Copytrading has become increasingly popular in recent years due to the rise in forex trading. More platform now also offers copytrading feature to entice more traders to use their platform.
However, selecting the right one can be proven to be a daunting task. One of the best ways to decide is to read and choose based on the platform reviews.
Here we review FBS copytrading feature for Malaysian customer.
What is Copytrading?
What is copytrading? Simply put, copytrading is a system that allows the customer to select traders and copy their trading movement. Generally, ideal traders would have more experience, success rate and profitability. When your selected traders open a new position, you will automatically copy their position and the same goes when they close their position.
Copytrading paves way for passive trading in which you only select ideal traders and “let them trade for you”. You benefit by saving research time and obtaining access to decisions made by professionals.
But, what platform provides good copytrading features?
You might have heard of eToro as copytrading platform but there’s also a new addition in the market, FBS CopyTrade. It’s an app-based social and copy trading platform that enables investors to trade on financial markets.
FBS Features
FBS offers online trading on a range of asset classes from foreign exchange (forex) to CFD instruments. Besides that, here are the list of features that you can get from FBS:
- Support MetaTrader 4 and MetaTrader 5
- Multiterminal; you can manage different account under a single manager account
- Mobile trading platform in iOS and Android (FBS Trader)
- FBS Copytrade
- Trading tools
- Virtual Private Server (VPS)
- Economic calendar
- Currency converter
- News
- FBS Education
As you can notice, the list is quite comprehensive which explains why FBS is one of the top brokerages in the market. Well, how about copytrading features in FBS? Is it reliable?
FBS Copytrading Sign-Up Tutorial
What do I need to do to set up FBS copy trading?
#1: Download the FBS apps on your iOS or Android devices.
#2: Sign up and register your account. Do this by clicking on “Register as Trader”.
#3: Confirm your email address.
#4: From there, you will be redirected to FBS and you can deposit the minimum amount ($100 or RM420) to begin copytrading using Cent Account.
Pros and Cons of FBS Copytrading
From FBS copytrading features, anyone can either offer signals or copy from others. Here are the pros and cons in using this platform:
Pros
- FBS have their own proprietary copytrading service; which means it is unique and not outsourced to other company
- 5% commission if other person copy your trade
- Reputable brand means there are a lot of traders using FBS platform
- FBS offers stats and metrics for each traders to build their own trading profile
- Easy registration process by phone or tablet
Cons
- No social or group trading features
- Vast number of traders can make it difficult to choose the right trader to copy from
- Limited selection of assets available in copytrade
FBS has over 15 million customers from 190 different countries. This can provide both its own advantage and disadvantage in looking for the right traders to copy from.
Which account can be used to copytrade or to provide a signal among the FBS ones?
There are a few options to choose from in FBS. But what is the best for copytrading?
Depends.
If you have prior experience in trading and have a big appetite for risk/returns, you can choose ECN Account, which is the premium option offered by FBS.
ECN Account: Low spread starting from 1 pip. Commission fee as low as USD6 and maximum leverage of 1:500. However, you need a minimum USD1000 to open an account.
If you don’t have any experience in copytrading and want to test it out, it is highly recommended that you begin with Cent Account.
Cent Account: Minimum amount needed is only USD1 and you can get a leverage up to 1:1000. However, the commission fee is more expensive than other accounts. If you are not a regular, you can use a cent account to explore the features available in FBS.
Other types of account include:
Micro account: Minimum amount needed is USD5 and spread starts from 3 pips. Leverage provided is 1:3000.
Standard account: The most popular type of account in FBS. Minimum amount needed is USD100 and spread starts from 0.5 pips. You can also get leverage of up to 1:3000.
Zero spread account: Minimum amount needed is USD500 and spread is fixed at 0 pips. However, it is slightly more expensive with commissions at $20 for every lot. You can also get leverage up to 1:3000.
How Do I Start Copytrading?
It’s fairly easy to begin copytrading from others on the platform. However, since FBS does not offer a web or desktop platform, you have to do it over your phone or tablet.
First, you have to deposit money into your selected FBS account as mentioned above. Then, after you are done with this process, simply visit the FBS app that you downloaded earlier.
Open the Traders List. From here, you can use the sorting and filtering tools to find traders who have the best track record or risk profile that you are comfortable with.
Filter selections include:
- Return
- Number of copiers
- Activity
- Risk level
- Country
Note: You can also choose only PRO traders or active traders in the filtering process.
From here, you can make your decision in determining which one is the best trader that you can copy from.
Click Start Copying.
Enter the amount you want to invest in the traders.
You can choose your own stop loss and take profit points.
Stop loss:
The point where your position will be liquidated automatically to prevent further losses.
Take profit:
The point where your position will be liquidated automatically for you to generate real returns instead of “paper profit”.
Using stop loss and take profit is highly recommended as it protects you from incurring extra risk than you’re comfortable to take. It also ensures that not all money is lost when you’re in a bad trade position.
Key Takeaways
FBS is one of the most reputable brands in the forex industry. On a side note, they are also the main sponsor for Barcelona Football team and that shows the reputation that the company holds.
Apart from having a comprehensive platform, the copytrading features offered by FBS are useful for passive traders. Especially for users who are more comfortable in using phones all day to trade instead of desktop.
All in all, FBS is one of most user friendly copytrading platforms and highly recommended to either new or experienced copytraders.
What are your thoughts on copytrading using FBS? Let us know your opinions and sign up on our platform to get updated with more content like this!