MT4 Trade Copier is the savior of retail forex traders who want to make money trading into forex with the lowest risk. It helps them make profits with low risk which comes when they trade themselves with little to no knowledge of forex trading.
MT4 is the most popular forex trading platform and millions of retail traders use it to trade into forex.
We have been talking about different forex software and solutions in different articles primarily focused on brokerage business managers.
Our intention has been to impart the best knowledge about different turnkey forex brokerage solutions, their features, how they work, and their estimated cost.
We have written articles in industry-proven structures but let’s try a little different approach in this article about the MT4 Trade Copier.
Let’s try to weave everything that you need to know about MT5 Trade Copier Software around a story.
Here it goes.
Steve and his friends have been successful forex traders for over a decade and have cracked the code of success in trading. They know different aspects of fundamental and technical analysis that help them to identify profitable trading opportunities.
Now they want to become brokers themselves and serve other retail traders.
By using their own network and marketing efforts; they onboard several forex traders to trade with them.
Their journey of forex brokerage venture starts!
Things start off pretty well but soon they realize they need to keep putting more and more effort and money into new customer acquisition. Their customer retention is very poor. More than half of their clients stop trading within a couple of weeks.
Every forex broker faces this issue. After all, as per the industry standard, over 90% of retail traders lose money and they quit trading after a few attempts.
There is no point putting money into something where you keep losing it until you are addicted to gambling or you find a solution to this problem.
Meanwhile, Gary a co-founder who used to be an expert trader is itching to start trading again as this is his calling.
They had an idea, why not Gary makes trades, and other retail traders within the same MT4 Trading platform can opt to copy his trades. This will help them retain the clients and increase the trading volume thereby increasing the revenue and profits.
Traders would be able to make money as well and it’s a win-win situation.
They talk to their broker solution provider and get MT4 Trade Copier white label software for their brokerage. A Copy Trading service is launched and its traders start subscribing steadily.
What is an MT4 Trade Copier?
MT4 Trade Copier is the forex software that connects different forex traders using an MT4 Trading Platform wherein a master trader places the trades which are copied to slave traders aka investors’ MT4 trading accounts as per the filters and conditions put in place by different investors.
Technically speaking, an MT4 Trade Copier is a set of algorithms integrated with MT4 APIs that help different MT4 trading accounts to connect and give power of authority to one or many master accounts to place trades directly into their accounts automatically and even with manual intervention, if required.
Some of the popular Filters in MT5 Trade Copier are:
- Auto-adjust the trade to account size as it is.
- Auto-adjust the trades to account size but with some multiplication.
- Copy trades with the same lot size as on the master account.
- Fixed Lot Size irrespective of lot size on the master account.
- Define the maximum Risk Per Trade in percentage terms.
- Define the Risk Per Trade in absolute Money Terms.
- Define a Lot Money Ratio
Types of MT4 Trade Copier
1. Local Trade Copier
Local Trade Copier is used at a small scale and can only be run on one local system. All the trading accounts of master and investors accounts should be open on the same computer.
2. Remote Trade Copier
Remote Trade Copier is a cloud-based copier that doesn’t need VPS or other stuff. Can even work without the systems being on and accounts logged in. Remote Trade Copier is the real decentralized and fully automated copier that can work without much manual intervention.
As you would have guessed; MT4 Forex Brokers go with MT4 Remote Trade Copier.
How much does an MT4 Trade Copier Cost?
An MT4 Trade Copier costs over USD 499 in one-time Set-Up charges and USD 1499 per month for unlimited users and trades.
An individual trader can get a Free MT4 Trade Copier with limitations on connected accounts, trades, and volumes. The charges for more trading accounts and increased limits on trades and volumes could be as low as USD 100 a month.
As you see, how much an MT4 Trade Copier costs largely depends on who is going to subscribe to it, and the number of connected accounts, and the volumes they are going to generate.
But there is a sweet deal for forex brokers and MT4 Copier developers. They can offer you their trade copier even for free and send some traders your way in exchange for a share in brokerage and joining fee etc.
It’s a wonderful deal provided you are a reputed MT4 broker.
As time passes and profits rake in due to MT4 Trade Copier, words start to spread. Traders could see others were making regular money using the MT4 copier.
As the word spreads, more and more retail traders join the program and make money. Customer retention is high, volumes are soaring so do the brokerage and other earnings.
MT4 is the oldest forex trading platform and most traders have learned the basics of forex trading on an MT4 platform.
As the numbers go, a vast majority of forex traders lose money. Few leave immediately after the first time they blow their account and most others do it after trying a few times. Very few actually become profitable in long term.
MT4 Trade Copier has helped the entire forex trading industry by helping small forex traders to get help from master traders and copying their trades.
Please feel free to contact us for your queries.