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Signals Reviews

Zulutrade forex signals on a FXCM UK account - Is it a good idea?

Jan 17 2012
By
Forexbrokerz.com

With $100 billion in deposits Zulutrade.com is the world largest forex network. It connects thousands of traders worldwide and allows them to copy the trades of the best performers in real time. Zulutrade is compensated by the the forex brokers’ rebates and the commissions, paid by the traders.

 

With Zulutrade you can choose between over 30 forex brokers and commission varies from broker to broker – you can pay just 0.5 pips with FXCM UK or go for an account with Interactive brokers and pay 2 pips commission on each trade you copy. That’s why I recommend you to open an account with FXCM – they are well regulated and offer one of the lowest commission.

 

However the commissions are not the only cost you should consider.  The Zulutrade system needs some time to copy the trades from the signal provider’s account to the account of the follower. It usually takes just a second, by if the market is volatile, certain slippage may occur.

 

Below is the slippage on FXCM accounts, following the top 10 signal providers. The less is the better.

Forex Cruise control –  1.73 pips

CO-FX-24 – 1.69 pips

My Best Systems -  2.00 pips

Gktades – 1.92 pips

Masud50  -  0.99 pips

Co-FX - 1.79 pips

F8 – 1.27 pips

Be the best 2 – 3.38 pips

Euro-Yen Major - 1.25 pips

 

If you have an account with FXCM UK, all you have to do in order to start copying the trades is to provide ZuluTrade with the name and the number of your FXCM UK account. Then you need to sign and fax the Letter of Direction (LOD) to FXCM, thus authorizing ZuluTrade to mirror the trades of the signal providers you have chosen on your forex account.

 

If you don’t have an account with FXCM, you can open one here. It usually takes 2 days to receive an email from Zulutrade that you are ready to start following the signals providers you have chosen. You can find list of all Zulutrade forex brokers here

TAGS: zulutrade  fxcm  forex  forex signals  forex broker  slippage  commission 

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