Myfxbook review

MyFxbook Autotrade Social Trading Platform review for 2022

MyFxbook is a unique service for traders, and it includes several different tools specially designed to enhance the ability to copy trades. The social trading service of MyFxbook has proven itself and about 40 brokers from all over the world cooperate with this broker. Let's consider how this platform can be useful for a trader, how to copy trade, and how to select the best signal provider.

What is a social trading platform?

Social trading has become very popular over the past 10 years and the first trade copying service was developed in 2010. Since then, similar platforms have appeared both at brokers and as independent stand-alones. Brokers use them to attract clients and expand their functionality.

Some services for copying trades allow you to customize the parameters. For example, you may choose only the trading instruments selected by the trader. Social trading and transaction copying services are promising ways to generate passive income. However, there are risks here as well. Therefore, it is extremely important to choose the right trader and strictly follow the rules of risk management.

MyFxBook copy trading network review in 2022

*Most brokers set a higher spread for this service, which is a hidden commission. The terms shall be specified individually for each company.

MyFXbook copy trading platform review

The MyFxbook trade copying platform has a lot of features, and it provides several services that are useful for traders. Below is an overview of the platform's functions.

You may select the desired chart by clicking on the tab above the main working window. The period is two weeks, but if you hover over a point, you can view the data for each day. The flow diagram is shown below.

Also, the copy trade platform in MyFxbook allows you to view charts for different time intervals. Select the Custom Analysis item to view data for a specific period. Here you can set all the basic parameters according to your needs:

In the trader's statistics, you can see the history of his transactions. The history includes all transactions that were opened during the trader's work session on MyFxbook.

You can also search by history and trading parameters. Switch to the Trade tab in the Custom Analysis menu to do this. Here you will find the following data:

In the Settings, you can specify the minimum and maximum values of the indicators in which you are interested. Click the Analyze button after you specify the information for the search, and the trade copy service will show you the result.

The platform also provides advanced statistics on each trader's transactions, which is very useful for your analysis. It is located under the financial charts.

You can find the following data in the advanced statistics:

The broker provides detailed statistics on the trades made by the trader. In addition to the basic indicators, the Directional Analysis chart is very useful here. It will help to visualize the statistics of the trader’s profitability for a particular trading instrument. Here you can find general statistics on long and short trades, etc.

Time analysis is another important indicator for detailing trades. In addition to statistics in figures, you can view an overview of trades in chart form on MyFxbook Autotrade. The broker provides details on orders that the trader opened at different times of the day.

Also on MyFxbook, you will find essential criteria showcasing risks of each trade and strategy, which are calculated automatically. The service analyzes the trading strategy and the history of transactions and calculates the probability of your losing the deposit.

The risk table contains the following data:

The risk table is calculated as the probability of losing a certain amount of your deposit and the number of consecutive losing trades. In this example, the probability of losing 100% of the deposit is less than 0.01%. For this to happen, the trader would have to make 1112 losing trades using the current strategy.

You can also view reviews of traders on MyFxbook. For this, click on the Discuss button. There you will find an assessment of the trader’s strategies and skills, read fellow subscribers' opinions about his trading, and view a discussion of certain steps the strategy provider takes in the course of trading. You can also ask a trader questions here.

MyFxbook also provides a wide range of chart analysis opportunities for technical analysis. To use the service, follow the Chart section and select NewChart.

The platform offers:

• 70

  INDICATORS

• 100

  GRAPHIC TOOLS

The MyFxbook service offers tools for users who have their own websites. The platform has developed widgets that are useful for analytics.

The list of widgets includes:

It is quite easy to add widgets to the MyFxbook social trading service. Click on the Add Widget button, then the platform will generate code that must be inserted into the website.

Pros and cons of copying traders on MyFXbook

How to find the right trader to copy on MyFxbook

How to find the best strategy providers is one of the least organized and structured aspects of the platform. There are few options for clients to search for and find a suitable trader to copy trades on MyFxbook.

How to get started to copy traders on MyFXBook

The procedure for copying traders on MyFxbook has certain features. There are two options here. A simpler copying method is provided for traders who work with a broker that provides direct access to MyFxbook. In this case, all the necessary data is automatically specified in the account. If you work with a broker that doesn't directly cooperate with this service for copying trades, you can provide the broker information about your account.

The platform will then direct you to the Spotware service. There, you need to log in or open an account. After that, you will see an overview of all trading terminals of the selected type, which are connected to the email address. Find the names of the brokers displayed where you opened this trading account. You can tick the checkboxes of the trading accounts for which you want to connect to the MyFxbook trade copying service.

After you click Allow Access, your trading account will be added under Accounts in the Settings menu.

After you click on this menu item, a window with folders will open. This is where you need the Files folder. Copy the CSV file you downloaded from MyFxbook into the Files folder.

Next, download a special script to copy trades in MyFxbook. You can do this in the MQL4 store.

Save the script in the Scripts folder and open it.

Add the following information to the script:

That's it. After this, MetaTrader 4 should show you a window informing you that the trader's history has been added. After that, automatic copying of trades will work. You will see all trades in the same way as they are displayed at the strategy provider.

Top 7 brokers working with MyFxbook

MyFxbook trade copying service helps to generate extra income. The profitability of copy trading varies depending on the strategy provider you choose, the trading instruments selected, and the trading strategy risk level.

However, copying transactions also carries certain risks. Subscribers can lose their money in the event of unsuccessful trades by the strategy provider. Therefore, it is necessary to follow the money-management principles and to be scrupulous about the choice of traders.

What are MyFXbook Autotrade fees

MyFXbook social trading platform safe?

MyFxbook is a separate platform that is not affiliated with any broker. All relationships with brokers are exclusive partnerships. Thus, the service doesn't accept money from subscribers or strategy providers, which means that it doesn't need to be licensed. Partner brokers should ensure the safety of user funds.

Expert review

MyFXbook Autotrade social trading platform reviews