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 Copier is a lightweight EA that allows you to copy forex trades from one MT4 account, to multiple other accounts automatically. This allows you to manage multiple positions on multiple accounts just from one master account without having to ever log into the copier accounts.
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 List like 4X Solutions, Local Trade Copier offers a much cheaper and frankly better package.
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:
- Main Account – 1% risk per trade
- Copier Account 1 – 2.5% risk per trade
- Copier Account 2 – 5% risk per trade
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 Firms, you’re able to take on huge amounts of trading capital, relatively fast. Your trading portfolio could look something like this:
- Main account trading 1% risk with a regulated broker.
- MyForexFunds Accelerated Instant Funding Account – $50,000 of funding. (Full review here)
- DT4X Trader Instant Funding Account – $50,000 of funding. (Full review here)
- FTMO Challenge Account – $200,000 of funding. (Full review here)
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 Markets, a copier account with BlackBull Markets and another copier with Hot Forex, spreading your risk evenly!
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 Copier (Full Review here) use software instead of MT4, making them usually much larger. All you need to run the EA is MetaTrader 4 setup and another MT4 on the computer downloaded for every account you’re looking to add. I’d recommend running this on a Forex VPS, so you don’t accidentally close MT4 applications when you’re working! I have a full review of a VPS I have used for years, Forex VPS, if you’re interested.
If you’re looking to be selling signals or something similar to clients around the world, you’d be better off with Signal Magician – another product by the same developer that was specifically designed for being a more remote style trade copier, whereas MT4 Copier is designed for a more local setup.
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 Tools, this is a very cheap option! There are 3 different plans, depending on your needs…
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 VPS and it’s done me fine for many years, unless you’re a fund manager – this will be fine!
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 Copier all of those years ago was because I wanted to have different accounts running different risk settings. My main portfolio was running 1% risk per trade – fairly safe and industry standard. However, I wanted another account risking 2% per trade, and another risking 10% per trade – I know, 10% per trade!
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 VPS and I didn’t have to touch it for months after that – 20 minutes well spent!
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 firms are offering hundreds of thousands of dollars to traders, in order to a profit split each month. If you’re a profitable trader making a few percent a month, imagine getting setup with a trade copier and running an FTMO challenge account with $200,000 account balance, on your copier.
Better yet, you become FTMO funded, then you add a MyForexFunds instant funding account and a DT4X Trader instant funding account onto your trade copier… As you can see, you can rapidly speed up the process of becoming a trader managing a fairly substantial amount of capital – if you’re profitable of course.
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 Copier and it’s made my life so much easier, but why take my word for it?
As you can see, MT4 Copier / Local Trade Copier is rated Excellent on Trustpilot with 4.8/5 stars. Over 95% of the reviews are excellent, which is extremely rare but great to see! This product is actually much higher rated online than the other Best Forex Trade Copiers! Even the most popular trade copiers like Social Trader Tools have barely any reviews online – so having over 100 is a great sign!
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 accounts. I personally used the product to copy trades from my IC Markets account, to my FTMO challenge account and it’s nice to see that my perfect experience with the solution has also been mirrored by other traders around the world.
On ForexPeaceArmy, another very trusted resource for ranking products in the forex industry, they are clocking in at 4.92/5 stars with over 70 reviews now from traders loving the product. The lack of downtime, the ease of setup and level of support offered by Rimantas and his team is being mentioned in multiple reviews on the site.
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 Babypips or ForexPeaceArmy, you would have heard the name once or twice as Rimantas has created a number of revolutionary products.
You can actually hire Rimantas and his team for coding and development projects on his website, so it’s worth checking out what they have to offer. Rimantas is also behind the best risk management EA for MT4, TraderOnChart. I have personally been a paying customer of both tools for over 3 years now and they have honest revolutionised my forex trading risk management journey and account scaling.
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 Coder.
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 VPS. By utilising a VPS, you can keep all of the accounts and MT4 versions running at once, with the trade copier working perfectly all day, every day. When you have a lot of money on the line it’s key to use a VPS provider with extremely low latency and 0% downtime, hence why I recommend using Forex VPS. Some brokers like IC Markets actually offer a VPS for free when you reach a minimum number of traded lots per month, so check your brokers partnerships to see if you’re eligible. Click here for my full, in-depth review of Forex VPS.
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 copiers, this is by far the best offering in terms of tools, setup and cost.
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.