FX portal and popular forum Myfxbook has diversified its available copy trading capabilities with a new offering. Myfxbook notified its registered users about a new service which is offered through the website, in partnership with Signal Start.
Users of Myfxbook can now copy every trading system in the website by clicking on a ‘Copy’ button at the top of the system page. This new service operates on any system, real or demo, with a fixed monthly fee set by the trader. There are no installations on the user side as it’s a fully hosted service.
As for costs, the Signal Start service fee is $25 per month per account and the subscription to signals is billed separately, based on the selected signals. Additionally, for signal providers, the service charges 30% of the listing fee, and offers a white label option at no additional cost.
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Going beyond just an online portal providing analytics tools and trade reporting for traders, Myfxbook has evolved and become an active social network of traders. The site’s AutoTrade program has been adopted by a number of FX brokers worldwide and last year, Myfxbook also received a financial license from the Cyprus Securities and Exchange Commission (CySEC).
Speaking with Finance Magnates, Myfxbook management explained the need for the new service: “The partnership was created to provide a solution for all of the traders looking to copy the systems presented on Myfxbook.com (outside the AutoTrade program). Since our AutoTrade program has very strict criteria, this was the perfect solution.”