Followers in the ForexCopy system
The ForexCopy system by InstaForex provides investors with a wide range of unique financial services. Using a revolutionary approach to investments in high-yield projects and reconsidering basic principles of payment settlements between a trader and investor, InstaForex has developed the ForexCopy system, unprecedented service in online brokerage.
- The ForexCopy system allows online copying orders opened by successful traders. Risks of losses can be reduced by copying trades of several Traders and using a combination of their different strategies based on technical and fundamental analyses.
- ForexCopy Followers do not credit their funds to Traders. The money remains on the Follower’s trading account under his control. Therefore, the Follower will not have to request a charge-back from the Trader’s account.
- Followers can select trades to copy. This option proves to be efficient when the Follower wants to reduce the risks of 1 to 1 copying ratio, or when the Follower does not have enough money to copy all trades.
- The ForexCopy system allows Followers to choose currency pairs to copy. This parameter is set by the Follower at the subscription to copy Trader’s orders. The Follower can always change the list of instruments without cancellation of the subscription.
- Followers of the ForexCopy system pay Traders only for profitable deals. Moreover, the profit should exceed a commission paid by the Follower to the Trader for copying orders. The Follower will not pay for losing trades. Such method favours Followers and protects their interests.
- If the Follower chooses a commission-per-one-day option, he will pay it to Traders every day excluding days when Forex market is closed for holidays (December 25th and January 1st) or weekends (Saturday and Sunday). Meanwhile, the Trader has to open at least one position per day to receive the commission. A commission type depends on a trading strategy of the Trader.
To start copying trades, investors should register a live account on any InstaForex server and register in the ForexCopy system as a Follower. (Investors registered in the ForexCopy system are called “Followers” as in fact they follow trading strategies of selected Traders and do not make investment decisions). After the registration, the Follower can look through the monitoring list and copying terms which Traders set to provide their services. The Follower also gets an opportunity to set subscription parameters for every Trader by choosing currency pairs and scale of copying trades from the Trader’s account.
Subscription parameters are set for every Trader individually and may be changed without cancellation of the subscription. In case a Trader has changed his payment options, this move will not affect Followers who had already subscribed to this Trader beforehand. The system protects Followers against any corrections made by the Trader at his sole discretion and guarantees that copying terms accepted by the Follower will be met.
The system is fully automated and does not require any additional actions from a Follower. After a Trader has approved the subscription, a Follower may have to wait for some 15 minutes until the ForexCopy system is ready to copy Trader’s orders. Every Follower can monitor the statistics on trading and an account balance in Client Cabinet.
Depending on a payment option, a Trader receives a commission by the end of the day or after the subscription has been cancelled. A Trader may choose a commission per subscription day and receive a commission every day, or a commission per trade and receive a commission for each profitable trade after his Follower has cancelled the subscription. Any commission is credited automatically with no additional actions required. Both the Trader and the Follower may monitor a current amount of commission to be paid online.
Followers of the ForexCopy system can upgrade their profile and become Traders with a right to copy orders of other Traders. To enable this option, choose the corresponding parameter in your Profile. Besides, an account of an upgraded Follower will be included in the monitoring list of the ForexCopy system.
Choose smart investments with ForexCopy by InstaForex!
ForexCopy Monitoring will help you check the success of various forex traders registered with the ForexCopy system and choose those who seem the most prosperous to you. Monitoring contains yield statistics, balance and equity growth charts with adjustable timeframe enabling you to track the trading effectiveness of a chosen ForexCopy trader.