What does copy trading mean?
The concept of copy trading is based on the possibilities of online trading and social networks. Experienced traders and novice investors are gathered on one platform. Traders do what they love most, developing strategies, performing transactions, controlling risks.
The beginners and investors, on the other hand, have an opportunity to subscribe to the signals of the professionals and copy their trades either in a fully automatic or manual mode.
Copy trading ‘borrowed’ such features of social networks as subscribing to other users, creating groups, sharing messages and leaving comments.
Copy trading, however, has some negative features as well, the main one being that high profitability of traders in the past does not always guarantee the same result in the future. MQL5 charges a fee for the subscription to traders and the amount can vary from several dollars to $1,000 depending on the experience and popularity.
XM copy trading pros and cons
How to get started with XM copy trading?
Before starting with XM copy trading, you need to register on the platform and download the broker’s trading platform. Let’s review the process using the example of the MetaTrader 5 platform. The option is available only on the desktop version. XM copy trading includes two steps. Let’s review them in detail.
Registration on MQL5
After you’ve opened a trading account, you need to register with the MQL5 service. The XM copy trading operates through this platform. It is quite easy to register. On the main page of MQL5, click on the Create an account button.
Next, you need to enter your login and email. There is no need to come up with a password, as the platform will send it to your email. It is also possible to register with Facebook or Google.
Connecting on MT5
After you’ve registered on MQL5, you can start setting up your trading platform. For this, open the MetaTrader 5 platform, enter login and password and wait for the synchronization to be completed. Next, in the Toolbox menu, select the Signals tab. This is where you will find the traders providing copy trading services on MQL5 from XM. You can see the same list on MQL5.
Next, you will need to select Tools in the top menu and click on Option in the pop-down list.
In the Options menu, select the Community tab. The service will offer you to register on MQL5, if you haven’t already done it earlier. If you already have an account, you need to click on “If you have an account, please login”. Enter the login and password you used when you registered on MQL5 and click OK of Enter on your keyboard.
XM copy trading network in 2023
Today, MQL is one of the largest social and copy trading platform providers. It provides access to copying over 1,000 signal providers. Thanks to working with XM you will gain access to many market opportunities.
Copy trading platform | MQL |
Regulation | Not regulated |
Platforms | MT4, MT5 |
Minimum investment for copying | Depends on the chosen signal provider |
Service use fee | The service does not charge a fee. The subscription fee is set by a trader. It can range from $1 to $1,000 per month. The average fee is $50 per month. |
Size of the network | Over 1,000 strategy providers |
Markets | Forex, CFD, Cryptocurrencies, Stocks, Commodities. |
How to find the right trader to copy
MQL5 platform features instruments that will help you quickly and conveniently find a suitable trader.
The search can also be done via the social trading platform on MetaTrader 5, but there are fewer features there.
In order to sort traders, you need to click on the name of the column. As an example, let’s review sorting by the Growth/Weeks indicator. After we clicked on the column, the system sorted the traders from the best to the worst.
If we click on the column again, the result will be reversed. The platform will sort the users from the worst to the best.
There is also the Favorites feature on the platform. To use it, click on the star opposite each trader. The signal providers you marked with a star will be added to Favorites and you will be able to easily find them. To remove traders from the Favorites you simply need to remove the star.
You can also view the statistics of the traders you are or were subscribed to. For this, you need to select My Statistics tab. It features a comparison of all traders you are working with or you’ve worked in the past.
How to get started with copying trades
After you’ve been authorized by the service, you can return to the Signals tab. Select a trader you like and click on his/her username.
The service will offer you to view the statistics of the signal provider. To subscribe to the user, click on the Subscribe button. You can also learn the opinion of other subscribers about the trader. In order to view the reviews on the XM MQL5 platform, you need to click the Reviews button in the main menu.
XM copy trading beginning
Once you’ve finished with the settings, click OK and the trader’s trades will be automatically copied to your account in accordance with these settings.
Copy trading with XM can be profitable. Using the copy trading service, you can earn additional income, but also gain trading experience by watching the trades of qualified traders. The profit amount can vary depending on the risk level of the strategy, your deposit amount, trading style of the trader you are copying.
However, copy trading with XM is not a guarantee of profit. The risks of financial losses also exist. In case of a failed trade of the strategy provider, all his/her subscribers will suffer a loss. In order to avoid critical loss of the deposit, we recommend to be thorough when choosing a trader to copy and observe risk management rules.
How much does XM copy trading cost?
Strategy providers may charge a commission for copying trades. It is charged as a monthly subscription. The subscription fee ranges from USD 1 to USD 1,000. The average subscription fee is $50 per month. You can also choose traders who provide trades for copy trading for free.
Is XM copy trading safe?
XM.com is regulated by highly respected regulators. The company obtained licenses from the regulators of the UK (FCA), Cyprus (CySec) and Australia (ASIC). The broker also has an offshore license of Belize (IFSC). The numbers of financial licenses are as follows:
Copy trading service MQL5, which XM.com uses does not perform financial transactions and therefore does not require a license. MQL5 is a community of traders working with MetaTrader 4 and MetaTrader 5.
Summary
XM.com uses a popular copy trading service MQL5, offering a large number of trading signals for working with different trading instruments, on different conditions. Copying trades on XM.com is safe, as the broker is reliable and regulated. In addition, low minimum deposit on the platform is also worth mentioning.
The biggest issue of XM.com is unbeneficial commissions. Subscription fee on MQL5 is also, sometimes, high. Due to this, there are additional risks of losing money, as you have to pay the subscription fee regardless of the trading result.
Very informative....keep us update with more information really appreciate 👍
ReplyDeleteThis Article proves very helpful for me,also updated us for new informatic posts.
ReplyDeleteThis comprehensive review explores how to profit with XM using copy trading. XM, a leading Forex and CFD broker, offers a copy trading service through MQL5, allowing users to emulate the trades of experienced traders automatically or manually. Pros include partnership with major signal providers and a low minimum deposit, while cons include subscription fees and variable spreads. Despite risks, XM's regulation and user-friendly interface make it a safe and accessible option for copy trading enthusiasts.
ReplyDeleteVery informative....keep us update with more information really appreciate 👍
ReplyDelete