Recommended Zulutrade Forex Brokers for 2018
Take a look at the company website, and you’ll see a great explanation of all that ZuluTrade offers Forex traders, whether new or experienced. It says the company concept is to offer an open environment, that allows traders all around the world to connect any trading platform, and share their vast wealth of knowledge.
Who is ZuluTrade?
ZuluTrade is a well respected name in the world of online software providers, that operates an online and mobile social and copy trading platform. It was founded in 2007, by the company CEO Leon Yohai, and Kosta Eleftheriou, from the humble office space that was Yohai’s living room, in Virginia, USA. Kosta left the company in 2008, but Leon soldiered on, and created software connected to FXCM’s API, which meant he was able to copy trading strategies in his realm of interest. In 2008, it was put into beta, and had more than 4,500 expert trader portfolios, by 2009.
Improvements continued to be made, and many new features were unveiled to Forex traders, including a redesigned website, and the opportunity for traders to follow other traders rather than just signal providers.
This successful software company now has more than a million users, and more than $800 billion in executed trades. It seems that following and copying the trades of others has become a very popular way to get involved in the Forex market. And there are plenty of ZuluTrade forex brokers to choose from.
What is a Forex social trading network?
Forex trading involves watching the foreign currency markets, being aware of world economics, and buying and selling different pairs of currencies based on that knowledge. With a social trading network, such as ZuluTrade, rather than studying the market and trading yourself, a signal provider is chosen and followed.
With the ZuluTrade platform the advice of a trader’s chosen expert is then converted and traded directly into their own account.
The advantages of copying Forex trades
- ZuluTrade offers an automated service that requires very little input from an individual trader
- It’s easy to become familiar with the way autotrading works by opening a free demo account with a ZuluTrade Forex broker
- There is no dealing desk, which means no re-quotes, and fast execution of orders
- A trader is able to follow and copy the signals of more than one expert, and open multiple accounts
- There are a number of parameters that can be selected when selecting professional traders such as total drawdown, stop loss levels, level of interest risks, and a number of others
- 24/7 Forex trading, without the need to access a computer
- ZuluTrade allows independent trading as well as copy trading
- Able to study techniques and strategies of others, who are more experienced
- Risk can be controlled and reduced when compared with manual trading
So with those advantages is there a better chance to win? Of course you can, but as with any form of investment, there is also the possibility you can lose as well. The benefit of using ZuluTrade is that the chances are better stacked towards a profit, as opposed to trading on your own. And you have ample opportunity to employ a strict risk management strategy. Unless you happen to be the Forex world’s best expert. In which case you should be passing on your expertise via a social trading network such as ZuluTrade.
Best and Most Trusted Forex Brokers in 2018
ZuluTrade is easy to master
Signing up with ZuluTrade is a very simple process. The first step is to open a live trading account and deposit your trading capital. Then you have to find the right traders to follow, and this is done by analyzing trading records and performance data. Once you’ve chosen one or two that appear to be the most profitable, it’s time to set up your own personal stop losses. In your own trading account trades of the signal providers will be replicated and hopefully make a tidy profit.
If a newbie trader is at all worried about trading with real money, ZuluTrade offers a free demo account. Open one of these and there is every opportunity to test out the strategies and deals of many different traders, and get a good feel for how the service works in reality.
What makes ZuluTrade stand out from the competition?
Not so long ago, ZuluTrade changed the commission structure for signal providers. Now they only get to keep any earned commission if they have had a profitable month. This means there is much more of an incentive for signal providers to come up with winning strategies.
The performance data that ZuluTrade provides is comprehensive, including lots of detailed stats for each signal provider. Making it much easier to pick out the profitable traders to follow. There is also a built in ranking system to help find profitable traders, or they can be sorted using a variety of criteria.
One underused feature of the ZuluTrade autotrading platform is the reverse trading option. Basically, this option automatically trades opposite signals to the ones provided. It is based on the assumption that most providers end up out of pocket. There is a possibility to make some decent returns if you can find traders who aren’t afraid to take crazy risks and don’t appear to have any real trading strategy.
A final word, because there are always two sides to every story…
The downside of ZuluTrade autotrading platform
- There is a high percentage of unprofitable signal providers, which makes finding a signal provider who consistently makes money quite a challenge
- Many of the signal providers appear to have no concept of risk management
- Not all signal providers are trading using their own money, so check each profile very carefully.