In this Myfxbook autotrade review, we’ll examine what this social trading network has to offer traders. It provides advanced statistics of each trader’s transactions, offers a mobile app, and charges a minimal commission. We’ll also look at how it compares to its competitors.
Myfxbook autotrade is a social trading network
Myfxbook autotrade is a platform that allows you to copy a trade from someone else’s MT4 account. This application has several advantages over traditional systems. For starters, it allows you to upload your trading history. In addition, the platform offers technical analysis tools. You can get alerts from other traders on your charts, and you can also ask for an audit before investing. In addition, Myfxbook offers a free demo account to let you test drive all of the applications and features.
The network allows you to follow and copy other traders in a social setting. This is great for new investors who want to learn the ropes of the market. It also offers a range of account types, including free, premium, and social trading. You can follow as many people as you like, and you can even mirror their trades. There are different types of accounts available, so you can pick the right one for your needs.
One of the great benefits of using social trading is that it democratises the trading industry. You can access and follow the best traders in the world. It allows you to copy their trades with a simple click of a button. However, it is important to know that Myfxbook autotrade is not a broker; you will have to open a separate account with a broker of your choice. This will enable you to use the service and unlock its full potential.
It provides advanced statistics on each trader’s transactions
MyFxbook Autotrade is a program that provides advanced statistics on each trader’s transaction. It provides detailed information in figures and graphs, and allows the user to copy a trader’s transactions. This program is available for investors with an account with any broker supported by MyFxbook. It provides a range of useful statistics, including: Abs. Gain (the increase of a deposit without regard to reinvestment) and Current Drawdown (the current/maximum equity values ratio).
In addition to providing statistics on each trader’s transactions, MyFxBook also tracks fake accounts and identifies fake users. The program requires investors to enter their password in order to access detailed account information. The investor can then choose how to use this information. Once set up, MyFxBook automatically performs all analytics. This is a great benefit for those with little or no time to monitor their own trading activity.
The platform provides supplementary tools to assist with market analysis, such as advanced statistics on currency pairs. It also offers real-time charts of volatility, liquidity, and correlation of currency pairs. The program also offers trading ideas based on technical patterns. Over 30 technical patterns are tracked by MyFxBook, and all statistics are updated every 30 seconds. It also gives users the ability to compare spreads between brokers and on particular instruments.
It charges a small commission
The Myfxbook AutoTrade social trading platform allows users to follow forex signals from experienced investors. It also allows users to automate trading. In exchange for a small commission, they can access over 38 brokers around the world. Among these, Myfxbook AutoTrade partners with Tickmill and IC Markets. This list is expanding as more signal providers are added to the service. Signal providers receive a small commission, usually 0.5 pips, for every successful transaction.
Anyone with a MetaTrader 4 account can sign up to become a Myfxbook Autotrade provider. However, a minimum balance of $1,000 is required to qualify. Moreover, providers must have at least three months of experience and at least 100 closed trades. They must also have a historical account drawdown of no more than 50%. They should also have an average trade time of 5 minutes. Once they have completed all the requirements, Myfxbook will pay 0.5 pips for each winning trade.
MyFxbook also offers advanced statistical information on trader transactions. These can be seen under the financial charts. This helps you to visualize the profitability of trades and identify which ones are profitable. The Directional Analysis chart, for example, helps you to analyze your trades. It also displays detailed information on each trader’s profits and losses.
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