IC Markets Social App: Your Network for Smarter Trading

Gemma: You are right about copy risk management. I mean, it's a totally cool idea and I think other brokers or copy providers won't have this for a while. As for the trading account itself, I'm actually a bit disappointed that we have to access social trading with a registered real account, while the demo account doesn't have this feature.

Regarding your question, I guess you need to read the following articles to know the trading conditions of both accounts:

• Is IC Market For Beginner
• IC Market Review
• IC Market Standard Account VS IC Market RAW Spread

And the best for beginners is the standard account. There is no doubt about that.

Handviand: I think you are misunderstanding copy trading. All brokers that offer copy trading, including IC Market, have the same mechanism for copy trading.

Basically, you just need to click the copy trade button after following the traders you want and let your account follow the trades automatically. You just sit back and watch your account move.

But some brokers like IC Market also have the option to stop copying trades during copy trading. Meanwhile, other brokers simply let the copy trade continue until the trader finishes the trade.

For more explanation, you can read below article to see what copy trading is:

Is Copy Trading Really Worth It?

When it comes to actually using copy trading, you'll usually start by ing a trader to copy on a platform like IC Markets. Once you've clicked "copy," your account will start automatically trading based on the trades of the trader you're copying.

Here's the thing, though. Some copy trading platforms will copy all the trades, even if your capital doesn't match the trader's capital. That can be risky if you're not comfortable trading with more money than you're used to. But don't worry - some platforms offer tools to help you manage risk, like the ability to adjust the trade size based on how much money you have available.

All in all, copy trading can be a great way to learn from other traders and maybe even make some money.

Let me add some information based on my experience.

it's definitely important to find a copy trading platform that offers risk management tools that work for you. And it's also a good idea to consider the trading terms of the trader you're following. If their trading style doesn't align with your goals or risk tolerance, it may not be the best fit for you.

That being said, there are other ways to potentially increase profitability without needing to downgrade the trading size. For example, you could look for traders who have a track record of consistently profitable trades, or traders who specialize in a particular asset or market. It's also worth considering your own trading strategy and goals - are you looking for short-term gains, or do you have a longer-term investment horizon?

I totally agree with your statement about IC Market's social trading platform. It is just like a whole Facebook for forex trading. You can chat with other traders, share ideas, and even challenge your buddies to see who's the better trader. that interacting with other traders is a big part of what makes social trading work. By learning from others' experiences and sharing your own, you can get a better handle on the markets and maybe even make some extra cash. And with IC Market's Inverse Trading feature, you can even make it into a friendly competition.

But let's be real - social trading isn't a guaranteed path to riches. You still need to be careful about who you're copying and how you're trading. It's important to do your research and use good risk management practices. But if you're smart about it, social trading can be a sweet way to learn from others and maybe even make some sweet cash.

@Mehedi Ahensan: AS I know, most fintech nowadays, they will employs state-of-the-art encryption and authentication protocols, including Secure Sockets Layer (SSL) and Transport Layer Security (TLS). These protocols ensure that data transmitted between users and the platform remains encrypted and secure, safeguarding it from unauthorized access.

When it comes to regulatory standards, They adhere to the requirements set forth by reputable regulatory bodies such as the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC). By meeting these regulatory standards, IC Markets demonstrates its commitment to maintaining the highest level of security and privacy for its users' data.

Based on my experience, what truly sets IC Markets apart from other social trading platforms is its unwavering dedication to transparency and user trust. The platform has implemented robust systems and procedures to prevent fraud and misconduct. 

@Erwin:  Hey there! I think I understand what you're asking. At first glance, social trading and copy trading may seem similar, but there are actually some differences between the two.

Social trading is a type of trading where traders can connect with each other and share information, strategies, and insights about the market. This can be done through various platforms, including social media, forums, and chat rooms. Traders can learn from each other and make more informed decisions based on the collective knowledge of the group.

Copy trading, on the other hand, is more focused on replicating the trades of other traders. In this type of trading, you would choose a trader to follow and then automatically copy their trades. This can be a good option for those who are new to trading or don't have the time or knowledge to analyze the market themselves.

In terms of the IC Market app, it seems like they have features that are both social and copy trading. It's possible that they use the term "social" to refer to the social aspect of connecting with other traders, but also include copy trading features to make it easier for users to replicate the trades of others.

I hope that clears things up a bit!

@Alejandro: Hi there! Let me break down to you about the risk management tools that offered in IC Social App. SO there are:

• Warning Level: The warning level is the initial threshold set to notify you when the trade reaches a certain level of drawdown. It acts as an early alert system, indicating that the trade is moving against your expectations and suggesting that you monitor it more closely.
• Soft Stop Level: The soft stop level is the point at which you've decided that the trade should be closed to limit potential losses. When the trade's drawdown reaches this level, the system will start executing actions to close the trade. This is a preventive measure to protect your capital while allowing for some flexibility in case the trade temporarily moves against you.
• Hard Stop Level: The hard stop level is the point of no return, beyond which the trade is forcibly closed to prevent further losses. When the trade reaches this level of drawdown, it will be terminated automatically. 
• Current Level: The current level indicates the real-time status of the trade's drawdown. It shows you how close the trade is to reaching the soft and hard stop levels.

Hope my answers can help! Happy Trading!

@Robin: Going against someone's trade and taking the opposite position can be a bit risky. Sure, it can lead to profits if the market goes your way, but it can also mean losses if the original trader was right.

Now, whether inverse trading is a strategy worth exploring really depends on your risk appetite, experience, and the current market conditions. It's a daring move that's more suitable for seasoned traders who know their way around the markets and can analyze trends and signals effectively. But if you're new to trading, it might be best to play it safe and gain more experience before jumping into such a strategy.

In my mind, as for challenging a friend's trading strategy, it can be a fun way to test different approaches and have a bit of friendly competition. But remember, it's important to keep things respectful and collaborative. Instead of seeing it as a battle, view it as a chance to learn from each other and improve your trading skills together.

@Fajar: Hey, it's great to see your enthusiasm for social trading and IC Social! IC Social does offer some impressive features that make it stand out in the market. Users can enjoy executing trades, copying professional traders, and engaging with a community of fellow traders all within one app. It's a convenient and integrated solution for social trading enthusiasts like yourself.

Regarding the account type, IC Social requires a live MT4 trading account to access its features. While the type of account, such as Standard or Raw, may affect trading conditions like spreads and commissions, it doesn't necessarily impact the social trading functionality itself. So, you can focus more on the features and benefits specific to social trading within the app.

In simple terms, brokers like IC Markets have to adhere to rules and regulations set by different countries to ensure fair and safe trading. In the United States, there are organizations like the SEC and CFTC that ensure brokers comply with the rules and protect investors.

Now, when it comes to international brokers like IC Markets, it can become tricky for them to meet all the requirements set by US authorities. They would need to register with the SEC, become part of organizations like FINRA, and fulfill specific financial obligations. This can be a substantial amount of work and may not align with the typical operations of international brokers.

Due to these complexities, some brokers decide it's better not to accept clients from the US. This decision helps them avoid legal and regulatory issues and allows them to focus on serving clients from other countries where the regulations are more in line with their operational preferences.

Read more: Is KYC Important in Forex Trading?

That's right, not many brokers accept US traders. According to the articles I read, it is known that getting a US license is very difficult because the requirements are quite strict. One of the main reasons why forex brokers do not accept US clients is because of the strict regulations imposed by the US government. The US government has implemented a number of regulations regarding forex brokers, including the Dodd-Frank Act which was introduced in 2010. This law requires forex brokers to register with the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) which can be a lengthy and expensive process.

In addition, forex brokers are also required to meet a number of other requirements, including maintaining minimum capital requirements and submitting periodic financial reports to the authorities. These regulations can be difficult for forex brokers to comply with, which is why many prefer not to accept US clients.

Well despite the many rules in the US, it is important to remember that these regulations are designed to protect traders and ensure that the forex market operates fairly and transparently. As a result, it is important to choose a regulated and trustworthy forex broker, even if they do not accept US clients. Yeah, even though IC Markets Broker can't penetrate the US market, it can't be denied that it is a good broker. IC Markets is a highly regulated Broker with a good reputation. The company is recognized globally and offers good trading conditions for professional or regular traders. IC Markets has one of the best and most good study and research materials for trading EAs.

However, you still need an account that has US regulations, you have to read this (Forex Brokers Offering Us Clients)