Review of the Mirror Trading platform of FXOpen
The Forex broker FXOpen offers the possibility to connect its trading accounts with the mirror trading platform and service Myfxbook Autotrade, one of the largest providers of automated Forex trading today. This company offers hundreds of trading systems of all kinds as signals providers. Each time a trade is opened in a signals provider’s account, the terminal sends a signal to the followers’ accounts in FXopen to open exactly the same trade. Myfxbook AutoTrade is designed with a technology that ensures error-free and seamless trade replication.
FXOpen is a ECN broker which allows to trade with Forex and commodities (gold and silver) through an ECN/STP trading execution with direct market access as it connects the trader with a liquidity pool consisting of many liquidity providers which includes dozens of banks.
Country of origin of FXOpen
The offices of FXOpen are located in New Zealand.
Regulation of FXOpen
FXOpen is regulated by different entities such as ASIC and FCA.
The automated trading systems of the platform Myfxbook Autotrader together with FXOpen are designed to trade with currency pairs in the Forex market and with gold and silver.
Trading style of the strategies
Myfxbook Autotrader offers hundreds of different automated trading systems and pre-defined portfolios. In general, these systems are based on trading strategies of all kinds. In this case, is possible to find strategies based in scalping, day trading, swing trading and other styles.
Many of these systems were developed by Forex tradees with years of experience in the markets.
Trading signals Provider
- The trading signals are generated by automated trading systems created by expert traders and programmers of Myfxbook Autotrade with years of experience in the Forex market. These systems are based on proven trading strategies which are based mainly in technical analysis.
- These automated systems were tested by Myfxbook Autotrade, so the investor can be sure about its effectiveness. But no system works always, so the trader must control the performance of the chosen systems constantly.
- Only experienced providers with real trading accounts and a profitable performance for 3 months or more who have deposited over $1000 are accepted.
FXOpen offers a demo account to evaluate its automated trading platform with no limit of time
Main Advantages of Myfxbook Autotrade
- Myfxbook Autotrade allows to choose among hundreds of automated trading systems and pre-defined portfolios.
- This autotrading platform together with FXOpen is designed to trade with currency pairs and precious metals (gold and silver).
- The investor has the option to use any number of automated systems that he decide at the same time.
- This application was developed by the broker FXOpen together with Tradency a company with years of experience in the field.
- The use of these automated systems eliminate the psychology factor of the trading.
- Myfxbook Autotrade allows to check the performance, the trading style and other features of each trading system.
- The major advantage on an autotrading platform like this is that it allows to trade 24 hours a day and 5 days a week.
- This platform include multiple diversification and risk-management options which reduce the amount of losses and maximize profits improving the chances of success.
- FXOpen offers its clients the possibility to connect their trading accounts with Myfxbook Autotrade. One of these accounts offers ECN trading conditions.
- The trading signals are executed through Metatrader 4, so it can run Expert Advisors, which are automated trading systems of that platform.
- Myfxbook offers demo accounts and a strategy simulator.Check its operation before investing your money!
- Detailed charts provide an overview of the provider’s past performance to help the investors assess their potential.
- Myfxbook offers the possibility to choice from only the best-performing strategies. The company only pay to strategy providers for making profitable trades.
- The investor has full control — the clients are free to suspend or eliminate a losing strategy at any moment in time. You can also limit the trading volume, trades or currency pairs for any strategy through your myfxbook personal profile or set a level of balance or drawdown, at which point a risky or losing strategy will be suspended automatically for the account.
|Company||Forex Broker FXOpen|
|Minimum deposit||The opening of an autotrading account with FXOpen requires a minimum deposit of $100.|
|Cost of service||Myfxbook A utotrade service has no cost. The trader only has to pay regular transaction costs charged by FXOpen in its different trading accounts. For example, for ECN accounts FXOPen charge a commision of $1.5 per standard lot ($100000).|
FXOpen has a good customer service with the following contact methods:
|Link to website||FXOpen Website|
|Open an account (free)|