The FP Markets broker (FP Markets) offers clients the possibilityto copy trades of experienced traders. The company cooperates on apartner basis with the independent MyFxBook platform. There aresome features on copying traders on FP Markets you should knowabout before choosing this platform.
Let's consider how the copy trading works on the service, theadvantages and disadvantages, and how to connect to MyFxBook from FPMarkets.
What is copy trading?
Copy-trading services have been maturing for over 10 years and a hugenumber of competing products have appeared. They may have differentinterfaces, but the principle of operation is the same everywhere. Ifyou want to copy trades, just choose a trader (strategy provider) andsubscribe to him. The connection methods can be as follows dependingon the site's functionality, via:
Copy button on the copy trading platform;
links or files added to or loaded into the trading terminal.
Companies can offer both their own and partner copy services. For example,copy trading at FP Markets is performed through the third-party MyFxBookplatform.
Pros and cons of FP Markets copy trading
- FP Markets is a regulated broker
- Profitable commissions for copy trading
- Comprehensive analytics for traders
- Analytical tools available for self-trading
- Outdated interface
- Lack of filters
- Long registration
Getting started with FP Markets copy trading
Register on the broker’s and the copy trading service websites tostart copy trading with FP Markets. Find the instructions below.
Registration at FP Markets
email address;
name;
surname;
account type (personal, corporate)
country of residence;
sex;
phone number;
FP Markets will tell you the branch you will work with. The platformsupports fast login using Facebook or Google.
street;
postal code;
building number;
city.
Also, indicate your date of birth on this form.
Fill in the financial information after the address line. Also, indicateyour employment status and annual income.
trading terminal;
basic account currency;
account type;
password for entering your account and terminal.
You can select both MetaTrader 4 and MetaTrader 5 to connect to FP Marketscopy trading.
At the last stage, the company will prompt you to study its legal andother documents. Here you can read the Terms and Conditions, PrivacyPolicy, and other necessary documentation. Also, tick the boxes to confirmthat you have read the documents.
After you complete the registration process, FP Markets will ask you toverify your identity. Here you need to upload scanned copies of your IDand proof of residence address. The company shall review the documentswithin 48 hours. After that, you will have full access to your account,you can replenish your account and start copying trades through FPMarkets.
Registration with MyFxBook
User name;
email address;
password.
Next, enter the captcha and agree to the Terms and Conditions andPrivacy Policy. You can also go through a quick registration processusing Facebook or Google.
How to open an account for copy trading on MyFxBook
Sign in to the platform after you have registered. Select Portfolio inthe top menu and click on Add Portfolio. You will see a menu with anoverview of the accounts connected for copy trading (if you arealready copying trades through MyFxBook from other brokers). Click onthe Add Account button to create a new account.
Next, MyFxBook will prompt you to set up an account. Select theplatform to copy FP Markets traders in the “My Platform Is ...” field.It can be MT4 or MT5. Let’s consider connection via the MetaTrader 4terminal in our example.
After that, the platform will prompt you to choose a broker. Here,select FP Markets. Next, the Account Information field will open. Ifyou only plan to copy trades, but not to offer yours for copying, itis enough to fill in only the Choose a Name field. You will need thename on MyFxBook when you connect your account to MetaTrader.
After your account on the platform has been created, proceed to the nextstage and choose which traders you want to copy. Finally, connect to theMyFxBook trading terminal.
What is the MyFxBook network in 2024
The platform for copying trades | MyFxBook |
Regulation | ASIC AFSL №286354 |
Terminals | MT4, MT5 |
The minimum investment for copying | USD 1,000 |
Commission for using the service | 0% |
Network scale | Over 180 strategy providers |
Markets | Forex, CFDs on commodities, stocks, and indices |
How to find the right trader to copy?
Select Systems in the top menu to select a trader to copy. SelectStrategies from the drop-down list. After that, you will see a tableincluding all the strategy providers providing trades for copy tradingon MyFxBook.
Name;
Discussion;
Gain;
Tests Ended;
Drawdown;
Modeling Quality;
Pips;
Chart.
For example, let’s consider sorting by the number of FP Markets MyFxBookreviews. To do this, click on the Discussion column. If you click on itfor the first time, the platform will sort downward the traders by thenumber of reviews about them.
Click the Discussion column again and MyFxBook will sort traders inreverse order.
The possibilities for traders to search on MyFxBook are limited. There isno ability to sort by nuanced categories here. There are no other filtersexcept for the above-listed broad categories, so the search for individualstrategy providers can be time-consuming.
How to start copying trades using FP Markets?
Click on the trader’s profile after you select him. Here you can seehis statistics. The platform provides a comprehensive overview of thelisted indicators. They are presented both in the form of numbers andcharts. Therefore, it is quite convenient to study users’ statisticson FP Markets.
After you have read the statistics and made a choice in favor of astrategy provider, click on the CSV button. After that, a .csv filewill be downloaded to your device. This file contains the trader'strading history and copying settings.
After the .csv file is loaded, open the MetaTrader 4 trading terminal, enter your login and password. Next, find the File item in the top menu, select Open Data Folder from the drop-down list.
After that, a window with folders for MetaTrader files will open. Open the Files folder and load the .csv file there.
Can I make money copying traders on FP Markets?
FP Markets' MyFxBook trade copying service helps to generate extra income. There are profitable traders on the platform with a return rate of thousands of percent. The profitability depends on the strategy of the strategy provider, your budget for copy trading, the trading instruments used during trading, etc.
However, copy trading is not a guaranteed way to make a profit. There are also risks. All subscribers will suffer the loss if a strategy provider opens a losing strategy. Therefore, it is necessary to follow the rules of risk management and be careful when choosing a trader. For Muslim traders, copy trading is also available through the FP Markets Islamic account, allowing participation in strategy copying within a swap-free, Sharia-compliant trading environment.
How much does FP Markets copy trading cost?
spread – the minimum spread is 1.0 for EUR/USD;
the fixed commission is $3 per lot.
Traders' commissions for copy trading on MyFxBook are not charged. MyFxBook is a free service. The platform earns exclusively from advertising.
Is FP Markets copy trading safe?
FP Markets is represented by two legal entities. However, it is licensed only by the Australian ASIC regulator under Document Number – ASIC AFSL No. 286354. The company is also registered in Saint Vincent and the Grenadines. Control over the activities of financial companies in this offshore zone is rather weak, therefore the Australian division is more reliable.
As far as MyFxBook goes, the platform does not accept customer funds. Therefore, it is not required to obtain a license.
Summary
FP Markets broker offers clients a trader copying service via MyFxBook. This platform is fairly well known among traders. The service is distinguished by high stability and functionality. In contrast to FP Markets, the social trading platform provides advanced analytics on strategy providers, making it easier to find and select a trader. Also, it is worth noting the profitable commission policy.
However, the search for traders is not implemented on MyFxBook. There are no filters, so it is impossible to set a certain value according to the criteria. Moreover, registration and setup are quite lengthy, which is very inconvenient.
Expert review
The FP Markets broker offers clients the ability to copy trades using MyFxBook. This is a good choice because MyFxBook is a well-known social trading platform provider (link to text “Social trading platform provider”) with a lot of useful services. In particular, here you will find analytical tools not only for copying other traders but also for trading on your own. Moreover, MyFxBook is highly stable.
It is very convenient to view analytics by traders on MyFxBook Autotrade. There are infographics there that allow you to visualize the statistics. It is beneficial to use the MyFxBook from the FP Markets service due to its attractive commission policy. Trading spreads and commissions are low here, and there is no commission for copy trading on the platform.
However, it is difficult to find traders on MyFxBook Autotrade and the lack of sub-filters is a serious drawback. You can only use sorting for search. Moreover, it is worth noting the rather long registration procedure. You will have to spend about 50 minutes to open all the necessary accounts and connect copy trading to the trading terminal. Verification on FP Markets takes about 48 hours.
Reviews of MyFxBook copy trading via FP Markets
I am very satisfied with the MyFxBook service from FP Markets. It is very profitable to copy trades here. I trade with a Standard trading account and the spread is low here. I get a real profit with this service, so I am absolutely satisfied with such cooperation.
I’ve been working with MyFxBook for about five months. So far, everything is going well, although there are some nuances. Copy trading from FP Markets provides me with extra income, albeit not very much. At first, I didn't like the MyFxBook interface, but I rarely needed to enter the platform, just select a new trader, and view the statistics. Therefore, this is not a big problem for me.
I am disappointed with the MyFxBook service for now. It is very difficult to choose a trader here because there are no good filters. Moreover, the registration procedure is very slow. I have managed to eke out only a small extra income from trading over three months.
FAQ
What base currencies does FP Markets support?
The FP Markets broker supports USD, EUR, and GBP accounts as the base currency.
What is the minimum deposit for copy trading?
The minimum deposit requirements are set by MyFxBook. The minimum deposit is $1,000.
What are the most important criteria when selecting a signals provider?
You should look at the duration of the history with a positive financial result and without drawdowns. It is also a good idea to diversify your investment among different signals providers.
How to replenish an account and withdraw funds from FP Markets?
You can replenish your account and withdraw funds to FP Markets using bank transfers, Visa, and Mastercard, as well as Perfect Money, Neteller, and Skrill payment systems.
