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How to use FXOpen copy trading to earn money

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FXOpen is an international CFD and Forex broker established in 2003. The broker is regulated in Australia (ASIC, AFSL) and UK (FCA), and can therefore be viewed as reliable.

How to use FXOpen copy trading

FXOpen is one of the pioneers of ECN accounts for active trading, offering a wide range of trading assets. There are passive income opportunities here as well. In addition to offering PAMM accounts, FXOpen works with the top social trading platform providers (link to the term) MyFxBook Autotrade and ZuluTrade. The enables the broker’s clients to copy trades of successful traders from all across the world automatically.

In our review of FXOpen copy trading you will find information on how to find successful traders and start copying their trades, the important trading conditions and also the pros and cons of this type of earning.

What does copy trading mean?

Copy trading provides an opportunity for the traders to automatically or manually copy the orders of successful traders. Using social trading platforms (link to the article) novice investors have an opportunity to earn a profit from the success of more experienced players, exchange information and reviews, and learn from the examples of the professionals.

Successful traders, in turn, can become signal providers, earning their fees and respect in the community. Many platforms also allow them to have a blog, actively promote their personal brand.

Copy trading solves several issues of the novice traders:

It makes it possible to enter financial markets without spending a lot of time on learning and gaining experience;

The earnings can potentially be at the level of the most successful traders of the platform;

Affordable entry threshold provides an opportunity for many customers to try out this service.

The biggest drawback of copy trading is the trading risks. The thing is that success of the signal provider in the past does not guarantee the same result in the future, which is why copy trading on FXOpen can both bring you a profit or losses.

FXOpen copy trading pros and cons

Cons
  • Trading results of the traders in the past do not guarantee the same outcome in the future
  • International branch is registered in an offshore territory with weak regulation

How to get started with FXOpen copy trading?

FXOpen works with the top social trading platform providers ZuluTrade and MyFxBook Autotrade. We will focus on the FXOpen copy trading review on ZuluTrade platform, explain how to start working, find signal providers and copy their trades.

In order to start copying trades from ZuluTrade to your FXOpen account, you need to take the following steps:

FXOpen

Open an ECN or STP account on FXOpen;

Register on ZuluTrade Platform;

Register on ZuluTrade Platform;

Allow FXOpen to link your account to your ZuluTrade account. For this, you need to send a special permission to the broker. You can download the document in your personal account with the broker here: Settings >> Account documents >> LODs for Signal and Strategy Providers (Letter of Direction);

Send the read and signed document to the broker here:
[email protected]

Demo account on ZuluTrade

You can practice copying traders using a demo account on ZuluTrade. Following a simple registration, you will receive virtual $100,000 for copying trades. For a period of 30 days, you will be able to practice choosing strategy providers, subscribe to several of them at once and study their performance.

What is ZuluTrade network in 2021?

ZuluTrade is one of the top social trading platforms in the world by the number of users. It is registered in Greece, USA and Japan and works with 34 brokers from all across the world. Within the framework of copy trading on ZuluTrade, you can subscribe to signals of the top traders from among more than 1,000.

Copy trading platform ZuluTrade
Regulation Greece and EU (HCMC), USA (CFTC), Japan (KFB)
Platforms MT4, MT5, ZTP
Number of brokers that offer it 34
Top brokers AvaTrade, FXOpen, FXOpen, TickMill, EverFx, WelTrade, Axi, InstaForex, FX Open, AAAFx, Oanda, Swissquote
Minimum investment for copying Set by the broker. From $50 to $1,000 on average

Combos Service – from $2,000
Service use fee Profit Sharing Plan: $30 monthly subscription + 25% share of profits

Classic Plan – depends on the chosen broker. $20 on average per standard lot in a currency pair.
Size of the network Over 1,000 strategy providers

How to find the right trader to copy?

There are two ways to search traders for copying trades on ZuluTrade:

1

Use the recommendations of ZuluTrade.

In the Top Traders section, the algorithms and the editors of the platform have already selected the most successful signal providers using a multitude of criteria, such as the return rate, number of copiers, amount under management, etc. This method is the best for the novice traders, because all they will have left to do is to choose the best from the best.

2

ZuluTrade also allows for independent search of signal providers, using filters.

They help select traders based on many criteria from the country of registration and the account currency to the widest risk and return criteria.

ZuluTrade also allows for independent search of signal providers,
              using filters.

Regardless of the method you’ve chosen, it is desirable that you take into consideration the following criteria that will improve your chances at successful copy trading:

Select traders with stable results without considerable slippages on the account.

Positive trading history must be at least 12 months. It will help reduce the probability that the good result of a trade is accidental.

Copy several traders with different strategies for diversification.

How to get started with copy trading?

In order to start copying a trade from ZuluTrade platform to your FXOpen account, you need to subscribe to the trade by pressing Follow in the profile. In the pop-up window, you will need to specify the amount for copying. FXOpen has the minimum deposit of $100, but you will need from $300-500 to several thousand dollars in order to subscribe to the majority of top signal providers.

We also recommend that you familiarize yourself with the features of ZuluGuard, an assistant app, which helps protect your capital against unexpected slippages. If the trader starts losing more than the set limit, copying will stop automatically. You can also stop copying or change the investment amount in your personal account on ZuluTrade.

MyFxBook Autotrade from FXOpen

myfxbook-logo

FXOpen also offers copy trading on the social trading platform MyFxBook Autotrade, distinguished by detailed statistics on each manager and a larger number of network users.

Cons
  • No filters for searching traders
  • Outdated interface
  • Complicated connecting

Provider main features

Regulation The provider does not accept funds from the users; does not require a license
Platforms MT4, MT5, cTrader
Number of brokers that offer it 39
Top brokers Tickmill, FXOpen, FxOpen, Pepperstone, Axi (Axitrader)
Minimum investment for copying 1,000 USD
Service use fee 0%*
Signal providers 162

Can I make money by copying traders on FXOpen?

Copy trading on FXOpen can become a source of additional income, as the broker has created quite beneficial conditions for that:

Licensed by Australia and the UK.

Partnerships with popular copy trading platform providers ZuluTrade and MyFxBook Autotrade.

Low commissions.

However, investors must take into consideration that excellent results of the traders in the past do not guarantee the same outcome in the future. Copy trading on FXOpen can both bring a profit and result in a loss.

How much does FXOpen copy trading cost?

FXOpen has a low level of commissions on average. In particular, on the ECN account, the commission is only $1.5 per lot at the floating spread from 0 pips. On the STP account, the average spread is around 1.3 pips.

When working with ZuluTrade, the conditions on the STP account don’t change, and there is an additional markup to the spread on the ECN account. On average, it is 1-2 pips in the Classic Plan on Zulu. You will need to contact the broker to enquire about the exact markup, when you join.

Also, all relevant commissions are specified in the Letter of Direction. As we’ve already mentioned, it can be downloaded from the personal account with the broker here: Settings >> Account documents >> LODs for Signal and Strategy Providers (Letter of Direction).

Is FXOpen copy trading safe?

FXOpen holds licenses in Australian and the UK, which makes it a reliable broker. However, the company also has an offshore branch in Nevis, which has a weaker regulation and lower level of reliability. Before starting to work with the broker, find out which legal entity you are offered to sign an agreement with.

ZuluTrade social trading platform provider is licensed in the EU and is regulated by the Cyprus Securities and Exchange Commission.

Summary

FXOpen regularly expands its line of products for active trading and investment. In terms of this, development of copy trading seems like an entirely logical step. Noteworthy, the broker has created good conditions for its clients to work with copy trading, as the broker works with top platforms and offers rather low commissions.

At that, FXOpen is, for the moment, lagging behind eToro, which is the leader of copy trading and has a proprietary multifunctional platform with over 100,000 signal providers alone.

Expert commentary

Antony Robertson, Traders Union Financial Analyst

FXOpen has logically expanded the line of products for passive income with copy trading. Let me remind you that this broker is one of the leaders in terms of provision of PAMM accounts.

Copy trading differs from PAMM by bigger freedom of actions for the clients. You can stop copying at any time or even set up automatic criteria for stopping. ZuluTrade and MyFxBook Autotrade allow you to quite easily add or reduce the amount of investment and copy several traders at once.

In addition, these social trading platforms offer an excellent choice of signal providers, which can be copied automatically. Overall, if PAMM is not suitable for you for some reason, this service can be considered as an alternative. However, one should not forget that a market is a market and the profit is not guaranteed. You can both acquire a good additional source of income at the level of a professional trader, and suffer a loss.

FXOpen Social and copy trading reviews

I worked with Myfxbook for six month. I was fully satisfied with the result, earned +20% to the account. I stopped copying not because of some issues on the side of the broker; I simply urgently needed money, so I withdrew the whole amount. I am considering starting to copy again now.
Maria Albricci, 21
Sydney, Student
I prefer to work with ZuluTrade. It is easy to understand everything here; the best traders are well visible, and you can discuss their performance on the forum, find out the details from your colleagues. It is a very convenient platform in all respects. I work through the STP account on FXOpen. IMHO, it is more beneficial, because there is no spread markup here. You can see right away how much you will have to pay for a trade.
Finley Bulgari, 29
Dublin, Investor
I’ve been working on ZuluTrade for 4 months now. I subscribed to three traders at once. It was difficult at the start, because the managers began to slip, as if they somehow arranged it. But then, I got the hang of it, unsubscribed from one trader and gave a chance to the other two and they secured a good return for me.
Mike Taylor, 49
London, Investor

FAQ

What is the minimum deposit for copy trading on FXOpen?

On MyFxBook Autotrade the minimum deposit is $1,000, and on ZuluTrade, the minimum amount is limited to the requirements of the signal providers. As a rule, it starts from $300-500.

What is the average return rate of copy trading on FXOpen?

The platforms do not provide an average value. The traders can both trade in the black and in the red. The return rate depends on the success of your choice of the manager, market situation and many other circumstances.

In which cases should I stop copying a trader?

It is not recommended to allow considerable slippages on the account for copying. If the indicators of the signal provider are volatile, or if he is trading in the red for over a month, you should consider cancelling your subscription. ZuluTrade also provides a possibility to stop copying automatically upon reaching a specified level of slippage.

Is there a large selection of strategy providers on MyFxBook?

Yes, MyFxBook has over 1000 strategy providers.