Forex

What Is RoboForex CopyFX – How Does CopyFX Work?

What Is RoboForex CopyFX –
How Does CopyFX Work?

What Is Roboforex CopyFX

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Imagine being able to copy already successful traders on autopilot. You set up your account to copy a winning trader, and all the trading is taken care of automatically without any input  from you. Well, that is exactly what you can do using RoboForex CopyFX.

CopyFX is an incredible passive income opportunity with extraordinary profit potential. And it is extremely easy to get started using RoboForex CopyFX.

RoboForex CopyFX is a proprietary copy trade investment platform by the RoboForex group.  Investors can copy already successful traders and have their trades automatically duplicated on their trading platform… 100% hands free.

Full disclosure: I personally offer investors the ability to follow my accounts on CopyFX. Therefore, this is not a generic take on RoboForex CopyFX. I am actively participating in the service as a CopyFX Trader… so I can give you a more detailed account of what RoboForex CopyFX is, and how CopyFX works.

Let’s dive in…


Are You Eligible To Use RoboForex CopyFX?

CopyFX trade copy service is run by the RoboForex broker. Therefore, in order to be able to copy traders in the CopyFX service, you need to be able to open and fund an account with RoboForex.

As is the case with most Forex brokers, where you reside in the world determines where you can open a broker account. This means there are some restricted countries and not everyone is eligible to open an account at RoboForex.

This is taken from the RoboForex website:

RoboForex Ltd and it affiliates don’t work on the territory of the USA, Canada, Japan, Australia, Bonaire, Curaçao, East Timor, Liberia, Saipan, Russia, Sint Eustatius, Tahiti, Turkey, Guinea-Bissau, Micronesia, Northern Mariana Islands, Svalbard and Jan Mayen, South Sudan, and other restricted countries.

So, if you are from one of these restricted countries, you won’t be able to use this broker, which means you won’t be able to participate in the CopyFX service.

I personally tried to mitigate the impact of these restrictions by also offering my trade copying directly through the MT4 platform using MQL5.com. You can see what I am talking about here: How To Copy PMTW Trades Using MQL5 Signals

Furthermore, you can always trade my signals manually in only a few minutes a day: Forex Signals Blast Off

If you are not from one of these restricted countries, you can open an account at RoboForex and use the CopyFX service.

RoboForex

RoboForex is the broker I use. I’ve found they provide the best trading conditions for the currency pairs I trade and the account funding options I want

  • 24/5 Forex Trading
  • 24/7 Cryptocurrency Trading
  • Can fund accounts in Bitcoin & Ethereum

LEARN MORE


How CopyFX Works

Here is how RoboForex CopyFX works:

Step 1: Open and fund an account at RoboForex.

Since CopyFX is run through the RoboForex broker, you first need to open and fund an account at RoboForex.

Opening and funding an account at RoboForex is an extremely simple and straightforward process.  After you register you’ll be asked for proof of identity to verify your account.  After that, you can fund your account using one of the many funding options.

 

What Is Roboforex CopyFX

 

IMPORTANT: If you are planning on using CopyFX, make sure to open a Metatrader4 account. You don’t need to download or run the platform, but the account needs to be a MT4 account to work with CopyFX.

Tip 1: If you already know which CopyFX Trader you are going to follow, consider opening the SAME type of account they are using.  This will make the trading conditions as similar as possible.

Tip 2: If you want to get started with a low initial investment, open a Pro Cent account. This is taken from the RoboForex website:

 

The main distinctive feature of cent (micro) accounts is that they use 100x denominated monetary units of the base currency (US Cent, EU Cent, etc.), while the trading conditions are equal to those for standard accounts. Just deposit 10 USD to your cent account to get 1,000 US Cents. As a result, cent accounts will be excellent not only for beginner traders, but for professionals as well, because it may help them to test new trading strategies or Expert Advisors in market conditions without any significant financial investments.

 

Do keep in mind that your account has to have a minimum of $100 to use CopyFX. Plus, each CopyFX Trader sets a minimum amount to copy the trades (for example mine is $500).

Once you have your account set up, move on to the next step.

Step 2: Find a CopyFX Trader you want to copy.

Finding a CopyFX Trader to follow is going to take a little research. You need to look at a lot of factors like profitability, drawdown, number of trades, etc. to determine if the trader is someone you want to copy.  

 

What Is Roboforex CopyFX

 

This process is a bigger topic than I want to get into here, so I’ll do a separate blog post about how to find good CopyFX traders later.

Step 3: Subscribe to get the trades copied on autopilot.

Before you subscribe, you need to check out the trading conditions. This is how the CopyFX trader is going to be compensated. Most CopyFX Traders are compensated through a percentage of the profits achieved.

Basically, if the trader makes you money, you share a portion of that money with the trader.

During this step you can choose your risk parameters. For example, you can choose “Proportional” to use the exact risk as the CopyFX Trader, proportional to your account balance.

 

What Is Roboforex CopyFX

 

Once you go through the process and start copying a CopyFX Trader, there is nothing more for you to do. When the trader places a trade, the trade is copied to your account with the risk settings you chose.

The trading happens on autopilot, with ZERO input from you. Therefore, this is a true set-and-forget investment solution.

Tip: If you are still nervous about copying a trader using CopyFX, you can copy the trades in “Test” mode. In “Test” mode the trades are placed with the lowest lot size per trade (0.01 lots). This can give you a chance to see how the trader trades before allocating more risk to the trades.

Once you are comfortable with the trading, you can change your risk settings.


Benefits Of Using RoboForex CopyFX

Let’s go over the benefits of using CopyFX, some obvious and some not so obvious…

You Can Copy Already Profitable Traders On Autopilot (True Passive Income Opportunity)

This is the most obvious benefit.

Look, I’m not going to lie. Learning to trade Forex profitably is difficult. I mean, the actual activities you have to perform are not all that difficult to learn… but sticking to the rules and controlling your emotions when real money is at risk is very challenging.

Plus, depending on how you decide to trade, trading can be quite time consuming. (The way I trade requires only a few minutes a day, but some people think that is more time than they want to dedicate to trading, or the trading time is inconvenient).

The truth is, the harder trading is and the longer you sit in front of the charts… the more money you need to make in order for your efforts to feel “worth it”.  

But by putting your trading on autopilot, your efforts are exceptionally low… meaning you are much more likely to stick with the trading for the long term. (And that is the key to extraordinary wealth accumulation).


You Can Enjoy More Accurate Trade Copying

Since you are copying trades at the broker level, the trade copying is more accurate compared to other trade copying methods.

You don’t have to deal with trading platforms, trade copy expert advisors or sending the trading information from one broker to another over the Internet. Everything is happening at the same location.  

This cuts down on missed trades, mismanaged trades or slippage which lower the accuracy of the trade copying.

You Maintain Control Of Your Money In YOUR RoboForex Account

One of the great things about using a service like RoboForex CopyFX is you are not handing your money over to someone else to manage. Your money remains in YOUR account. You are only allowing trades to be placed on your account.

Therefore, you are not sending your money to a trader and giving them power of attorney over your funds. You are depositing your investment into your own trading account… and having a successful trader place trades on the account for you.  

There is a big difference.

And since you are in control, you can pause or stop the trading at any time.

You Don’t Need To Download The MT4 Trading Platform

When trading the Forex market, you usually need to download and run a trading platform. In this case, the trading platform in question is Metatrader4.

However, with CopyFX you don’t even need to download and deal with a trading platform at all. Everything is done at the broker level.

In order to see the trading activity in your account, you simply need to login to your RoboForex account over the Internet from any computer. You can access the trading activity directly from inside your Personal Member’s Area.

You Don’t Need A Virtual Private Server (VPS)

For most trade copy services to work, you need to have your trading platform running and connected to the Internet. Since the trades are sent from one platform to another, your platform needs to be operational and connected to the Internet at all times.

This means you would have to keep your computer on with the platform running 24 hours a day. Otherwise, you risk missing a trade or trade management action.

The most effective way to deal with this situation is with a Virtual Private Server (VPS). A VPS allows you to have your platforms running on the Internet while still being able to shut down your personal computer. 

Unfortunately, this means an additional cost for the VPS.

Using CopyFX you don’t need a VPS, so you don’t have to pay anything extra, which is a big plus.

You Can Study The CopyFX Trader’s Trading History

You’ve all probably heard before, “Past performance does not guarantee future results”. And that is true. There are no guarantees the trading performance will remain the same moving forward.  

But it is reasonable to expect that a well thought out trading strategy that works over a period of time will continue to work in the future… even if not exactly.

Plus, being able to study the trading performance in advance can prepare you for success.

  • If you notice the trader doesn’t place a lot of trades… you know you are not going to see a lot of trading activity in your account and will have to be patient.
  • If you notice the trader trades with a high risk to reward ratio… you know you don’t need to have a high win rate to still be profitable, and shouldn’t get discouraged by a few losses.
  • If you notice there are losing streaks but the trader is still profitable… you know you are going to have to suffer through those losing streaks and not prematurely abandon the trading.

Being able to study the trade history and visualize how you would feel with the trading results allows you to prepare yourself emotionally.

You Control Your Risk

You can change the risk settings to meet your risk tolerance. If you find you want to lower the risk per trade, you can do so.

However, that being said, I would not advise using higher risk than the CopyFX Trader. These traders are profitable for a reason, and money management is a big part of it… so I wouldn’t recommend using a higher risk, which could hurt long term performance.

You Can Follow A CopyFX Trader In “Test” Mode First

There isn’t a function to follow traders on a Demo account so you can experience the trade copying for yourself. However, there is a “Test” mode. You are still risking money on each trade, but it is at the lowest lot size of 0.01 per trader.

If you want to experience the trade copying, start off in Test mode which uses very small risk first. When you are comfortable, you can change your risk settings.

You Can Use A Pro Cent Account

RoboForex offers Pro Cent accounts. Basically, all the trading conditions are the same except $10 is treated like $1000.  

Being able to use a Pro Cent account with CopyFX means you can get started with a very low initial investment. However, keep in mind your account must be at least $100, or as otherwise instructed by the CopyFX Trader.

You Don’t Need To Pay A Monthly Subscription Fee

Most CopyFX Traders get compensated on a commission on the profits made. This means you don’t have to pay a monthly fee. You only pay the trader you are copying IF they make you profits, and the commission comes from the profits.

This means you don’t have to pay anything up front, or keep paying every month for the trade copying.

This is a huge benefit, especially when following a CopyFX Trader that doesn’t trade all that often (like me), but that is still profitable over the long term (like me).  

You Can Earn Affiliate Commissions

Most CopyFX Traders allow you to get affiliate commissions if you attract other investors to their offer. A CopyFX Trader gets compensated on the profits they make for investors copying them, and a percentage of what they make is given to affiliates.

If you have friends or family that are interested in investing, or have an online presence where it makes sense to promote your link, this can be a way to recoup some of the trading costs.

OK, as you can see, there are a lot of benefits for using RoboForex CopyFX to put your money to work.


Final Thoughts On RoboForex CopyFX

It has been my experience that trading the Forex market can outperform other investment opportunities. But it can be challenging to learn how to trade Forex profitably on your own. Now you don’t have to.

Using the RoboForex CopyFX service, you can simply copy already profitable traders on autopilot.

This makes RoboForex CopyFX an excellent opportunity for investors looking for passive wealth accumulation through Forex trading. 

If you are ready to get started, open an account at RoboForex:

RoboForex

RoboForex is the broker I use. I’ve found they provide the best trading conditions for the currency pairs I trade and the account funding options I want

  • 24/5 Forex Trading
  • 24/7 Cryptocurrency Trading
  • Can fund accounts in Bitcoin & Ethereum

LEARN MORE

And if you want to learn more about copying my accounts at CopyFX:

PMTW Trade Copy

PMTW Trade Copy

100% Hands Free, Set-And Forget Copy Trading Directly From My Accounts To Yours.

For those that don’t have the time or desire to place and manage trades manually… now you can copy my trades on autopilot.

LEARN MORE

See everything I’m doing to accumulate wealth faster and secure my financial future here: Put Money To Work

 

To Your Wealth,
Edward Lomax

 

Disclaimer: Ever since you got your first coin and could decide what to do with it, you became your own money manager. I am not your financial advisor, but you can learn from my example and do your own research. Some posts may contain affiliate links, where at no cost to you, I may receive a small compensation.

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