Offers two ways to trade: Forex, Social Trading
Financial Conduct Authority
Popular for Mirror Trader!
56 traders clicked on FXCM this month.
Offers two ways to trade: Forex, Social Trading
The Ultimate Guide to
Choosing a Broker
For Mirror Trader
Not sure which broker is right for you?
Don’t worry - we’ve got you covered. In this guide, you’ll learn:
- Why FXCM scored high for mirror trader (Jump to section)
- Who FXCM is (and isn’t) suitable for (Jump to section)
- An in-depth feature comparison of the top #3 brokers (Jump to section)
- An overview on mirror trader (Jump to section)
What is the Best Trading Platform
for Mirror Trader?
FXCM scored best in our review of the top brokers for mirror trader, which takes into account 120+ factors across eight categories. Here's the full list of all the brokers we considered.
The following brokers allow mirror trader on their platform:
- IC Markets
Here are some areas where FXCM scored highly in:
- 19+ years in business
- Offers + instruments
- A range of platform inc. MT4, Mirror Trader, Web Trader, NinjaTrader, Tablet & Mobile apps
- 24/7 customer service
- Tight spreads from 0.3 pips
- Used by + traders
- Allows hedging
- 2 languages
- Leverage up to 1:200
FXCM offers two ways to trade: Forex, Social Trading. If you wanted to trade EURUSD through copy trading or other means, skip to part two.
The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.
FXCM have a AA trust score, which is v. good. This is largely down to them being regulated by Financial Conduct Authority, segregating client funds, being established for over 19 years, and much more. For comparison:
Trust Score comparsion
|Regulated by||Financial Conduct Authority||ASiC|
|Uses tier 1 banks|
|Segregates client funds|
The second thing we look for is the competitiveness of the spreads, and what fees they charge. We've compared these in detail in part three of this guide.
Who FXCM is (& Isn’t)
As mentioned, FXCM allows you to trade in two ways: Forex, Social Trading.
- CFD Trading
- Forex Trading
- Social Trading
To trade with FXCM, you'll need a minimum deposit of $50. FXCM offers a range of different account types for different traders including a mini account, .
FXCM offer a wide range of instruments to trade including forex pairs, indices, and many other asset classes. In the following section we’ve listed FXCM’s spreads for a range of popular instruments. You can also see a more detailed breakdown of how FXCM’s spreads compare in this FXCM review
Finally, FXCM isn't available in the following countries: No.
A Comparison of FXCM vs. IC Markets vs.
Want to see how FXCM stacks up against IC Markets and ? We've compared their spreads, features, and key information below.
Spread & fee comparsionThe spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
|FTSE 100 Spread||1||N/A|
Comparison of account & trading features
|Accounts offered||Mini account, Islamic account, standard account||Mini account, ECN account, Islamic account, standard account, zero spread account|
|Platforms||MT4, Mirror Trader, Web Trader, NinjaTrader, Tablet & Mobile apps||MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader,|
|Risk management features||Limit order, one click trading, trailing stops and price alerts||Limit order, one click trading, trailing stops and price alerts|
|Funding methods||Payoneer, Bank transfer, Cheque, DebitCard,||Credit cards, Bank transfer, Neteller, WebMoney, Cheque, BPAY, UnionPay, FasaPay, QIWI, DebitCard,|
Mirror Trader Review
Mirror Trader is a trading platform that is designed and owned by Tradency Inc. Tradency lays claim to being the innovator of mirror trading, or social trading as the activity is known today. Tradency’s mirror trading service was developed in 2005, and their core offering is Mirror Trader, Tradency’s innovative retail trading platform. Using Mirror Trader, retail traders are able to match the trading insight that had to date been the exclusive preserve of experienced and institutional traders.
Mirror trading allows individuals to have accounts that mirror the accounts of experienced traders, by replicating the same trades taken by them. To be able to make this a seamless process, Tradency created the Mirror Trader.
Using Mirror Trader, “buy” and “sell” signals from Strategy Developers are tracked by Tradency’s servers and copied to the accounts of the traders who follow them. The Mirror Trader platform enables new traders to visualise, analyse and evaluate trading signals sent by these experienced traders.
It is possible for anyone from around the world to become a Strategy Developer and share trading experience and knowledge with new users on the Mirror Trader platform. All trades of Strategy Developers are recorded and can be evaluated by new traders, allowing them to decide which experienced traders to follow. To be able to do this properly, an understanding of Mirror Trader for the forex market is essential.
Forex Mirror Trader: The Interface
Mirror Trader is a browser-based platform with an interface which supports automated strategies as well as manual trading strategies. The interface allows quick and easy account opening and activation, and seamless integration of the client account with Strategy Developers’ active portfolios. The platform also displays comprehensive strategy performance data and account status parameters. The Mirror Trader platform tops this off by providing tools that enhance a trader’s ability to evaluate and therefore select which accounts to follow.
Mirror Trader Basic Features
Here are the basic features that traders who use Mirror Trader will encounter in their daily trading activity.
1. Live Charts for all currency pairs: Choose between charts for different currency pairs. It is also possible to select different time frames, and zoom in or out. Various indicators are available for technical analysis. Also, line, bar and candlestick charts are available.
2. Strategies Filters: This is where the trader can select strategies, place strategies on the watchlist, and monitor performance of strategy providers. Set custom filters to identify suitable traders using a specific criteria.
3. Strategies Performance: Get a detailed performance summary for all strategies on the watchlist.
4. T-Score: Use the T-Score to evaluate the risk, momentum and stability of a strategy on a scale from 1 to 10.
5. Watch List: The watch list is a tool providing quick access to pre-selected strategies. Strategies may be followed before added in a trading portfolio.
6. Risk Management: Control risk using Mirror Trader’s risk management tools such as the Automatic Stop.
7. Exposure Meter: The Exposure Meter shows the leverage of the portfolio’s maximum positions. This measures risk exposure on a scale of 0 to 100, with >80 being the red alert level.
A trader’s use of the Mirror Trader starts with the section of strategies. The “Strategies” section is where the trader can access the database of strategies from developers worldwide.
Developers send their “buy” and “sell” signals to the Tradency servers using Mirror Trader. The strategies are recorded and stored in a database, and traders can then use the Smart Filter function to search, add, and use the chosen strategies.
The “Smart Filter” is the tool that new traders use to locate the perfect strategies for their accounts. The smart filter is designed to enable the using to find a choice of strategies using two parameters:
start account balance
The trader selects the time frame that will be used for trading. Smart filter will dig into the data of trade strategies available for the selected time frame. The Smart Filter will then calculate the performance data for all strategies for the selected time frame, and present only the strategies that match their preferences.
Performance of each strategy is presented in tabular and graphical format.
To view a strategy’s performance curve in graphical format, click on the “Curve” tab.
It is also possible to add a strategy to a “Portfolio”. To do this, select it by clicking on the graph or by clicking the “Plus” tab.
To add strategies to the “Watch List”, click on the “Star” icon.
A pop-up will appear on the screen. Select the trade size for the opening strategy. Click on the Add button to complete the action. Add more strategies by repeating the process.
The “Watch List” allows a user to save selected strategies that are of interest for easier access much later. So rather than having to scan through hundreds of strategies looking for that one strategy which caught attention previously, the “Watch List” can be used to follow up on the performance of a strategy before it is added to the portfolio.
The performance of strategies is presented in graphs and tables to enable the trader to get the information at a glance.
Click on “Curve” to view the curve of the strategy.
To add a strategy to the portfolio, select it by clicking on the graph or by clicking on the “Plus” tab.
Customise how to view the table with the “Add/Remove Columns” tab. This then displays only the chosen table preferences.
Viewing and Controlling Open Positions
There are several things that can be done when viewing and controlling positions. One of such is viewing and amending open positions. Click on the “Open Positions” tab to view all open positions entry orders in the trading account.
Close an open position using the CLOSE POSITION icon. Click on the position to close it. A dialogue box pops up, and there it is possible to click the Close Position icon to exit an open trade.
Initiate manual trading by clicking the Currency Rates at the top of the platform.
Increase or reduce the size of the Open Positions area by using the computer mouse to pull on the upper border of this area.
Modify the Stop Loss and Take Profit prices when the position is open. The Stop Loss distance can only be reduced from the entry price, and the Take Profit distance can only be increased from the entry price.
Showcase the history of ended trades on the account (i.e. the closed positions) by clicking on the Closed Positions tab. If a position copied from a strategy provider is closed manually, and the strategy provider’s position that was copied is still open, the “Close Position” order will be fulfilled.
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