Copyfx – Video by NewForexNet
CopyFx is a copy trading platform member of RoboFOREX financial group. Since their launch, they managed to improve their systems of copying transactions and in 2014 reached the milestone of 10,000 accounts opened. In addition, the transactions made in 2014 on CopyFX were more than $2 million and the trade turnover almost doubled.
As soon as a user signs up he is automatically allowed to copy the preferred signal providers and the copied traders will be mirrored in the user’s trading account. CopyFX differentiates itself from other platforms, compensating the signal providers who are copied by other traders, and offering two alternatives. On one hand, the trader can choose to pay a fixed commission for each successful trade. Alternatively, traders can pay a fixed percentage of the profit they made on the successful trades.
Compensating signal providers for their successful trades offers them the necessary motivation to share their signals and avoid risky investments. Like this, they can create a secondary income in addition to the profits they make with successful trading. Therefore, CopyFX becomes advantageous for investors and traders alike.
Moreover, CopyFX is not an independent broker meaning that those who want to use the platform will be using the service in conjunction with RoboFOREX brokerage services. This could bring advantages and disadvantages as well. On one hand, traders can choose from a wide range of different brokers, thus are allowed to choose to trade using the brokerage service they want. On the other hand, users experienced slippage of these networks.
When making the decision for copying a trader, users can choose from numerous details regarding their previous performance. Therefore, traders can evaluate the history of other signal providers from the platform helping them to evaluate better the risk they are going to expose to. However, the data provided is not very comprehensive if we compare it to the one presented by other platforms, but it is detailed enough to help traders in making their copy trading decision.
On top of that, CopyFX contains all the necessary features to help traders have an accurate planning and successful trading impressing with its minimalistic design, providing an easy search of any needed information. In addition, investor’s multifunctional calculator helps users evaluate and calculate their potential profit. Even for the inexperienced users, the platform offers instructions for all the participants of the system, containing practical information about how to make it work.
In terms of social interaction, interested traders can choose signal providers based on the trader’s ranking. When choosing to analyze a signal provider profile, they have two buttons from which they can choose: ask a question or invest. When clicking on “ask a question” button, users will be redirected to a forum, opening an individual trade for that specific signal provider where users can ask questions or post their offers.
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