Have you ever searched for the best copy trading brokers? Do you know what copy trading is? Copy trading (or social trading) is the best shot for those that lack of time, experience, or knowledge about the forex market or how to trade.
With copy trading, now you don’t have to spend days and nights perfecting your forex trading skills. Someone will do that for you and you just need to copy them. Thanks to copy trading, you can easily copy the trades of the best forex traders out there and make money just as they do.
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WHAT IS COPY TRADING?
Copy trading can be described simply by just its name. You copy the trades of other traders. There will be many strategy providers having so many strategies and you just have to simply pick the one you find the most suitable. The trades in the provider’s account will be copied to the copier’s account. If they make profits, you will make profits as well. If they lose, you’ll lose too.
Anything done in your provider’s account like opening a position, setting up a stop loss, or closing a position… will be copied completely to your account. The only difference is the ratio between your fund and theirs. For example, if he/she cash in 20,000 dollars for one trade but you only have 200 USD in your wallet; therefore, your ratio is now 100 to 1. Every 100 dollars of their profits will be 1 dollar to your profit. Fair enough?
One thing to notice is that you still have full control over your trading account. At some point in the trade, if you want to go by your own instinct, you can easily take over from your provider and do as you wish. Very simple and easy.
THE BEST COPY TRADING BROKERS
In March, 2019, Exness officially launched its first copy trading features. Then in an instance, traders from all over the world were drawn to it. Actually, copy trading isn’t Exness’ exclusive feature. There have been many brokers that offer this service like Etoro, MQL5, or Zulu Trade… So why do I want to talk about Exness platform?
Exness copy trading platform is totally different from others in the forex market. In my experience, Exness platform is more user-friendly than the others. It is very suitable for investors who have little forex trading knowledge or experience. Let me show you why.
THE ADVANTAGES OF EXNESS COPY TRADING PLATFORM
Easier to understand and use
When making this platform, Exness really aimed at simplicity. The reason is that they want to target mostly forex investors. Investors are people who have money but don’t have much trading experience. So it is better if the platform is simple. Exness doesn’t want to scare investors off with such information like equity, Take Profit, Stop Loss orders… Those things only confuse the investors. They only care about the risk and profit rate of the providers. Because if you can find the balance between profit and risk, you will invest successfully and profitably.
No minimum position volume
Most brokers allow at least 0.01 lot for minimum position volume. But here at Exness, investors can copy position at a rate as little as 0.00000000001 lot USD.
The reason why this is an advantage is that sometimes, investors want to test the provider’s strategy first. Therefore, they will want to put in just a small amount of money. Because Exness is one of the largest forex brokers in the world, the traders there usually deposit a huge amount of money. It’s better when the investors can copy just a small fraction of that.
The quality of the providers
What makes Exness’ traders different from others of other copy trading platforms? In my opinion, the strategies at Exness are much safer and more profitable. Because the trading purpose of Exness traders is to make profits for themselves first, then let the others copy later. On other copy trading brokers, the purpose is to reach the top on the ranking board so that they can get money from copiers. This leads to their creating many methods to cheat copiers. You’ll find their trading accounts pretty and nice until they hit Stop Out.
Exness is the different story. Traders there trade for their own profits. All those 40,000 traders at Exness are real traders. They trade for their livelihood. They calculate the risk very carefully and choose the strategies that most suit them. Every decision they make is vital. Therefore, it is very unlikely you will be scammed when copy them.
A variety of trading strategies
According to data, there are over 40,000 active forex traders every month at Exness, most of whom are professional traders trading large amounts of money. That’s how Exness got $400 billion trading volume a month on average in 2018. Therefore, Exness provides investors with a wide range of quality strategies to copy. They are categorized according to the most copied ones, the highest profit rates or the lowest risk scores. Choose whatever you like.
DRAWBACKS OF EXNESS COPY TRADING
Many have complained that Exness copy trading platform doesn’t provide some information that they need:
- No providers’ strategy’s equity.
- No ways to check providers’ risk management plans.
- No showing how risk is measured.
However, those who want to know these information are traders. Investors don’t care about those. They are too complicated. Remember, an investor only need to know the risk score and profit rate.
In conclusion, Exness is one of the best copy trading brokers in the world today for investors. Their platforms are easy to use and their providers are reliable.