Myfxbook, an increasingly popular (at least in terms of Alexa rank) social platform for collaborating forex traders, has introduced a host of new features.
Myfxbook differentiates itself from the likes of Currensee by mostly focusing on auto trading strategies. It is a Currensee-Zulutrade crossover if you will.
Couple of days ago Myfxbook released a neat new feature: the track list. You now know who’s exactly tracking yours and other’s systems and see who they are. While nothing really useful it is something we all like to know – who is checking up on us. The same exists on Linkedin and Facebook
About a month ago, Myfxbook also introduced their version of a verification system which according to them allows to verify that the reported statements are legit. This is what they had to say about this:
As you can see, 2 major issues (MetaTrader accounts) are resolved with our verification system (Check the help section for instructions):
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1. False performance, which could be easily manipulated by uploading fake account statements.
2. Users who use the investor password to publish the account as if it were theirs.
The first issue is resolved by using your investor password (Can be inputted in the account settings form) – we connect several times a day directly to your broker and download your original trading history. The original trading history is then compared against the data sent to us by you and if no discrepancies are found, your track record will be automatically marked as verified. However, if discrepancies are found, they will be corrected using the original data from your broker, and your account will be recalculated automatically.
The second issue is resolved by verifying your trading privileges using a unique key we give you (Can be also found in your account’s settings form). Once you receive the key, you will then be required to open a trade in your trading account (You can use the smallest trade size possible) with the key as the trade’s comment – when we will connect to your account with the investor password and locate the key we gave you, your account will be verified for trading privileges. On that note, if you spot someone publishing your account as if it were theirs with your investor password – just let us know and it will be removed immediately.
Oanda’s accounts are marked immediately as verified both for the track record and the trading privileges as the data comes directly from Oanda’s servers, and the trading history link can be obtained only if you have access to the trading platform.
For the next several weeks, we will be tweaking and modifying our systems for the verification system to work as smoothly as possible, so if you encounter an issue, please let us know and as always we will resolve it as soon as possible.
The new verification system also changes the systems search concept – only verified systems will appear on the systems page!