As you’ve likely noticed, I’ve recently been reviewing Forex Social Trading Networks, built for traders that are interested in copying successful Forex traders. There are many different platforms, and ways to utilize these types of services. Yet, the over arching sentiment is simple, traders get to pick and choose from a selection of copy trade providers, pay some sort of a fee to gain access to this account, and then watch from the sidelines. The majority of these types of services are fully automated, so traders do not have to place trades manually.
This type of trading can be effective, but I still prefer automated Forex EA’s, and indicators well ahead of social trading.
Social Trading Reviews
In my short time analyzing and reviewing different Forex Social Trading Networks, I’ve come across 6 services. At this point in time, there isn’t one network that stands clearly ahead of the pack, but each has their own pros and cons. When analyzing social trade copying networks, I look at a multitude of factors. One of the first things that I analyze, is how many copy trade providers are available for clients of the network to choose from. There are quite a few networks, that only have a handful of traders providing signals, which makes it easy to rule them out.
The second aspect of a Forex copy trade service that I always pay close attention to, is the trading results, and how detailed they are. I’ve found that some platforms, provide overindulgent trading results that reflect and unrealistic trading outcome. These results are generally not detailed, and just claim that their providers are making large gains on a monthly basis. As we all know, Forex is a very difficult market, and so it’s very important to analyze the trading results of each copy trader with a dose of healthy skepticism.
While these are only 2 points, I find that they are both equally important when choosing a social network that could potentially meet your needs. Now, here is a list of all the recent reviews I’ve completed for this market.
Social Trading Reviews
Here at Forex Robot Nation we’ve reviewed many different networks, and we are always looking to see who is currently meeting the expectations of the market. Thus, we frequently update our reviews to make sure that the community is aware of which providers are the most reliable. Here is a list of all of the providers we’ve reviewed:
How Does Social Trading Work
Earlier, I gave a brief explanation of how Forex Social Trading Networks work, and I’ll elaborate on that now. While each platform, or network is different, the general baseline of this type of service is always similar. You register with the network, and then are usually required to register with a brokerage which can be connected directly to your auto trading account. Then, you analyze all of the copy trade signal providers based on their Forex trading results, and you select which ones you would like to copy.
After you have added these signal providers to your account, you can monitor their results, and have them trade directly on your account for you.
The process is simple, but you are still dealing with amateur traders, and thus there is a high level of risk with every platform available.
While I am new to Forex Social Trading Networks, I am not new to following their progress over the past few years. Despite the simplicity, and availability of providers, there is a surprising lack of success stories from this marketplace. There is no doubt that Forex social trading in the USA, and worldwide is on the rise, but I’m unsure if this is due to simplicity or success. As of right now, I’m leaning more to the elements of simplicity because none of these networks have a reputation that is driving the Forex market in one way or another.
Personally, utilizing a social trading app is not my main focus in terms of growing my accounts in the Forex marketplace. As the name of the website suggests, I am mostly satiated by the lies a sharing of automated Forex robots, and trading indicators.
If you are using trading networks, or copy trading, please let me know who are you are using, and what type of experiences you’ve had, good or bad.