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It’s all in the name! Copy trading allows you to automatically copy the positions taken by another trader. You decide the amount you wish to invest and simply copy everything they do automatically in real-time – when that trader makes a trade, your account will make that same trade as well.
You do not need to have any input on the trades, and you get the identical returns on each trade as your chosen trader. Copy trading is one of the easiest ways to use another trader’s expert knowledge. It also means that you don’t lose any control over the outcome. You still have the ability to close trades, and open new ones when you want. But by copying another trader, you could potentially make money based on their skills. In fact, no advanced knowledge of the financial market is required to take part!
Copy Trading transactions is often called auto trading because it is an automated process. That is, you do not need to independently monitor and analyze the actions of your managing trader or conduct transactions. His transaction(s) are copied directly to your personal account along with any parameters you specify.
The history of copy trading goes back to 2005 when traders used to copy specific algorithms that were developed through automated trading. Brokers recognised the potential of having systems where any linked to that trader could automatically copy their trading account. There was no need to constantly monitor email signals or trading ‘chat’ rooms. We think they were onto something.
Out of this were born Etoro and Zulutrade who allowed traders to connect their personal trading accounts to their platform. Traders no longer had to submit their specific strategies. The popularity of copy trading has since exploded.
You can copy trade across all markets, including: FX, indices, crypto, stocks and Commodity markets.
If you want to enter the FX market but are short of time, copy trading allows you to get involved without having to learn advanced technical skills. This can be very time-consuming.
It is very simple to trade in and out of different markets if you want more exposure in one over another. Perhaps you are less familiar with technology stocks but have always wanted to trade Apple or Netflix?
Copytrading is a powerful 💪 tool anyone can use to take advantage of professional traders' expertise by automatically mirroring their trading activity and results.
Before you actually start copytrading you'll need to follow these simple steps:
👨💻 Choose a trader whose trading strategy you'd like to copy.
🔁 Click the Auto-Copy button.
▫️ After you confirmed your Autocopy settings ⚙️, the algorithm will automatically mirror any eligible trade opened by your copied trader.
▫️ That means that any order that falls within the parameters you invested, will be copied instantly 🔁 unless there are insufficient funds on your balance or another issue. In this case, the order will be skipped, and you'll get a notification about the issue that prevented trade from being copied.
▫️ Add more funds if you like how the trader is performing.
Benefits: The advantages of copy trading are the reason it has become so popular. What is the goal? To find traders that have a strong track record and trading style that you want to emulate. Or you can spread your risk across your portfolio which will enable you to ride the ups and downs in markets so that you can trade over the long-term.
Accessibility: Copy Trading offers an interesting and reachable route into trading. Huge advances in social trading and the multiple social trading networks means this is now freely available.
Upskill your own trading knowledge: Copy Trading allows you to follow the trading activity of experienced traders, some of whom have years of expertise and know-how. You can learn from watching by replicating their success and developing your own trading.
Diversification: With the huge variety of trade strategies on offer, you can now allocate your portfolio to numerous providers across different assets. By spreading the risks associated with individual decisions, you can offset losses if one trader performs poorly. You could also potentially make money in several types of market environments.
Ask yourself: Do you want some oil exposure as Saudi Arabia becomes prone to more acts of sabotage? Do you want to take advantage of intraday moves during Jerome Powell’s press conference? Or perhaps you are content with a quieter life, lower volatility, green investing perhaps? You can get whatever exposure you want, on your terms by tapping into a wealth of global expertise.
Free time: You can continue to trade in the markets throughout the day as someone you have chosen is monitoring them and trading. This means you can spend time on your other hobbies!
Risks: The main risk with copy trading is an obvious one – you are taking part in some risk with financial implications. Trading by its nature is a high risk, high reward endeavour but that’s why we only have professional/Expert traders with good ratings.
Market Risk: Copy Trading, like with any trading in financial markets, involves putting some of your capital at risk. Inevitably, the market risk associated with this means you can lose that capital as the assets your chosen trader has bought and sold may be prove unsuccessful.
Trader Histories: Choosing a long-term reliable trader to copy can be difficult. It is up to you to do your own homework to make sure you understand your chosen traders. Sometimes, results can be too good to be true, or a trader is going through a hot streak which means a drawdown is close by.
* Profitability: This is a key parameter. It reflects the success of the trader-manager’s transactions over time.
* Duration of Trading: This parameter shows how much time a trader has been active. Please note: this is not the general experience of a trader at the Forex market, because previously he could trade at another service with another broker. Professional traders change brokers quite often, but something else is important here. The longer the duration of a trader working for a broker the greater the number of statistics on that trader’s background. On the other hand, some real jewels may be found among novice traders with a short duration of trading.
* The number of people copying transactions: This is the number of service users who have chosen to copy transactions as a type of investing at Forex and work with a given trader. Theoretically, the more people who are copying there are, the more in demand the trader is, which means that the more successful and experienced he is. However, we have just said that even among traders with a short duration of trading, you can sometimes find incredibly successful players. They will not have many people who are copying them, but it still may make sense to focus on such promising traders.
* Commission of a trader: It's simple: this is a percentage of a successful auto trade transaction. Each trader sets its amount himself. The commission is usually accumulated till the end of the month which is usually 8%-10% of total profit.
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