Social trading brokers - Why and what benefits are there? | Forex Factory

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Social trading brokers - Why and what benefits are there?

  • #1
  • First Post: Feb 6, 2017 10:17am Feb 6, 2017 10:17am
Hi guys,

I wanted to know your feedback over the social trading platforms/brokers if you used any.

What's the catch?
Is it really better than having an mt4/5?
What can be better as services?

Please leave your feedback.
  • #2
  • Feb 6, 2017 4:03pm Feb 6, 2017 4:03pm
Quoting RasmusFX
Hi guys, I wanted to know your feedback over the social trading platforms/brokers if you used any. What's the catch? Is it really better than having an mt4/5? What can be better as services? Please leave your feedback.
I'm using swipestox mobile copy trading app, 100$ no deposit bonus is a nice surprise also I haven't learned about the volume requirements yet. CySEC regulated with max leverage at 1:100. Looking at this app I think its the future of copy trading signals, really. Very nice interface, plain and efficient rewarding system for pro traders.
  • #3
  • Feb 7, 2017 1:54pm Feb 7, 2017 1:54pm
Quoting RasmusFX
Hi guys, I wanted to know your feedback over the social trading platforms/brokers if you used any. What's the catch? Is it really better than having an mt4/5? What can be better as services? Please leave your feedback.
I used eToro for a long time but I was looking for something with advanced UI design and less noisy for my own Copy signal services.
I tried Swipestox as it is offering $100 no deposit bonus and I am satisfied with it.
Actually, it has MT4/5 plugin to use it directly from Meta Trader terminal. So you can use on whatever platform you prefer. Web, Android/iOS, MT4 .
  • #4
  • Feb 8, 2017 10:15am Feb 8, 2017 10:15am
Quoting Bd888
{quote} I used eToro for a long time but I was looking for something with advanced UI design and less noisy for my own Copy signal services. I tried Swipestox as it is offering $100 no deposit bonus and I am satisfied with it. Actually, it has MT4/5 plugin to use it directly from Meta Trader terminal. So you can use on whatever platform you prefer. Web, Android/iOS, MT4 .
Do you know what is their reward system for signal providers? The more copied the more you get or how? I also used their no deposit bonus but later deposited more to look serious and gain more subscribers. Still using tradingview for trading analysis.
  • #5
  • Feb 15, 2017 4:12am Feb 15, 2017 4:12am
Quoting leebsurag
{quote} Do you know what is their reward system for signal providers? The more copied the more you get or how? I also used their no deposit bonus but later deposited more to look serious and gain more subscribers. Still using tradingview for trading analysis.
I use TradingView too but I don’t get the same satisfaction as I do with MT4 as I am a Price Action trader. Drawing a trendline is tougher in tradingview.
I only closed 6 trades and another 4 trades running. I made some friends in Swipestox but still not get copied, retails traders are mostly following scalper. I found they paid on copied volume. $50 for each million volumes.
  • #6
  • Feb 16, 2017 1:37am Feb 16, 2017 1:37am
I'm trading with tradeberry. In comparison with a broker where you have the mt4 to copy others here I can see their profiles like how many trades a guy opened and how many of them were closed in the money and so on. What I like is that I see who I am copying and I can negotiate what I will pay back.
  • #7
  • Feb 16, 2017 1:38am Feb 16, 2017 1:38am
Quoting Bd888
{quote} I use TradingView too but I dont get the same satisfaction as I do with MT4 as I am a Price Action trader. Drawing a trendline is tougher in tradingview. I only closed 6 trades and another 4 trades running. I made some friends in Swipestox but still not get copied, retails traders are mostly following scalper. I found they paid on copied volume. $50 for each million volumes.

I'm trading with tradeberry. In comparison with a broker where you have the mt4 to copy others here I can see their profiles like how many trades a guy opened and how many of them were closed in the money and so on. What I like is that I see who I am copying and I can negotiate what I will pay back. - the charts are from trading view also
  • #8
  • Feb 17, 2017 3:31am Feb 17, 2017 3:31am
I have also heard social trading popularity due to the reason that we can follow senior traders and copy their trades too which is a good source of learning and getting maximum success. But i haven't yet experienced it so far although my broker hotforex allows social trading i guess.
  • #9
  • Feb 17, 2017 12:20pm Feb 17, 2017 12:20pm
Quoting jollypk
I have also heard social trading popularity due to the reason that we can follow senior traders and copy their trades too which is a good source of learning and getting maximum success. But i haven't yet experienced it so far although my broker hotforex allows social trading i guess.
I do trade by MT4 , no offence, I found Swipestox execution rate is faster and The environment is like Facebook, I can copy, share and connect, chat, and I love the status wall and fees are lower. For technical analysis I would prefer MT4 than tradingview.
  • #10
  • Feb 19, 2017 5:23am Feb 19, 2017 5:23am
Quoting jollypk
I have also heard social trading popularity due to the reason that we can follow senior traders and copy their trades too which is a good source of learning and getting maximum success. But i haven't yet experienced it so far although my broker hotforex allows social trading i guess.
Things are not going well after the brexit and unpredictable Trump. I hope you followed his first solo press conference . On the other hand Fed on rate hike course and don’t know who will be next. So, getting live trading idea from top traders is a good thing for the new.
  • #11
  • Feb 19, 2017 6:29am Feb 19, 2017 6:29am
Quoting leebsurag
{quote} I'm using swipestox mobile copy trading app, 100$ no deposit bonus is a nice surprise also I haven't learned about the volume requirements yet. CySEC regulated with max leverage at 1:100. Looking at this app I think its the future of copy trading signals, really. Very nice interface, plain and efficient rewarding system for pro traders.
What can you do with 100$ no deposit bonus? My average stop loss is 100 pips.
  • #12
  • Feb 21, 2017 5:18am Feb 21, 2017 5:18am
Quoting mathtrader
{quote} What can you do with 100$ no deposit bonus? My average stop loss is 100 pips.
their allowed leverage is 1:100 max, I use 1:50, their 100 bucks is enough for a smooth safe trading so you can test the platform thoroughly and safely without wiping out your deposit in 2-3 bad trades. I find them very fair in bonus conditions I used to trade with 30$ no deposit bonus from Tickmill with 5 lots, here you have 20 lots to complete for 100$
  • #13
  • Feb 21, 2017 1:23pm Feb 21, 2017 1:23pm
Quoting mathtrader
{quote} What can you do with 100$ no deposit bonus? My average stop loss is 100 pips.
I believe nobody give you free money so do brokers. So they apply harder T&C to get them withdrawable but nothing is impossible.
However, only purpose of a retail trader should be testing the platform and trading environment (such as spread at normal time, execution speed, spread during news and weekend) with these kinda bonus. My stop losses are even wider 150-200 pips, I don’t think it depends on your balance but trading method.
  • #14
  • Feb 22, 2017 1:36am Feb 22, 2017 1:36am
Quoting Bd888
{quote} I believe nobody give you free money so do brokers. So they apply harder T&C to get them withdrawable but nothing is impossible. However, only purpose of a retail trader should be testing the platform and trading environment (such as spread at normal time, execution speed, spread during news and weekend) with these kinda bonus. My stop losses are even wider 150-200 pips, I dont think it depends on your balance but trading method.

Morning,

From what I know, Cysec and the Fca made new regulations regarding bonuses. They are forbidding them of any kind.
  • #15
  • Feb 23, 2017 12:33pm Feb 23, 2017 12:33pm
Quoting RasmusFX
{quote} Morning, From what I know, Cysec and the Fca made new regulations regarding bonuses. They are forbidding them of any kind.
I believe that is still a proposal and they are forcing the brokers to avoid all types bonus. They proposed to cap the leverage 1:25 for newbie (6-12 months of experience), rest to the 1:50 . In case of my broker Hanseatic they acknowledged the harm of high leverage so now offer no more than 1:100 and its a good move since other brokers will possibly rout to other offshores to keep offering high risk game for the newbies. I have seen brokers with 1:2000 crazy leverage!

However, I think new proposal would affect retails traders with smaller fund. 1:100 would be more preferable as well as they can ban bonuses on deposit. But a smaller free fund to check the live trading environment should be good to check the spared, speed and swap rates. They should not ban that.
Here is more details http://www.financemagnates.com/forex...-leverage-cap/
  • #16
  • Feb 24, 2017 1:21am Feb 24, 2017 1:21am
Quoting Bd888
{quote} I believe that is still a proposal and they are forcing the brokers to avoid all types bonus. They proposed to cap the leverage 1:25 for newbie (6-12 months of experience), rest to the 1:50 . In case of my broker Hanseatic they acknowledged the harm of high leverage so now offer no more than 1:100 and its a good move since other brokers will possibly rout to other offshores to keep offering high risk game for the newbies. I have seen brokers with 1:2000 crazy leverage! However, I think new proposal would affect retails traders with smaller...

Morning Bd,

Thanks for the info, it was a good read.
  • #17
  • Feb 24, 2017 1:34am Feb 24, 2017 1:34am
Quoting Bd888
{quote} I believe that is still a proposal and they are forcing the brokers to avoid all types bonus. They proposed to cap the leverage 1:25 for newbie (6-12 months of experience), rest to the 1:50 . In case of my broker Hanseatic they acknowledged the harm of high leverage so now offer no more than 1:100 and its a good move since other brokers will possibly rout to other offshores to keep offering high risk game for the newbies. I have seen brokers with 1:2000 crazy leverage! However, I think new proposal would affect retails traders with smaller...

Yeah high leverage is not suitable for everybody (I would say for majority of traders). I think regulators need to create a kind of a test for traders so they can provide their proficiency in trading with high leverage. They must take account of the needs of all traders as we have to have a right for personal choice
  • #18
  • Feb 27, 2017 6:19am Feb 27, 2017 6:19am
Quoting leebsurag
{quote} Yeah high leverage is not suitable for everybody (I would say for majority of traders). I think regulators need to create a kind of a test for traders so they can provide their proficiency in trading with high leverage. They must take account of the needs of all traders as we have to have a right for personal choice
Exactly, leverage is only good for those who can handle it. I appreciate the approach of hanseatic as they step forward to cap the leverage in a reasonable figure.
Professional traders don’t use much leverage as they have larger fund but for the retail traders who has smaller fund like $500-$1000 really need 1:100 to able to trade. I agree leverage should be personal choice rather than forced by regulators. Regulators should focus on finding bad brokers.
  • #19
  • Last Post: Feb 27, 2017 6:25am Feb 27, 2017 6:25am
Hi,

The brokers need to provide leverage according to the trader's experience. If I'm not mistaking this can be seen from the questionnaire you fill in when you open a live account. The broker I am trading with made me redo mine this January when the regulation were put in use.
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