Make 100 times more money on the same exact trades by simultaneously trading multiple prop trading accounts. We can all agree on the fact that any business, be it online or offline, needs time and dedication. Forex trading is one of them.
Forex trade, also known as Foreign Exchange or FX Trading, is merely the conversion of one currency into another. It is one of the most industrialized traded markets in the world. Forex trade’s average daily trading volume is $5 trillion.
As explained above, Forex trade is a huge market base that requires a good investment of time. But do you really have time? Let me guess! I believe you do not. But do not worry anymore. We got you covered in this article. Approximately 9.6 million people around the world are now forex traders. A huge portion of the 9.6 traders considers the forex trade business as a side hustle. But the question is how?
A necessary portion of the global traders is utilizing the forex trade copiers to facilitate the process of coping trades from their providers to their Mt4 or MT5. What is a forex trade copier?
In simple words, Forex Trade Copiers are brilliant softwares that use complicated algorithms to copy signals from master MT4 or MT5 accounts into MT4 or MT5 accounts. Forex trade copiers give you better chances of earning more profits. Your forex business needs a forex trade copier not to lose any open trade anymore.
Best Forex Trade Copier to Use in 2022 – Top 7
We’ve tested out dozens of forex Trade Copier platforms to find the 7 best forex Trade Copier platforms in 2022:
- MT4 Copier (Local Trade Copier) – Leading forex trade copier
- Forex Copier 3 – 11 Years in the industry
- Telegram Fx Copier – Best Telegram trade copier
- Telegram Copier – Most used telegram trade copier
- Duplikium Trade Copier – Best cloud-hosted trade copier
- FxBlue Trade Copier – 100% Free trade copier
- 4X Solutions Trade Copier – Used by more than 15,000 traders worldwide
1. MT4 Copier (Local 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 allows you to manage multiple positions on multiple accounts just from one master account without having to ever log into the copier accounts.
The product has been used by our team and thousands of others traders around the world 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!
Trade Multiple MT4 Accounts, At Once
The EA works by very simply copying your trades from one MT4 account to multiple other accounts. This can be done across various different brokers, base currencies, and account sizes. Once set up, which takes about 5 minutes, you will be simultaneously trading multiple accounts at once until you turn the EA off – making it completely passive, and it really does run itself!
Manage Risk On A Portfolio Of Accounts
There is a solution to manage risk across multiple accounts at the same time, as you’re able to 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 really flexible and capitalize on higher-risk trading without risking your main capital!
Scale Prop Firm Trading Capital
The best feature is allowing traders to scale their prop firm funding by copying trades to multiple accounts at the same time. By using some of the Best Prop Firms, you’re able to take on huge amounts of trading capital relatively fast. Your trading portfolio could look something like this:
- Main account trading 1% risk with a regulated broker like ICMarkets
- My Forex Funds Instant Funding Account – $50,000
- Finotive Funding Instant Funding Account – $50,000
- E8 Funding Challenge – $200,000 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 the fact you don’t need any software or external programs to make it work. The EA is extremely 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’re looking to add. I’d recommend running this on a Forex VPS so you don’t accidentally close MT4 applications when you’re working! We have a full review of a VPS I have used for years, Forex VPS, if you’re interested.
Local Trade Copier Plans And Pricing
When it comes to value for money, it’s really hard to beat Local Trade Copier. There are two payment options to use the service, either monthly or annually. When you pay annually you will be saving some money of course, compared to just a rolling month on month payment.
LTC Personal :
This is going to give you 1x license that you can connect to unlimited master and clone accounts. You can transfer the license between as many computers as needed but it’s only allowed to be active on one computer at a time.
LTC Manager :
This will give you all of the same features as the personal package but 5x simultaneous licenses, as well as position size splitting and martingale mode, which some trades might find useful.
LTC VIP :
The VIP package is the most costly and will allow you to have 15x simultaneous licenses running, as well as the other features of the LTC Manager package.
For the majority of retail traders, the Manager and VIP packages are definitely overkill. I’d recommend starting with the Personal package and staying with that for the long term unless there’s a reason why you need 5 licenses running at once (it would need to be a fairly big operation running to warrant that).
2. Forex Copier 3
Forex Copier 3 is a software solution that allows you to copy trades from one account, to multiple different copier accounts. This allows you to open positions, manage positions and close trades across a range of different 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 around the world. Let’s take a look at the 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 from MT5 accounts to MT4 accounts. The majority of trade copiers will just allow you to go from MT4 to MT4, which proves a problem for people looking to take on clients with MT5 accounts. As more and more traders are moving to MT5, this is a MUST!
Risk Management Settings
There are a range of risk management settings allowing you to fully customise the position sizing, stop losses, take profits, prices, emergency stops etc. This is ESSENTIAL if you’re going to copying trades onto multiple accounts as without this, you’re going to be having to still manually intervene which won’t be possible with more than just a few accounts!
Trade Copying Previews
The software has a current orders section, where you’re able 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 together pairs, times, order sizes, etc., to easily analyze what’s going on.
Forex Copier Plans & Pricing
Unlike MT4 Copier, which uses a monthly subscription, Forex Copier uses a one-time payment for lifetime access to the tool. The usual price for the software is $299, but there is usually a discount running making it usually around $180 for the full package. This, of course, comes with support and everything you’ll need to get set up and going, alongside a 30-day money-back guarantee.
There is a free/demo version of Forex Copier. You’re limited to a maximum number of master and receiver accounts of 2 – which definitely vastly limits what you’re able to do with the tool, but it’s enough to let you see if you like the layout, and structure and could make it work for your own trading.
If you’re taking this seriously and looking to connect a range of different trading accounts to copy, you’re going to need to be getting the full version.
3. Telegram Fx Copier
With so many traders online offering guidance and live trade updates, it can be a potentially amazing opportunity to see what trades these professional traders are in so you can learn from their analysis and even profit on the back of it. The issue with trying to keep up with these trading calls is the fact that normal life gets in the way, the majority of budding traders can’t be sat at their laptop all day long, watching calls coming in… This is where Telegram Fx Copier comes in.
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 actually takes the tool just less than 5 seconds to read the message and get your order placed in the markets meaning this is completely viable for those signal channels that send intraday plays.
Risk Management Tool
The tool comes with a huge amount of risk management options, allowing you to fully customise stop losses, take profits, risk, lot sizes and much more. Alongside the risk management trading options, there is also an analytics panel that allows you to see which of your Telegram channels are profitable over the long term and which ones are detrimental to your account balance. This is something that competitors certainly aren’t offering and personally 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 of the Telegram channels and chats you could be joining. With some of the other providers, they are only able to work with certain types of channels – that doesn’t apply to Telegram Fx Copier and you’ll be able to copy trades from wherever you fancy!
Telegram FX Copier Plans & Pricing
Compared to some of the other forex trade copiers on our Best Trade Copiers list, the price of Telegram Fx Copier is fairly competitive and certainly not too far on the high end. For instance, with MT4 Copier you’re going to be paying maybe £20 per month for unlimited copier accounts. Whereas for 1 MetaTrader account with Telegram Fx Copier, you’re looking at $179 for a lifetime subscription to the software. When you think about how much money you stand to make from your favourite traders signals, this is fairly minimal over the course of a few years.
The price scales up to $799 for 10 accounts copying the forex trades but in all honesty this is going to be overkill for the majority of traders just doing this as a bit of a hobby. I would recommend the most popular 2 MetaTrader accounts license for $249 as this allows you to experiment with multiple traders and multiple risk parameters. If this is again too expensive for you, I would recommend looking at some of the offerings from other trade copiers in the industry, like Forex Copier 3.
4. Telegram Copier
Telegram Copier is the most used Telegram trade copier.
5. Duplikium Trade Copier
Duplikium Trade Copier is a fully cloud-based trade copier solution, offering unlimited accounts, low latency, a huge range of advanced features and cross-platform functionality. This software is going to be a must-have for fund managers and traders working across MT4 to cTrader to LMAX.
6. FxBlue Trade Copier
FxBlue has released a trade copier, working across MT4 and MT5 that allows trades to be copied perfectly, with low latency and comes with a range of risk management features. Trades can only be copied from one master account, to one receiver account which is the only downside to this free tool. For most retail/hobby traders, FxBlue will be more than good enough for your trade copying needs!
7. 4X Solutions Trade Copier
4X Solutions is the trusted trade copier used by over 15,000 traders worldwide. The solution is completely cloud based, easy to setup, comes with advanced risk management capabilities and it can be scaled up to 10,000 copier accounts! 4X solutions is trusted by some of the worlds largest retail forex brokers.