Last Updated: January 28, 2023
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Forex trading (FX trading or Foreign Exchange) is one of the most industrialized traded markets all over the world. A report by Bank for International Settlements states that the daily trading volume of Forex is 6.6 trillion. Forex copy trading also requires time, patience, and dedication, like other businesses. FX trading converts one currency into another for various reasons, usually for tourism, trading, or commerce.
You often hear you can’t be a successful Forex trader if you don’t have enough time to invest. But more than 9.6 people around the world are Forex traders. Do this massive portion of the world’s population have plenty of time to be a successful FX trader? Global traders use Forex trade copiers to make copying trades easier.
Whether you want to copy your trades for selling signals or get funded accounts, executing all these trades by hand demands so much time. With Forex trader copiers, copying your works into different versions becomes a handy thing to do.
You might wonder what a forex trade copier is and how to choose the best one to get more from your investments. Read on to learn about the five best forex trade copiers.
What is Forex Trade Copier: A Brief Overview?
A trade copier is an automated connector that copies trades across multiple trading accounts. The software copies and executes trades from Forex signal Telegram to MetaTrader. A forex trade copier enables traders to open the same trades across multiple trading platforms and simultaneously manage more than one MetaTrader account. It is an efficient and convenient way to keep track of your trades from beginning to end.
With a Forex trade copier, you will get a notification on your MT4 trading account, even if you’re offline. It makes copy trading a matter of hours by automating 90% of the process. You only need at least two MT4 accounts on the same computer to copy your trades from MetaTrader 4, another platform. Since MT4 is an extremely-used trading platform, most forex trade copiers are built around the MetaTrader 4.
Must-Have Features of a Forex Trade Copier
When looking for the best forex trade copier, you need to ensure that your selected copier offers the following key features or not:
- A way to copy trades from an unregulated broker account to a regulated local broker account
- A cheap and easier alternative to PAMM accounts
- Enables traders to replicate trades from a regular report to their Tax-Free Spread Betting account
- Conveniently make investment portfolios by copying charges into one trading account
- Lets you share your forex signals with family, friends, and other investors
Best Forex Trade Copiers
Here we will review the five best forex trade copiers to help you find an ideal option that fits your forex trading needs well.
Forex copier is an excellent option for copying trades between multiple MetaTrader trading accounts. Forex Copier will let you duplicate that account with reliability and ease if you’re running a manual or automated forex copy trading strategy on a broker account.
Forex copier offers an array of exclusive features, enabling you to adjust money management, transform signals, customize copy settings, and many more. Some notable features of this software include:
- Support for any account type
- Reverse copying
- Copy trades from MetaTrader 4 to MetaTrader 5 terminals and vice versa
- Faster signals- only take 0.6 seconds to reach the client
- Multiple Source and Receiver support
- Filtering orders
- Custom lot management
- Various settings from the receiver’s side
Copying your trades with Forex Copier is the simplest thing to do. You can imitate your trading strategy from one account and apply it to the live one. After selecting the trading account, you want to copy; you can set the parameters to execute trades automatically. Forex Copier saves from spending hours figuring out how to set up an EA in MT4. The software can be installed in less than 1 minute, with an easy-to-follow guide and instructional video provided by the developer.
4X Solution Trade Copier
With 15,000 active users, the 4X solution trade copier is one of the market’s most well-known forex trade copiers. It is a cloud-hosted solution that allows brokers and traders to increase their profit and copy trades to multiple accounts simultaneously. Backed by Machine Learning, the 4X solution trade copier has been offering cutting-edge services for more than 11 years.
4X solution trade copier has a good reputation in the Forex trading industry for its following powerful features:
- A complete cloud-hosted solution means you don’t need to download anything for yourself or your clients.
- Vastly scalable infrastructure to help you scale this up with two accounts to 10,000+ accounts
- Fast infrastructure that ensures that the performance, reliability, and scalability of the Solution
- A risk-management feature backed by Machine Learning saves various limits from breaches, including currency exposure and position sizing.
- Enables you to limit the downtime locally.
- Helps you copy your trades with the most accuracy possible
Unlike other forex copiers, 4X Solution does not require you to subscribe to a Forex VPS to run it smoothly. This Solution is fully hosted in the cloud, meaning you will access a web-based portal instead of local applications. It will allow you to control your trading accounts from anywhere in the world.
Telegram Trade Copier
Most online traders face problems copying signals from Telegram to MT4 and MT5. Telegram trade copier excludes the loss of time by copying your trades within less than 5 seconds. You may require adjustments in copying trades if you use signals within a specific strategy. In this case, the Telegram trade copier comes in handy. It enables you immediately open your copied trades.
Telegram Trade Copiers has the following powerful features:
- A simple-to-use trade copier with video guides, detailed help sections, and an intuitive interface
- Compatible with all versions of Telegram
- Enables you to copy trades to the most popular trading platforms: MT4 and MT5
- A fully automated copying process
- Allows you to connect any number of channels
- Supports all languages and reads images and text
- Historical or back testing feature to help you project the parameters of a trade at a selected time
Getting in-depth analytics of copy trading with a Telegram trade copier is much easier. The special characters and intelligent system of keywords enable you to extract accurate indications of trade opening conditions from graphic data. Telegram trade copier does not require the involvement of any trader. Once the software is configured, then it will run automatically.
FX Blue is another well-reputed copier to define your forex trading strategies. Founded in 2009, end-users can use this software free of charge. Tracking and analysis tools of FX Blue can help traders shape their own strategy with relevant information. This trade copier makes duplicate orders between two or more instances of MT4 or MT5 running on the same computer. Tens of thousands of forex traders worldwide prefer using the FX Blue trade copier for its exclusive features.
- Daily trading hours for copying orders
- Automated adjustments between different broker symbols names as EURUSD and EURUSD
- Email alerts for trading activities
- Copies of both automated and manual trading activity
- Separate versions for MT4 and MT5
- The copying speed of FX Blue is a great deal
- A simulator to help you set trailing stops, place market and pending orders, and quickly close all the open orders
The prime objective of FX Blue is to provide developers, traders, and brokers with institutional-quality services. This free online forex service can give a detailed analysis of your trading accounts. With FX Blue, you can combine accounts into portfolios, embed full results on your website, and collect your trading history using powerful APIs.
Duplikium Trade Copier
A Duplikium trade copier is a cloud-based tool that allows you to copy your trades from a mastery account to multiple copier accounts. This copier claims to offer the fastest services in the forex trading market. Duplikium also has a free version that you can use to check its reliability and suitability.
Duplikium trade copier offers a good range of features; some appreciable ones are:
- Ability to copy trades to 4 accounts or 400 accounts
- An extremely scalable infrastructure
- You can copy trades from multiple account types, including MT4, MT5, LMAX, FXCM, and cTrader
- A fully cloud-based solution, meaning you don’t need to set up any platform or program locally on your hardware
- A range of risk management tools and settings
- SMS and email alerts when an order fails to execute
Duplikium lets you use its services according to your needs. You can also combine account currencies, brokers, and technologies with Duplikium. This trade copier will be a must-have for traders and fund managers working across LMAX to cTrader to MT4.
The Bottom Line
Many global traders utilize forex trade copiers to facilitate their trade copying from their providers to MT4 or MT5. A forex trade copier gives traders a better chance to earn more profit from all open trades. It uses a complex algorithm to copy signals from one account to another. You can use any of the above-mentioned forex trade copiers to shape your trading strategies.