Today I’m providing traders with a review on a new Forex signal service that’s been built to give the community access to a large selection of Forex strategy providers, Dupli Trade. The purpose of this service, is to allow traders to analyze different signal providers, choose which of them best suits their trading style, and then begin to duplicate the exact trades to be placed in their accounts.
It is unknown who the developers of this service are, or where they are located. Their servers are located in England, so it’s possible that that is where the company is located as well, but we don’t know this for sure. Even doing additional research on Google, has led me to no real search queries that provide more information on the service. In order to get in touch with support, traders are required to fill out a contact form, as they do not provide us with the direct email address or phone number.
Dupli Trade Review
The process for getting started with Dupli Trade is explained to the public as simple and quick. Traders register, open a brokerage account which is linked to this website, select a strategy provider and then track the trades being taken in real time.
The most important step in this process, is likely the step where you have to. There are currently 5 providers available to the public, Sniper, Titan, Legacy, Cryptoz and Spider. Each of these providers represents a different Forex trading strategy. For example, the sniper strategy, opens buy orders from demand zones, and sell orders from supply zones based on “trend direction, engulfing, price compression, Quasimodo pattern,” as well as other elements.
The explanation of each strategy is quite short, but you could always go through their trading results and do your own analysis as well. It would be helpful, if they allowed comments on the strategy providers pages, because it would give us much more insight into the successes and failures of their signal followers. I recommend that they look into making this adjustment in the near future, as it’s not something that would be difficult to include.
This is a little different from other signal providers I’ve recently reviewed like Cash Cow Signal and Signals Premium.
- Type: Signal Copying
- Price: $5000 Deposit
- Strategy: Multiple
- Timeframe: All
- Pairs: All
In order to qualify for the Dupli Trade auto-execution system, traders are required to deposit $5000 with one of their recommended brokerages. The brokerages their recommending are reputable, which is a plus, but $5000 is still a very large investment.
The 6 Forex brokers available are ICMarkets, Pepperstone, AVATrade, AxiTrader, FxGrow and FXDD.
The Dupli Trade team provide us with statistics overviews for each of their strategies. There are charts that show which strategy providers of the most profitable over certain periods of time. A table that shows the net profit, trades, winning percentage, and amount of followers. As well as, the latest strategy providers closed and open positions.
I appreciate the detail that is being provided here, but my only concern, is that this is all done in-house. There is no way for a third-party to verify these results, because they are not hosted with FX Blue or Myfxbook.
Considering the minimum deposit is $5000, I would want to be 100% sure that the results being shown here are validated by a third-party website. Again, this is something that could be completed easily, by uploading these statements to the statement sharing services. It takes under 10 minutes to complete this task, so it shouldn’t be an issue.
Despite showing nearly 500 followers for each strategy provider, for a total of over 2300 members, there is really no client feedback anywhere about this service. This is quite surprising to me because the website comes across as professional, and not the type of product or service that would likely to be fabricating these numbers. Yet, with this type of trader volume, there should be at least 50 to 60 comments about their service somewhere online.
Considering there isn’t, maybe my review today will act as that hub for client feedback.
As of right now, I’m not going to be signing up with Dupli Trade, but when a couple of my requested adjustments are made, I will certainly consider changing my mind. In the meantime, if you are a member, I would love to hear from you about your experiences with this copy trading service. Thank you for reading my review, and please let me know if you have anything you would like to add.
I’ve used this service for 16 months, following 4 traders. All of them have blown their accounts. None of them set stop losses, opting to hedge trades when the market moves against them.
Be prepared to lose money. You would be better off digging a hole and burying your money and hoping you can find it again years later
**Do not trade with Duplitrade**
I signed up for duplitrade after using their free test account. The way Duplitrade works is you mirror and copy the accounts of their, “professional traders,” to help ensure your success. All the strategy trading providers that you can follow show positive returns, you can look back through their successful trading history which was great. However, I have been running a live account for 6 months and I have only lost money, almost all of it in fact. Keep in mind that this was through no fault of my own, the idea behind Duplitrade is that you are supposed to trust their, “experts,” to make the right trades and the investor is supposed to profit. My only mistake was trusting Duplitrade to employ competent and trustworthy forex traders, and I never would have imagine that a company would falsify and hide statistics, losses, ect. The statistics that Duplitrade show are not accurate and I wouldn’t be surprised if they are breaching some laws in falsifying returns and deleting trade history information. I have watched two strategy providers have terrible returns, lost a lot of investors money, and duplitrade simply deleted them off their website, all their losing statistics were erased, along with any history that they ever existed. In six months I have witnessed them do this with two different providers after losing all their investors money. This company really exaggerates returns while simply making any negative information disappear. I deeply regret investing any money with this company, I would recommend using another mirror trading company with more transparency and a longer history.