk broker for Forex and CFD trading. FXOpen is a legitimate and strictly regulated company. The broker holds the relevant authorizations in each region it operates. The FXOpen company operates in Australia, Saint Kitts and Nevis, the United Kingdom, and Cyprus and has representatives in a number of other countries.
Being a regulated broker based in the UK, FXOpen, therefore, follows the strict guidelines set by the European Authority's Financial Conduct Authority and the general rules of ESMA. European regulators set limits on the maximum level of leverage offered, as ESMA recognizes the potential risks if very high leverage is used. Professionals, once their status is confirmed can obtain higher levels of leverage, while all traders are definitely advised to learn more about the use of leverage and how to make the most of its potential.
As the FCA license is one of the most respected worldwide, traders have the assurance and peace of mind that funds are safe and secure at FXOpen, provided by means and transparent general guidelines on how the broker operates. In addition, client funds are held in completely segregated bank accounts in the UK and are protected up to £50,000 by the FSCS.
To start trading with FXOpen, first, you have to open an account and deposit funds. The process is simple and can be done completely online. Once your account has been approved, you can then make a deposit using one of the many methods available. Based on our research, we found that FXOpen offers an easy-to-use platform with all the tools and resources you need to trade successfully.
Apr 24 2023
Social trading platforms, which allow users to copy the trades of successful traders, have become increasingly popular in recent years. However, the rapid growth of these platforms has raised concerns about the regulatory oversight of third party providers. What are the key regulatory challenges facing third party providers of social trading platforms, and how are these challenges being addressed by regulators around the world? What steps can third party providers take to ensure compliance with regulations while still providing innovative and competitive services to users? How can users protect themselves from potential risks associated with social trading platforms, and what role do regulators play in educating the public about these risks? Finally, what is the future outlook for the regulation of third party providers of social trading platforms, and how is the regulatory landscape likely to evolve in response to changing market conditions and user needs?
Apr 24 2023
@Lonard: Social trading platforms, which allow users to copy the trades of successful traders, have gained popularity in recent years. However, as these platforms rapidly grow, concerns have emerged regarding the regulatory oversight of third-party providers. The key regulatory challenges facing third-party providers of social trading platforms include ensuring compliance with consumer protection laws, preventing fraudulent activities, and maintaining a fair trading environment. Regulators around the world are taking various steps to address these challenges, such as introducing licensing and registration requirements, imposing disclosure obligations on providers, and setting minimum capital requirements.
Third-party providers of social trading platforms can take several steps to ensure compliance with regulations while still providing innovative and competitive services to users. For instance, they can establish internal compliance procedures, conduct regular audits, and provide clear and transparent information to users about the risks associated with social trading. Additionally, they can work closely with regulators to address any concerns and ensure that their practices align with regulatory expectations.
To protect themselves from potential risks associated with social trading platforms, users can take several measures, such as carefully evaluating the track record of the traders they are copying, diversifying their investments, and monitoring their accounts closely. Regulators also play a crucial role in educating the public about the risks associated with social trading platforms and promoting investor protection.
Looking ahead, the regulation of third-party providers of social trading platforms is likely to continue evolving in response to changing market conditions and user needs. Regulators may introduce new rules to address emerging risks, such as cybersecurity threats and the use of artificial intelligence in trading. Additionally, there may be greater collaboration between regulators across jurisdictions to ensure consistent standards and practices for social trading platforms.
Sep 9 2023
Can you explain in more detail the features and requirements of FXOpen Islamic account, and how it differs from their standard accounts? Additionally, could you discuss the eligibility criteria for opening an Islamic account, and provide insights on the advantages and disadvantages of using this type of account for trading?
Sep 11 2023
The FXOpen Islamic account is made for traders who follow Sharia law and don't do interest payments. It's also called a swap-free account since it doesn't have overnight rollover interest.
You can get this account on MT4 and MT5 platforms, and trade forex, CFDs, and commodities. It comes with zero swaps, no commissions, and no hidden fees. Plus, you get a dedicated account manager.
To qualify, you gotta follow Islamic faith and show proof. You also need to meet the minimum deposit for your chosen account type.
The big advantage is it follows Sharia law, so it's good for traders who care about ethics. You also avoid overnight swap fees, which is great for long-term trading.
But, it might have wider spreads and some trading strategies might not work. Plus, availability for certain instruments could be limited and it might need higher deposits than standard accounts.
Sep 21 2023
FXOpen sounds interesting! So, if I want to trade, I just need to deposit $1, right? But what if I only want to use the demo account? Can I still use the mobile app for that? It seems like the app has a lot of cool features. I've noticed that even if you're just learning Metatrader, the app is easy to use with a simple design.
Sep 22 2023
FXOpen app lets you do almost everything except opening a live account (website needed for that). But hey, you can open a demo account and manage your existing account (deposit/withdraw) right from the app!
Here's the catch: some fancy features like Autochartist won't work on the app. The good news? Minimum deposit is only $1, perfect for beginners! For account type details, check out the FXOpen review here: FX Open Review.
Sep 23 2023
1. if I deposit via the mobile app, how long will the process take and what data is needed?
Answer : The process between the mobile app and the website is 100% the same, but the mobile app makes it easier as you can upload documents more easily. The required documents are proof of identity, proof of address and bank account details. You can read more information here: How to Open An Account in FXOpen
2. Can the entire deposit and withdrawal process be carried out 100% via the mobile application?
Answer : yes! You can also open a new account there. FXOpen mobile app is a multifunctional app
3. What is the best deposit method if I'm more active on my cellphone than a PC?
Answer: I don't think the deposit method affects the trading location. If you simply want to transfer money over the phone, all the methods you can access over the phone are great. Read here to get the list of the methods : Guide to FXOpen Deposit and Withdrawal
Nov 26 2023
Hello, I'm curious about FXOpen Copy Trading primarily because of its cost-effectiveness during trades. The information mentions that on ECN accounts, the commission stands at just $1.5 per lot, coupled with a variable spread of 0 pips. For STP accounts, the typical spread hovers around 1.3 pips. However, when ZuluTrade comes into play, the terms for STP accounts remain consistent, while there's an additional markup on spreads for ECN accounts, averaging 1-2 pips on Zulu's Classic plan.
I have a question regarding this: Why is there an increase in spreads when using ZuluTrade, a platform designed for copy trading? Is this a normal occurrence in the realm of trading?
Nov 29 2023
The increase in spreads when using ZuluTrade for copy trading, particularly with an additional markup on ECN accounts, is not uncommon. Different trading platforms and copy trading services may implement varying fee structures and markups based on their operational models and the services they provide. Such adjustments in spreads can be part of the cost associated with using a specific platform or service.
In trading, it's essential to carefully consider and compare the fee structures of different platforms to assess their impact on overall trading costs. Traders often choose platforms based on a combination of factors, including spreads, commissions, and the quality of services provided. SO, it is very common when spread increased when you use other platforms and for the case that using ZuluTrade, the spread might be used to cover commission that broker need to give to platform.
Feb 26 2024
Hey there, everyone! I've been intrigued by this concept of copy trading lately and I'd love to dive deeper into how it all works. So, can someone give me a thorough rundown of the mechanics behind copy trading? I'm really fascinated by the idea that I might not need to actively participate in trading myself. It sounds kind of similar to using an expert advisor, but I'm sure there are some key differences. Plus, I've noticed that with copy trading, there's often a profit-sharing arrangement involved. Why is that the case? And when it comes to comparing copy trading with standard trading methods, I'm curious which one tends to offer greater profitability while also considering the level of risk involved. I'm eager to gain a better understanding of these aspects, so any detailed explanations or insights would be incredibly helpful!
Feb 29 2024
Hello, Copy trading allows investors to automatically replicate the trades of experienced traders, known as "signal providers," without actively trading themselves. It's similar to using an expert advisor but involves directly mirroring the trades of another trader in real-time. Platforms offering copy trading often charge a portion of the profits as a fee for the service. While copy trading offers convenience and potential returns, it also carries risks, including the possibility of losses if the chosen signal provider's trades perform poorly. In comparison, traditional trading methods provide greater control and require more knowledge and time commitment but can offer flexibility and autonomy in trading decisions. The choice between copy trading and traditional methods depends on individual preferences, risk tolerance, and investment goals. (You can read more about copy trading and other auto trading at here : PAMM Vs Copy Trading: What are the Differences? )