InstaForex Сopy Trading Platform Review for 2024

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InstaForex is a broker that has introduced many innovations during its lifetime. The ForexCopy service was one of the first applications for copying transactions. The company launched it in 2010, after the introduction of the MetaTrader 5 trading terminal. Traders Union will review the ForexCopy service from InstaForex, consider its main features, and highlight its advantages and disadvantages.

What is copy trading?

In 2010, brokers began to introduce a new service called copy trading. Its main advantage is that the trader does not need to trade independently or possess substantial experience on the Forex market to earn and trade at a sophisticated, near-expert level by relying upon the expertise and strategies of managing traders (aka signal providers or strategy providers).

What is copy trading?

Transaction copy services work on a universal concept:

the trader registers in the copy trading system and selects a manager trader or a strategy provider;

after selection, the trader subscribes to the strategy provider;

after subscribing, all the transactions that the manager opens, will automatically open in the client’s trading terminal.

The main goal of copy trading is to attract new clients from among newcomers who are interested in trading in the financial markets but can not work independently due to lack of knowledge and experience. Such platforms allow a beginner not only to make a profit but also to gain valuable knowledge by watching how a professional opens and closes deals.

InstaForex’s ForexCopy network in 2024

Copy trading program

Copy trading program

ForexCopy

Regulator

Regulator

British Virgin Islands – SIBA/L/14/1082 Saint Vincent and the Grenadines

Minimum investment for copying

Minimum investment for copying

10 USD

Commissions for traders

Commissions for traders

6 types of commissions

Deposits and withdrawals

Deposits and withdrawals

Bank transfer, bank card, AstroPay, cryptocurrencies

Markets to copy

Markets to copy

Currency pairs, CFDs on stocks, indices, commodities, commodity futures, cryptocurrencies

Number of instruments

Number of instruments

300+

Average spread in EUR/USD

Average spread in EUR/USD

3

Network Scale

Network Scale

1 million+ active manager accounts

Review of ForexCopy from InstaForex

ForexCopy is one of the oldest trade copying services. This is a platform of the broker's own development. Before you start working, you need to read the Terms of Use of the service and choose which role you want to play on the platform: either as a subscriber or a trader. If you want to copy the deals of the strategy providers, select the Follower option.

Manager information and statistics

ForexCopy may contain information about strategy providers. All information on the InstaForex social trading platform is verified, so the broker has all the information about the managers. The personal data table contains the following information:

account number;

number of subscribers;

user's nickname;

contacts – ICQ, Skype, phone number, email.

nickname on ForexCopy;

On ForexCopy, traders can hide some data from clients. It is recommended to get acquainted with the information and cooperate with managers who provide maximum information about themselves.

Before you start working with a trader, you should familiarize yourself with their statistics. In the InstaForex trade copying service, statistics are very limited. They are located in the same table as the personal data of managers.

You can get the following information:

rating on InstaForex copy trades;

average daily balance gain;

account balance;

total balance gain;

capital;

capital increase on average per day;

number of open trades;

total capital gain.

total number of transactions;

Profit and equity

The broker also offers the opportunity to get acquainted with the profitability and capital of the strategy provider. In the profitability table, you can see the profitability of the manager for different periods of time, from 1 day to the entire lifetime of the account.

Traders will also benefit from charts that allow you to visualize statistics for different time periods. The following charts are available on ForexCopy from InstaForex:

balance/equity;

percentage of profit.

The broker offers to set up the chart’s timeline and view the data for a certain period. In addition, you can view statistics on a managing trader's transactions.

In general, we believe that the broker did not pay enough attention to the risk indicators of each trader's strategies in the statistics. For example, there are not enough maximum drawdowns of a trader for a day/week/month. Such data, for example, is available on eToro.

Pros and cons of copying trades using ForexCopy

👍 Pros

The system has been working for 10 years

A large number of managers

There is protection from copying when there is a lack of funds in the account

6 commission options

Notifications available

👎 Cons

High commissions for brokers and strategy providers

Outdated interface with slow operation

Inconvenient filter system

Lack of advanced methods for analyzing managers

Offshore broker license

How to find the right trader to copy

An important aspect in copy trading is selecting the right (i.e., the most profitable) trader; or at least the one that best suits your trading strategy. You can select a suitable strategy provider from a special table. Unfortunately, the design and functionality of InstaForex Trader's Choice Table are not very effective at dealing in nuanced categories. Therefore, the choice of a trader will be associated with certain difficulties. The interface looks like this:

Searching for traders

The ForexCopy service allows you to find a trader using various searches. If you have a specific merchant account number or manager account nickname, you can enter it in the Account column field. After entering the data, press Enter, and the search engine will give you the result. However, the search is relatively long, and you will have to wait for about 10 seconds to receive the full results.

Search filters

You can also select a trader from whom to copy trades using filters. The metrics to choose from are created as drop-down lists on each column under the metric’s name.

We will specify the following data in the filters, as an example of the search:

rating: >200;

daily balance: >200;

balance: >50,000;

capital per day: 60-80;

capital: >100,000;

working period: >365;

number of open trades: 20-40;

risk level: low.

total number of transactions: >200;

The Traders Union got the following results after the test.

Filters can also be quickly scrubbed. To do this, click on the Clear Filter button, which is located in the upper right part of the table.

ForexCopy filters get a low rating for two reasons.

1

First, here, the selection parameters are set to intervals, not minimum values. For example, if you want to view traders with a rating of 100 or more, you will have to choose first 100-150, then 150-200, and then >200.

2

The second drawback is that the search is performed after selecting each indicator. Given that there are 9 indicators in the filters, this search will take a minute and a half. That’s a long time.

Also, for some reason, the broker does not provide an opportunity to look for traders with minimal drawdowns for a certain period. That would have made it possible to find managing traders who are more cautious and presumably employ the risk management parameters.

Description of transactions

An important selection criterion is the description of the transaction parameters. Managing traders may not specify it, but if he does, it is a definite plus. If the trader has special requirements, they will specify them in the description. In this example, the trader specified the minimum and maximum lot size, recommended setting the copy ratio, and specified the minimum recommended balance amount.

How to start copying traders using ForexCopy from InstaForex

First, create a trading account on InstaForex, to start copying trades via ForexCopy. The registration procedure will take about 10 minutes. You will also need to pass verification; the process will take up to 48 hours.

After completing the registration process, InstaForex will automatically generate a login and password for you to log in. It is used both to log in to your account on the site and to the terminal you selected.

ForexCopy

After you complete the registration and verification process, you need to log in to your account using the login and password generated by the system. In the side menu, select Company's Services. The drop-down list contains the ForexCopy item. After selecting it, the interface will open and you will see the Top 5 strategy providers on the initial screen. Scroll through the page below to see a table of all traders with filters.

How to copy a trader?

You need to select the trader of your choice in the table and click on his entry to subscribe to his account. Here you can view the statistics of the strategy provider, as well as select additional settings. Clients can choose trading instruments from the list that the trader offers. If you select individual instruments, only transactions using those instruments will be copied to your terminal. You can also set the copy ratio (the ratio of lots from the strategy provider and the subscriber), as well as set the daily limit of transactions.

There are also additional settings for the lot range. You can choose a range or set a fixed lot size. There is a setting that prohibits copying trades that exceed the lot range. You can also select copy options that allow you to copy trades in the reverse position.

There are additional settings for copying. In particular, you can configure notifications. ForexCopy allows you to choose the language of notifications and the method of distribution. There are three ways to send notifications:

by email;

by SMS.

Important!

It also protects against accidental disconnection of the subscription. If you receive a signal to disconnect from the trader (for example, in the event of any failure), the broker will ask you to confirm the operation.

By default, the InstaForex broker automatically closes positions if there are not enough funds on the client's account. You can select the option “Leave positions open in case of lack of funds”, but in this case, the risks are seriously increased. You can also disable your investment account in the settings. In this case, all subscriptions will be automatically deactivated.

If you are satisfied with the conditions, click on the Subscribe button. The broker will ask if you really want to subscribe to this manager. You need to click Yes. After that, the trades will be automatically copied to your MT4 or MT5 terminal, according to the selected parameters.

How to check a manager’s performance

To check the subscription status, select My subscriptions on the ForexCopy home screen. There you will find information about all subscriptions. By clicking on the manager, you can view personal statistics, find out what profit or loss the manager brought you, etc. There you will also find the ForexCopy Calculator tool. You can use it to calculate the potential profit from different investments with different parameters.

Can I make money by copying traders on ForexCopy?

ForexCopy trade copying service is a promising tool for generating passive income. However, our review shows that it needs to be improved both in terms of its usability and the depth of the statistics provided. The yield on InstaForex’s ForexCopy varies, depending on the trader's strategy, trading style, and the parameters you choose such as trading instruments, lot size, etc.

However, a transaction copy service is not a guaranteed way to generate revenue. There are risks as well, and even if you subscribe to a trader with a low-risk strategy, you can still incur losses. Therefore, it is necessary to carefully choose a strategy provider.

What is the cost of ForexCopy?

On InstaForex, copy trading with ForexCopy is provided without additional fees. When copying trades, the standard terms and conditions of your chosen trading account apply. They are as follows:

InstaStandard – spread (spread for EUR/USD – 3 pips);

InstaEurica – commission (0.03-0.07% per lot).

The experts at Traders Union rate the commissions as high.

The minimum deposit amount for copy trading is 10 USD. However, traders can set their own recommended values.

Traders charge a commission for copying trades. There are six commission options available on the service:

payment from the copied transaction;

price per 0.01 lot from profitable trades;

price per 0.01 lot from each transaction (including unprofitable ones);

percentage of profit;

price per subscription day;

commission on the volume of lots traded.

The most popular method is a percentage of the profit. The average commission rate on ForexCopy is 30%. You can view the commission in the user profile.

Is InstaForex copy trading safe?

The broker is regulated in the following jurisdictions:

Instant Trading Ltd (Virgin Islands): license number – SIBA/L/14/1082

Insta Service Ltd (Saint Vincent): registration number IBC22945, no license.

Both of these jurisdictions are offshore and do not disclose information about the ultimate beneficiaries, so InstaForex cannot be considered 100% reliable. We believe that it is optimal to choose copy trading services from companies with registration in the EU, UK, Australia, and other developed countries with strict control over the activities of financial companies.

However, more than 10 years of experience in the market by InstaForex’s ForexCopy service is certainly an advantage.

Is InstaForex copy trading safe?

Summary

Open an account
Your capital is at risk.

ForexCopy from InstaForex is one of the oldest services for copying transactions. It is very large, there are more than 1 million strategy providers here. Unfortunately, this platform cannot be called highly functional. It is of great interest to beginners who can use copying trades as part of their training.

ForexCopy provides clients with a fairly large number of settings for copy trading. An important advantage is the ability to choose a trader with the most preferred payment system. However, the average commission for clients is high, and the spreads are completely unattractive. In addition, there are questions about regulation.

Expert’s review

ForexCopy has been operating for more than 10 years and has formed a large customer base during this time. This indicates that this transaction copying service is trusted. The presence of different commission calculation systems is also very important because traders will be able to choose their preferred method of payment for services. It is also worth noting the presence of important functions such as a shut off on copying if the amount on the balance is insufficient, protection against subscription cancellation, and the ability to copy trades for hedging if the strategy provider uses this method.

However, ForexCopy is obsolete functionally, physically, visually, and esthetically. The interface looks unattractive and ancient. There are no advanced tools for analyzing strategy providers, and there are no infographics with statistics that would make the analysis easier and clearer. Plus the download process itself takes too long.

Antony Robertson

Antony Robertson

Traders Union financial analyst

Investors’ reviews of ForexCopy copy service

This is my first trade copying service. I have been working with it since 2018. ForexCopy brings me a stable profit. I work with traders who trade on conservative strategies and get a profit of 30-40%. I am satisfied with everything, and I will continue to cooperate with the platform.

Buck James

Buck James

Trader

London

ForexCopy is a good platform, is reliable, and has a large selection of traders. The service works stably and without technical failures. But the interface is uninviting. It's time for an update of the system because you waste a lot of time trying to find the right trader and select the parameters.

Adam Małek

Adam Małek

IT manager

Poland

I was unpleasantly surprised by the high commissions on ForexCopy and also by the high spreads of the InstaForex broke itself. As a result, the profit remains small, despite many successful deals.

Torsten Young

Torsten Young

investor

Germany

FAQ

If the strategy provider changes the payment method or increases his commission or fees, will the new rules apply retroactively to the old subscribers?

No. Subscribers who worked with a provider before the changes will continue to pay the initial commission unless they re-subscribe.

What trading platforms do InstaForex use for copy trading?

InstaForex uses the trading terminals MetaTrader 4 and MetaTrader 5.

Are copy requests accepted automatically or manually by the managing trader?

Both methods are used, depending on the choice of the strategy provider. If they choose the manual confirmation method, they have 72 hours to confirm the request, otherwise, it will be automatically canceled.

How much can you earn by copying trades?

There is no fixed income or official amount or range. As in any investment field, you can both earn and lose. To increase your chances of success, carefully choose your signal providers.

Team that worked on the article

Mikhail Vnuchkov
Author at Traders Union

Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.

The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.

Mikhail’s motto: Learn something new and share your experience – never stop!

Olga Shendetskaya
Author and editor at Traders Union

Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.

Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.

Olga’s motto: Do well and you’ll be well!