MyFXbook 2022 Review: Features, Pros & Cons, and More
Published January 27, 2022.
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Are you looking for a more connected and social community for forex trading?
In the wake of the meme stock craze, novice and seasoned investors alike are looking for outlets that blend collaboration and analysis. Sure, there is Reddit, but what about a trading platform that is essentially a one-stop shop for your investing needs, particularly in forex?
Well, meet MyFXbook, an autotrade social community platform for forex traders that connects to your forex trading account.
The web-based platform has several pros and cons that can make either an appealing destination for your forex needs or a frustrating experience that can complicate your forex trading endeavors. This review evaluates these and more.
- Zero commission for social trading
- Many different terminals to choose from
- Dozens of different brokers offered
- Diverse access to multiple markets
- Advanced statistics offered to improve trading
- Test copy trading with a demo account
- Outdated and limited user interface
- No filters available for searching traders
- Intricate process for finding connections
- Minimum investment for copy trading is $1,000
- Only 162 signal providers on the platform
Who MyFXbook Is Best For
MyFXbook is a welcomed resource for traders of all skills. Social trading is typically geared toward beginner and intermediate armchair investors. However, because MyFXbook maintains excellent analytical tools and resources, it is safe to say that all types of traders - from the equity neophytes to the FX viper - can use the platform to their advantage.
You do not need to be a Wall Street forex robot to enjoy the fruits of MyFXbook!
Features of MyFXbook
The social trading community possesses a wide range of features that make it an attractive place to enhance your broader investment portfolio.
But what are these features anyway? Let's take a closer look.
MyFXbook has a diverse array of terminals to choose from to complement your trading tactics.
Here is a list of how you can employ your trading objectives:
- MetaTrader 4
- MetaTrader 5
- Oanada FXTrade
- FXCM Trading station
MyFXbook has a large number of brokers offered on the platform, such as:
- IC Markets
While the social trading outlet does not have brokerage commissions, the fees might depend on your specific broker.
What makes MyFXbook a desirable platform are the three types of financial charts available to peruse on the website:
- Growth rate
Moreover, you can modify these charts to your needs, specifically the timeframe, start and end date, day of the week, and exact time of the session.
It should also be noted that its chart analysis service includes 70 indicators and 100 graphic tools.
Signal Provider History
Before you select the signal provider you want to mirror, you can gather a detailed list of transaction history, using the many different basic and technical filters listed below:
- Opening and closing date
- Balance change
- Duration of the trade
- Percentage of growth
- Volume of each lot
- Pips statistics (take profits and stop-loss)
When you want to add another layer to your investment journey, you can take advantage of the various platform tools at your disposal, such as:
- Economic calendar
- MyFXbook spreads and quote comparison
- Forex patterns, liquidity, volatility, and heat map
- Community outlook
- Channel trader pro
Some other worthwhile features to know about MyFXbook include:
- Analyzing your account data within 2 minutes.
- Data is updated every five minutes for MetaTrader 4 accounts.
- Personal data is safe through SSL certificates.
- If your trading platform is not supported, you can contact the customer support team and you will be notified when it is available.
- You can add as many trading accounts as you want.
- The MyFXbook app helps you trade on the go.
MyFXbook Ease of Use
What is great about MyFXbook is the easy user experience, as the website's functionality is simple and straight to the point. It is not challenging at all to peruse and utilize the system.
But how does it work?
After you have opened your account and connected your broker, you then need to institute the key principles of copy trading, such as:
- Analyzing the profiles of traders.
- Monitoring their long-term performance.
- Copying the most successful traders.
- Paying attention to your results through a personal cabinet.
MyFXbook MT4 Setup
Now, if you are connecting your MetaTrader4 account to MyFXbook, here is a step-by-step breakdown of the MyFXbook MT4 setup:
- Download and install the MyFXbook installer.
- Restart your MetaTrader 4 software.
- Visit "tools," click "options," and view "Expert Advisors."
- Open your "Navigator" and search for the MyFXbook in the "Experts Advisors" tab.
- Double click on the MyFXbook EA.
- Adjust your settings accordingly.
- Once your settings are changed and saved, you will see a smiley face at the top right corner of the chart.
The Bottom Line: Is MyFXbook Worth It?
Should you grab your MyFXbook trading journal and begin exploring the social trading component of the financial ecosystem?
In the end, MyFXbook is worthwhile to sign up for and incorporate into your broader investment strategy. The website is useful in complementing your broader trading endeavors, from the social component to the vast number of resources and tools. It is free to use, the number of signal providers is immense, and the website can help you enhance your forex fury!
Fortrade is a British-based broker that is regulated by the FCA, NBRB, ASIC, IIROC, CySEC and FSC. The company specializes primarily in derivative trading on more than 300 forex currency pairs, indices, stocks, commodities and ETFs. One of the things that makes Fortrade such an enjoyable broker to use, is how it makes financial derivatives easier and more accessible to traders, regardless of how much (or how little) experience they may have. The Trading Academy available on the website is one of the best we have seen, offering a wide range of eBooks, training videos, webinars, regular market analysis, and several extremely helpful trading tools. Also, the customer service—in the rare event that there is a problem—is very professional and helpful. ProsWell-regulated by the leading institutesGreat user-experience and aesthetically pleasingOver 300 instruments upon which to tradeExcellent customer supportSupports 15 languagesConsPhone support limited to a few countries and languages Fortrade Review: Trading Platforms There are two platforms from which you can trade derivatives with Fortrade. Fortrader This is generally recommended for newer trades. Fortrader is an intuitive, user-friendly platform that provides all of the basics, without overwhelming new traders with more advanced features that they are less likely to need or utilize while still getting a feel for forex trading. The platform can be accessed via the internet, or downloaded to any computer, tablet or smartphone. Fortrader is also available in each of the 16 languages supported by the website (see list below). MetaTrader 4 (MT4) The MT4 is a more sophisticated trading platform that was first launched in 2005. It supports a wide range of tools for technical analysis, as well as the automated trading tool Expert Advisor (EA). Like the Fortrader, the MT4 can be accessed online or downloaded to any computer or mobile device. MT4 is the most popular and most widely used trading platform for forex and derivatives in the world today. Fortrade Review: Supported Countries and Languages Fortrade is accessible worldwide, with a few exceptions such as the United States, Hong Kong, Japan and most of Canada (accessible in Ontario and British Columbia). The Fortrade website is available in the following languages: • English • German • Spanish • French • Italian • Dutch • Swedish • Portuguese • Russian • Polish • Slovenian • Croatian • Arabic • Albanian • Macedonian • Hungarian Fortrade Review: Customer Support The Fortrade support team is available by phone during regular business hours, Monday through Friday, as well as by email and by Live Chat via the website. We found the support to be courteous, professional, and most of all, very efficient when we had both technical and financial queries. Fortrade Review: Opening an Account Opening a Fortrade account is a very simple process of filling out registration and banking details. When you first register, the program automatically brings you to a practice account, where you are “credited” with $10,000 of virtual money. This practice account can be accessed and used without depositing any funds for as long as you wish, with no financial risk at all (although, of course, no financial gain either). Use the practice account to learn the market trends and movements, and to develop a trade strategy that fits your personal style and needs. When you are ready to switch to a real account, simply deposit funds into your account, and you can begin trading on the available derivatives. While it is possible to trade with as little as 100 USD/EUR/GBP in your account, it is highly recommended that traders maintain an account minimum of 500 USD/EUR/GBP. Fortrade accepts deposits via all major credit and debit cards, as well as wire transfers, Neteller and Skrill. Fortrade Overall Rating 9.8 / 10 We’ll be honest – we really like the Fortrade website and platform. It is user-friendly and intuitive, and actually fun to use! The site offers more trading instruments than most brokers, a wonderful educational academy, and a support staff that is extremely efficient and courteous. The site is well regulated, so we feel secure investing funds, knowing that it is safe, and that we can withdraw money whenever we want without the hassle of bureaucratic paperwork. The spreads are as little as 2 pips, and the leverage goes as high as 1:200, so the trading experience is a very positive one and made even more enjoyable by both the Fortrader and MT4 platforms.
CoinSpot is one of the leading platforms in the cryptocurrency market, and as of 2022, the company is trusted by over 2 million customers globally. Of course, this is a quite reliable company, as it has been in the market spotlight since 2013. In this CoinSpot review, we will share our research about the platform and everything you need to know to get started with CoinSpot. ProsAllows the use of a credit card to deposit funds in AUDInstant trades once your profile is verifiedWide range of assets to trade with, including NFTsAutomated purchases by scheduling orders on a daily, weekly, or monthly basisAUSTRAC-regulated and ISO-certifiedConsNot the most beginner-friendly platformRelatively high fees The Trading Experience at CoinSpot CoinSpot offers a variety of cryptocurrencies to buy, sell, and swap. Namely, it has proven to be a reliable cryptocurrency exchange thanks to the licenses it has received from multiple authorities. All in all, the company provides a flexible trading environment for anyone interested in cryptos, so we would rate the experience as a positive one. In case of an issue, the customer service team at CoinSpot is available 24/7 through their help desk. Who CoinSpot Is Best For A question worth asking is whether or not CoinSpot is good for you. The company offers a relatively smooth and simple dashboard, meaning that most traders will understand how the platform works. Keep in mind that CoinSpot is especially suitable for intermediate traders who plan to dive deeper into the crypto world, as it provides flexible trading and swap opportunities for its customers. We also liked how you don’t need to spend hours in front of the chart to have an order executed, thanks to CoinSpot’s feature to pre-set buy and sell market orders. On the other hand, if you're doubtful about your position in the long run, you can place stop-loss orders. That being said, if you know your basics and you’ve set your focus on some cryptos, you can make a solid profit at CoinSpot without having to trade daily. Unlike some crypto exchanges that only offer major cryptos like BTC, ETH, SOL, and others, CoinSpot provides many assets, including many altcoins. Available Cryptocurrencies on CoinSpot CoinSpot offers more than 300 different cryptos as of 2022, including many minor and major ones. Here is the list of the most popular coins that CoinSpot offers. Bitcoin (BTC)Ethereum (ETH)BNB (BNB)USD Coin (USDC)Ripple (XRP)Cardano (ADA)Solana (SOL)Terra (LUNA)Avalanche (AVAX)Dogecoin (DOGE) CoinSpot App Review Many platforms provide a solid trading experience online, and we were quite satisfied with what CoinSpot has to offer in this regard. As far as the mobile app is concerned, it is well-designed, loads relatively fast, and isn’t difficult to navigate through. Specifically, it’s best for intermediate traders that already know a thing or two about crypto. The CoinSpot mobile app is available for both iOS and Android, though unfortunately, we wouldn’t rate it as being the most beginner-friendly. CoinSpot Security According to our research, CoinSpot is one of the few crypto exchanges that hasn’t had a major security incident since its inception in 2013. In fact, our research concluded that it has a robust security system in place, as it’s the first cryptocurrency platform in Australia ever to receive the internationally recognized ISO-27001 certification for security. Among its customers, it has a reputation for security and trustworthiness. According to the team behind CoinSpot, this is one of the reasons it charges relatively higher fees, which leads us to the deposits, withdrawals, and banking at CoinSpot. So, is CoinSpot safe and reliable? Yes, CoinSpot is one of the safest crypto platforms you can be at. CoinSpot Fees Deposits and Withdrawals For deposits, CoinSpot accepts fiat currency deposits in AUD (Australian Dollar) that you can deposit into your trading account via any Australian Bank, including Westpac, ANZ, and Commonwealth Bank. You can use some of the most popular deposit methods like PayID/Osko, SWIFT, EFT, and POLI. On the other hand, for non-Australian residents, the deposit method is restricted to crypto deposits only. Therefore, you would need to buy crypto from an exchange to deposit funds into your CoinSpot account or transfer them from a cold storage wallet. Luckily, CoinSpot does not charge direct fees on AUD withdrawals, regardless of the amount. CoinSpot Trading Fees Instant Buy Fees: 1%Market Buy Fees: 0.1%Spreads: 1-2% CoinSpot Overall Rating: 4.5/5 To conclude our opinion on CoinSpot, we think it is one of the most reliable crypto exchanges you can be at, and it has a flexible exchange system in place trusted by over 2 million customers. Of course, the negatives are worth mentioning, too, like the relatively higher commissions and the extra deposit effort in place for non-Australian residents. All in all, the team behind this CoinSpot review would give the platform a positive rating.
Got crypto? Well, you can hop on the virtual token bandwagon with Uphold, a cloud-based and multi-asset financial service platform that allows users to buy, sell, hold, and trade cryptocurrencies in a secure manner. You can also complement your crypto portfolio with national currencies, equities, and precious metals. What else is there to know about Uphold? Read on to our detailed review of everything there is on offer. ProsHighly secure trading platformNo withdrawal and deposit feesNo trading commissionsReliable mobile appTop-notch customer supportAccounts designed for businessesOffers wide selection of assetsConsHigh spreadsExpensive wire transferLack of educational resourcesHigh debit or visa card fee Who Uphold Is Best For Is Uphold, a platform that launched in 2015, for beginners or seasoned veterans of the business? While it is true that Uphold could be a tad bit more user-friendly, it is a terrific option for investment novices. Considering that it is also a safe platform with several layers of security, from cold storage to platform insurance, this can enhance investors' confidence. Uphold's resources are decent enough. For trading, you can utilize automated trading with a recurring buy or sell order, limit orders, and taking. For information, Uphold maintains newsletters, a "cryptionary," and news to help make the right decisions. Available Markets on Uphold What makes Uphold attractive compared to other cryptocurrency trading platforms is that it contains a broad array of assets, such as metals, equities, and foreign exchange. That said, on the crypto side, it possesses 78 digital currencies, including the major tokens, altcoins, stablecoins, and emerging currencies. It also routinely adds a couple to its list. Here is a taste of what you will find on Uphold: Algocoin (ALGO)Avalanche (AAVE)Basic Attention Token (BAT)Bitcoin (BTC)Cardano (ADA)Chainlink (LINK)Dogecoin (DOGE)Ripple (XRP)Shibcoin (SHIB)Solana (SOL)SushiCoin (SUSHI)Uniswap (UNI) Uphold App Review The web-based trading functions on Uphold are quite good. Everything is organized and, with a little practice, it can come easy to traders of all skill levels. The mobile app, which is available for the iOS and Android, has also been well reviewed by users, earning at least three stars (out of four) on Google Play and the App Store. It has been celebrated for its usability and straightforward options. The primary complaints from investors are the length of time to move crypto to other cold wallets (65 days) and hiccups in the automated system. Also, accounts under review can take up to five days. Uphold Security Security has been perhaps the most important component for traders amid the myriad of breaches and infiltrations impacting cryptocurrency-focused exchanges and platforms, but Uphold has been proactive on the safety and security front. Here is a look at what Uphold has done to ensure its website cannot be hacked by unscrupulous individuals: 2FABug bounty programCold storagePlatform insurance against theftPrivate key encryption Moreover, Uphold employs professionals to run security audits and penetration tests of the overall system, including a typical wallet review. Even the team behind Uphold goes through rigorous background checks, with employees required to go through regular security and privacy training. One more thing: Uphold has FDIC + SIPC insurance! Uphold Fees The fees are not as competitive as some of the larger players in the sphere. For example, variable spreads can be up to 1.25% in the U.S. and Europe - it goes as high as 1.8% in other parts of the planet. In comparison, a platform like Coinbase can see spreads up to 0.5%. For U.S. equities, the spread is about 1% during market hours (9:30 a.m. to 4 p.m.). If you are trading outside of U.S. market hours, there will be a small spread based on the security's volatility. Precious metals will face a spread of 3% in addition to the bid-ask prices, while fiat currencies (USD, EUR, and GBP) will see a spread of 0.2%. That said, it does not charge deposit and withdrawal fees or trading commissions, but it maintains network fees when you withdraw to external cryptocurrency wallets, plus there is a 3.99% charge for a credit card and debit card (physical and virtual). Uphold has two accounts: personal trading and business. Personal accounts give you access to the various assets provided by Uphold, as well as interest account offerings. Business accounts allow you to send and receive payments, store your funds for free, and access international customers. Plus, currency conversion costs are pretty low. Uphold Overall Rating: 4.2/5 Overall, Uphold is a terrific resource for buying, selling, trading, and holdings assets, be it cryptocurrencies or metals. The platform has a myriad of features and tools to complement your broader strategy and ensure you are successful in your investing journey-supported metals, assets, and spreads. With a wide selection of cryptocurrencies, a terrific customer support system, and top-notch security, using Uphold can be a worthwhile addition to your investment endeavors.