de | cn | ru

Software News

Myfxbook Upgrades the AutoTrade Social Forex Platform, Users Can Now Add 5 Demo Accounts

Jul 08 2013

 It would be quite the exaggeration to say that the social trading network Myfxbook has been enjoying smooth sailing these days: just a few weeks ago the platform got entangled in a conflict with Metaquotes and found itself with blocked access to the MT4 platform. It then managed to sort things out but everything was done hush-hush and very little information was released to the general public or the media. 

At the current point, however, Myfxbook seems to be on the right track again, introducing some improvements to its AutoTrade program for signal copying: AutoTrade users can now create up to five demo accounts to try out different portfolios and find the most profitale one. 
When it first launched in March this year, AutoTrade only offered about five signal providers and their trading strategies. To date, this number has increased to thirty. 
To those of you familiar with social trading, 30 trading strategies to choose from may probably seem as too few – especially if you're comparing to other social forex networks like ZuluTrade where you can subscribe to thousands and thousands of signal providers. Don't be too quick to dismiss Myfxbook, though: the platform has a very thorough vetting process and doesn't let just anyone submit their strategy for following. 
In order to become a signal provider, a trader has to comply with the following requirements: 
- To trade with a verified MT4 account;
- To have 3+ months of account history;
- To have an account balance of at least $1,000;
- Maximum 50% of drawdown;
- Return percentage must be at least 10%, and must also be higher than the drawdown of the system;
- Average pips per trade win must be 10 or more;
- Average trade time should exceed 5 minutes (e.g. no scalping allowed);
- The system should not use martingale and/or grid techniques;
As you can see, there's quite a few requirements, and naturally the number of all trading strategies that fit into this description is not that high, hence the somewhat limited choice of signals to copy. 
Myfxbook's new rule for up to 5 demo accounts registered on AutoTrade allows followers to simultaneously try out various combinations on strategies and find the one that works best for them, ensuring the highest profitability and optimal risk levels. Once this ultimate portfolio is build, traders can go ahead and register a live AutoTrade account. Currently the only broker supported for live accounts is FXCM but hopefully the list will be expanded in the future. 

About Myfxbook

Myfxbook is a social Forex community and online automated analytical tool for Forex trading accounts. It allows tracking, comparing, analyzing and sharing trading activity with fellow traders. The tool can also be used for improving trading skills and even publishing a trading account statement.
TAGS: forex trading  forex  social trading  forex social network  automated trading  forex strategy  trading strategy  ZuluTrade  myfxbook  AutoTrade 

Related forex news

Broker Country Regulation Platform Min Deposit Review
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

More Forex Software News

Why You Really Need An Updated FBS CopyTrade Version With Stop-Loss and Take-Profit

Oct 04 2019 08:42:29

FBS broker released an updated version of the CopyTrade app, and you’d absolutely love it if you are a social trading enthusiast looking for a safer copy-trading experience. Read more

Serenity blockchain trading platform announces the start of the ICO

Jan 26 2018 16:32:11

Serenity blockchain platform announces the start of the main ICO period, which will start on 25 January 2018 and will last for a total of six weeks, ending on 7 March. The main ICO period offers a unique opportunity for investors to purchase Serenity tokens with a 40% discount. Read more

Gold-i launches cryptocurrency bridge for MT4 and MT5 brokers

Oct 30 2017 12:09:36

Gold-i, the UK-based trading technology provider, has announced the launch of a new cryptocurrency solution for MetaTrader (MT4 and MT5) – the Crypto Switch. This is a bridge, which will allow brokers access to some of the leading cryptocurrency exchanges and liquidity providers. Read more

White label vs. Your own forex broker

Sep 28 2017 12:49:36

In this article, together with the experts from NewBroker, we will shed light on the White Label partnership model. We will take a look at the opportunities and risks involved in such a business. Read more

DRS Markets gets FCA license, launches CFD trading

Sep 27 2017 09:00:01

 DRS Markets, a CFD and Equity trading platform, announced it has obtained a license from UK’s Financial Conduct Authority (FCA) and has launched retail CFD trading platform from London. It is planning to attract new customers from around the world. Read more

FinaCom certifies RAMMFX investment platform

Aug 31 2017 07:46:21

 The Financial Commission (FinaCom), the independent external dispute resolution (EDR), whose members include forex, CFD and binary options brokers and fintech companies, announced it has certified the investment platform provided by RAMMFX. Read more

TigerWit forex trading platform gets Bahamas license

Aug 29 2017 10:48:19

TigerWit, a China-based forex and CFD mobile social trading platform, has obtained a broker-dealer license from the Securities Commission of The Bahamas (SCB), the company announced in a statement. Read more

Umstel trading platform certified by FinaCom

Aug 16 2017 08:57:47

The trading platform Umstel is the latest technology certified by the Financial Commission (FinaCom), an independent external dispute resolution (EDR) organization. The multi-asset web based trading platform is specialized for trading in CFDs on single stocks and ETFs. Read more

Leverate launches SIRIXCrypto, a cryptocurrency trading platform

Aug 02 2017 13:35:33

With the number of cryptocurrencies increasing every day, and their trading volumes breaking new all-time highs, Leverate decided to follow the biggest rising trend in the world of investment and finance. Read more

Match-Trade launches cryptopayment gateway for Bitcoin, Litecoin, Dash

Jul 31 2017 12:25:07

 Match-Trade Technologies, a California-based fully integrated forex technology company announced it is launching a cryptopayment gateway. It will enable various institutions to process transfers in the most popular digital currencies and to automatically collect and send payments. Read more

de | cn | ru