The worldwide popularity of social networks and the possibilities it offers is, of course, long recognized by Forex brokers too. The Forex trading social networks have become popular with traders sharing experiences, following signals, copying other traders and ultimately adapting their trading style and strategies.
FXStat Social Trading Network
FXStat, as its name would suggest, was conceived as a mixture of Forex and Statistics center where users would easily use stats and analytics tools to improve their trading. Founded in 2010, it focuses on Forex, commodities and stock trading and offers trading record assessment, as well as following and copying the best- performing traders. Of course, there are obvious risks with using FXStat, just as any other social network and with trading in general. However, there are requirements for signal providers as well as filtering tools to minimize the risks and generally ease the use of the platform to all users and provide a good number of quality signal providers.
FxStat is available in a number of languages, with a possibility to easily translate the pages whenever you need to. The translation mode can be easily activated and it highlights and translated the needed segments. We’ll firstly address the requirements to be a signal provider with FXStat. These include having an annual return of at least 10%, with good and profitable performance in the last three months and at least 5 pips per trade. This obviously narrows the choice and the overall number of the signal providers to follow. To further reiterate the point, FXStat provides both automatic and manual filtering and search options based on a number of preferences. FXStat will provide you with the possibilities to follow, copy and even auto-trade on both PC and mobile devices including Android and iPhones. There are both open and closed accounts, credit and commission trading as well as PAMM and MAM accounts. While you will be able to both provide and follow signals with FXStat, the software allows users to see if the signal is provided from real money or a demo account. The platform will also allow features such as Risk of Ruin, showing the actual risk calculation when following any signal provider, as well as interaction where you can discuss currency pairs, trades, and signals with other traders. This emphasizes the actual Social factor to the network, where you can assess performance, improve your skills and strategies and ultimately profit more easily than you actually would.
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The Best FXStat Forex Brokers
One Trade is a relatively new United Kingdom Forex broker founded in 2010. The broker is authorized and regulated by the UK Financial Conduct Authority. Offering a range of high-quality trading platforms, One Trade provides access to over 50 currency pairs, as well as indices, commodities, and CFDs. The broker allows access to multiple platforms with just one account, including the abovementioned copy trading, social and algorithmic trading as well as FIX API and MAM trading. One Trade also provides mobile apps allowing you to take you to trade on the go too. One Trade overwhelmingly positive reviews attract new traders, turning this UK-based broker into a new sensation.
HotForex is a 2010 Mauritius-based Forex broker. It is authorized and regulated by Mauritius Financial Services Commission as well as Cyprus Securities and Exchange Commission. The broker offers services to a big customer base through a range of trading platforms such as MetaTrader 4, MT Mobile, WebTrader as well as propriety clients for PC and mobile devices. The broker offers nine different account types with various trading tools and assets ranging from all major currency pairs to commodities such as oil, gold, and silver, as well as stocks and indices. Together with an easy to use and informative website and great educational tools available, HotForex offers great customer care with constantly available support in many different languages. HotForex has thus become one of the Forex broker heavyweights and boasts the quality service they provide.
Orbex is a Cyprus-based Forex broker founded in 2010 and licensed by the CySEC (Cyprus Securities and Exchange Commission). Also being regulated under FCA, BaFin, and CONSOB, Orbex provides a worldwide available trading service. The customer support is available in multiple languages around the clock. There are six account types available with Orbex, starting with a minimum deposit of at least $500, a minimum volume of 0.01 lot and leverage going up to 1:100 with the top, Universal Advanced account. ORBEX gives you access to over 30 currency pairs, as well as commodities, indices, and futures. Orbex also provides VPS hosting and fully functional EA. Along with many educational and analysis tools Orbex, being directly connected to FXStat, provides opportunities for the clients to seamlessly follow and copy traders.
FXStat has evolved to an impressive and well-rounded social trading platform with a highly active customer base, both as signal providers and traders. The emphasis on the social aspects to trading together with an analytical approach actually set the platform above some of the other social networks. With unique services and a robust platform, FXStat assures high-quality trading experience as well as the quality of the signal providers. Offering good execution, the product is used by a number of prominent and reliable brokers, while the platform will also allow end-users to use it with other supported broker platforms with a fee, as one of premium social trading services online.