Forex Copier Review 2022 – Better Than LocalTradeCopier?!


Forex Copier

8.8

EASE OF USE

9.5/10

SETUP NEEDED

9.0/10

COST

8.5/10

FEATURES

10.0/10

REPUTATION

7.0/10

Pros

  • MT4/MT5 FUNCTIONALITY
  • AUTOMATIC ISSUE RESOLVER
  • ADVANCED RISK SETTINGS
  • FREE DEMO VERSION
  • CROSS BROKER

Cons

  • NOT VERY MANY REVIEWS
  • NO MONTHLY PAYMENT OPTION

With so many new opportunities arising in the forex industry, traders are looking to get more out of their consistent trading. Just think, if you’re doing well with 1 account, what’s possible with 6 accounts, or 12 accounts? The possibilities are endless but with how long it takes to log into MT4 accounts, figure out the lot size and manage the trade properly, manually trading multiple accounts isn’t really an option…

In this article we are going to be looking at Forex Copier, a tool used by thousands of traders around the world to copy their positions onto multiple MT4 and MT5 accounts. We will be taking a look at everything you need to know and my experience with the tool…

What Is Forex Copier?

Forex CopierOpens in a new tab.

The product has copied over 5,000,000 trades over the last 11 years and is used by nearly 5000 forex trades around the world. Let’s take a look at the features…

Forex Copier Features

Forex Copiers features make it one of the best tools in the industry for replicating trades. In fact, it appears to be more popular than a lot of the other trade copiersOpens in a new tab.

1. Copying Trades Between MT4 and MT5

The best feature that Forex Copier has, which MT4 CopierOpens in a new tab.

2. Risk Management Settings

There are a range of risk management settings allowing you to fully customise the position sizing, stop losses, take profits, prices, emergency stops etc. This is ESSENTIAL if you’re going to copying trades onto multiple accounts as without this, you’re going to be having to still manually intervene which won’t be possible with more than just a few accounts!

3. Trade Copying Previews

The software has a current orders section, where you’re able to view the trades you are getting into. This is a great feature to double check that the trades are being copied correctly as you can group together pairs, times, order size etc to easily analyse what’s going on.

4. Cross Broker Functionality

Forex copier allows trades to be copied from and to any broker. Meaning I could take a trade on IC MarketsOpens in a new tab.

5. Automatic Problem Solving

With trade copiers across multiple brokers and accounts, it’s not uncommon for things to go wrong and for one of the accounts to be missing trades or mismanaging positions. Forex Copier will show you when there’s an issue with one of the accounts by highlighting the account red. All you need to do is click the ‘fix’ button and it’ll sort the rest out for you! The problem solving features is something trade copiers like Social Trader ToolsOpens in a new tab.

Forex Copier Plans & Pricing

Forex Copier Paid Version – $180

Unlike MT4 CopierOpens in a new tab.

Forex Copier Free Version – $0

There is a free/demo version of Forex Copier that you can download here for freeOpens in a new tab.

If you’re taking this seriously and looking to connect a range of different trading accounts to copy, you’re going to need to be getting the full version.

Why Use Forex Copier?

There are a few popular reasons why traders are using Forex Copier to copy trades onto multiple MT4/MT5 accounts at once. These reasons include:

1. Trading Prop Firm Capital

The best way to utilise Forex Copier is to trade multiple prop firm accounts. Some of the Best Prop FirmsOpens in a new tab.

Let’s assume you’re a profitable trader averaging 5% per month gain on your brokerage account. You setup a trade copier and start applying for prop firms…

  1. Your main account earns you 5% average per month.
  2. You get instant funding of $50,000 from MyForexFundsOpens in a new tab.
  3. You take instant funding of $50,000 from DT4X TraderOpens in a new tab.
  4. You take on an FTMO ChallengOpens in a new tab.

The trade copier, alongside consistently profitable trading, allows you to RAPIDLY scale up your operation and start taking trading more seriously with much more capital at your disposal.

2. Trading For Investors

Forex Copier allows you to trade for investors, meaning you can take management fees or percentage fees for your trades. Considering you’ll be just trading on the one account as you normally would, this is essentially free money once you’re all setup!

I should warn that you do need to be regulated to directly trade investors capital – so look into that before you take on funds.

3. Changing The Risk

One of the main reasons why you would want to use Forex Copier is to change your risk profile on various different trading accounts. Instead of having one account just risking 1% per trade, you could have another few copier accounts running 5-10% per trade, on much less trading capital. Of course these are much higher risk but as just a small portion of your portfolio, it maybe worth the upside depending on your trading results!

4. Hedging Broker Exposure

Using only one forex broker can be risky, especially if they are an offshore, unregulated broker. They are known for disappearing at the drop of a hat and leaving traders without their capital. However, the huge leverage being offered by these offshore brokers really does draw in a lot of traders.

With Forex CopierOpens in a new tab.

Forex Copier Reviews – What Are Traders Saying?

Forex Copier has an Excellent reputation on TrustpilotOpens in a new tab.

Regardless of the lack of reviews, traders are praising the platform for its effectiveness and the fact it’s abled them to scale their trading accounts and overall become better traders. Don’t let the lack of reviews put you off though as they currently have over 4900 traders using the tool monthly and a 30 day money back guarantee!

How To Run Forex Copier?

When you’re running Forex Copier or any trade copier for that matter, it’s crucial to have the system running 24 hours a day when the markets open. Any downtime or lack to communication between the master and copier accounts can lead to huge losses, lack of trades or mismanagement. I am personally always travelling and my computer frequently loses connection, so I opt to run my trade copiers on a Forex VPS.

The VPS and trade copier only take a few minutes to setup, meaning you’ll be up and running in no time. I much prefer doing it this way as you have no doubt your positions are being copied effectively and accurately without having to worry about constantly having your computer on and connected to good internet.

In Conclusion – Is Forex Copier Better Than LocalTradeCopier?

In summary, Forex Copier has a lot of really good features that are extremely useful for copying trades across multiple accounts simultaneously. I have personally found the software really easy to use and I would highly recommend checking out the demo version if you’re on the fence.

In my opinion, Forex CopierOpens in a new tab.

You can easily compare and contrast the most common options on our list of forex trade copiersOpens in a new tab.

Kyle Townsend

Kyle Townsend is the founder of Forex Broker Report, an experienced forex trader and an advocate for funding options for retail forex traders.

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