To start copying trades on ExpertOption, you need to log in to your account, select the account type, top up your balance (the minimum deposit starts at $10), decide on the type of trading asset, activate the copy trades feature, and review your account performance.
ExpertOption Copy Trade Service - Can You Make Money Copy Trading?
Updated: October 20, 2023
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This review delves into the intricacies of the ExpertOption copy trading service, evaluating its potential as a money-making tool for traders. We'll explore the mechanics of copy trading, how to get started on Expert Option broker, and address common queries about its safety and efficacy.
What does copy trading mean?
Copy trading is a strategy that allows traders to mirror the positions or portfolios of another trader. When the original trader opens or closes a position, the same action is replicated in the account of the person copying. This approach is particularly beneficial for newcomers to the trading world who may lack the expertise, time, or commitment to analyze markets in-depth.
The process can be either manual, where the copier chooses which trades to replicate, or automatic, where all trades of the chosen trader are copied. Essentially, copy trading links your account and the trader you're copying. Their wins become your wins, but your account also mirrors their losses. This method offers a more passive trading experience, as the bulk of the decision-making rests on the shoulders of the trader being copied.
ExpertOption copy trading pros and cons
👍 Pros
• Low level of the minimum deposit, from $10
👎 Cons
• Lack of a license to provide services and a regulatory body for the broker
• The company does not cater to clients from countries such as the United States, Canada, Switzerland, New Zealand, North Korea, Puerto Rico, Bangladesh, Yemen, Indonesia, Singapore, Sudan, and the European Economic Area
• Funds can be credited to the deposit within 45 days (depending on the payment system)
• The funds of the company's clients are not protected in any way
How to get started with ExpertOption copy trading?
ExpertOption, a binary trading platform, allows copy trading. Here’s how to do it:
1
Account access. Begin by signing into your designated ExpertOption account, ensuring you have the correct credentials.
2
Account type. The transition from a demo setup to a genuine trading account if that's your current status.
3
Funding. Fund your account with funds, noting the $10 minimum deposit requirement.
4
Asset selection. Decide on your preferred trading asset: stocks, cryptocurrencies, Forex, or other commodities.
5
Social trading. Navigate to the social trading realm by tapping the Social icon on the screen's right.
6
Understanding data. Within this section, various symbols and metrics await, like the Opened Deals graph, which reveals active deals for your asset.
7
Individual trader insights. Engage with a trader's profile by clicking their icon, revealing key details that can influence your copy decisions.
8
Popular assets. This segment highlights the most favored assets and their top traders, granting a peek into prevailing market inclinations.
How to find the right trader to copy?
1
Proven track record. When considering a trader to emulate, delving deep into their trading history is essential. Evaluating their performance over an extended period, such as a year or more, provides a clearer picture of their expertise. The traders who consistently demonstrate stability and growth over the long haul tend to be more trustworthy, as opposed to those who might have had a few short-term successes.
2
Returns. Consistency is the hallmark of a proficient trader. While the trading world is rife with ups and downs, the best traders consistently yield positive returns. Occasional big wins might be enticing, but what truly matters is a trader's ability to maintain steady gains over time, minimizing losses.
3
Confidence: A trader's commitment to using their funds in their trading endeavors speaks volumes about their confidence. When a signal provider trades with a real account and risks their capital, it underscores their belief in their strategies and decisions. This kind of skin in the game strongly indicates a trader's trustworthiness.
4
Number of followers. In copy trading, popularity can be a testament to capability. A trader with a substantial following likely has a track record of success. A large follower base suggests that many deem the trader reliable, having benefited from their expertise in the past.
5
Risk level. Every trader has a unique risk tolerance, and aligning with a trader whose risk appetite mirrors yours is crucial. Before copying, assess the trader's risk-taking tendencies. Whether conservative or aggressive, ensure their approach resonates with your comfort level and financial goals.
6
Historical drawdown. Drawdowns, or the declines in an investment or account, are inevitable in trading. However, understanding a trader's historical drawdowns can offer insights into their risk management prowess. A trader who effectively navigates and minimizes these downturns showcases resilience and a keen understanding of market dynamics.
What does ExpertOption copy trading cost?
ExpertOption stands out for its transparent fee structure. Unlike many platforms, it doesn't charge spreads or commissions. Additionally, there are no fees for deposits or withdrawals. The only charge to be aware of is an inactivity fee of $10 per month. This fee is only applicable if your account remains dormant for an extended period.
Is ExpertOption copy trading safe?
ExpertOption has established itself as a reliable broker in the trading community. Its features and functionalities are genuine, and the platform offers a robust security framework. Furthermore, the convenience of copy trading extends to its mobile app, allowing traders to replicate trades on the go.
FAQs
Which is the best copy trading platform?
The top contenders are RoboForex, 3Commas, and eToro, each offering unique features catering to different trader needs.
Is ExpertOption mobile trading real or fake?
ExpertOption mobile trading is genuine, providing traders a seamless experience on their mobile devices.
Can I make money by copy trading?
Yes, copy trading can be profitable, but like all trading, it comes with inherent risks.
Is copy trading illegal?
Copy trading is legal. Platforms sharing information, opinions, and trading signals operate within the bounds of the law.
Team that worked on the article
Alamin Morshed
Contributor
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.
Dr. BJ Johnson
Developmental English Editor
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.