There’s no denying that Forex trading has become a very attractive way of investing. But, in order to get that all-important edge, a certain amount of time and effort is essential. For today’s Forex trader who has little time to spare, social trading networks have proved to be a blessing.
FxStat was established in 2010 and has already become one of the leading social trading platforms. The company headquarters are in London, but there are offices across the globe including Jordan, Russia, and Saudi Arabia. In the beginning, the focus of FxStat was social networking, but it has expanded its services and now includes statement track record assessment, copying other traders, reading news, sharing trades, and following traders’ portfolios. In 2015, it took things one step further and started its own brokerage firm called OneTrade. However, there are a number of Forex brokers that support FXStat too, so anyone interested isn’t going to find their choices limited.
How does FxStat work?
FxStat is able to offer a great range of social trading solutions for Forex brokers as well as for individual traders. With the help of its trading platform, traders are able to analyse a signal provider’s performance, automatically follow trades, and also make use of a number of very effective risk management tools. As well as being a very up-to-date auto-trading platform, it is also capable of providing a social trading service that gives traders ample opportunity to watch, analyse, and evaluate signals provided by experienced Forex traders. Then they get to decide whether to copy the trade or wait for another one.
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Min Deposit: $100
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* T&Cs apply to each of the offers. Click “Trade” for more details
FxStat Forex brokers offer investors a number of different options
Before you sign up and open an account with an FxStat Forex broker, it’s important to understand all your options. Here are just a few of them:
FxStat Tradesbook
This is offered by a number of Forex brokers offering FxStat, and gives traders the chance to follow a number of different signal providers who also use the FxStat service. It is easy to navigate, well laid out and cleverly designed; so much so that even the inexperienced social trader will soon find their way around and get what they need. It is easy to analyse different providers with the performance figures that are provided, along with a breakdown of their statistics. Investors are able to set their own risk profiles and easily decide on the amount of capital they might be willing to risk. Brokers are charged 1 pip per trade to use this particular service, and a trader may find that this charge is passed on to them.
FxStat Managed Book
The fee structure for this service is slightly different, but it works pretty much the same as Tradesbook.
FxStat Money Manager’s Book
Normally, FxStat loads its own selection of signal providers or money makers, but with this option, it is possible for an FxStat Forex broker to choose its own. It is seen by many as a much simpler alternative to MAMM or PAM solutions.
Is it easy to become a signal provider at FxStat?
As with many other social trading networks, there is a process that has to be followed if you want to become a signals provider, or a trader who others can follow. There is a quality check that includes 90 days of trading assessment and due diligence on trading style. We’ve read in several places that the ongoing monitoring of providers is a little questionable, but we are unable to make any informed comments. The instruments you can trade include foreign currency pairs, indices, and commodities.
If you think you might be interested in social trading but aren’t sure of the best platform to choose, let’s give you some friendly advice…
How to pick a Forex trading platform that is right for you
There are quite a few different ones to choose from, which makes the task a little more complicated than picking a name out of the hat. It’s your money that is going to be invested so it’s important you pick the best one. We will be reviewing a number of top Forex brokers as well as looking at the different trading platforms available. There are also a number of other helpful sites where you can do further research.
Your own research is one of the most important things to do, and we’ll be helping you by pointing you in the right direction and telling you what you should be looking for. As well as Forex broker reviews, it’s also a good idea to read what genuine customers have to say, as they are the ones who have real-life experience, and their comments are going to be invaluable.
Two more factors to consider are security and accuracy. Foreign currency trading is a real-time investment, so you need to be sure the prices quoted are up to date and accurate, because you don’t want to miss out on a profitable trade. Security is important because you will be providing a number of personal details, and you want to pick a Forex broker that is trustworthy and keeps their data secure.
FxStat Forex brokers – Are they worth the time and money?
FxStat has been around for a number of years now, which shows it must be doing something right. It has been steadily increasing its range of services from the beginning, as well as expanding its base of operations. It is able to offer a number of different features that will meet most trading styles and needs. These include open or closed social trading networks, multi-account managed trading, credit or commission-based trading, and trading contests and challenges.
Even a complete beginner will soon be able to find their way around, and benefit from watching and copying the trades of other more experienced traders. For those of you with little time to spare sitting at a computer analysing and following the markets, FxStat is going to be worth spending some time with to see how you fare.
