Forex Copier Review – MT4 Trade Duplicator
Forex Copier is a handy tool for traders who want to duplicate their trades across different MT4 accounts. It is broker independent and also works on both demo and real accounts. In other words, you can use Forex Copier to duplicate trades from an MT4 Real Account with Forex Broker ‘A’ and copy the trades onto another MT4 Demo or Real Account with Forex Broker ‘B’. Forex Copier is developed by the same team that have successfully developed the popular Forex Tester, back testing software.
Why use a trade copier?
There are many reasons why you would want to use a trade copier. For instance, you might be testing out a new forex signal service provider that sends the signals straight to your assigned MT4 account and after testing it out for a while, you want to duplicate these signals/trades in real time onto your real account. Using the Forex Copier tool, it is easy to duplicate the trades.
The Forex Copier system works in real time and requires you to run the MT4 systems simultaneously to work. Forex Copier is also a great tool for multi account managers.
Features of Forex Copier
Below are some of the features that Forex Copier allows you to run.
Reverse Trades: If you use a trading system that has been consistently trading losing trades, then instead of having to manually fix or optimize the system, you could opt for a reverse trade using Forex Copier. Under this feature the signals sent out by your system can be reversed onto another MT4 account, thus allowing you to fine tune and pin point the problems in your trading system.
Customization: Forex Copier is flexible to the point that it can be customized as an EA to directly send trading signals to different MT4 accounts. Customization comes at special pricing and based on your requirements.
Adjusting the Lot Size: Known as the ‘Lot Multiplier’ this feature allows you to adjust the lots to the MT4 account where you want the trades to be duplicated.
One to many/Many to One: Forex Copier enables you to duplicate trade from one MT4 account to multiple MT4 accounts and likewise, you can copy trades from multiple MT4 accounts onto one MT4 account, giving you greater control and flexibility to customize your trading systems.
Trade Filtering: Using Forex Copier, trades can be filtered. For example, you set up what trades to be copied from your main ‘Source’ account with specific comments.
Risk Management: The Forex Copier system allows you to copy trades with calculated risks. In other words, you can duplicate trades based on the lot size and the size of your account and thus risk not more than a specified percentage of your equity.
Forex Copier – Versions
Forex Copier is available in two versions: Professional or MultiAccount
Forex Copier Professional Edition
The Forex Copier Professional edition is priced at $149 for a lifetime license. In the professional version, traders can copy trades from one MT4 account to another. This is the most basic version and is ideal for traders who have one account that is either fed by automated signals and want to duplicate these trades to another MT4 account.
Forex Copier MultiAccount Edition
The Forex Copier Multiaccount edition is priced at $249 for a lifetime license and really opens the doors to unlimited settings and potential to build your own multiaccount trading strategy. You can copy trades from one account to many or vice versa including setting up filters.
Forex Copier – Installation & Set Up
To get started with the Forex Copier, you can download either the Multiaccount of Professional edition. The download is an executable file and before installing it, make sure you have all MT4 terminals closed. Follow the step by step installation instructions:
Note: Forex Copier by default checks for MT4 terminals installed in the ‘C:\Program Files\’ folder. So in the event that you have an MT4 instance installed in a different folder, you will have to specify the path.
Once installation is complete, you are prompted to enter your license key. If you are running Forex Copier for the first time, make sure that you click on the ‘Request a Key’ tab by entering your name/email address/order ID.
It can take up to 24 hours for your key to be activated.
Forex Copier Demo Version
Forex Copier can also be run in a demo version as well for you to test drive the system. The demo version comes with a few limitations:
- You cannot duplicate buy orders
- You cannot duplicate sell stop/sell limit
- Reverse trade mode does not work
Forex Copier – Conclusion
The software is a great tool for traders at all levels. Whether you want to test a signal service or if you want to copy trades to different accounts, Forex Copier enables you to do that. If you are considering to purchase Forex Copier, it is recommended to purchase the license key for MultiAccount Edition as it really makes the trade copier open up a lot of opportunities that you can play/test around with.
The only drawback or perhaps a ‘nice to have‘ feature would be for trade duplication/copy over the Internet. For example, traders who use a VPS service would prefer to copy trades from the trading account on the VPS to a local desktop application. For the moment, ForexCopier works only on a local environment.