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How to use MyFXBook in Metatrader copy trading

  • September 10, 2022
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How to use MyFXBook in Metatrader copy trading

A capital investment is increasingly becoming a desirable option for people today who want to invest money wisely and benefit from it. The amount of investment opportunities available on the market today is increasing considerable, and providers like brokers, banks, and other businesses are sprouting up everywhere like weeds. The investor has a wide range of marketplaces and goods to choose from.

Finding the right one—and succeeding as a result—requires being informed beforehand and being current at all times to enable quick response in the scenario of a sudden shift. Metatrader copy trading platform allows the traders to copy the steps of traders online and easily get success.

Forex, or trading in foreign currencies, is a hugely popular sector for trade (short: FX). “Myfxbook.com” is a website with expertise in this area. The following field report includes more information about what it is about, the services the company provides, and our interactions with it.

Introduction:

 Myfxbook Ltd has become one of the most well-liked tracking and analytical services, particularly for Forex Brokers. Numerous services are provided on the website “myfxbook.com,” and the trader can exchange information with other platform users.

The investor must connect his broker to the platform before using this tracking function. He can access a quantitative analysis of his trading account. The user can do this to keep tabs on, contrast, review, and discuss his trading volumes with other traders. More than 100 brokers currently use Myfxbook Ltd.’s tracking technology. Since the company has users worldwide, contact between traders is primarily conducted in English.

Trade specifics

The broker gives the trader comprehensive statistics on his or her transactions. Visualizing the statistics of a trader’s profitability for a specific trading instrument will be useful. You may find general data about long and short trading, among other things.

Times and duration of trades

Another crucial indication for describing trades is time analysis. On legacyfx Autotrade, in addition to statistics in numerical form, you may examine a summary of transactions in graph format. Orders that the trader opened at various times throughout the day are described in detail by the broker.

The Pros and Cons of mimicking traders on MyFXbook

 Pros

  • Favourable commission practises
  • Practical trading analytics
  • Try duplicate trading on a practice account.
  • Supported by eight trading terminals

 Cons

  • There are no search filters for traders.
  • The user interface is outdated.
  • complicated relationships

How to begin copy traders on MyFXBook

There are various elements to the process of replicating traders on MyFxbook. There are two choices available. A more straightforward copying technique is offered for traders using a broker that offers direct access to MyFxbook. In this scenario, the account is filled with all the relevant information. You can give the broker information about your account if you use a broker who doesn’t directly deal with our service for replicating trades.

How may a trading account be linked to the MyFxbook system?

Once you have logged in, pick the Settings option by clicking on your profile (located in the top right corner of the screen). You must click the Accounts tab there. An overview of your trading accounts is provided on this page. If it isn’t visible, click the Add Account option to add it.

The security of MyFXbook

Security is perhaps one of the most crucial considerations for people, especially traders, who often have access to confidential data.To protect the users’ data at all costs, legacyfx pays close attention to security and investigates external dangers like fraud or misuse.

Additionally, all that is necessary to link to the account is a so-called “read-only access” to the trading account. SSL encryption ensures the security of their website. MyFXbook is one of the most secure platforms on the market today. Additional 

MyFXbook Features

In addition to the aforementioned functions, certain unique elements are what distinguish MyFXbook.

For instance, on the one hand, the news tool continually provides investors with information.

On the other hand, the company calendar keeps them informed of important events every day.

Conclusion

In conclusion, it is simple to appreciate the significance of MyFXbook as a trading application with few drawbacks and how it became so important.