Update: This copy trading service has been discontinued. If you have an interest in social trading investing you can try a copy trading platform with access to hundreds of traders and strategies of the broker HotForex with their social trading service HF Social. More information here: HF Social – Copytrading platform of HotForex
The Forex broker Trade-24 offers its clients a social trading service which gives them the opportunity to follow and copy the trades of other traders in real time and easily. Through this service, any investor who opens an account with this company can track the transactions made in the market by experienced traders who make money consistently through their trading strategies.
The service of social trading is built into the Webtrade24 platform, an online application (no download or installation is requires), which is based on Sirix Webtrader, a platform for Forex trading whose use is becoming popular in the industry, thanks to its multiple tools which includes a function for copying the transactions made by other traders who trade regularly with this broker.
The following image shows the interface of theWebtrade24 platform with the social trading function:
As we can see, the platform integrates into a single interface different tools for managing trading operations, various functions of market analysis and the trading social function (right side). Thus, the trader can open and close their own positions, analyze market behavior and copy other traders transactions from a single window and with a few clicks.
Description of the Social Trading Service of Trade-24
Below we show the main features of the social trading service of Trade-24:
- Cost: The services presents no additional cost for the trader.
- Instruments: Currency Pairs (Forex) and metals (gold and silver spot).
- Copy of the transactions of signal providers (traders): This services allows to follow and copy in real time (with one click) all transactions made by any trader who trades regularly with this broker and is integrated into the social trading network. Transactions are instantly copied and appear in the investor trading platform, who has the option to leave these trades running or close them at any time if are not producing the expected results or too risky for example. For each trading signal (trade) the following data are displayed:
- Type of transaction (buy or sale)
- Opening price.
- Closing price.
- Signal providers (traders): For each trader integrated to the social trading network, the system displays the current performance, including winning trades, losing trades, total profit and other significant statistics. Thus, the investor can select those traders that have the best performance along with a trading strategy which can produce benefits. In this case there is no limit on the number of traders that investors can follow. Another advantage of the system is that the user can view the trading signals of all traders integrated to this network and also has the ability to filter signals so that only appear the trades performed by the best traders of the company or those which were previously selected.
Procedure for copying trades
As noted above, the procedure for copying trades is quite simple. Each trading signal generated by the signal providers appears as follows:
As the picture shows, the format of the trading signal indicates the instrument, opening price and type of trade. If the investor believes that the signal is adequate and has high chances of success, he/she can copy instantly the trade by clicking on the “Copy” button. Immediately, a new position appears in the Webtrade24 platform, which can be closed at any time by the trader.
How to access the social tradingf service of Trade-24?
This social trading service is offered at no additional cost by Trade-24 for all customers. All the trader have to do to become a signal provider or to copy other traders trades is to open a trading account with this company and deposit the necessary funds.