In the fast-paced world of forex trading, even a minor delay can cost you a fortune. One of the most effective ways to reduce latency is to use an MT4 trade copier. This tool allows you to automatically copy trades from one account to another to help you quickly execute forex signals and strategies. By leveraging low latency trading, you can ensure that trades are executed almost instantaneously, minimizing delays and improving overall performance.
Suppose you’ve ever struggled to replicate a forex trade or signal accurately and on time; you know how frustrating it can be. Fortunately, this guide will show you how to effortlessly replicate successful forex trades with the best MT4 trade copiers, saving time and maximizing profits without manual effort.
To further enhance your experience, we’ll introduce QuantVPS’s solution, trading VPS, as a valuable tool to help you achieve your objectives. Using a trading VPS with your MT4 trade copier can help your trading run smoothly and efficiently so you can focus on your trades, not the technology.
What Is Forex Copy Trading and How Does It Work?
Forex copy trading allows investors to copy the trades of seasoned and experienced Forex traders. Forex copy trading is simple: when the trader you are copying opens or closes a position, you do the same. Trades can be copied manually, semi-automatically, or automatically. It’s also possible to copy trades by following signals that traders send out through social media and forums. These signals tell you whether to buy or sell an asset, including relevant information like entry and exit points and stop-loss levels.
How Does Forex Copy Trading Work?
To start Forex copy trading, you must find a trader with a sound strategy and a good performance record. Next, you’ll set up a Forex copy trading tool. This will connect your account with the trader’s so that trades are done smoothly. Finally, you’ll need to adjust key factors like trade size, leverage, stop-loss, and take-profit levels to customize the copying process.
Why Is Forex Copy Trading Attractive?
Forex copy trading is particularly appealing for beginners or those without the time to trade manually. Instead of going through the hassle of analyzing trends and understanding the market, you can simply copy the trades of seasoned investors. This removes much stress and helps traders make money without the experience.
The Pros of Copy Trading
While Forex copy trading is an attractive feature, it’s essential to know the pros and cons of MT4 copy trading and the benefits and issues of using MetaTrader trade copiers. You can profit significantly from this feature if done right. This is due to its simplicity, which allows even beginner traders or those who don’t have the time to do full-time day trading to make a good profit without necessarily having the experience and time.
Suppose you don’t have the required knowledge or expertise. In that case, many Forex and MetaTrader 4 trade copiers feature a free demo account where you can simulate copy trading through virtual funds but genuine, real-time market trends and changes. Furthermore, since you can copy several traders, you diversify strategies, allowing you to potentially offset losses in one area and strategy through profits in another rather than simply allocating all your funds to copying a single trader.
Lastly, MT4 copy trading is widely acknowledged by major regulatory bodies such as CySEC, ESMA, MiFID, and the FCA. Opting for a licensed and reputable trading platform such as MT4 and MT4 copiers will help safeguard your funds and protect you from potential scams.
The Cons of Copy Trading
I’ve briefly mentioned the risks of Forex copy trading earlier in this post; however, it’s not just the fact, and there’s no guarantee of profit, which the concept of copy trading would have you believe. You also have to consider things like copy trading fees. Many platforms and Forex copiers charge fees for using their MT4 copy trading services, such as subscription or performance fees. Not only that, but many Forex platforms implement a minimum deposit amount. The fees don’t stop there, though, as some platforms apply spread markups.
A spread is the difference between the buy and sell price of a currency pair, and a markup widens this spread, increasing the cost of each trade. While these markups might only be noticeable after some time, they can eat into profits over time, particularly for traders who make a high volume of trades.
Additionally, commission fees for each executed trade are typically a flat rate per trade or a percentage of the trade volume. Plus, MetaTrader trade copiers and Forex copy trading platforms also charge withdrawal and inactivity fees, which can add up quickly if you move funds frequently, or the opposite, don’t trade for a certain period.
Fees aside, it’s also key to remember that no matter how good and experienced a trader you’re copying is, they will make mistakes, which can end in massive losses, especially if you’re copying a high-risk trader.
You should also note that copy trading isn’t widely accessible to U.S. residents due to the Dodd-Frank Act, which adds layers of regulation to protect consumers, especially around leveraged trading.
Foreign brokers often avoid offering these services in the U.S. because of the legal hoops they’d need to jump through. As a result, Americans have fewer options for MT4 copy trading than traders in other countries, and it’s crucial to check that any platform they choose complies with local rules.
Ultimately, you are given complete control of how you want your money spent on these trades, which can make you lots of profit or loss. This again highlights why you can’t just start copy trading with zero experience and expect to win big.
That said, if you believe that you’ve got a good understanding of the risks and requirements of Forex copy trading and want to take advantage of the benefits of the best MetaTrader 4 trade copiers, then let’s head to the next section.
Related Reading
- How to Automate Trading
- Introduction to Algorithmic Trading
- Trading Risk Management
- How to Set Up Algorithmic Trading
15 Best Forex Copiers and MT4 Trade Copiers
1. Local Trade Copier: The Ultimate MT4 Trade Copier
Local Trade Copier is a lightweight EA that allows you to copy forex trades from one MT4 account to multiple other accounts automatically. This will enable you to manage multiple positions on multiple accounts from one master account without logging into the copier accounts.
The product has been used by our team and thousands of other traders worldwide for the last few years, and it’s allowed traders to manage funds for family, trade prop firm capital, mitigate portfolio risk, and start selling their trades!
Features
Trade Multiple MT4 Accounts, At Once
The EA simply copies your trades from one MT4 account to multiple others. This can be done across various brokers, base currencies, and account sizes. Once set up, which takes about 5 minutes, you will be simultaneously trading multiple accounts until you turn the EA off – making it completely passive, and it does run itself!
Manage Risk On A Portfolio Of Accounts
There is a solution to manage risk across multiple accounts simultaneously, as you can pre-select the risk perimeters on the client/copying accounts. You could have your portfolio split (example):
Main Account – 1% risk per trade Copier Account 1 – 2.5% risk per trade Copier Account 2 – 5% risk per trade Being able to select the amount of risk you want to take per trade on each account allows you to be flexible and capitalize on higher-risk trading without risking your principal capital!
Scale Prop Firm Trading Capital
The best feature is allowing traders to scale their prop firm funding by copying trades to multiple accounts simultaneously. You can quickly take on vast amounts of trading capital using some of the Best Prop Firms. Your trading portfolio could look something like this:
Main account trading 1% risk with a regulated broker like ICMarkets FundedNext Challenge – $200,000 of funding Finotive Funding Instant Funding Account – $50,000 E8 Funding Challenge – $250,000 of funding By using the EA to copy your trades, you can quickly amass funding from multiple prop firms and scale your trading capital much faster than you ever could do on just one account – pretty cool, right?
No Software Needed
One of the best things about this tool is that you don’t need any software or external programs to make it work. The EA is highly lightweight and uses very low CPU/memory consumption. All you need to run the EA is MetaTrader 4 setup and another MT4 on the computer downloaded for every account you want to add. I’d recommend running this on a Forex VPS so you don’t accidentally close MT4 applications while working!
2. Forex Copier 3
Forex Copier 3 is a software solution that allows you to copy trades from one account to multiple copier accounts. This will enable you to open positions, manage positions, and close trades across a range of other brokers and platforms simultaneously whilst only controlling your main account.
The product has copied over 5,000,000 trades over the last 11 years and is used by nearly 5000 forex trades worldwide. Let’s take a look at the features…
Features
Copying Trades Between MT4 and MT5
The best feature that Forex Copier has, which MT4 Copier doesn’t, is the ability to copy trades to MT4 accounts from an MT5 account or MT5 accounts to MT4 accounts. Most trade copiers will allow you to go from MT4 to MT4, proving a problem for people looking to take on clients with MT5 accounts. As more and more traders move to MT5, this is a MUST!
Risk Management Settings
Risk management settings allow you to fully customize the position sizing, stop losses, take profits, prices, emergency stops, etc. This is ESSENTIAL if you’re going to copy trades onto multiple accounts, as without this, you will still have to intervene manually, which won’t be possible with more than just a few accounts!
The software has a current orders section to view the trades you are getting into. This is a great feature to double-check that the trades are being copied correctly, as you can group pairs, times, order sizes, etc., to analyze what’s going on quickly.
3. Duplikium
Duplikium is targeted explicitly towards non-professional and retail traders who trade with their funds rather than on behalf of an organization or as a full-time job. For more casual copy traders, Duplikium is one of the best trade copiers and MT4 copiers, as it features a user-friendly interface and doesn’t require you to run MT4 or MT5 continuously on your device.
This is thanks to this MT4 copier’s cloud-based structure, which means you don’t need to run MT4 or MT5 to do copy trading. Plus, you don’t need to do much manually through Duplikium’s customizable parameters, such as custom lot sizes, stop-loss, and take-profit levels, making your MT4 copy trading experience automated.
Moreover, Duplikium supports popular trading platforms and brokers other than MT4 and MT5, such as cTrader, FXCM, ZuluTrade, JForex, etc. This means you can copy trades on accounts in whatever platform you like. You also get cross-device and remote trade copying for MT4 copy trading on any platform, device, and server.
That said, since it’s cloud-based, your trade could be delayed or canceled if any downtime occurs, which is rare, to be fair. Additionally, Duplikium’s pricing structure can get quite pricey, as features such as reverse copying, trade filtering, multi-account management, etc., have additional costs.
4. FX Blue Personal Trade Copier
While more features mean more costs, you can always opt for a free Forex copier like FX Blue. This hugely benefits traders just starting or don’t want to pay for an MT4 trade copier.
FX Blue is free, but also why beginners and casual traders may go for this MetaTrader trade copier because of its ease of use and straightforward installation process. This MT4 copier is free but still provides handy features such as lot size adjustment and copying trades on different currency pairs. This means you can copy a trade done on EUR/USD on USD/JPY instead, allowing you to trade across various currencies.
On the other hand, it is essential to note that since FX Blue is free, its list of features and functions is limited and lacks more advanced features, such as complex filtering options, in-depth risk management tools, or custom trade filtering. Moreover, FX Blue only works on local devices and VPS. It lacks remote copying, meaning you’ll need to manage your accounts manually if they are hosted on different servers or brokers.
5. Telegram Fx Copier
With so many online traders offering guidance and live trade updates, it can be a fantastic opportunity to see what trades these professional traders are in. You can learn from their analysis and even profit from it. The issue with trying to keep up with these trading calls is that everyday life gets in the way; most budding traders can’t sit at their laptops all day long, watching calls coming in… This is where Telegram Fx Copier comes in.
Features
Copying Trades No Matter What Language
The software can copy all trades from your Telegram onto your chosen MT4/MT5 account – no matter what language the signal is sent in. It can even be sent in images; the solution will still read the trade and get it copied perfectly onto your account in less time than a human could! It takes the tool just less than 5 seconds to read the message and get your order placed in the markets, meaning this is entirely viable for those signal channels that send intraday plays.
Risk Management Tool
The tool has many risk management options, allowing you to fully customize stop losses, take profits, risk, lot sizes, and much more. Alongside the risk management trading options, an analytics panel allows you to see which Telegram channels are profitable over the long term and which are detrimental to your account balance. This is something that competitors certainly aren’t offering, and I think having access to these analytics is extremely valuable as you can cut out the losing channels when needed.
Supports All Telegram Chats And Channels
Telegram Fx Copier is compatible with all the Telegram channels and chats you can join. Some of the other providers can only work with certain types of channels, which doesn’t apply to Telegram Fx Copier, and you’ll be able to copy trades from wherever you fancy!
6. 4X Solutions Trade Copier
4X Solutions Trade Copier is an innovative tool brokers and traders use to replicate trades, manage risk, and maximize profits. This system is recognized as a leading technology provider in the industry, designed for ease of use and accessibility.
One of the key advantages of the 4X Solutions Trade Copier is its cloud-based hosting. This eliminates the need for users to install any software or maintain a Virtual Private Server (VPS). Service management is done through an intuitive, web-based control panel that can be accessed anywhere. Moreover, the system is monitored by support engineers around the clock, ensuring consistent and interruption-free service.
In terms of performance, the 4X Solutions Trade Copier shines with its in-memory core processing, facilitating rapid trades with an internal latency of less than one millisecond. The service monitors end-to-end execution performance and uses fiber optic cross-connects with popular brokers to further reduce latency.
Thanks to its advanced technology, the system boasts compatibility with any broker worldwide. It currently utilizes over 1,200 servers and supports copying between brokers and accounts within the US, catering specifically to FIFO and hedging restrictions. New brokers can be integrated swiftly, typically within minutes.
Scalability is another strong point of the 4X Solutions Trade Copier. Its systems are designed from the ground up to accommodate growth, demonstrated by live testing with over 10,000 subscribers to a single trading strategy. Its innovative design allows horizontal scaling to handle increasing clients as needed, providing a smooth, smooth experience.
7. Auto Trade Copier Script
The Auto Trade Copier is an MT4 Script created explicitly for the widely-used forex trading platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Its primary purpose is to copy trades from one account, often called the master or provider account, to another, known as the Slave or receiver account. Priced at $79, this software guarantees instant trade replication, ensuring the two accounts remain synchronized in real time.
8. Trade Copier Script for MT5
A Trade Copier is a utility tool engineered to sync and copy trades from one trading account (the provider) to another (the recipient). Both provider and recipient trading accounts must be installed on the same computer or VPS server.
Versions for both MetaTrader 4 and MetaTrader 5 are available for purchase and activation of the Trade Copier. It’s also possible to download a demo version for either platform. After purchase, an activation process will be available with the respective vendor.
Regarding functionality, the Trade Copier operates within the same computer or VPS server. It requires at least two installed terminals:
The provider’s terminal – Here, the Trade Copier gathers information about trade transactions and transmits this data to the recipient’s terminal. The utility in this terminal operates in ‘Main’ mode. The recipient’s terminal – Here, the Trade Copier receives data from the provider’s terminal and executes the trades. The utility in this terminal operates in ‘Slave’ mode.
The utility mode is chosen in the input settings window, which appears when the utility is initiated on the chart. Master mode transmits data to the recipient’s terminals. It’s used on the terminal from which trades are copied. In this mode, the utility gathers information about trades and sends this information to recipient terminals. Slave mode receives data from the provider’s terminal. It’s used on the terminal where copied trades need to be executed. In this mode, two additional parameters are used: ‘Market,’ which dictates market execution mode, and ‘Magic number,’ which acts as an ID for the Slave copier.
On the Master Mode screen, the user can turn on or off data transmission to recipient terminals, see a list of connected Slave accounts, view the current data transmission frequency, and input the desired frequency. Please note that the actual frequency of data transmission can vary and depend on various factors, such as computer resources and internet speed.
9. Social Traders Tools
Social Trader Tools is a comprehensive, web-based platform explicitly designed for users of MetaTrader 4 (MT4). Its primary purpose is to streamline and automate copying trades across multiple trading accounts. Given its cloud-based nature, it runs 24/7 without needing a Virtual Private Server (VPS), reducing its users’ technical complexity and cost.
Here are some of the critical features of Social Trader Tools:
Cloud-Based Hosting
Unlike many other platforms, Social Trader Tools is cloud-hosted, ensuring a 24/7 operation without requiring a VPS. This feature eliminates the hassle of managing a server and ensures the uninterrupted operation of your trade copying process.
Multiple Account Management
With Social Trader Tools, you can copy trades to any number of trading accounts. This ability benefits account managers, signal providers, or individual traders who operate several trading accounts and wish to ensure consistency across all of them.
Compatibility with MT4
The platform is fully compatible with MetaTrader 4, one of the most popular and widely used forex trading platforms. This compatibility means you can smoothly integrate your MT4 accounts with Social Trader Tools.
Automated Trade Copying
The platform automates copying trades from your master account to your slave accounts, reducing manual input and the potential for error. It ensures that all accounts follow the same trading strategy, maintaining consistency in your trading activity.
Affordable Pricing Structure
Social Trader Tools offers a tiered pricing structure based on the number of accounts you need to manage. For two accounts, the price is $20 per month, and for managing five accounts, it’s $60 per month. This pricing structure makes it cost-effective for traders with multiple accounts, as they only pay for the required capacity.
In essence, Social Trader Tools is an efficient and user-friendly platform that simplifies trade copying and account management for MT4 users. Its cloud-based hosting, multi-account compatibility, and affordability make it an attractive choice for individual traders and trading businesses.
10. Auto-Fx-Pro Remote Trade Copier
Auto-Fx-Pro Remote Trade Copier is a comprehensive tool that provides a total solution for trade copying in the forex industry. A full license costs $149 for ten providers & 10 remote receivers & unlimited local receivers at the same time. Its ability to copy trades remotely between multiple accounts at various locations over the internet and locally within the same computer is unique.
This tool provides a perfect solution for signal providers who want to share their trades with others worldwide under their own rules and conditions.
Here’s how it works
- Multi-directional Trade Copying: A single provider can copy trades to several receivers, and a single receiver can get trades from multiple providers. This flexible structure allows for a vast network of trading information to be shared and utilized.
- Subscription Expiry: The provider can set a subscription expiry for each receiver. This means that the receiver will not be able to receive the signal after the set expiry time. This feature allows providers to manage their subscribers efficiently and ensures that their services are only accessed by active, paying subscribers.
- Extensive Network Support: Each provider account can copy to unlimited local receivers and up to 10 remote receivers simultaneously. If a provider needs to cater to more remote receivers, they can upgrade to the Remote Trade Copier Unlimited version, which supports unlimited remote receivers.
The Auto-Fx-Pro Remote Trade Copier is a tool for successful trading and establishing and growing a trading business. Signal providers can share their success and expand their influence worldwide by copying trades to clients.
11. Duplitrade
Duplitrade connects traders with brokers who sign clients for their trading strategies. Thus, these clients have access to professional and advanced trading knowledge.
AvaTrade and Pepperstone are among the 12 brokers listed on the platform. There is support for auto-copy trading of Bitcoin, Bitcoin Cash, Litecoin, Ethereum, EOS, Dash, and Ripple.
Copy trading allows users to duplicate expert traders’ actions, adjust trades, and set the proportion of a copied trade, for example, 25%. It makes money by charging brokers an Introducing Broker (IB) fee. Users must deposit $5,000 into their brokerage account to trade on the platform.
12. eToro
eToro is considered the gold standard for copy trading.
eToro is one of the world’s most popular and best social trading platforms (and invented the category). Today, more than 28 million users choose eToro as their brokerage. In my opinion, it’s the best stock app.
And CopyTrader is its most iconic feature.
Not long ago, trading was a hidden field for a few specialists with access to sophisticated trading technology. However, social trading and modern financial applications have recently opened the market to a much larger demographic.
And now, with copy trading, you don’t need to learn the ins and outs of trading yourself.
CopyTrader lets you see what real people are trading in real-time, find and follow investors you like, and copy their trades with just a few clicks.
Copy up to 100 traders simultaneously.
CopyTrader is entirely free and is commission-free
Features
- Largest social investing platform in the world.
- Safe and regulated.
- iOS and Android mobile apps + web-based platform.
- A vast network of copy traders to choose from.
- Fantastic filters to select your ideal copy trading portfolio.
13. Stock Market Guides
I mentioned above that only a few platforms come close to eToro regarding copy trading. Stock Market Guides is one of them. You can’t enable auto-trading with the copy trade service at Stock Market Guides, but you can get notifications by email or text in real-time when they publish new trade alerts.
Stock Market Guides offers a copy trading service where they tell you all the rules of the trade at the time they post the trade alert. This means you’ll know immediately when to exit the trade and what profit target to use.
That’s one thing we think is valuable with a copy trade service: the ability to know when the trade is starting and precisely what will cause the trade to end in advance. Here’s what one of their trade alerts looks like:
14. NAGA
NAGA is a self-described “stock & crypto trading social network” with over 1 million users. Easily copy other traders with a free account and access to over 1,000 assets.
NAGA primarily appeals to modern, tech-savvy investors who want to apply copy trading to cryptocurrencies (you can accomplish this and more on eToro). With zero fees, the platform makes buying, selling, and holding crypto easy.
I can’t say it has the potential or sophistication of a platform like eToro. Still, it is “cool” – its smooth interface, social atmosphere, and gamified feel make for an entertaining experience.
Features
- Very crypto-friendly.
- Novel interface for increased social sharing and public media integration.
- Beginner-friendly.
- Easy-to-use.
- Quick account setup.
15. ZuluTrade
Unlike eToro, ZuluTrade is built for copy trading, which is excellent for investors who are only interested in copy trading (though it has its limitations as a “regular” broker, whereas eToro does both well).
ZuluTrade is a wonderful mix of potential and simplicity. It does not overburden users with options and complex features but focuses more on the core essentials for successful copy trading. This makes it a superb platform for new investors.
The ZuluGuard feature also automatically protects your capital when trades hit a certain threshold, exiting all open positions. The feature automatically removes a Trader when detecting a trading strategy that has deviated from the expected loss profile.
Connecting with brokers is easy once you’ve registered a ZuluTrade account. It works with well-known brokerages such as FX View, APFX, AXI, BlackBull, Vantage, FX Choice, and more.
There are two major ZuluTrade account types. With a classic account, you pay when you open a trade position. With a profit-sharing account, you pay a $30 monthly fee and a 25% commission on any earned profits.
Features
- Trade crypto, CFDs, forex, commodities, stocks, and over 40 other financial assets.
- Automated social trading of crypto through ZuluTrade, scripts, and APIs.
- Miinimum trade of $1.
- Exceptional support and interface.
Related Reading
- Best Automated Trading Platform
- Automated Trading System
- High-Frequency Trading Algorithm
- Automated Trading Strategies
- Algorithmic Trading Strategies
- Futures Trading Algorithms
How to Use Forex Trade Copiers
An In-Depth Look at How Forex Trade Copiers Work
Trading with a Forex copier is a fully automated process. This means you don’t have to monitor your trade from beginning to end. Your MT4 trading account receives instant email notifications when your trade is executed, even if you are offline.
What To Expect When Using a Forex Trade Copier
The market is filled with several MT4 forex trade copiers. However, it is essential to note that they all perform nearly the same functions. To use an MT4 trade copier, follow these steps. Identifying the best MT4 Forex copier online is the first step. If you research, you can determine if the trade copier is reputable. You can do this by asking users for feedback. This will allow you to see how the trade copier works and how profitable it can be. Finally, you want to find an MT4 trade copier that ensures you don’t experience massive losses but also provides consistent profits. Using this method prevents incorrect copies from being made.
The dashboards of different MT4 forex trade copiers differ. Using a forex trade copier has the primary benefit of allowing you to duplicate the account balance of a professional trader. You only need to set up the parameters you’d like to use for trade execution. These include aspects like lot size, leverage, and money management.
Are Forex Trade Copiers Good For Beginners?
Yes. Forex trade copiers offer numerous benefits that make them well-suited for beginners aspiring to venture into forex trading. The main advantages that the trading copiers offer beginners include the following:
Time-Saving
Learning the complexities of forex trading can be challenging and time-consuming. By leveraging a forex copier, beginners can bridge the knowledge gap by mirroring the trades of accomplished traders. This approach to trading removes the need for extensive analysis and research.
Additionally, beginners can enter the forex market with confidence.
Diversification
Diversifying trade portfolios can be challenging for newcomers. A forex trade copier automates the process, allowing beginner traders to diversify their investments effortlessly. Duplicating trades across different strategies and currency pairs is done with just a few clicks, eliminating the risks accompanied by concentrated portfolios.
Learning Opportunity
For newcomers, every trade is a learning opportunity. The capacity to replicate the trades executed by experienced professionals enables beginners to observe and understand the rationale behind certain decisions. With time, such exposure contributes to developing trading skills and strategies.
User-Friendly Interface
Most forex trade copiers are designed with user-friendliness in mind. Novice traders can easily set up and navigate their accounts without struggling with complex technicalities. The interfaces also guide beginners through adjusting settings, connecting accounts, and selecting preferred traders to follow.
Deploy a Trading VPS Today
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