Our trust rating takes into account a range of factors that influence a brokers reliability and reputation, These factors include how the broker is regulated, whether they use segregated bank accounts, their years in business, banking tiers, customer support offered, and much more.
ZuluTrade is a social trading platform established in 2007 similar to other social trading systems like eToro, the primary benefit offered is the ability to follow peer-reviewed traders (known as signal providers for the purposes here).
For those who are unfamiliar with social trading, ZuluTrade provides users with a free demo account that is designed to illustrate the functionality of this platform. Thereafter, a live account can be created for as little as three hundred dollars (approximately two hundred and ten pounds depending upon prevalent exchange rates). An interesting point is that users can also open up a ZuluTrade account through other affiliated online brokers.
While the minimum account levels can differ from provider to provider, the total balance will still need to add up to three hundred dollars. Thus, some traders choose to open up different accounts with different providers and link them all to one ZuluTrade account. Note that up to ten accounts can be registered with the same email address.
The main purpose of ZuluTrade is to allow a traders to follow other successful traders (signal provider). When the signal provider places a trade, any traders who are following these signal providers will be able to mirror such trades.
For every trader that actively takes the advice of another signal provider, the provider will receive 0.5 pips for his or her own traded lots. In comparison, an affiliate (such as another online Forex provider) will receive 0.4 pips for each traded lot of a client who is using their service to access ZuluTrade. Commissions will vary upon the broker used and thus, fees will differ.There is no commission associated with this relationship and it is recommended that first-time traders choose this affiliate to access ZuluTrade.
Notwithstanding the ability to base one's trades off of more experienced signal providers, account holders can also view summaries of their historical data to spot longitudinal movements. ZuluTrade likewise sends daily and weekly summaries to one's email address. It should be mentioned that there are more than ten thousand signal providers that can be followed. Users can perform advanced search options to easily find signal providers which meet specific criteria.
All signal providers are ranked in terms of weekly performance and by ZuluTrades own algorithm; an excellent indicator of those which may be worth keeping a close eye on.
The spreads are the average spreads for a standard account with ZuluTrade partner FXCM.
Varies between brokers
Varies between brokers
ZuluTrade Forex & ZuluTrade Binary
iOS, Android, Windows, Blackberry
ZuluTrade provides Forex traders with an unparallelled insight into the movement of other traders (again, the term signal provider is used interchangeably here). This is ideal for those who are learning the intricacies of social trading. Additionally, a rather uncluttered operating platform will enable all positions to be easily understood; important when executing multiple trades. These features are further enhanced by a relatively low entry fee of three hundred dollars (this is in contrast to other providers which charge as much as one thousand dollars as a minimum balance). As signal providers are rated by other traders, an objective opinion can be enjoyed.
Like any system, there are also some downsides to ZuluTrade. The biggest concern is that since anyone can become a signal provider, there is no guarantee that advice will always be sound. Also, there are some instances when a signal provider may not use his or her own money to trade. Finally, the client will have to constantly monitor all positions until the correct mix of signal providers is found. This will again have much to do with one's experience in the field.
These are some of the key features that are offered by ZuluTrade. As a whole, this rather interesting platform is an interesting alternative to what would otherwise be considered standard Forex trading.