What is InstaForex ForexCopy?
InstaForex launched in 2007 and is an ECN-broker operating on the Forex exchange market. They currently have over 2 million clients around the world. InstaForex have been awarded “The Best Broker in Asia” at the World Finance Awards for several years in a row.
They offer a wide range of trading tools and unique Forex products to their customers. In terms of “social trading”, i.e. allowing customers to benefit from the knowledge of other top traders, they offer ForexCopy, a trade copy service.
InstaForex’s ForexCopy system enables you to follow successful Forex traders and directly copy their trades in your account.
Any InstaForex customer may register in the Forex Copy system and you only need to have $10 in your account before you can start copying a trader. At the moment only US dollar accounts can be registered with Forex Copy.
Successful and professional Traders who like to make some extra money from their trading skills can easily do so by registering their InstaForex account for Forex Copy and setting the terms of remuneration. A Trader may choose various options to charge followers:
- Commission per profitable trade:
- Commission per trade that will be paid by the ForexCopy follower for every profitable trade; or
- Commission per 0.01 lot for every profitable deal; or
- Profit share that will be paid by the Forex Copy follower per every profitable deal.
- Commission per lots traded:
- commission per 0.01 lot copied in the ForexCopy follower’s account and closed with either profit or loss.
- Commission per subscription day:
- fixed commission per subscription day, excluding days when Forex market is closed for holidays or weekends.
I.e. the Trader is fully in control in terms of how much commission they charge from their Followers.
Followers can use the Forex Copy monitoring list (click here) to find and choose the best Traders to copy on InstaForex. As a Follower you can also adjust the subscription parameters for every Trader you copy separately. These include:
- the ratio of copying (can be increased or decreased)
- the currency pairs and other financial instruments to copy from the Trader (copy all or limit)
- the maximum number of trades allowed to copy per day
There are no limits on the number of Traders to follow and copy.
It’s worth noting that InstaForex also offer a PAMM system. This allows you to invest a certain amount of capital in a trader with the purpose of taking a part of the profit made by this trader. The main difference between the two is that ForexCopy gives you more control over what you copy where the PAMM system gives the trader full control over the funds you invest.
You cannot try ForexCopy with a demo account but you can view the historical performance and rankings of the Traders you can copy on the InstaForex website without the need to register.
In case you would consider joining Forex Copy, the 30% welcome bonus can be used for copying other traders or investing in them using the PAMM system as well.
You can expect a full review of InstaForex Forex Copy soon.