Established in 2010, FxStat has become one of the leaders in the world of social trading. Its headquarters are in the UK, with additional offices in Jordan, Russia, and Saudi Arabia and the name comes from a combination of Forex and Statistics. The company focus was initially social networking, but the service was expanded to include trading statement track record assessment, following traders’ portfolios, copying top performing traders, reading news, and sharing trades. All done via one platform.
What is FxStat, and how does it work?
FxStat offers a range of social trading solutions to a number of FxStat Forex brokers, as well as to individual traders. FxStat allows traders to analyze the performance of signal providers, follow top traders automatically, and also offers a number of powerful risk management tools.
Basically, FxStat is a state-of-the-art autotrading platform, as well as a social trading service that allows investors the opportunity to view, analyze, and evaluate signals from expert Forex traders, and then deciding whether or not to copy what they may be doing.
What FxStat has to offer investors
There are a number of different products on offer from FxStat. If you’re considering investing with a FxStat Forex broker, you might want to understand the different types of products being offered.
- FxStat Tradebook – There are a number of FxStat Forex brokers who offer this option. With Tradebook, traders can follow a large number of signal providers who also use the FxStat service. Well designed, and easy to navigate, there should be no problem finding what is required. Different signal providers’ performance is simple to analyze and it is easy to breakdown their statistics. With Tradebook, investors can set their own risk profiles, and determine the amount of capital willing to be put at risk. The cost for a broker to use the service is 1 pip per trade. Of which some pass it on to their clients.
- FxStat Managed Book – This operates pretty much the same as the Tradebook option, but the structure of fees is slightly different.
- FxStat Money Manager’s Book – A FxStat Forex broker who chooses to use this option can load it with their own signal providers or money managers, rather than have a selection already loaded. The Money Manager’s Book is a simpler alternative to other MAMM, or PMM solutions.
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A brief history of FxStat
The FxStat Group was first founded in 2010, and initially started out as a track record assessment and performance page provider for traders. In 2011, Tradebook was launched, the group’s first social trading platform. It was a paid service that offered automatic real-time trading with the help of signal providers. Traders can choose to be a signal follower, or become a signal provider, however, this will require the approval of FxStat. Providers are carefully chosen and their accounts have to be proven real accounts that show positive trading results.
Also in 2011, FxStat launched its managed book platform. This option allows investors to pick the best market leaders signal providers and copy their trades in real-time. There is no pay per transaction commission. A success fee is charged instead, which is based on high water mark.
Operations were expanded in 2013 to Jordan. FxStat is regulated and authorized by the FCA (Financial Conduct Authority). FxStat is available in 12 different languages, including Chinese, Arabic, Dutch, and Urdu. There are more than 1,000 brokers, across the globe that offer FxStat, which is good news for Forex traders everywhere.
When it comes to Forex trading an important consideration is choosing the right Forex broker, but another important factor to consider is the best Forex trading platform.
Advice on picking the best Forex trading platform
Finding the best Forex trading platform is more than just picking a random name out of the hat. You’re going to be investing your time and money, so it’s vital to make the right choice. Here at topratedforexbrokers.com we’ll be looking at a number of different Forex brokers, as well as the Forex trading platforms available.
The most important step when looking for a Forex trading platform is to do your research. And we’ll be helping by offering you a number of different reviews to read, and giving you the information you need to make an informed choice. But don’t just take our word for it, as there are a number of other places you can look for valuable information. We’d always advise you to at least read some of the genuine customer reviews, and spend some time looking at the comments on various forums.
Other important factors to bear in mind are accuracy, and security. Trading in foreign currency takes place in real time, so you will need to be confident that the updates and price changes are bang up to date, otherwise you’ll be missing out on an opportunity to earn a big profit. And security is important because the trading platform you choose will be entrusted with valuable trading information and personal details.