Myfxbook Autotrade has a lot of benefits for both professional traders and beginners. You can copy trading systems or become a provider yourself.

There is a lot of reasons why some traders prefer copy trading over regular one. Whether it's the convenience or the simplicity, there is no denying that this method has gained popularity over the years. No wonder more and more websites offer copy trading tools for traders. But, not all of them are trustworthy. If you don't make the right choice, you might end up being scammed. Myfxbook Autotrade is probably one of the most recognized tools you can get in the market. Professional and new traders alike come to this platform because it's simple and pretty straightforwards.

What is Myfxbook Autotrade

 

Get to Know Myfxbook and Its Benefits

Myfxbook Autotrade is a copy trading service that allows you to copy other professional traders listed on the platform. It also enables professionals to evaluate, analyze, share and compare their strategies and account performance. This tool lets them track and analyze behind every trade they did


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These tools were created by two brothers from Israel, Alexa and Pavel Rekun. The two creators started working on their ideas when they were teenagers and managed to launch the service in 2009. At the time, they aimed to create a social trading community for both newbies and professionals. They want to help traders to learn more about the trading industry by joining community discussions and copying veteran traders, so they could have an idea on how experienced traders do their trades.

You can use Myfxbook Autotrade free of charge, but if you decide to trade using this service from a broker, you might be charged a commission fee. Right now, Myfxbook Autotrade has joined hands with hundreds of brokers across the industry and continues to be one of the best copy trading services.

That is because the platform strives to give you accurate statistics, to make sure you have the best trading experience. Despite it being a copy trading tool, you still get full control of your account. That means you can add or remove a system at any time, making you the master of your own account.

 

How Does It Work?

A common misconception among new traders is that Myfxbook Autotrade is a broker itself, while the reality couldn't be further than that. This platform doesn't act as a broker itself, which is why they mostly partner with a broker. Using Myfxbook Autotrade is not too complicated, but you do need to pick a good broker that integrates with their system.

 

1. Pick Your Broker

Before you sign up for an account, the first and most important step is to choose your Myfxbook broker. There is a lot of brokers who partnered with Myfxbook Autotrade to provide their clients with the best auto trading features. IC Markets, for one, is an ASIC-regulated broker and has one of the best raw spreads in the market.

Rating


Spread
Variable
Regulation
ASIC, ACN 123 289 109
Min Deposit
$200
Established
2007


Interest rate on funds

Free education

PAMM accounts

MAM accounts

Segregated accounts

Managed accounts

Payment

Bitcoin
BPAY
Credit/debit cards
FasaPay
Neteller
PayPal
Skrill
UnionPay
Wire transfer

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.

Other brokers that can be connected with Myfxbook Autotrade are FXOpen, Pepperstone, and Tickmill.

 

2. Sign Up for Automated Trading

The next step is to sign up with your selected broker. Keep in mind that terms and conditions might be different from one broker to another. For example, it only takes a few steps to register for automated trading in IC Markets. For existing clients, they still need to open a new live account to be connected to Myfxbook Autotrade. However, such a case might not be needed in other brokers.

 

3. Deposit Your Funds

Just like any other trading method, autotrading will require you to deposit some funds into your account. Each broker might have different policies regarding the amount of money needed to start autotrade. Sometimes, brokers might set different minimum deposits for each asset they provide. But luckily, most of them give out this information on their official websites.

Another thing to consider is what kind of payment options they have. Some brokers might limit their service to bank transfers and credit card, while others might be willing to accept e-payments and even Bitcoin.

 

4. Pick Your System

Trading systems listed in Myfxbook Autotrade are plentiful. The question is how do you distinguish the best one? Luckily, you can check out trading portfolios so long as the system providers make them public. You need to understand the basic knowledge of the market to know whether a system will work in your favor or not, and how do they maneuver around difficult times. But remember, trading is risky no matter what methods you choose. You can single out the best trader to copy and still ended up losing. What determines a successful copy trading is the overall amount you win can cover the amount you lose as well as the service's expenses.

 

5. Starts Copy Trading

Once you've done all the steps above, it's time to start copy trading. Myfxbook tool links to your trading platform and automatically imports all past as well as active transactions from one's trading account. It lets you graphically view all of your provider's trading statistics including balance movements, equity, and drawdown. You can also view statistics of past trades, performance in pips or percentage, and visualize which products traded the most or best. This info can be made public or kept private.

Copy trading statistics 2

 

The Key to Copy Trading with Myfxbook

Profit is commonly the main concern when trading. After all, it is the main reason why traders enter the market. Copy trading itself can be a great way to bring you a lot of gains if done correctly. Especially if you are a super busy person with a full-time job. While it might seem easy, there are more about copy trading that you should know. There are other steps to take to make sure you get what you are looking for.

 

1. Analyze

Now, you probably think that copy trading doesn't require market analysis. At some level, it is true. You don't have to study the most complicated technical analysis. Nonetheless, it's always important to have a basic understanding of trading system and how it works. Once you find a system you like in the table, you can drill down to get the description and detailed stats. You can see a detailed performance or go to the more advanced zones and check out what indicators are being used, profit factor, standard deviation, and many more. These should be your guides to choose the best system to copy. But, you won't be able to do it if you don't understand any of it.

Copy Trading Statistics 3

 

2. Understand the Risk

When you copy a system in Myfxbook, in default it will copy all open trades when they can be opened at a price better than the system. Sadly, this also means that all trades in losing positions will straight away be copied. To avoid this, you have to wait for the systems to have no open trades before you start copying. Don't forget to apply solid risk management in accordance with your strategies.

 

How to Be a Strategy Provider

Anyone can become a provider in Myfxbook Autotrade if they can fulfill the requirements, including you. First, you must own a verified MetaTrader 4 account connected to Myfxbook with a minimum balance of $1,000, at least 3 months trade history, and 100 previous closed trades. Second, you need to have a historical account drawdown of no more than 50% with at least 10% returns of the maximum drawdown. Lastly, you will need an average trade time of 5 minutes and an average pip gain per trade of at least 10 pips. If you succeed, you will get paid 0.5 pips per winning trade. Not a bad deal and certainly serves as an additional income for every winning trade.

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In general, tools and features provided by Myfxbook Autotrade are very useful. If you look at it, it seems to make trading easier for busy traders or newbies. However, there are some limitations to it. For example, the risk management features are limited and only useful if you copy one strategy at a time. Since the system uses "hypothetical" results, it means that there's always a possibility that your expectations might be wrong. After all, the forex market is highly unpredictable and prone to unexpected movements. If the question is whether it's a good copy trading service or not, of course, it's as good as any other trading method you can find. The key is to keep your reality checked and don't forget to take safety measurements beforehand.

 

Besides Myfxbook Autotrade, Expert Advisors (EA) often become a popular choice among busy traders. Find out the answer to all your questions about EA in Everything You Need to Know About Expert Advisor.