Copy Trader FX Review Update: The platform was eventually canceled after members cried of losses following these copied trades.
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Copy Trader FX is basically a service that copies trades from their master MT4 account to their clients MT4 accounts. They are offering a copy trading service that needs a VPS. To find a good VPS service that other Forex traders are praising, just go here. Having said that, we want to analyze Copy Trader FX very carefully because this service is so critical to your success. You want to find out if it's a scam or a legit operation.
The message of focus on the sales page is that we can trade Forex easily to make consistent returns. Remember that trading isn't that easy. You have to actually invest in a good trading system that has been proven to perform well. If not, then you have to learn the skill which can take years to master. Therefore, let no one tell you that you can trade Forex the easy way. There is no magic bullet. The people who are in charge of promotion on Copy Trader FX are there to make money. So they can actually use promises to disguise the real thing.
By actually reading the name of this website, you will know the kind of service which they are offering upfront. This site is basically selling their copy trading service and a VPS as well. The kind of service which they are offering is on the low end of the market as the site promises to charge $57 per month with a VPS and $47 without a VPS. That basically means that they are taking a very small amount as their profit when they trade for you. The site does not tell us what happens if they are managing a big account. Do clients still pay these subscription fees if they are maintaining an account balance of $5000 and above? Most services take their profit based on watermark principles. What they deduct is a percentage that is relative to the account balance being traded.
There is also a 15 day trial offered by this site. The service is charging $27. The conditions of getting a free VPS service is you must open an account with their IB. They also claim that clients will enjoy lower monthly fees. Our We do not know whether or not this is true. Are clients being charged other fees apart from the ones listed on the Copy Trader FX site? Perhaps they need to explain further.
This is why Copy Trader FX sounds too good to be true. The service claims that their clients are earning 40% monthly ROI with their automated copy trading service. 40% is quite high and unsustainable. We are not so sure if this website can give evidence for the last 3 months of trading. All in all, we know that 40% a month is an impossible to achieve ROI. If this was real, we guarantee that Copy Trader FX would be extremely popular. They would be working for Wallstreet in fact. They would be hitting the headlines because at 40% a month, it means Copy Trader FX is performing better than the world's greatest hedge funds out there.
The reason why this service isn't as popular is because they do not generate these kinds of returns. Any service that performs well should create a buzz on the internet because the trading community is always looking for profitable Forex trading services that can guarantee them stable returns even if the kind of returns they are being promised is not very high.
The site claims that performance of their MT4 master account is published on their Telegram channel. They are also providing us with two screenshots of their back test starting 2017. Now, there is a problem with how performance results are being presented on this website. We think these shouldn't be treated as proof of performance when we have statement sharing services like Myfxbook where we can check audited trading results of the company to verify that performance statistics are real.
The reason we cannot rely on Telegram screenshots is because trading results can either be cherry picked so that Copy Trader FX will only publish trades that hit their take profit or they will simply manipulate these screenshots to always show that their traders are making profits. That is the main issue we have against people who don't want to use myfxbook account for demonstrating to their prospective clients that they can trade and make money.
The other issue we have against Copy Trader FX is that they are showing us back tested results for the period starting January 2017. The problem is that in this day and error, technology is so advanced. Performing traders don't just find it convenient to use back test as a means to showcase the world what they can do. These traders simply use myfxbook to demonstrate what they can do. Therefore, based on this judgement alone, we see that Copy Trader FX is quite suspicious. They need to start using a myfxbook account for us to even trust them.
While their identities isn't something of greater concern if they can prove to be good traders who can profit in the long run, we still feel that traders who are more established in the business should not have a problem introducing themselves to the world. It's part of building a brand, and anonymous people who claim to be professional traders just can't build credibility for their service. They don't connect well with the audience which they are targeting.
If you really need to use this service, our recommendation would be to go with the trial first and see whether you will be pleased with the results. Keep in mind, however, that Copy Trader FX is still charging for trial. In as much as you can cancel anytime, the money is non refundable. But you can also cut the chase by opting to use these Forex trading resources instead. We believe in these recommendations simply because of the availability of proven performance.
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