In this latest edition of my new copy trading series, I’m looking at a service provider that claims to be the world’s largest open social trading network, FX Junction. Like most other services of this nature, the developers offer traders the opportunity to collaborate with other traders to “learn, share, follow and autocopy.” They want to give traders not only the opportunity to work with other traders, but to discuss the market and work on shared ideas.
Owned and operated by PineByte s.r.o, a private holdings in IT development company based in Slovakia. Their company headquarters are located at Kpt. Nalepku 17, 040 01 Kosice, Slovakia and they can be contacted directly via email@example.com. Likely, the best way to get in touch with the copy trading team, is to fill out their contact form directly on the website.
FX Junction Review
While there are certainly a handful of social trading networks available, the FX Junction team believe that traders should join their service because they have attracted some of the best Forex traders in the marketplace. They believe that this gives traders an edge, and allows them to “benefit from the wisdom of the crowd.” The team also suggests that it’s a natural progression for traders to get involved with trading networks in general, because the days of utilizing a single asset manager are numbered.
With technology giving traders access to thousands of different trading approaches and strategies, they feel that there is no reason why you should be limiting yourself to a single opportunity.
Another aspect that sets this trading network apart from the others, is the fact that they advertise no conflicts of interest whatsoever. They are not associated with any Forex brokerage, or asset manager. Traders can link their current brokerage account to this network, and they don’t have to sign up with a new brokerage to do so. This is very different from CopyFX which is owned by RoboMarkets, and Dupli Trade which requires traders to register with a brokerage through them.
I’m not sure how important these aspects are, but they certainly do offer something different than we’ve seen thus far.
- Type: Signal Copying
- Price: Fee Model
- Strategy: Multiple
- Timeframe: All
- Pairs: All
While many copy trade services have a fixed commission, the FX Junction service gives the signal provider the option to choose their own fee model. Signal providers are able to charge traders on a monthly basis, on a per trade basis, or both simultaneously. The majority of the most followed signal providers are charging anywhere between $10-$20 per subscription, while offering a 14 day trial. Other top providers charge 22 cents per trade, and $20 per lot.
These types of rates give traders flexibility on both ends, as they can decide whether or not they want to choose a rate based on their comfort level with a specific signal provider.
Even though this vendor is not using a statement sharing service, I am fairly confident that the FX Junction accounts are connected directly to MT4, and reported as so. The reason I am confident about this, is because the majority of the accounts aren’t that impressive, and none of the numbers are obviously exaggerated.
The results for this service are much more in line with CopyFX, as the accounts don’t really do much to make me jump out of my seat.
Traders have the option to sort the accounts by return on investment, return this month, drawdown, pips, win ratio, total trades and even followers. When filtering by followers, we can see that the most popular accounts are approaching nearly 500 followers, and these accounts are the most impressive on the website with monthly returns averaging around 3% to 15%.
By now I shouldn’t be surprised, that there is little to no client feedback on this service. The social trading networks don’t seem to generate much communication outside of the website the services are being sold on. In this case, even the main YouTube video has yet to register a single comment. This isn’t necessarily a negative, but it doesn’t provide us any feedback, which makes coming to a conclusion a little more difficult.
My opinions on the FX Junction network are in line with the way I feel about copy trading in general. I’m not overly excited about the experience, but I am intrigued to the point where I want to hear more from the Forex community. If you have anything you would like to add to this review, or you would like to share your experiences in this marketplace, I would appreciate hearing from you greatly.