NordFX copy trading review for 2024
The NordFX broker offers its clients passive income using its copying trades service. The company provides a proprietary platform. The NordFX copy trading network is relatively small, but there are some interesting features for traders. This is a detailed overview of the platform, including how the copying of NordFX trades works, the opportunities the service offers for choosing a trader, and how to subscribe to a trader.
What is copy trading?
Copy trading services appeared over 10 years ago and were anchored in social trading platforms. Since then, such platforms have spread widely among brokers globally.
Copy trading services operate quite simply. Just register, select the managing trader (aka signals provider or strategy provider) in whom you are interested, and subscribe to him. After that, the platform will automatically copy all transactions opened by the selected trader onto your trading terminal.
Copy-trading platforms are often used by novice traders for training. You can observe experienced users and gain the necessary theoretical skills. They may also be used as an investment tool.
Potentially, an investor can earn at the same level as the most successful traders of the platform. However, it is worth remembering that copying trades also carries risks. Therefore, carefully select a strategy provider and implement risk management controls.
What is copy trading from NordFX network in 2024
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Copy Trading |
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CySec No.209/13; VFSC No.15008 |
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$10. The minimum investment is set individually by each trader. |
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On average, 30% of profits |
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Bank transfer, bank cards, 7 payment systems |
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33 FX Pairs + Metals + Crypto + CFD Indices & Stocks + Oil |
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100+ |
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2 pips |
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200 signal providers |
Review of NordFX copy trading system
The copy trading service from NordFX provides wide opportunities for a managing trader to analyze and apply his strategies. You can study the brief statistics of traders after opening his profile. Find here the current balance of the strategy provider, the age of the account, and the return rate. A description is also available here. Strategy providers indicate the recommended amount of investment and describe the specifics of the trading strategy.
Returns
The NordFX copy trading service provides detailed statistics on the investment’s return. In particular, find the Return per period table here. It provides statistics on the investment’s return for different periods, from data for the day to information for the entire account operation period.
Further, the same information is presented in the form of a chart. The chart is divided by day, and if you hover any point, you can see the data for the day you are interested in. Here you can also choose to visualize data for different time intervals, from 1 day to statistics for the entire period of the account's operation.
There is also another option for visualizing the return rate in the form of diagrams. It is created in the form of columns, where the monthly return percentage is indicated. If you hover over a column, the platform will display statistics in numbers for the period in which you are interested.
Trading
account currency;
the size of the leverage;
used or free margin;
current balance;
floating PnL;
amount of the equity capital.
Detailed statistics can be found in the Account statistics section. Here you can find data on the managing trader’s finances and various ratios that reflect the account’s profit and loss ratio. This table provides users with the following information.
maximum profit;
average geometric profit margins;
maximum drawdown;
the geometric standard deviation of profit margins;
maximum profit and loss for a trading day;
Downside deviation;
daily volatility;
Sharpe ratio;
absolute profitability;
The profitability and volatility ratio;
recovery factor;
average daily profit and loss.
best and worst trades;
average lot size;
the longest trade;
average profit and loss per trade;
the number of profitable and unprofitable trades;
average profit and loss per trade and lot;
total profit (in USD);
average trading duration.
The Leverage & Return chart will also be useful to the trader. It shows the profit to leverage ratio for different periods. On the diagram, you can also select time intervals from 1 day up to statistics for the entire period of the strategy provider's account operation.
by trade volume;
by the total number of trades.
The analysis contains information both in absolute value and in percentage terms. Therefore, you will be able to view both the total number of trades or lots for a trading instrument and their share.
Equity
The Equity section presents the Equity & Return chart. It is calculated according to the same principle as the Leverage & Return indicator, but it shows the trader's capital to the investments return ratio. You can also view information for the period of interest on the chart.
We consider the statistics of traders on the NordFX copy trading platform to be well thought out and detailed. A lot of information is presented here. The NordFX copy Trading service is highly rated for the strategy providers’ statistics.
Pros and cons of copying trades on NordFX
- Regulated broker
- Advanced analytics for traders
- You can choose a trader with minimum deposit requirements
- Filters have not been thought through
- High commissions
Searching for the right trader to copy on NordFX
First, choose a signals provider to start copying trades on NordFX. To do this, follow the platform and find a table with a choice of traders.
Percentage of profit for different periods;
The commission size;
Maximum drawdown;
The number of subscribers and their total capital.
For example, consider the return for the whole period. Click on a column and the system automatically sorts strategy providers from best to worst.
Let's click on the All-Time column again, and the system will show us the reverse result. The copy trading platform will sort providers from worst to best.
In our opinion, the trader search system at NordFX is implemented at a basic level. There are no advanced filters. Moreover, there is no search by a strategy provider via his nickname.
We also suggest that you get acquainted with the eToro copy trading review which is the leader in this area today.
How to start copying traders on NordFX?
Register on the platform to start copying trades on NordFX. It takes just 2 minutes. Verification will also be required. Documents shall be reviewed within 48 hours.
Sign in to your account after completing the registration procedure. Click on the Section for workings with investment products button in the main menu (on the left side of the screen). You will see a screen with investment products. Select Copy Trading here.
Next, find a table with a selection of traders. Here is the Copy trading button on the right side of the screen. Click it.
In a pop-down menu, you can study the trader’s brief characteristics, as well as the copy trading settings.
Autoscale to Equity;
Exact Copy;
Autoscale to Free Margin;
Fixed Lots.
You can also set the minimum and maximum lot size, as well as the maximum number of losses in dollars.
You can choose the leverage size and set a separate password for copy trading (or the platform will generate one automatically). You also should indicate the amount of investment for copying trades. Then just click on the Copy Trading button and all trades will be automatically copied to your trading terminal.
Subscriptions and your signals
After you subscribe to a trader, you can find him in your Subscriptions section. All the basic information about the trader's profitability, features of trades, etc. is presented there. There you can unsubscribe from the strategy provider if he doesn't suit you for some reason.
You can also create your trading signals. If you have knowledge and experience in the field, you can become not only a subscriber but also a signals provider. For this purpose, select the My Signals item and click on the Add Signal button. Next, the platform will ask you to specify the name of the signals, description, commission, minimum balance for copying trades according to your signal, as well as leverage.
Can I make money by copying traders on NordFX?
The NordFX copy trading platform will help you to make money. There are many profitable traders on the service. The size of your income from copy trading depends on your investment amount and lot size, the trading style, and the degree of risk of the trading strategy.
However, NordFX doesn’t provide a 100% guarantee of profits. There are always risks of losing money. All subscribers will suffer the loss if a strategy provider opens a losing strategy. Therefore, when copy trading, you should strictly follow the risk management rules.
How much does NordFX copy trading cost?
The average spread for EUR/USD is 2 pips.
The fixed commission is 0.0035% for the transaction (in each direction)
Moreover, a commission is charged in favor of traders providing their trades for copying. There is only one option of the commission provided on the copy trading service – the commission from the profit per trade. The average size is 30%.
Is NordFX copy trading safe?
NordFX broker is licensed by two regulators.
The Cyprus regulator CySec is one of them. The financial permit number is 209/13. NordFX provides services to clients from Europe based on its license.
The second document was issued by the Vanuatu regulator – VFSC. Its license number is 15008. The remarkable thing is that offshore regulation is considered less reliable than European regulation. However, in general, this broker has proven itself well and can be considered reliable.
Summary
The copy trading service NordFX is worthy of special attention. The company has worked well on the statistics block, so it will be quite easy for users to analyze traders. Also, the service sets a minimum deposit for copying traders, and the availability of funds in the account is automatically verified before subscribing. This will protect the investor from subscribing to traders with an aggressive strategy of generating income on a large deposit.
However, the search for traders on this platform is difficult. There are practically no opportunities for this. It is also worth noting a fairly high commission both for trades on the platform and for copy trading in favor of strategy providers.
Expert review
The NordFX platform is relatively small. You can copy trades from 200 strategy providers. However, there is something to pay attention to here. The platform has a fairly simple, intuitive interface. Convenience access to all functions is by a single click. The platform offers comprehensive analytics, so you can analyze the strategies of the managing trader thoroughly in real-time. It is also worth noting the function of the minimum deposit for each signal provider. This will protect you from mistaken subscriptions and a substantial loss of funds.
However, the search function could have been implemented much better. The company doesn’t provide filter searches. Thus, it is more complicated to find good traders in this way. Besides, copying trades will be quite expensive. An average spread of 2 pips is too much. Traders' commissions are also quite high here.
Reviews of copy trading from NordFX FX users
I’ve been working with the copy trading platform of NordFX for eight months and I am satisfied for now. The platform is very user-friendly and I mastered it in just three minutes. It is very easy to analyze a trader, as all information is presented in the form of charts and diagrams. I make good money with this service, so I will continue to work with it.
My colleagues recommended this service. I am currently working with NordFX. It seems nice. The platform has been designed very well, with a beautiful and pleasant interface. Everything is simple enough. However, it takes a long time to find a trader. It's not very convenient to search without filters.
I didn't like this copy trading service. First of all, there is a very limited choice of traders. It is difficult to find a good signal provider. The search is complicated by the normal filter's nonavailability. Moreover, NordFX has high spreads, and the commissions are unprofitable for traders.
FAQ
What platform is used by NordFX?
NordFX offers the MetaTrader 4 platform as well as its proprietary platform for copy trading.
How much can I earn with NordFx?
There is no unitary standard. As with any investment field, you can make good money or lose money. It all depends on the choice of the strategy provider and market conditions.
What account currencies are available on the service?
The broker offers the base account currencies such as USD, EUR, CNY, GBP, IDR, VND, THB, and PHP.
Do I need to create a separate account for copy trading?
No. Copying transactions and trading operations are carried out within a single account. You should allocate a separate budget for each trader.
Team that worked on the article
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 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!