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 Copier is a software solution that allows you to copy trades from one account, to multiple different copier accounts. This allows you to open positions, manage positions and close trades across a range of different brokers and platforms, simultaneously whilst only controlling your main account.
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 copiers. So, how does it work and what features are we getting?
1. Copying Trades Between MT4 and MT5
The best feature that Forex Copier has, which MT4 Copier doesn’t, is the ability to copy trades to MT4 accounts from an MT5 account, or from MT5 accounts to MT4 accounts. The majority of trade copiers will just allow you to go from MT4 to MT4, which proves a problem for people looking to take on clients with MT5 accounts. As more and more traders are moving to MT5, this is a MUST!
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 Markets and it’ll have no problem copying the trade perfectly over to my FTMO account, even if the symbol is called something slightly different.
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 Tools and 4X Solutions just don’t offer – but I personally think this is essential if you’re having 100+ accounts on the platform.
Forex Copier Plans & Pricing
Forex Copier Paid Version – $180
Unlike MT4 Copier that uses a monthly subscription, Forex Copier uses a one time payment for lifetime access to the tool. The usual price for the software is $299, but there is usually a discount running making it usually around $180 for the full package. This of course comes with support and everything you’ll need to get setup and going, alongside a 30 day money back guarantee. Comparing this to the cost of the other options on our Top Forex Trade Copier List and it’s certainly on the low end!
Forex Copier Free Version – $0
There is a free/demo version of Forex Copier that you can download here for free. You’re limited to a maximum number of master and receiver accounts of 2 – which definitely vastly limits what you’re able to do with the tool but it’s enough to let you see if you like the layout, structure and could make it work for your own trading.
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 Firms in the industry are offering upwards of $100,000 in funding, either instantly or through passing trading objectives – which can sky rocket your assets under management.
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…
- Your main account earns you 5% average per month.
- You get instant funding of $50,000 from MyForexFunds, adding that account to the copier.
- You take instant funding of $50,000 from DT4X Trader, adding that account to your copier too.
- You take on an FTMO Challenge for $200,000 of funding, alongside a LuxTradingFirm challenge for $150,000 of funding. Both accounts are added to the trade copier.
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 Copier you can trade on multiple brokerages at once. For example, your main account could be with Hugosway, a copier account with IC Markets and a copier account with Global Prime. This way, if one broker goes down, you’re not left with no trading capital.
Forex Copier Reviews – What Are Traders Saying?
Forex Copier has an Excellent reputation on Trustpilot, with literally no bad reviews at all! Although this is great to see, a company with such good reviews, currently there are only 15 reviews which doesn’t give us too much data to work with. If we compared that to Local Trade Copier that has over 100 reviews, we can see the fact we don’t have too much to go on.
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 Copier is not as good as Local Trade Copier. LTC has much better reviews, a lot more reviews and I have personally stuck with it longer as it’s so lightweight, just sitting on MT4 and working away, rather than being an actual piece of software – but I guess some traders prefer that!
You can easily compare and contrast the most common options on our list of forex trade copiers. If you have any experience with this tool please do let me know in the comments below, I’d love to hear your experience.