CopyFx, a RoboForex copy trade service, can be profitable if you select an experienced strategy manager with consistently good returns over at least a few years. However, past performance does not guarantee future results.
This is a RoboForex copy trade service. The broker received the Traders Union award for the “Best Investment Platform " category in 2019. In this article, Traders Union offers a detailed overview of the CopyFX program as employed on the RoboForex platform. Here is a glimpse of the functions of the copy trading service, statistics, and instructions on how to start copying transactions.
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What risks are involved in Roboforex copy trading?
The main risks are poor strategy manager selections, overallocation, drawdowns, and disconnect between your risk tolerance and the manager’s trades.
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Can I automatically copy multiple strategy managers at once?
Yes. Diversifying across 3-5 managers with low correlation can help reduce risk and volatility in your portfolio.
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Are there any tax implications for profits earned through CopyFx?
Yes, profits from copytrading are typically subject to taxation. Consult a tax professional for advice specific to your situation.
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Can I test the service on a demo account?
No. RoboForex broker does not allow you to subscribe if there is no minimum amount in your account.
What is copy trading?
The copy trading services allow you to select the copy trading options depending on the functions you select. This means that not all transactions can be copied, but only those that correspond to the specified parameters.
Trade copy services can be used to teach self-trading or to generate passive income. However, this type of platform does not protect the subscriber from the risks of losing funds. If the strategy provider's trade is unprofitable, the losses will be incurred by everyone to whom this trade was copied.
CopyFX from RoboForex network in 2024
 Copy trading program |
CopyFX |
 Regulator |
Belize (IFSC) |
 Minimum investment for copying |
10 USD |
 Commissions for traders |
Percentage of profitable trades. The average commission is 40% |
 Deposits and withdrawals |
Bank transfer, bank cards, Skrill, Neteller, ADVCash, Perfect Money |
 Markets available for copying |
Forex, CFDs on stocks, indices, commodities, and cryptocurrencies |
 Number of instruments |
300+ |
 Average spread in EUR/USD |
1.4 |
 Network Scale |
1400 strategy providers |
Analysis of RoboForex’s copy trading platform
The CopyFX service is well developed and has a large number of functions. First, it is worth noting very detailed information about the managing traders.
Here you can see all the main features at the moment, including:
whether the account is verified;
the current amount of all open trades;
the current balance;
the number and percentage of profitable trades;
leverage ratio;
the maximum drawdown over the entire time of operation;
profitability;
the best and worst deal, etc.
the account balance;
You can also get acquainted with the amount of commission charged by the trader for transactions, the frequency of payment of the commission, etc.
The Social Trading Platform from RoboForex functions as an affiliate program. You can promote the trader to which you subscribe. The trader's profile contains a link for partners, as well as the amount of the partner commission that is paid to the person who attracted new subscribers for the strategy provider.
Financial charts of traders
Statistics on RoboForex’s CopyFX tool are presented in sufficient detail. Here you can get acquainted with the trader's profitability. It is presented in the form of a graph that can be configured for different timeframes, and view data for different time periods.
The chart of the total profit of the strategy provider is also presented. It can also be configured for different time intervals. You can view the profit statistics for each day of the manager's trading.
It is worth paying attention to the chart of the balance sheet and capital ratio. It is detailed on RoboForex, you can view different dates and set time intervals.
Withdrawals and trading instruments
The maximum drawdown on RoboForex is presented in two types:
in a numeric value
(the maximum indicator for the entire period of operation of the strategy provider);
in graph format.
The maximum drawdown is represented on the platform as a percentage. You can view it in chart form for any chosen day.
You can also see what trading tools the strategy provider employs. They are presented here in the form of a convenient diagram. The percentage of transactions with each instrument is indicated as a percentage.
Transaction history
Before you start copying the trader, you should get acquainted with the history of the transactions carried out by your prospective signal provider.
The history is presented in a table format with the following fields:
ticket;
ticker of an asset or currency pair;
closing time;
opening price;
transaction type (buy or sell);
closing price;
lot size;
profit.
The history can be viewed by page or for a specific date (time period). After subscribing, you will also be able to view the details of the currently open transactions.
In general, the statistics of traders on the platform can be considered good. Traders are provided with detailed analytics for each strategy provider, and it is made in a convenient format of graphs and charts.
Pros and cons of copying trades on RoboForex
👍 Pros
• User-friendly and well-designed interface
• Good analytics for traders
• Low minimum deposit
👎 Cons
• Filters are not very well developed
• High commissions
• The broker is registered in an offshore company
How to find the right (best) trader to copy on RoboForex CopyFX
To select traders, choose the Traders Rating tab in the Investments drop-down menu. You will see a table with a complete list of strategy providers.
The table shows the main data about each manager-trader, including:
name of the trader's account;
the number of days the account has been working;
manager's trading account type;
current balance;
profitability;
number of transactions closed by the manager;
percentage of profitability;
Portfolio – the profit received by the subscribers of the transaction provider.
maximum withdrawal;
Also, there is a table entry that displays the number of subscribers. However, the broker does not specify the exact number of users. The only items shown here are <10, 10-50, or >50.
Sorting and filtering
Sorting will help you choose a trader. You can choose to sort copy deals by triggering the following criteria:
by commission;
"only profitable ones”;
by profitability;
“only with the partner program”.
"traders without commission”;
You can also find a trader using the search. You can specify the trader's nickname or the name of the trading account, and then the broker will give you additional results related to your request.
You can also use the filters for your search. You can search in the filters by 10 criteria, including:
percentage of profit;
number of transactions;
balance;
degree of risk;
minimum deposit for copy trading;
maximum withdrawals;
the number of days the account has been working;
number of subscribers;
profitability in monetary terms;
account currency.
The filters on RoboForex are not bad, but they are incomplete. For example, if the trader's trading account type is important for the broker, this filter should be included also. Also, there are not enough indicators for certain time periods. For example, the profit for the last 30 days.
How to start copying traders on RoboForex
It is quite easy to copy traders on RoboForex. First, go through the registration process.
Important!
Note that on RoboForex, copying of traders is carried out only through a real trading account that is based on MT4 and MT5. You do not need to create a CopyFXTrader account, it is intended for strategy providers. A trading account must be created once to copy trades from a broker. All subscriptions are made only to the created account.
Next, you need to select a trader and go to your account. Here you can find the statistics and trading conditions for copy trading. The subscription button is located at the top of the account interface.
In the example below, it is replaced with a ban icon. Copy trading will be allowed after depositing the minimum amount to your account.
Can I make money by copying trades on RoboForex?
Copying trades can be profitable on RoboForex. The amount of profit depends on a number of indicators such as your budget, the manager's trading strategy, etc. If you choose the right trader to copy trades, you can earn passive income.
However, copying transactions does not provide complete protection against risks. In the event of a losing trade with a strategy provider, all its subscribers will suffer losses. Therefore, when copying transactions, it is necessary to strictly follow the rules of risk management.
How much does copy trading on RoboForex cost?
The RoboForex service does not charge a separate commission for copy trading. The commission is charged based on normal trading transactions. Depending on the type of trading account, it can be as follows:
Spread – the average spread for EUR/USD is 1.4 points;
Fixed commission is 2.8 EUR for CFDs on EU shares, 1.5 USD for CFDs on US shares, and 0.01 USD for cryptocurrencies per lot.
A commission for copy trading may be charged by strategy providers; and it is quite high here. The commission is calculated as a percentage of the profit on profitable transactions. The average commission charged by strategy providers is 40%.
Is copy trading at RoboForex safe?
The RoboForex management company is registered in Belize. The license for financial activities is issued by the local regulator IFSC. The document number is IFSC 000138/107. Belize is an offshore jurisdiction, so the RoboForex license can not be ranked in the highest category.
Summary
The service of copying transactions from this company is quite good. The RoboForex copy trading platform is easy to use, it provides high-quality analytics on managing traders, and the broker offers a low initial deposit for copy trading. You can start copying with only 10 USD.
The main disadvantage of RoboForex is its high commissions by strategy providers for copying trades. In combination with the spreads or commissions per lot that the broker provides, this significantly reduces any potential profit. It is also worth noting the offshore registration of the broker, which does augur sufficient reliability.
Expert’s review
RoboForex specializes in automated trading and various technical innovations that make trading easier. The transaction copy service is one of these technologies. It is worth noting that the broker has worked well on the platform. The service interface is modern and quite convenient. The developers have well-thought-out analytics, it is presented in the form of various infographics, which makes it much easier to copy the strategy provider.
The search system on the copying service transaction can also be considered good, but there are certain disadvantages. For example, RoboForex should make the filter system more robust and detailed. In addition, the filters on the service are "hidden”, and it is quite difficult to find them immediately.
Commissions on the RoboForex service for copy trading are high. A commission of 40-50% for a successful transaction is too much. Do not forget that the risks of losing money remain, so such a high level of commissions reduces the profitability of transactions and seriously reduces the attractiveness of the platform.
Antony Robertson
Traders Union financial analyst
