Best Forex Trading Copiers
Best Forex Trade Copier Software 2024:
| Software | Best for |
|---|---|
Forex Copier |
Best for Trading Market Signals |
Duplikium |
Best for Cross-Platform Multiple Account Copy Trading |
Best for Dedicated Signal Trading |
|
LocalTrader Copier (LTC) |
Best Trading Copier Overall |
4X Solutions |
Best for Cloud-Based Copy Trading |
Telegram Fx Copier |
Best Copy Trader for Beginners |
The possibilities are endless once you reach consistency and profitability in trading. Copying your trades onto different accounts is a very handy thing to do, whether it's for getting funded accounts, selling signals, trading for family, or just having different risk perimeters on different accounts. For intraday traders, logging into 5 accounts, calculating lot sizes, then executing all of these trades by hand would take too long - this is where trade copiers can help.
Let's take a look at the 8 best forex trade copying solutions in the market and the different features they offer.
What Is a Forex Copier?
As trading signal services use trade copier software to deliver their trades to their customers, people began thinking it is the trade copier that is making money. In reality, a trade copier just delivers trades. People use this type of trading every day, which is called copy trading.
In other words, the Forex copier works as an automated connector that copies and executes trades from the Forex Signal Telegram platform to Metatrader. Forex copy traders are completely automated. As a result, you don't have to keep track of your trades from beginning to end. On your MT4 trading account, you will receive an immediate notification of your transaction even if you aren't online.
Some forex copiers, for example, allow you to copy trades from practically any Forex Telegram automatically and without your involvement. Copier programs have made copy trading easier by automating 90% of the process; the remaining 10% is setting up your parameters.
Here’s a general overview of the features many copy traders have to offer:
-
It allows you to share your Forex signals with friends, family, and other investors by trading multiple accounts simultaneously
-
You can copy trades of any Forex Expert Advisor to other accounts so you can split the fees with your friends.
-
Easily create investment portfolios by copying accounts into one trading account
-
In order to save on taxes, UK traders can copy trades from a regular account to their Tax-Free Spread Betting account
-
Provides a way to copy trades from an unregulated offshore broker account to a reputable local broker account
-
Provides an easy and cheap alternative to PAMM accounts for traders to manage their own Forex accounts
-
When copy trading, you can reverse the trade direction from BUY to SELL and vice versa, allowing you to turn a losing strategy into a winner
Forex Trade Copier Services Compared
| Software | Typical cost | Free trial period | Best for |
|---|---|---|---|
Forex Copier |
Starting at 20 USD per month |
N/A |
Best for Trading Market Signals |
Duplikium |
1 receiving and master account for free, higher tiers starting at 19 EUR |
None |
Best for Cross-Platform Multiple Account Copy Trading |
Duplitrade |
Starting at 19 USD |
None |
Best for Dedicated Signal Trading |
LocalTrader Copier (LTC) |
Starting at €19 |
None |
Best Trading Copier Overall |
4X Solutions |
Starting at 12 USD a month |
None |
Best for Cloud-Based Copy Trading |
£20 per month for unlimited copier accounts |
7 days |
Best Copy Trader for Beginners |
Forex Trading Copiers Reviews
Forex Copier
As with other trade copiers, Forex Copier allows trades to be duplicated between MT4 accounts. Additionally, there is a demo version of the platform that supports up to three receiver accounts and two source accounts.
With the demo version, you can open three orders at the same time on a real receiver account. Therefore, it's the best trade copier for traders who want to try mirror trading software for free.
Your subscription can be upgraded to Copier 1, Copier 2 or Copier Remote 2. There is an additional cost associated with each upgrade. Forex Copier occasionally runs discount offers on their official website. Therefore, you may be able to obtain massive discounts on subscriptions. Using Forex Copier, you can copy losing trades and turn them into profitable ones using the reverse mode.
Duplikium
Traders looking to copy positions onto other accounts can benefit from Duplikium, another leading forex trade copier. With this solution, traders don't have to run any EAs or VPSs on their phones - everything is handled automatically on the server and it only takes a few minutes to set it up.
Duplikium is a cross-platform product, which is its main advantage. As a result, you can copy trades from MT4 to cTrader or LMAX. Traders can opt for either a free package or a $20 monthly package, which is the most popular option.
Duplitrade
Duplitrade connects traders with brokers who sign clients for their trading strategies. Thus, these clients have access to professional and advanced trading knowledge.
AvaTrade and Pepperstone are among the 12 brokers listed on the platform. There is support for auto-copy trading of Bitcoin, Bitcoin Cash, Litecoin, Ethereum, EOS, Dash, and Ripple.
Copy trading allows users to duplicate expert traders' actions, adjust trades, and set the proportion of a copied trade, for example, 25%. It makes money by charging brokers an Introducing Broker (IB) fee. Users need to deposit $5,000 into their brokerage account to be able to trade on the platform.
LocalTradeCopier (LTC)
In LTC, market and pending orders are copied synchronously between several MT4 accounts on the same computer. Duplicating multiple master accounts into an unlimited number of slave accounts can significantly enhance your fund management career. In spite of this, the software does not limit itself to fund managers, but can also be used by retail traders, brokers, signal providers, or Forex trading sofas as well.
By automatically adjusting the percentage of risk to individual slave accounts, the trade copier eliminates the need to recalculate lot sizes for different slave accounts. Furthermore, reverse trade technology can help you turn a losing trading strategy into a winning one.
All three LTC packages are available on a monthly or annual basis. LTC offers three packages: LTC personal, LTC manager, and LTC VIP. The basic package is designed for simultaneous use on one computer, while the Manager and VIP packages allow for multiple computers to be used simultaneously. If you reside in the EU, you will have to pay tax.
4XSolutions
For 11 years, 4XSolutions has provided trade copy functionality to traders and brokers worldwide. In fact, they are trusted even by IC MarketsOpens in a new tab, a popular broker. MT4/MT5 brokers around the world can use the software as it is completely cloud-hosted.
Currently, 15,000 traders use 4XSolutions to copy their trades. Among its features are risk management, Stripe automatic billing, white labelling, pricing support, and HFT support. Monthly fees start at $12.
Telegram Fx Copier
Within just 5 seconds, Telegram Fx Copier copies trades from Telegram channels to your M4 and MT5 accounts. Taking calls and setting up trades in a live trading room is difficult with real life getting in the way, but this software automates the entire process and gives you in-depth analytics.
How Does Trade Copier Work?
Trading with a forex copier is a fully automated process. This means you don't have to keep an eye on your trade from beginning to end. Your MT4 trading account receives instant email notifications when your trade is executed even if you are offline.
How to Use Forex Trade Copiers
The market is filled with several MT4 forex trade copiers. It is important to note, however, that they all perform nearly the same functions. To use an MT4 trade copier, follow these steps.
Identifying the best MT4 forex copier online is the first step. If you do your own research, you can determine if the trade copier is reputable. You can do this by asking users for feedback.
This will allow you to see how the trade copier works and how profitable it can be. Finally, you want to find a MT4 trade copier that ensures you don't experience massive losses but also provides you with consistent profits. Using this method prevents incorrect copies from being made.
The dashboards of different MT4 forex trade copiers differ. Using a forex trade copier has the primary benefit of allowing you to duplicate the account balance of a professional trader. The only thing you need to do is set up the parameters you'd like to use for trade execution. These include aspects like lot size, leverage, and money management.
MT4 Copy Trading Platform Review 2024Use Cases
In the dynamic forex world, staying ahead of the curve is critical. Forex trading copiers are indispensable tools for traders looking to enhance their strategies and outcomes. The following are the main use cases for forex trading copiers:
To Replicate the Trades of Professional Traders: Beginner traders often look up to experienced traders. They aim to emulate their successful trading strategies. A forex trade copier provides a seamless solution for such aspirations. Forex copiers connect to the trading accounts of established professionals, enabling users to automatically replicate the trades executed by experts in real-time. With this feature, you can gain insights into the decision-making processes of experts and learn from their actions.
To Manage Multiple Accounts: For users simultaneously trading on different accounts, keeping track of the performance of each trade can be challenging. Forex copiers simplify this process by enabling users to manage multiple trading accounts from a single platform. Trades executed on a certain account can be instantly duplicated across other linked accounts. This functionality reduces the risk of errors and streamlines the trade management process.
To Diversify Their Portfolios: Diversification is the foundation of successful trading. It helps spread risk and optimize returns. Trade copiers allow traders to diversify their portfolios by replicating trades across different strategies and currency pairs. It is difficult to achieve such a level of diversification manually. However, a forex trade copier effortlessly spreads investments and enhances the overall trading outcome.
To Test Their Trading Strategies: Creating and testing strategies is vital in the evolving forex trading landscape. Forex trade copiers are crucial for testing strategies in a risk-free environment. You can easily create a demo account to replicate the trades on your primary account. This functionality enables you to examine your trading strategies' effectiveness without exposing your funds to potential losses.
Are Trading Copiers Suitable for Beginners?
Yes. Forex trade copiers offer numerous benefits that make them well-suited for beginners aspiring to venture into forex trading. The main advantages that the trading copiers offer to beginners include the following:
Time-Saving: Learning the complexities of forex trading can be challenging and time-consuming. By leveraging a forex copier, beginners can bridge the knowledge gap by mirroring the trades of accomplished traders. This approach to trading removes the need for extensive analysis and research. Additionally, beginners can enter the forex market with confidence.
Diversification: Diversifying trade portfolios can be challenging for newcomers. A forex trade copier automates the process, allowing beginner traders to effortlessly diversify their investments. Duplicating trades across different strategies and currency pairs is done with just a few clicks, eliminating the risks accompanied by concentrated portfolios.
Learning Opportunity: For newcomers, every trade is a learning opportunity. The capacity to replicate the trades executed by experienced professionals enables beginners to observe and understand the rationale behind certain decisions. With time, such exposure contributes to developing trading skills and strategies.
User-Friendly Interface: Most forex trade copiers are designed with user-friendliness in mind. Novice traders can easily set up and navigate their accounts without struggling with complex technicalities. The interfaces also guide beginners through adjusting settings, connecting accounts, and selecting preferred traders to follow.
Best Forex Brokers 2024
Summary
For Forex traders, trade copiers are ideal tools. In addition to copying profitable trades from one account to another, the best trade copier offers risk management features.
Taking this approach allows you to maximize your profits without taking on any risks. Essentially, a trade copier will make Forex trading more convenient. As discussed above LTC are some of the best MT4 trade copiers.
FAQs
Can you copy Forex trades?
Yes, you can copy Forex trades. This will allow you to earn money automatically. In case of a profitable trade, you will receive the same profit as the trader you have chosen.
Is it illegal to copy trades?
You are not breaking the law. In Forex, copy trades are quite legal.
Is it profitable to copy trade?
Yes, copy trading can be profitable. However, do not forget about the risks, not all signal providers trade successfully, as a result of which you may lose funds.
What is a forex trade copier?
Using a trade copier, you can copy trades across multiple trading accounts. By using this method, you can manage multiple MetaTrader accounts and open the same trades on multiple platforms simultaneously.
Can MT4 copy trade?
Yes. In MetaTrader 4, you can automatically copy the trades of other traders. Successful Forex traders provide their trades to the public for free or at a reasonable fee.
Should I copy trade?
You should copy trade if you want to save time and aren’t interested in learning the advanced strategies of trading. You can copy the trades of traders who do take the time to learn and practice their forex trading strategies. Anyone, regardless of experience, can profit from copy trading over the long term. If you select the right trader, you can benefit generously.
What is the disadvantage of copy trading?
The main disadvantage of copy trading is that the trade you copy may end up not being successful, which can cause you to lose money. Even professionals have a run of bad luck, which is why there is a risk that your deposit will be wiped out if copy trades don’t go your way. In the case of manual CT, traders need access to a platform 24 hours a day, 7 days a week. You should always be able to access the software if you prefer automated mechanisms.
Team that worked on the article
Oleg Tkachenko is an economic analyst and risk manager having more than 14 years of experience in working with systemically important banks, investment companies, and analytical platforms. He has been a Traders Union analyst since 2018. His primary specialties are analysis and prediction of price tendencies in the Forex, stock, commodity, and cryptocurrency markets, as well as the development of trading strategies and individual risk management systems. He also analyzes nonstandard investing markets and studies trading psychology.
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.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.