MT5 Trade Copier is one of the most popular forex software among traders who don’t have much confidence in their own trading skills and want to make money by copying the trades of profit-making traders.
As the name suggests this trade copier software works within an MT5 Trading Platform.
Meta Trader 5 aka MT5 platform is an upgrade to the legendary MT4 trading platform.
While MT4 was developed solely for forex trading purposes, MT5 is a multi-asset trading platform where you can trade forex pairs, exchange-traded instruments, CFDs, bullion, derivative like futures and options, etc.
MT5 copy trade software has saved several retail traders to go bust, again and again, to finally leave the forex trading forever in frustration and despair. With the help of MT5 Copy Trading Software, they can now connect with different pro traders and copy their trades automatically to make profits.
What is an MT5 Trade Copier?
MT5 Trade Copier is the class of management fund software that helps master traders on an MT5 trading platform to connect with other forex traders (called investors) and share their trades which investors can copy into their trading terminal as per their own filters and choice.
These are typically called MT5 to MT5 trade copiers.
Unlike MT5 PAMM Software and MT5 MAM, MT5 Copier gives greater control in the hands of investors (individual traders). They can decide whether to copy trades or not in the first place and if they decide to copy trades they can apply the filters about which trades to copy and on what conditions.
Features of an MT5 Trade Copier
Different MT5 trade copiers have a variety of features.
- One Master can copy trades to multiple MT5 trading accounts
- One investor can copy trades from multiple master traders
- Allow manual changes in trades by investors
- Adjust lot sizes
- Adjust the Stop Loss and Target Price
- Copy traders for specific asset class and trading instruments
- Send the push notification, email/SMS alerts when trades are opened, modified and closed
- Reverse Trading; copy trades in opposite direction of original trade
- Set Daily trading hours during which the copier is allowed to trade
- Should be able to handle the partial fills
How does an MT5 Trade Copier Work?
MT5 Copier usually comes as a plugin that connects with an MT5 Trading Platform and helps different trading accounts within that platform to connect and exchange trades for copying purposes.
Here is a simplistic explanation of how an MT5 Trade Copier works.
- MT5 Trade Copier software provides an interface to master traders to connect with different MT5 trading accounts with their login credentials.
- As soon a trade is placed in Master Account, an alert is sent to all associated trading account.
- Trade gets copied in associated investors account as per the set conditions.
- Local MT5 Trader Copier only works when trading accounts are open and server is running.
- There are few MT5 Copier that do not require all the trading accounts to remain open to copy trades. Everything runs on auto pilot even if accounts are not logged in.
- The subscription fee for trade copier MT5 is usually paid separately or may be deducted directly from trading account as per the agreed terms.
MT5 Trade Copier Cost
MT5 Trade Copier cost varies largely based on who is going to use it with how many accounts and sometimes the volumes. MT5 Copier software is usually deployed by 3 categories of people and businesses and the pricing for them varies.
Let’s understand them one by one.
- If you are an individual and looking to copy trades placed in your trading account to just another MT5 trading account running on your own computer, you may get a free MT5 trade copierwith capping on volumes etc.
- If you are an individual and looking to copy trades placed in your trading account to several other MT5 trading account, it may cost your USD 2 per account a month.
- If you are an MT5 Broker and looking to offer copy trading services to your traders, you will require getting an MT5 Trade Copier White Label Software. It may cost you USD 500 in set up charges and USD 1200 in monthly charges.
MT5 Trade Copier Software is a boon for the forex trading community. Loss-making forex traders can benefit from profit-making expert traders by copying their trades.
There could be differences in account size, trade size, etc. but the trade copier MT5 gives great flexibility in the hands of investors. They may choose which trades to copy and on what conditions.
An efficient MT5 copier is a win-win for everyone. Master traders earn by charging subscription fees, investor traders can make profits by copying profitable trades, and brokers not only get to retain retail traders but also increase earnings due to higher traded volumes.
Hope this article gave you a fair idea about the MT5 Copy trading software, their features, how they work, and their cost.
Please feel free to contact us for any further queries. We will be happy to help you.