Pepperstone Copy Trading – Can You Make Profit Copying Traders on This Platform?

Most inexperienced traders find it challenging to formulate a working trading strategy that can generate profits. Many brokers have realized this, and that’s why they are now providing a service known as copy trading, which makes it possible for novice traders to follow the strategies of those who are experienced.

Pepperstone, a popular brokerage firm, is among the players in the online trading world offering access to copy trading. If you wish to copy trades through this broker, keep reading this article.

Copy Trading on Pepperstone

Launched in 2010, Pepperstone is a prominent broker based in Australia. It supports the trading of various financial instruments, including commodities, Indices, metals, forex, and cryptocurrencies. What separates Pepperstone from its competitors is its low spreads, fast trade execution, a wide range of analytical tools, and excellent customer service.

As mentioned, one of the services that Pepperstone offers is copy trading. The brokerage firm has collaborated with several leading copy trading platforms to help customers access a vast pool of experienced traders. These platforms include Duplitrade, Myfxbook, and MetaTrader Signals. Let’s explore each.

Myfxbook

Myfxbook offers an account mirroring service called AutoTrade, which lets you replicate over 40 trading systems. And the best part is that you don’t have to run any extra software. Each trading system is hand-picked by professionals. Note that you do not pay management fees to use any of the trading systems.

Benefits of using Myfxbook include:

• You get access to trading systems that have been tested and approved by professionals.
• Accurate statistics are available to help you select the right trading system.
• Myfxbook is easy to use, making it possible for beginners to participate in copy trading.
• The platform lets you take control of all opened trades. You can close them or adjust take-profit and stop-loss levels.
• Myfxbook allows you to subscribe to multiple trading systems. However, ensure you have at least $1,000 in each system.

MetaTrader Signals

MetaQuotes offers this copy trading service. You can access it from your MT5 or MT4. Like any other copy trading service, MetaTrader Signals allows you to replicate the trades of experienced traders in real-time. But what differentiates it from other platforms is the large number of traders available to copy. This shouldn’t surprise you, considering MetaTrader is the most used trading platform.

Some proficient traders on MetaTrader Signals allow people to copy their strategies for free, while others charge a reasonable fee. To make it easy for you to find the right trader, MetaTrader sorts the traders based on their trading performance. The well-performing signal providers are placed at the top of the list.

To get started, select and subscribe to your preferred signal provider, and your MetaTrader account, which Pepperstone issues, will be linked to the signal provider’s.

DupliTrade

Besides the two discussed copy trading platforms, Pepperstone also gives you access to DupliTrade. Although the number of signal providers is relatively low, their win rates are quite high because each trader’s performance is monitored closely by the DupliTrade team, and those who fail to perform per expectations are removed from the platform. Therefore, the signal traders on DupliTrade strive to perform well consistently to increase their chances of remaining on the trading platform to continue earning commissions.

How to Copy Trades Through Pepperstone

To begin replicating trades on DupliTrade, MetaTrader Signals, or Myfxbook through Pepperstone, you need to register a trading account with the broker and sign up with your preferred copy trading platform.

After Pepperstone verifies your trading account, link it to your selected copy trading platform. If you pick Myfxbook, go to its website to link your Pepperstone account. If you choose MetaTrader Signals, Pepperstone will provide you with logins to your MetaTrader account to link it to that of the signal provider. As for DupliTrade, you will need to request Pepperstone’s customer support team to link your account on your behalf.

After linking your trading account to a copy trading platform, select a signal provider and start copying their strategies. Remember to monitor opened trades in your account.