As a forex trader, you may have heard of forex copier services. These services allow you to copy trades from one account to another, which can be a useful tool for traders looking to diversify their portfolio or learn from other traders’ strategies. In this article, we will discuss what forex copier services are, how they work, and which one you should use.
What is a Forex Copier Service?
A forex copier service is a tool that allows traders to copy trades from one account to another. This is done by connecting the trading accounts and automatically executing trades in the receiving account based on the trades made in the source account. Forex copier services can be used to copy trades between two accounts belonging to the same trader or between different traders.
How Does a Forex Copier Service Work?
Forex copier services work by utilizing an Expert Advisor (EA) that is installed on both the source and receiving accounts. The EA analyzes the trades made on the source account and sends the trade information to the receiving account. The receiving account’s EA then executes the same trades based on the information received.
Forex copier services can be set up to copy all trades or only specific trades, depending on the trader’s preferences. Additionally, some forex copier services offer advanced features such as lot size adjustments, which allow traders to adjust the size of the copied trades based on the balance of the receiving account.
Which Forex Copier Service Should You Use?
There are many forex copier services available, each with its own set of features and pricing. Here are a few of the most popular forex copier services:
1. Local Trade Copier
Local Trade Copier is a popular forex copier service that allows traders to copy trades between multiple accounts. The service offers a wide range of customization options, including lot size adjustments, filtering trades by currency pairs, and more. Local Trade Copier also offers a free demo version for traders to test the service before committing to a paid subscription.
2. Remote Trade Copier
Remote Trade Copier is another popular forex copier service that allows traders to copy trades between multiple accounts. The service offers advanced features such as partial close and reverse copying, which can be useful for traders looking to customize their trading strategies. Remote Trade Copier also offers a free demo version for traders to test the service before subscribing.
3. Forex Copier
Forex Copier is a forex copier service that allows traders to copy trades between multiple accounts with the same broker. The service offers a wide range of customization options, including lot size adjustments and trade filtering. Forex Copier also offers a free demo version for traders to test the service before subscribing.
Conclusion
Overall, forex copier services can be a useful tool for traders looking to diversify their portfolio or learn from other traders’ strategies. When choosing a forex copier service, it is important to consider the service’s features, pricing, and reliability. Additionally, it is recommended to test the service with a demo account before committing to a paid subscription.
