We wrote last month that forex trading community and analysis portal myfxbook was planning to launch a copy trading product called AutoTrade. The new iniative was launched over the weekend and aims to leverage myfxbook’s existing community of traders sharing their trade ideas. AutoTrade has been planned as a multi-broker product with myfxbook receiving compensation from participating brokers. On the launch, Alpari UK is the sole firm users can use to access AutoTrade for real trading with myfxbook stating that more brokers will be available soon.
As mentioned last month, myfxbook is striving to differentiate their product by emphasizing that as opposed to competing sites service providers are only compensated on profitable trades, copying is only available of real accounts, and risk limits are incorporated into the platform.
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For various reason social/copy trading is quickly becoming a growing trend in the forex market. However, as seen by OANDA’s discontinuation of fxunity, just having a social offering doesn’t guarantee success. Important ingredients of the recipe are an easy to understand platform, large network of users, and technologically stable. Interestingly, we haven’t seen pricing being much of an issue, with typical users being satisfied as long are spreads are within industry norms.