In this blog, we will discuss Forex Trade Copier Software available for forex brokers, master traders, and marketers who want to offer Forex Trade Copier Service to their forex trader clients and followers.
Forex Copy Trading Accounts as very popular among retail traders as it allows them to not only stay in the forex market but make money as well. It has saved many forex traders from blowing their trading accounts and going out of the market forever.
What is Forex Trade Copier Software?
Forex Trade Copier Software is one of many managed fund forex software that lets individual traders connect with master traders a.k.a pro traders and copy their trades into their own trading account with significant controls on which trades to copy and which ones to skip along with proportional copying based on equity, balance, lot size, etc.
FX Copier software integrates with the main forex trading platform and lets the traders connect with each other and copy trades of successful traders seamlessly and automatically.
Why Forex Trade Copier?
As you would already know, the Forex Trading industry is the largest in terms of volume and reach.
Despite the fact that forex is traded almost all over the world, a rough estimate suggests that over 95% (or more) of retail forex traders lose money trading forex.
Very few forex traders actually make any money in the long term and most of them have blown their entire trading account before becoming profitable.
This may look very grim for many beginner forex traders. But there is a silver lining. There are over 2% pro traders also known as Master Traders that have mastered the forex trading skills to make consistent profits.
Wouldn’t it be amazing to simply be able to copy their trades and make profits? Forex Trade Copier Software facilitates the connection between pro traders and individual traders to copy trades.
Benefits of Forex Trade Copier Software
A good Forex Trade Copier Software is a win-win for everyone; forex brokers, retail traders, master traders, and forex affiliate marketers.
Let’s understand how?
- Forex Trader Copier helps individual traders to earn profits by copying trades of pro traders.
- Forex Trader Copier Software helps Forex Brokers with increased trading volume, customer retention, and increased revenue.
- Pro traders or master traders can earn additional revenue with their amazing forex trading skills. All they have to do is to keep doing what they doing and earn by way of professional fees from traders and commissions from forex brokers.
- Forex Marketers can connect with different pro traders and resell copy trading services to their clients.
With the help of Forex Trader Copier, multiple individual traders can connect their trading accounts with a successful master trader.
classification of Forex Trade Copier Software
There are 2 types of Forex Trade Copier Software:
1. Native or Platform Specific Forex Trade Copier Software
This copier software works on a specific forex trading platform.
This means master traders’ accounts and investor traders’ or clients’ accounts should be on the same trading platform. Like cTrader Copier will only work for cTrader account holders only.
There is a further bifurcation of Native or Platform Specific Forex Trade Copier Software:
1.1 Native to one Broker only.
As you would have guessed, such Forex Trade Copier Software works only within a forex broker platform. That means all the master and investor accounts should be of the same brokerage only
1.2 Interoperable between different brokers using the same trading platform
This is where things get interesting. A Forex Trade Copier Software which is interoperable between different brokers using the same trading platform allows master traders and individual investors to connect with each other irrespective of being with different forex brokerages provided they all are using the same trading platform.
2. Interoperable between different trading platforms
Forex Trade Copier software that is interoperable between different trading platforms is the most advanced innovation in copier software.
It allows the connection, exchange, and copying of trades between users of different trading platforms.
How Does a Forex Trade Copier Software Work?
Here is the nitty-gritty if you want to know how Forex Trade Copier Software Works.
- A Forex Trade Copier Software for a particular platform is usually built using the same platform’s server API.
- Most of these popular trading platforms give different APIs so that developers can develop different custom tools or modules for brokers and traders.
- A Trader signs up for a Master Trader Copier Account.
- Other traders sign up as an investor on the same trade copier software and choose which master trader’s trade they want to copy. An investor can connect with different masters.
- Every time a master trader places a trade in his copier trading account, a trigger is sent to connected investors’ accounts.
- The copy trading only happens to depend on individual investors’ settings. Some may want to trade small losses and may want to take trades proportion to the balance, equity, or margin. And some investors may not want to copy trades at all for some time.
- The subscription fee is charged to investors depending on subscription terms which usually are monthly.
- A master can stop offering trade copier services and investors can stop subscribing when they want as per the terms.
Forex Trade Copier Software Cost
Different people use Forex Trade Copier Software in different capacities. A Forex Broker may have several master accounts connecting them to thousands of investor accounts. They need an enterprise-level solution or Forex Trade Copier White Label Software.
Individual master traders or forex marketers may need just an account to run on one PC or VPS. They are kind of light users.
Let’s understand the Forex Trade Copier Software Cost for different players;
- Developing your own Forex Trade Copier Software Costs over USD 15000 and 3-4 weeks’ time for development and testing.
- As a Forex Broker, you may want to get Forex Trade Copier White Label Software from a brokerage solution provider. Forex Trade Copier White Label Software may cost you USD 500 in set-up charges and USD 1000 in monthly charges.
- As an individual master trader or marketer who wants to resell forex signals from pro-traders, you can use a third-party Forex Trade Copier platform which may cost you USD 20 for one PC or VPS.
Of late, the Forex Trade Copier solution has got great popularity among the Forex trading fraternity.
As you would have noticed that Forex Trade Copier Software is one of the simplest Forex software tools for fund management solutions in the Forex market.
It can be subscribed by forex brokers, master traders and marketers, and anyone who intends to offer copier service to their individual traders. And serves everyone with great flexibility and control.
Forex Trade Copier Software Cost starts from USD 20 a month to USD 15000 or more for development.
Hope this blog brought greater clarity to you about the Forex Trade Copier Software.
Please do write us if you want to know more about Forex Trade Copier Software.
Until next time!