What is Myfxbook AutoTrade?
The Myfxbook website was launched in 2011 with the aim “to create a professional community for traders”, where performance is transparent and audited. They also intend to help both novice and seasoned traders by making the learning process of trading easier.
At the core of Myfxbook is their online automated analytical tool for your forex trading account which currently supports over 300 brokers. This tool enables you to:
- organize and track all of your trading accounts and systems in one place, in your online portfolio
- analyze your account or trading system automatically using Myfxbook’s advanced statistical analysis indicators and tools
- share your system’s performance with potential clients, showing them your 3rd party audited trading results
In addition Myfxbook also lets you stay up to date with the markets with the latest news, an economic events calendar, real-time forex quotes and other market indicators. They also have an active forum where you can see recent discussions between other traders.
Because of the independently audited data, investors can use Myfxbook to verify trading results of any money managers and traders they consider employing, or trading systems they consider buying.
The next logical step for Myfxbook was for investors to automatically copy signal providers from their platform, instead of having to deal directly with each signal provider.
Hence Myfxbook AutoTrade was launched in 2013. AutoTrade allows you to subscribe to a selection of systems (about 40 to 50) and will be automatically sync with your connected trading account. I.e. this means the trades performed by the system or trader you subscribe too will be replicated automatically in your trading account.
Myfxbook allows you to try AutoTrade with a demo account (which doesn’t expire). If you want to connect a real money account, you will need to sign up with one of their partner brokers via the Myfxbook website. I.e. you cannot connect your existing broker account to AutoTrade (because that would mean they don’t get the introduction commissions). Currently there are about 40 partner brokers. Minimum deposit requirement is $1000 (or equivalent in your account currency).
The fee for using AutoTrade depends on the broker you use. Some are free though most add a small markup spread.
The system providers on AutoTrade get paid 0.5 pips per winning trade. The requirements for being listed on AutoTrade are as follows:
- a real and verified MetaTrader 4 account connected to Myfxbook with a minimum balance of $1,000 and at least 3 months history and 100 previous closed trades
- a historical account drawdown of no more than 50%
- a return of at least 10% and more than maximum drawdown
- an average trade time of 5 minutes and average pip gain per trade of at least 10 pips (to avoid scalp systems)
Myfxbook also specifies that none of the systems on AutoTrade may use any martingale/grid type techniques.
You can analyse each of the systems on AutoTrade using a wide variety of statistics, indicators and graphs which AutoTrade provide. You can also view all historical trades and the current open ones. You can also simulate your portfolio of systems you subscribe too with different settings.
Myfxbook as a company registered in the British Virgin Islands.