The foreign exchange market is enormous, trading $5 trillion in volume a day. It is the single most liquid market available, making it easier to trade and a favourite among signal providers. Major currency pairs across EUR/USD, GBP/USD, USD/JPY, and USD/CHF, to name a few, boast the most liquidity, and 24/7 trading makes FX more accessible than equities or futures markets. Forex social trading helps novice investors to navigate the FX markets with greater efficiency and copy the top traders on ZuluTrade.
How to filter Forex Signal Providers Using ZuluTrade Social Trading Network
ZuluTrade supports three types of trading pairs: forex/fiat currencies, cryptocurrencies, and a combination of the two. Soon the platform will be expanding into the equity markets, but for the purposes of this review, we will focus on forex.
By clicking the “Traders” button, ZuluTrade will generate a list of signal providers to choose from sorted by profits.
On the top right corner of the list, you have the option to select filters based on a number of essential statistics across number of PIPS earned, winning percentage, average earned pips per trade, profits, and more. In the centre of the filter page, a line of icons determine defines traders who are using a live or demo account or those who have been on the ZuluTrade forex social trading platform for more than two years.
Further, narrow your search based on short-term (days/weeks) or longer-term (months/year) performance, or by the top 100 traders. Search by features such as a trader’s user name, country or a variety of countries. There is also a drop-down menu to search by currency pair. So, for instance, by choosing the GBP/USD pair and selecting the orange Search button, the system generates a list of traders whose strategies reflect your preferred forex pair.
A “sort-by” drop-down menu lets you filter traders based on risk in ascending or descending order. Followers with the lowest drawdown rates reflect the least amount or risk, while higher drawdowns fit a higher risk/reward profile. Feel free to select multiple filters in a single search.
When you are ready to select a trader to follow on ZuluTrade copy trading forex, click on the orange Follow button. Select the amount of capital from your account that you would like to direct to the trader’s strategy. Advanced settings give you the option to select more specific requirements, such as the number of mini lots to be placed in your account and the maximum number of open positions.
Breakout Trader 66 doesn’t have a following yet but claims his portfolio is up 70% in 10 weeks. He explains the strategy, saying: “I always use a tight stop loss, and only open 1 trade at a time max. That’s why my strategy has a low drawdown, and because there is a low drawdown, you can trade with higher lots which adds up to more profits per pip.”
In addition to selecting an individual trader to follow, investors also have the option to choose traders combos, which are automated combinations of individual traders designed to deliver the most profitable combination of trading strategies. Or, pit the performance of one or more traders versus each other. Select the Compare option from the drop-down menu illustrated with three vertical dots in the top right-hand corner.
Tick the boxes of the traders whose performance you would like to view side by side and select the Compare button. To narrow down your selection based on certain criteria, compare traders on metrics such as amount following, profit, number of investors, winning trade percentage, average pips per trade, and more.
Traders on the ZuluTrade platform don’t all engage with their followers with the same frequency. Some suggest that they avoid doing so to prevent emotional trading, while others update followers on a consistent basis.
Best Forex Copy Trading Signal Providers on ZuluTrade
MixzFXTrader, who trades exclusively in the GBP/USD pair, is the No. 1 trader on ZuluTrade based on live investors profit. They have a rating of four out of five stars and boast nearly $3.2 million across follower accounts.
Total profit is more than 8,000 pips in a little less than a year. The average pip per trade is 7.3. Pip value over a seven-day period 38.6 and the value increases from there over longer time frames, the highest of which is approximately 8,000. MixzFXTrader sets a modest number of maximum open trades at three. Maximum drawdown, which reflects risk or the gap between peak and trough, ranges from hundreds of pips in the short term to 1,200 over a one-year period.
YuriyFXtrader is ranked No. 2 for ZuluTrade forex copy trading, having generated a total profit of 66,411 pips over 25 weeks. The average pips per trade is 8.4.
This trader uses a popular strategy, which is to “trade in small time intervals in small volumes.” To follow this signal provider requires a minimum investment of only $100. More than 700 investors including real investors follow YuriyFXtrader across $1.1 million in funds.
ZuLuckySeller is ranked No. 3 on the ZuluTrade forex social trading platform and has earned five stars.
This trader has earned nearly 71,000 pips in profit over a six-month period. The average pips per trade is 10.7. Nearly 300 investors follow ZuLuckySeller including real investors across $328,195 in capital. Of more than 6,300 trades, 96% of them have been winning trades. Most of the trades are in the EUR/USD pair. Other pairs include GBP/USD, AUD/USD, and NZD/USD. Followers have generated profits of anywhere between $70 and $1,759 following ZuLuckySeller.
The maximum drawdown for ZuLuckySeller is 11,848.3 pips compared to a total profit of 70,944.3 pips.
ZuluTrade Forex Tools
Zulutrade forex copy trading offers free trading tools including a currency converter, pip value calculator, margin calculator and profit calculator. As the name suggests, the currency converter lets you select an amount and convert from one currency, such as USD, to another, such as EUR. Fill in the fields and click the orange Conversion button.
To use the profit calculator, select parameters such as trading pair, handling, standard/mini/miniature. Fill in the opening and closing prices and select the orange Calculation button for results.
The margin calculate requires you to enter the trading pair, handling number, standard/mini/miniature, and select a margin ratio from a drop-down menu with selections ranging from 1:1 to 400:1. Select the orange calculation button for the result.
The point value/score calculator works by selecting a trading pair and entering information into the following fields: handling, standard/mini/miniature, and score, followed by selecting the orange Calculation button for the result.
Please read our post on the Top ZuluTrade Traders including Forex, Crypto and Combo Traders here.