Today I’m providing a review of a copy trading investment platform developed by the RoboForex (RoboMarkets) trading group, CopyFX. The creators of this service believe that by giving less experienced traders the ability to copy those that have already established their skills, will allow for traders of all levels to be more successful.
Owned and operated by the RoboForex (RoboMarkets) group, they are located at No. 1 Orchid Garden Street, Belmopan, Belize. General questions can be emailed to email@example.com and they also have a handful of phone support numbers, depending on your language. The English number is +65 3158 8389, but they also offer support in Thai, Ukrainian, Arabic, Chinese, Taiwanese, Russian, Indonesian, Malaysian, Portuguese, Spanish. If you require one of these numbers, I recommend that you go to the contact form which can be found on the brokerage website.
You have 2 options when registering with CopyFX. You can either be an investor, where you copy other traders, or you can become a trader and share your account with other traders who may not have as much skill or experience is you do. Depending on how many traders follow you, you receive a commission from the investors that are copying your transactions. So, it essentially goes without saying, that if you are an investor, copying someone else’s trades, that you will be paying a commission on each trade that you copy.
According to the main sales page, the account statistics for traders using this service, are quite impressive. There are over 32,000 accounts, with over 14,000 investors, and over 17,000 traders. So, there are certainly enough traders to copy, the hard part is likely picking out which one is going to be most profitable.
One of the main aspects of this service that I appreciate on both ends, is the fact that traders only have to pay a commission when the transaction is profitable. You never want to lose a trade, and then have to pay a commission on top of that. As far as I’m concerned, that would be torture. Luckily, I believe that most work in the same manner, like Dupli Trade.
- Type: Signal Copying
- Price: Commission
- Strategy: Multiple
- Timeframe: All
- Pairs: All
In the price category for CopyFX I just filled in commission. The reason for that, is because you can register and start using this service without paying any additional funds, but you will have to deposit money and then pay a commission on each trade that you copy. Despite my efforts, I have been unable to find the amount of commission RoboMarkets charges per trade, but I assume that it is not overly cumbersome. I can’t imagine this service would be able to succeed if the commission rate was too high.
This may make it less attractive for traders looking to make money off their trades, but if they are making those trades anyways, it’s really just a bonus for them.
While in the past, I haven’t always been happy with the transparency when it comes to copy trading systems, I’m not as concerned with CopyFX. One of the main reasons why I’m not concerned, is because these accounts are directly connected with RoboForex (RoboMarkets), and this broker is reputable. Another reason why I’m not concerned, is the fact that the accounts look real, and aren’t showing inflated profits that couldn’t be achieved. In fact, a lot of the trader accounts aren’t very impressive.
The results section allows traders to analyze thousands of different trading accounts and organize them by drawdown, trading days, balance and pips. You can even click on each account for more details, profitability projections and a comments section where you can discuss the strengths and weaknesses of each trader, or even ask them questions about their strategy. This is a nice touch.
While the results are certainly real, they don’t show as much promise as I would’ve liked. There are some average accounts, but nothing that’s really making me want to jump in and start copying trades today. I’d prefer the numbers provided by advanced Forex EA’s more.
There are a couple of reviews from different Forex review websites, but there is nothing from clients of this service giving feedback on their experiences. Hopefully some people will read this review, and let us know their thoughts by leaving a comment or 2 below.
I’m still on the fence in general when it comes to copy trading services like CopyFX, because I just haven’t heard the amount of success stories that you would expect. This seems to be the case here as well, but hopefully that changes with members of the Forex robot nation community leaving comments with their thoughts and impressions on this service and others like it. So, if you have anything to say, please let us know.