After an in dept knowledge of proprietary firms and how they work, it is important to know if those prop firms accept copy Trading and also the use of Expert Advisor EA’s, hence this post is very handy for you keep reading.
This Post Contains the Necessary Information You Need to Know About Copy Trading and the list of all the prop firrms that allow you to copy trades.
Copy Trading is simply when a trader copy the positions taken by another trader. By Copying Trades, You choose the amount you want to invest and just replicate whatever they do in real-time; as soon as the trader executes a trade, so will your account do same.
Traders can copy trades, including forex, stocks, options, and CFDs, and also duplicate positions. You can also copy trades on significant precious metals like Gold or Platinum as well as renowned crypto currency like Bitcoin (BTC).
By using copy trading, you can link a portion of your account to the portfolio of a particular trader. All of the trader’s open positions are copied to your account once you choose to replicate them. Additionally, your account will immediately receive a copy of all of their future acts. You will then be asked to select a dollar amount to invest.
Below is a list of Prop firms that Allow Copy Trading, Here is an opportunity to choose any prop firm for Copy Trading.
- Audacity Capital
- Blue Guardian Capital
- City Traders Imperium
- Digital Pit
- Finotive Funding
- Leveled Up Society
- Funded Academy
- Lux Trading Firm
- Ment Funding
- My Forex Funds
- Top Tier Trader
- True Forex Funds
However, you also need to inquire from your desired prop firm on the use of Trade Copiers and regulations also do well to wait for a response.
Copy trading may be provided through either proprietary software developed by the broker or a third-party platform, such as those listed below.
MT4 has been created so that you can copy the trades and tactics of profitable traders.
The MT5 platform links traders from various brokerages and continents. In the MT5 market, subscription costs are fixed, and quick data transfers shorten execution times.
The integrated cTrader solution is a different well-liked platform. After opening an account, clients can visit the Copy section to go through the strategies that are offered and contrast the history, risk tolerance, and provider costs.
Social Trader Tool
The Social Trader Tool is a platform designed for forex traders who want to automatically copy trades from one account to several others. For anyone who utilizes MT4 and 5, Trader Tool can duplicate trades to any number of trading accounts and do a lot more with cloud hosting that is available without the inconvenience of a VPS.
Social Trader Tool vs Copy Trading
The Social Trader focuses more on gathering information from many platforms and services in order to create new tactics, exchange advice, and buy products. The primary goal of copy trading in its simplest form is to copy trades and only profit from the outcomes.
Benefit of Copy Trading
The first advantageous benefit of Copy Trading is that it is Good for beginners You don’t need to be a copy trader guru or expert to participate, which is one of the key advantages of having someone else perform the work for you. Additionally, it’s fantastic for any trader who lacks the time to dedicate to full-time day trading.
Also, With the assistance of another trader’s experience, traders can get exposed to possibilities or trends that they otherwise wouldn’t investigate. For beginner traders who want to initially explore the systems, several brokers provide demo copy trading accounts. Demo accounts are risk-free, cost-free, and frequently give users access to helpful research tools.
Risk of Copy Trading
Even if you choose an experienced trader to copy, the dangers can still be substantial. If a plan doesn’t work, the risk will be transferred to the followers’ accounts and could lead to loss of money.
Copy trading may incur fees, depending on the broker of your choice.
The UK and Europe, as well as Canada, Latin America, and other nations in Asia and Africa, including Hong Kong, Indonesia, Malaysia, the Philippines, Kenya, and South Africa, all offer copy trade.
Copy trading is a legal strategy that is provided by lots of authorized brokers and accepted by several regulators. To boost fund security, traders ought to take into account a reputable prop firm. In general, copy trading gives you little control and can be risky if your trader’s approach is unsuccessful.