The Ultimate Guide to
The FXStat Trading Platform
FXStat is a Forex social trading platform owned by FXStat Ltd. FXStat offers a wide range of social trading services to retail Forex traders. Some of the services offered include the following:
- A copy trade service.
- Autotrading service – which is the social trading network on FXStat.
- Signals services – where subscribers are provided with trade alerts on currency pairs.
FXStat also provides trading platforms where traders can perform regular Forex trading activity.
The FXStat Trading Platforms
What are the FXStat trading platforms available to Forex traders?
- Web-based platform.
- Mobile trading platform.
MT4 WebTrader
The FXStat MT4 WebTrader is where the majority of Forex trading activity is performed. From social trading to conventional Forex trading, this web-based retail Forex platform comes packed with features to enable the trader have a seamless trading experience. WebTrader can be used across all web browsers, thus eliminating the need for an additional software download. This makes the platform particularly suitable for trading using tablets, smartphones and conventional trading devices such as laptops.
Unlike the downloadable MT4 client which requires a multi-stage setup process, the FXStat WebTrader requires only a single click to generate a demo account or open up the performance page. The FXStat WebTrading platform comes equipped with all the tools required for trading.
Here are some of the features of the FXStat MT4 WebTrader.
- Customisable workspace: A trader can customise the user interface to enhance their trading experience.
- Access to a variety of features and add-ons such as market news, industry articles, and the Economic Calendar.
- Pull up many different types of charts as required.
FXStat Mobile Platform
The FXStat platform is available on mobile. Visit the App Store for iPads and iPhones, or the Google Play store for Android devices to download the app.
FXStat – Mobile
Download and install the FXStat app following the instructions on the mobile device. Log in to the FXStat account using the account number and password. The mobile may present the option allowing the device to remember the login details, which will make accessing the platform on a regular basis much easier.
Trading with FXStat
FXStat has transited from its regular Forex offering to a social trading network. This has attracted a large pool of signals providers and followers. To provide signals, a trader must have a brand new performance account, from which stats will be pulled to build a profile. This profile is what other traders are able to see and can make a decision whether or not to follow the trader based on their stats. Only traders with real money accounts that have been verified can provide signals.
Step 1: Create a New Performance Account
To create a new performance account, click on the button which says “Add New Account”. This button is located on the Dashboard, under the My Accounts box on the Home page. This button can also be accessed from the My Portfolio section, from the trader’s Account tab. Under Platform, select MetaTrader -> Data upload -> FXStat Bridge, then Click the Download button.
Once the download is complete, assign a name to the performance account and strategy, give it a description and adjust other settings. Then select to become a Signal Provider, and click on the Save button. This action will redirect the account holder to the Account Settings page. There they are able to visualize their Bridge login number as well as see the newly created account.
Step 2: Installing the FXStat Bridge
After the new account has been created, the next step is to run the installation file of the FXStat Bridge. Click the .exe installation file that was downloaded earlier and click on Run -> I Agree. You will be able to see the full list of MT4 platforms installed on your computer. If the MT4 platform version is not listed, click the “Add a MetaTrader” button, browse to the folder where the MT4 instances are installed and click the platform of your choice.
Click Next –> Install –> Next and Close. The terminal will launch automatically. When it launches, visit the MT4 Terminal Menu bar, then click on Tools –> Options -> Expert Advisors tab. The dialog box opens as shown below:
FXStat – Bridge Installation
Then go to the Navigator window, click to open the Expert Advisors list, then double-click on the FXStat Bridge display text. The FXStat Bridge dialog box showing the settings will open. Adjust the settings as shown:
FXStat – Bridge Dialogue Box
Ensure that Expert Advisors are enabled to run. This is marked with a green arrow on the face shown beside the AutoTrading button.
FXStat – AutoTrading Button
Once the FXStat Bridge login window pops up, enter the Bridge Login which is visible from the Settings -> Accounts page. Enter your username and password in the relevant fields. If everything has been properly done, you will see displayed on the top left corner of the chart “FXStat Bridge running…”.
Once your account is verified, you can start to provide trading signals to followers using the FXStat Bridge. Any followers who have added you using the Copy Trade function on the WebTrader or mobile platform will have your trades copied automatically to their accounts.
Using Copy Trade to Follow a Signals Provider
In order to start copying trades using the Copy Trade function on FXStat, the first step is to open a new trading account. Click on the Sign Up button at the top right corner of the page and fill the online account opening form. You will get your login details, after which you need to verify your identity and residence details. Fund your account in order to start trading.
The AutoTrading service, also known as the Copy Trade service, allows traders to analyse and use signals from more experienced traders. Signals are delivered as active trades in real time to accounts of traders who use the Copy Trade function. Only verified traders with real accounts that contain real traded money can provide copy trade strategies.
Followers can expect the following:
- Automated trade replication using WebTrader.
- Email notifications regarding trading activity.
- Full reporting provided daily, weekly and monthly to enable followers evaluate their account performance.
- Full control remains with the follower, who can discontinue the service at any time.
- Multiple accounts can be managed.
FXStat – Manage Multiple Accounts
Conclusion
FXStat is a powerful social trading platform from a regulated Forex broker. Traders can provide signals as well as copy trades. There is also a forum where the core of social trading interaction takes place. Traders can interact, share ideas and discuss trade issues that will enhance their knowledge about Forex trading. FXStat tops it up by allowing multi-broker integration with the trading platform and copy trade services.
