Online forex trading community myfxbook which specializes in providing a shared statistics on broker spreads, currency moves, and trader performance will soon be launching a copy trading product. As the portal has been providing trading stats for years, the emergence of copy trading is makes sense as a natural extension of the site. According to a representative of myfxbook, they believe that they will be adding value to the space by providing a product that emphasizes risk management and profitability as isn’t simply looking to target high volume trading to generate revenues for brokers and IBs.
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Myfxbook has provided these highlights about the coming offering
– platform is designed to limit risk taken and therefore protect accounts.
– service providers (ie systems to be copied) are hand picked and real only (no demos).
– service providers get paid for profitable trades only, which will eliminate “volume traders” (as in zulurade).
– all of the statistics are based on real figures (unlike zulutrade which work with imaginary pips).
– technology wise, it is built directly with the Metatrader platform, so we can support every broker (we will be working with selected few).
– cost is added to the spread in the form of markup.