The practice of dealing in duplicates is becoming more common. FXTM (Forex Time), a global broker, saw this trend and created FXTM Investing to provide a new level of service in the industry. Therefore, you may want to know more about ForexTime review before you move ahead with trading with it. What is this service’s phenomenon? We double-check everything.
The popularity of the copy trade is expanding
In today’s fast-growing world, time is as previous as diamond. Work-life balance is more difficult than ever, and finding hours during the day to achieve your objectives may be difficult. In the financial markets, every millisecond counts, especially when it comes to foreign exchange. With the rise of competition, brokers are turning to more inventive solutions to help their clients save time and money.
Forex trading is no longer restricted to a tiny group of wealthy individuals with extensive financial expertise; instead, anybody with internet access may invest. In contrast, the markets are very volatile, necessitating knowledge, abilities, and a well-thought-out strategy for effective trading. It is true that it is not suitable for all people.
Does this imply that you must abandon the FX market? Certainly not. This is when social trading (also known as copy trading) comes in handy.
What exactly is social trading?
So-called social investment plagiarizes the strategies of other trappers, dubbed managers. Duplication of transactions may now be done instantly and automatically without any issues thanks to current technology. The investor’s task appears to be straightforward: select the appropriate trader whose moves we will mimic.
While past performance does not necessarily guarantee comparable outcomes in the future, hiring a manager who is focused on the future boosts your chances of success. And the trustworthiness of the numbers released, as well as the technology employed, play a big role in this achievement.
Forex Time Broker – Copy Trading That Has Been Externally Verified
Every broker that enables social trading gives you access to the managers’ statistics. In other cases, however, anyone may become a manager, and the lack of clarity in the result data makes it hard to make an informed assessment of the situation.
The approach of FXTM broker is the matter that is quite different compared to competitors. The numbers on the FXTM Invest website have been verified by PricewaterhouseCoopers Limited (PwC), one of the world’s leading accounting and consulting organizations. The data verification adheres to the standards of the International Standard for Assurance Engagements (ISAE) 3000.
PwC checks the results of strategy managers as well as the mechanism for calculating financial performance to ensure that we are getting reliable data. At the end of each month, PwC rates the performance of the best strategy managers.
Orders are fulfilled
Managers and investors spend less time duplicating positions thanks to express transaction processing.
As a result of the quick execution, a minor price reduction is obtained. According to published statistics, trader errors (when executing Take Profit) are substantially more common than trader errors (when executing Stop Loss) (when executing stop-loss).
Each manager is given a risk rating from one to five, with one denoting extremely little risk and five denoting very high danger. We also receive information regarding the maximum capital withdrawal (drawdown), the outcomes obtained at various periods in time, and the amount of capital “tied” to the signals, in addition to the apparent statistics such as the return.
And for the more seasoned traders…
At the same time, copying is a great way for experienced or professional traders to boost their profits. Those who understand market dynamics and consistently make strong returns may profit from higher commissions on their trades, as well as economies of scale when their tactics become mainstream. The greater the number of followers and the better the performance, the greater the additional benefits. The amount charged to the investor is set on an individual basis and can range from 10% to 40% of the profit generated – you decide!
Forex Time First Steps
FXTM Invest is open to anybody with a $100 commitment, allowing us to manage risks effectively regardless of the amount deposited. We have complete control over our finances and are free to manage them however we see fit. We have the option of withdrawing money and replacing it whenever it is convenient for us. Most notably, FXTM Strategy Managers are only paid if they generate money (an administrative charge or “start of investment” cannot be fixed).