There are a number of Best forex copiers available on the internet. These tools allow traders to duplicate their trades automatically.
While these tools can be helpful, they can also be dangerous if not used correctly. It is important to use a forex copier with caution and only after reviewing the risks associated with trading forex.
What Is a Forex Trade Copier?
Trade copier software is simply software that copies trades between multiple trading accounts. This is the best way to manage multiple MetaTrader accounts simultaneously and open the same trades on multiple trading platforms.
Although there are many account copiers, the majority of trade copy software is built around MetaTrader 4, which is the most popular platform for trading.
You will need at minimum two MT4 accounts on the same computer to copy trades between MT4 accounts. Below is an example of 6 client accounts that receive trades directly from a master MT4 account. It’s easy to set up. It takes only 10 minutes to set up.
How Safe is Copy Trading?
Many online platforms for copy trading are available. In some cases, they are even offered by forex brokers. These platforms may offer some assurances, but there is no guarantee that copy trading is safe.
Copy trading is dangerous because you rely on other traders’ accuracy and performance. Your entire trade may go sour if one of the traders does not deliver. You could lose more money if your risk management is poor.
How Forex Trade Copier Work
We’ll use the LTC Advisor to demonstrate how trade copier software works. To use trade copier software, you must first have at least two MetaTrader4 accounts on the same machine.
The master account is the MetaTrader account that executes a trade. Any trades executed by the master account are mirrored to the slave account or client account. You can have as many master account as you like, and as many slave accounts as you want.
A trade copier is made of two parts:
- Server EA must be running on an MT4 platform. This is the master account.
- Client EA must be running on the MT4 platform to which you wish to transfer trades. This account is called the slave account.
MT4 Master and MT4 Slave accounts
Client and Master accounts must be on the same computer. However, remote trade copiers such as Sign Magician can copy trades between accounts in MT4 through the internet. Accounts can also be found on different computers around the globe.
Trades are copied from clients to master accounts. There can be unlimited clients and masters.
Top 5 Best Forex Trade Copier For MT4
There are a lot of different forex copiers available on the market, and it can be hard to know which one is the best for your trading needs.
In this article, we will take a look at the five best forex trade copiers for MT4. Each copier has its own strengths and weaknesses, so it is important to choose the one that will work best for you.
1.MT4 Copier (Local Trade Copier)
Rimantas PETRUSKAS created MT4 Copier which allows multiple master accounts to instantly copy trades to unlimited copier accounts.
MT4 Copier is a top-rated broker with a strong support team and constant updates. It also offers a variety of risk management tools that are vital for serious traders.
2. Forex Copier
Forex Copier currently assists over 5000 traders around the world to copy trades onto other broker accounts or prop firm accounts.
Investor accounts can also be copied automatically by Forex Copier. It is easy to set up, connects to MT4 and MT5, offers automatic problem solving, and a free demo.
3.Social Trader Tools
Social Trader Tools offers one of the best options for managing multiple trading accounts, copying trades between MT4 brokers and more.
It is entirely cloud-based and offers a variety of useful features, including reverse copying and equity protection. This platform is a must-have for fund managers.
4. FxBlue Trade Copier
FxBlue’s trade copier works across MT4 & MT5 and allows traders to easily be copied with low latency. It also comes with a variety of risk management options. This free tool does not allow trades to be copied to more than one master account. FxBlue is more than enough for most retail/hobby trader’s trade copying needs.
5. Telegram Fx Copier
Telegram Fx Copier, a trade copy program, copies trades from Telegram Channels to your M4 or MT5 accounts in under 5 seconds. This software automates the entire process and provides detailed analytics on how each trade is performing.
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Top 5 Best Forex Trade Copier For MT5
There is no secret to success when it comes to forex trading, but there is one key element that has helped countless traders achieve success: a good forex trade copier.
Whether you’re a beginner just getting started in the market or an experienced trader looking for a way to speed up your workflow, here are five of the best forex trade copiers available on the market.
1. AvaTrade: Best overall
AvaTrade is the top-rated MT5 forex broker overall. It was founded in 2006 and has over 59 currency pairs. It offers all major and minor currency pairs on the MetaTrader 5 platform. There are also a variety of assets and CFDs.
It offers competitive spreads starting at 0.9pips, and it charges no commissions.MT5 is simple to use with AvaTrade. The platform can be accessed via desktop or mobile app.
It is one of the most trusted brokers and it has more than 200,000 clients who make nearly 2 million trades per month. AvaTrade also offers MT4, Webtrader and AvaTradeGo platforms.
Pros:
- Regulated by multiple jurisdictions
- Competitive spreads
- No commission
- Trusted By More Than 200,000 Clients
Cons:
- The minimum deposit is PS100
- The annual administration fee and inactivity fee apply
2. Pepperstone: Fastest for execution
Pepperstone is the best MT5 Forex broker for traders who need fast execution and speed. You can expect MetaTrader 5 to execute your trades in under 30 milliseconds with Pepperstone. This makes it an excellent choice for scalpers, day traders, and experts.
There are over 1200 trading instruments, including more than 60 forex pairs. Pepperstone has a number of tier 1 banks, so you will get the best spreads in the market.
The average bid/ask spread for EUR/USD is 0.17 pip. Pepperstone is a broker that does not deal with clients, so your trades will have a 99.95% chance to be filled at the highest price.
Pros:
- Ultra-fast trade execution
- No dealing desk
- Low spreads
- No commission
Cons:
- Support is not available 24/7
- Withdrawals take 1 to 3 days
3. Vantage: Best MT5 ECN broker
Vantage markets, an Australian-based forex broker, has two ECN accounts which fully support the MetaTrader5 platform. Forex traders have access to 44 currency pairs through its Raw and Pro account types.
Spreads start at 0.0pips, and they also have access to large liquidity pools that allow for fast execution.
Each ECN account is suited for different levels of forex trading experience. The Raw account is the best option for beginners, as it requires a $500 deposit. While the Pro account is designed for more experienced forex traders and requires a $20,000. Each account has a $1.75 commission and offers leverage up to 1:15.
Pros:
- ECN accounts for both novice and experienced traders
- Regulated by tier 1 jurisdictions
- TradingView can be integrated into MetaTrader
- Copy trading and social trading via MT5
Cons:
- Large initial deposit amounts
- Additional features require larger deposits
4. Admiral Markets: Best for MT5 mobile
Admiral Markets, a MetaTrader-only broker, offers the best mobile app with MT5. Traders have the option to download MT5 for Android or iOS on their smartphones and tablets and trade more than 40 forex pairs.
There are many account options available and spreads can vary depending on which one you choose.
Mobile traders can access additional tools and features, such as Trading Central, which automatically finds trading opportunities. Admiral Markets offers level 2 pricing and one-click trading. Volatility protection settings allow traders to minimize risk in volatile conditions.
Pros:
- Regulated by multiple jurisdictions
- Low Spreads starting at 0.0 pips
- All MetaTrader platforms available
- Other features for mobile
Cons:
- It is a market-maker that provides liquidity
- The maximum lot sizes are restricted
5. FP Markets: Best for paper trading
FP Markets offers a demo account that is a great option for those who are new to forex trading or just want to try out the MetaTrader5 platform. Traders can open a paper trading account to access MT5 from any device, whether it is desktop, web or mobile.
There are over 60 pairs available and you have the option of 2 accounts: standard and raw.
If you prefer low spreads and quick execution, the raw account is your best option. The standard account is better suited for long-term traders or swing traders. The paper trading MT5 account from FP Markets comes with a $100,000 balance and all the same tools and features as the live version.
Pros:
- Demo available only for 30 days
- Commissions and spreads
- MT5 for web, desktop, mobile and mac
- Excellent educational features and tools
Cons:
- Copy tools and social trading are less than other brokers
- No FCA regulation
Is Copy Trading Good for Beginners?
For beginners, copy trading is an excellent way to get started in forex trading. For experienced traders, copy trading is a great way to increase their knowledge. Copy trading is the act of copying trades from others.
This information can be used to create your own trades or to copy trades from others and then attempt to profit. Copy-trading has one major advantage: it allows you to learn about the market.
It allows you to see how prices are affected and which strategies work best under different conditions. Copy trading is a great way to try out different strategies without risking too many. You won’t lose anything if you make a mistake.
Forex Trade Copier Software Free Download
MetaTrader Forex Copier is a reliable and easy-to-use software that allows users to copy trades from any MetaTrader 4 account.
Individual traders can use the application to manage multiple accounts simultaneously, or professional traders who wish to offer signal services.
MetaTrader Forex Copier free allows you to see the progress of your trades, and be notified when changes occur.
System requirements
- METATRADER 4 TERMINAL REQUIRED
Restrictions in the unregistered Version
- The Free version doesn’t allow you to configure LotMultiplier options less than 0.5
- The Free version doesn’t allow you to configure LotMultiplier options larger than 2
- The Free version doesn’t allow more than 5 trades to be opened on a slave account. Copier will not work until there are fewer trades.
- The Free version doesn’t allow you to filter or adjust trades that come from master accounts.
- The Free version doesn’t have money management capabilities for copying trades.
- The Free edition does not grant you the right to use Copier for trading signals.
- The Free version doesn’t allow you to copy trades to multiple accounts at once.
Conclusion
Forex copier is a great tool for those starting out in the foreign exchange market. It can help you quickly and easily copy trades, which can save you time and money.
For experienced traders, the copier can also be a valuable tool for coping strategies and past performance.
About Author
- I’m a firm believer that information is the key to financial freedom. On Coindecimal Blog, I write about personal finance and crypto.
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