Local Trade Copier (MT4 Copier) Review – My Experience


LOCAL TRADE COPIER

10

EASE OF USE

10.0/10

SETUP NEEDED

10.0/10

COST

10.0/10

FEATURES

10.0/10

REPUTATION

10.0/10

Pros

  • VERY REPUTABLE DEVELOPER
  • EXTREMELY EASY TO USE
  • LOW COST
  • CONSTANT SUPPORT
  • INSTANTLY COPIES TRADES

If you’re trading forex profitably on one account, imagine what you could do with 5 accounts, or even 10 accounts? Manually logging into accounts, adding positions, managing positions and figuring out the right lot sizes would take you way too long and result in missed trades and miss management of positions. This is where forex trade copiers come in, allowing you to automatically copy your trades from one account, to multiple other accounts!

In this article we are going to be reviewing Local Trade Copier (now known as MT4 Copier), a trade copying EA that I have personally used for over 3 years. This is one of the most well known forex trade copiers in the market, so let’s take a look at the pros, cons, my experience and everything you need to know…

What Is Local Trade Copier?

Local Trade CopierOpens in a new tab.

The product has been used by myself and thousands of others traders around the world for the last few years and it’s allowed traders to manage funds for family, trade prop firm capital, mitigate portfolio risk and start selling their trades! Compared to some of the other competitors on the Best Forex Trade Copier ListOpens in a new tab.

Local Trade Copier Features

Local Trade Copier has a range of extremely useful features that I have been taking full advantage of over the last few years in my trading. Let’s take a look…

1. Trade Multiple MT4 Accounts, At Once

The EA works by very simply copying your trades from one MT4 account, to multiple other accounts. This can be done across various different brokers, base currencies and account sizes. Once setup, which takes about 5 minutes, you will be simultaneously trading multiple accounts at once, until you turn the EA off – making it completely passive and it really does run itself!

2. Manage Risk On A Portfolio Of Accounts

I personally use the solution to manage risk across multiple accounts at the same time as you’re able to pre-select the risk perimeters on the client/copying accounts. You could have your portfolio split something like this:

Being able to select the amount of risk you want to take per trade on each account allows you to be really flexible and capitalise on higher risk trading, without risking your main capital!

3. Scale Prop Firm Trading Capital

The best feature is allowing traders to scale their prop firm funding by copying trades to multiple accounts at the same time. By using some of the Best Prop FirmsOpens in a new tab.

By using the EA to copy your trades, you can quickly amass funding from multiple prop firms and scale your trading capital much faster than you ever could do on just one account – pretty cool, right?

4. Spread Risk Across Brokers

As a forex trader, you really don’t want to be overexposed to one broker. With regulated brokers you’re most likely not going to have any issue of them going under, but offshore brokers can go under at any point so having just one brokerage account is very risky! With the trade copier, you could split your capital between multiple brokers E.G having a main account with IC MarketsOpens in a new tab.

5. No Software Needed

One of the best things about this tool is the fact you don’t need any software or external programs to make it work. The EA is extremely lightweight and uses very low CPU/memory consumption. Other trade copiers like Forex CopierOpens in a new tab.

If you’re looking to be selling signals or something similar to clients around the world, you’d be better off with Signal MagicianOpens in a new tab.

Local Trade Copier Plans And Pricing

When it comes to value for money, it’s really hard to beat Local Trade Copier. There are two payment options to use the service, either monthly or annually. When you pay annually you will be saving some money of course, compared to just a rolling month on month payment. Compared to other offerings in the market like Social Trader ToolsOpens in a new tab.

LTC Personal –

This is going to give you 1x license that you can connect to unlimited master and clone accounts. You can transfer the license between as many computers as needed but it’s only allowed to be active on one computer at a time. I personally use this plan on a Forex VPSOpens in a new tab.

LTC Manager –

This will give you all of the same features as the personal package but 5x simultaneous licenses, as well as position size splitting and martingale mode, which some trades might find useful.

LTC VIP –

The VIP package is the most costly and will allow you to have 15x simultaneous licenses running, as well as the other features of the LTC Manager package.

For the majority of retail traders, the Manager and VIP packages are definitely overkill. I’d recommend starting with the Personal package and staying with that for the long term unless there’s a reason why you need 5 licenses running at once (it would need to be a fairly big operation running to warrant that).

Why Use Local Trade Copier?

There are a number of different reasons why, as a profitable forex trader, you may want to copy your trades onto multiple different accounts.

1. To Mitigate Risk On Your Trading Portfolio

The reason I initially started using MT4 CopierOpens in a new tab.

Being able to copy my main accounts trades to these sub accounts meant I was able to actually grow my equity much faster than if I was just trading with the main account. Beyond that, it took me 20 minutes to set up the trade copier on a Forex VPSOpens in a new tab.

2. To Manage Funds

Another reason you may want to copy your trades to other accounts is to manage funds for other investors. Having investors accounts setup on your trade copier means you will be able to take fees for managing their capital, just for taking the same trades you normally would – no extra work!

The issue with this approach is that for the most part, you will need to get regulated or licensed to trade other investors capital. Your safest bet to be managing large amounts of capital legally is to use the trade copier for prop firm trading…

3. To Trade Prop Firm Capital

The best use of a forex trade copier is to trade multiple prop firm trading accounts. The best prop firmsOpens in a new tab.

Better yet, you become FTMO funded, then you add a MyForexFundsOpens in a new tab.

Local Trade Copier Reviews – What Are Traders Saying?

One of the best ways to gauge the reliability of a trade copier service is to look at the experience other traders are having with the service. I have personally had great success with MT4 CopierOpens in a new tab.

As you can see, MT4 Copier / Local Trade Copier is rated Excellent on TrustpilotOpens in a new tab.

Danny here is making great use of the product by linking multiple funded accounts – great idea! Many traders use the Local Trade Copier to copy trades from their personal account to their prop firm funded accountsOpens in a new tab.

On ForexPeaceArmyOpens in a new tab.

Local Trade Copier Founder – Rimantas Petrauskas

The product was created by Rimantas Petrauskas, a very well known figure in the online forex trading community. If you’ve been around for a few years in the forums like BabypipsOpens in a new tab.

You can actually hire RimantasOpens in a new tab.

If you’re interested in looking at some of the other tools and projects Rimantas has published over the last 10 or so years, you can see them on EA CoderOpens in a new tab.

How To Run Local Trade Copier?

The software is essentially run through EA’s being active on the MT4 platform chart, on each account. This will need a version of MT4 running for the primary account and additional MT4 applications running for all of the copier accounts. For my PC this was too many applications running at once and really slowed my computer down to the point it was unusable when I had 4 accounts running.

I got around this by using Forex VPSOpens in a new tab.

In Conclusion – Is Local Trade Copier The Best In The Market?

In summary, Local Trade Copier (MT4 Copier) is the best tool in the market for copying forex trades from one account, to multiple others. I have personally used this for years now and it really has changed my trading, for the better. Compared to the other trader copiersOpens in a new tab.

Rimantas has created an amazing, lightweight, fast tool for managing risk, trading client funds and scaling up trading capital massively and it’s no wonder why the tool has such great reviews! I’ll be using this for many more years to come.

If you have any experience with this EA I’d love to hear your thoughts down below.

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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