Best known for their statement sharing services, Myfxbook also provides AutoTrade capabilities, that allow traders to benefit from their version of the social trading network. They advertise the service as next-generation trade mirroring, built to be compatible with nearly 40 different Forex brokerages.
It is unknown the exact team that owns Myfxbook, or where they are located physically. With a stellar reputation in the Forex marketplace, this platform is one of the most reliable available. This doesn’t mean that the signal providers are slamdunk, but you won’t run into any issues with the platform itself. Traders can get in touch with support via the contact page on their website, as their is no direct email address provided.
Myfxbook AutoTrade Review
There are a handful of elements that Myfxbook AutoTrade believe sets them apart from the other Forex copy trade networks available. Firstly, instead of providing thousands of different signal providers, they constantly monitor their traders, and handpick only the best systems for you to choose from. This is a smart approach, as I’ve personally found in the past, that other networks inflate their signal provider numbers, by allowing bad traders to be a part of the network. I don’t see the point of scrolling through hundreds of different providers that I’ll never even consider.
Another strict rule they employ, is that they don’t allow demo traders to become signal providers. Every single trader looking to provide their signals to the public, must be utilizing a live trading account. This ensures that the provider has something to lose, so they are dealing with the same amount of risk as their clients. You never want to use a signal provider that has nothing to lose, because then they will take unnecessary risks.
As for the client, you can trade on a demo account as long as you want utilizing these auto trader signals before you move to a live account. These are all very important aspects, and I expect nothing less from a provider with this type of reputation.
- Type: Signal Copying
- Price: Commission
- Strategy: Multiple
- Timeframe: All
- Pairs: All
In terms of payment, traders don’t have to pay Myfxbook AutoTrade or the signal providers directly. Yet, there is generally a commission added to each trade by your broker. I don’t know the exact commission for each broker, but I am aware that FXCM is currently charging one pip per trade, which is likely the average fee you can expect from brokers dealing with this service.
The service is currently compatible with 39 brokers.
As I write this review, there are currently 44 signal providers for the community to pick from. Each trader utilizes a different trading strategy, and can be sorted by overall gain, daily gain, monthly gain, drawdown, or my personal favorite the amount of subscribers they have. Subscribers is a great metric to utilize, because you can see exactly how many traders are following each provider, which means they’ve essentially done the research already.
Myfxbook Autotrade also provides a new additions section, for those interested in new providers, and a top gainer section, for those interested in the traders were performing the best in recent days or weeks. Traders could essentially watch the top gainers section closely, and jump on a rising provider at the right time.
I’m not concerned with any of the numbers being provided, because they are all directly verified by Myfxbook, and none of them are showing any ridiculous or asinine types of gains.
The most popular providers are Turtle EUR with 1125 subscribers, Lucky Pound with 642 subscribers and NinjaTrainer with 450 subscribers. Considering the amount of people that visit Myfxbook on a daily basis, it’s quite apparent that their auto trade service isn’t garnering as much attention as you may think.
In terms of social trading networks, I would rank Myfxbook AutoTrade near the top, based on their reputation alone. The trading results being provided are all verified, and the platform work smoothly with many different brokerages. If copy trading is something that you are interested in, then I would pencil this provider near the top of your list.
If you have anything you would like to add, please leave your comments and questions below this review now.