Are you looking for a more connected and social community for forex trading?
In the wake of the meme stock craze, novice and seasoned investors alike are looking for outlets that blend collaboration and analysis. Sure, there is Reddit, but what about a trading platform that is essentially a one-stop shop for your investing needs, particularly in forex?
Well, meet MyFXbook, an autotrade social community platform for forex traders that connects to your forex trading account.
The web-based platform has several pros and cons that can make either an appealing destination for your forex needs or a frustrating experience that can complicate your forex trading endeavors. This review evaluates these and more.
Pros
- Zero commission for social trading
- Many different terminals to choose from
- Dozens of different brokers offered
- Diverse access to multiple markets
- Advanced statistics offered to improve trading
- Test copy trading with a demo account
Cons
- Outdated and limited user interface
- No filters available for searching traders
- Intricate process for finding connections
- Minimum investment for copy trading is $1,000
- Only 162 signal providers on the platform
Who MyFXbook Is Best For
MyFXbook is a welcomed resource for traders of all skills. Social trading is typically geared toward beginner and intermediate armchair investors. However, because MyFXbook maintains excellent analytical tools and resources, it is safe to say that all types of traders - from the equity neophytes to the FX viper - can use the platform to their advantage.
You do not need to be a Wall Street forex robot to enjoy the fruits of MyFXbook!
Features of MyFXbook
The social trading community possesses a wide range of features that make it an attractive place to enhance your broader investment portfolio.
But what are these features anyway? Let's take a closer look.
Many Terminals
MyFXbook has a diverse array of terminals to choose from to complement your trading tactics.
Here is a list of how you can employ your trading objectives:
- MetaTrader 4
- MetaTrader 5
- cTrader
- Oanada FXTrade
- FXCM Trading station
Brokers
MyFXbook has a large number of brokers offered on the platform, such as:
- Axitrader
- FxOpen
- IC Markets
- Pepperstone
- Tickmill
While the social trading outlet does not have brokerage commissions, the fees might depend on your specific broker.
Charts
What makes MyFXbook a desirable platform are the three types of financial charts available to peruse on the website:
- Balance
- Growth rate
- Profit
Moreover, you can modify these charts to your needs, specifically the timeframe, start and end date, day of the week, and exact time of the session.
It should also be noted that its chart analysis service includes 70 indicators and 100 graphic tools.
Signal Provider History
Before you select the signal provider you want to mirror, you can gather a detailed list of transaction history, using the many different basic and technical filters listed below:
- Opening and closing date
- Balance change
- Duration of the trade
- Percentage of growth
- Volume of each lot
- Pips statistics (take profits and stop-loss)
- Commissions
Platform Tools
When you want to add another layer to your investment journey, you can take advantage of the various platform tools at your disposal, such as:
- Economic calendar
- MyFXbook spreads and quote comparison
- Volatility
- News
- Forex patterns, liquidity, volatility, and heat map
- Community outlook
- Channel trader pro
Miscellaneous
Some other worthwhile features to know about MyFXbook include:
- Analyzing your account data within 2 minutes.
- Data is updated every five minutes for MetaTrader 4 accounts.
- Personal data is safe through SSL certificates.
- If your trading platform is not supported, you can contact the customer support team and you will be notified when it is available.
- You can add as many trading accounts as you want.
- The MyFXbook app helps you trade on the go.
MyFXbook Ease of Use
What is great about MyFXbook is the easy user experience, as the website's functionality is simple and straight to the point. It is not challenging at all to peruse and utilize the system.
But how does it work?
After you have opened your account and connected your broker, you then need to institute the key principles of copy trading, such as:
- Analyzing the profiles of traders.
- Monitoring their long-term performance.
- Copying the most successful traders.
- Paying attention to your results through a personal cabinet.
MyFXbook MT4 Setup
Now, if you are connecting your MetaTrader4 account to MyFXbook, here is a step-by-step breakdown of the MyFXbook MT4 setup:
- Download and install the MyFXbook installer.
- Restart your MetaTrader 4 software.
- Visit "tools," click "options," and view "Expert Advisors."
- Open your "Navigator" and search for the MyFXbook in the "Experts Advisors" tab.
- Double click on the MyFXbook EA.
- Adjust your settings accordingly.
- Once your settings are changed and saved, you will see a smiley face at the top right corner of the chart.
The Bottom Line: Is MyFXbook Worth It?
Should you grab your MyFXbook trading journal and begin exploring the social trading component of the financial ecosystem?
In the end, MyFXbook is worthwhile to sign up for and incorporate into your broader investment strategy. The website is useful in complementing your broader trading endeavors, from the social component to the vast number of resources and tools. It is free to use, the number of signal providers is immense, and the website can help you enhance your forex fury!
