FXOpen Copy Trading – Can You Make Money Copying Trades on FXOpen?

Copy trading continues to be a profitable trading strategy for many beginners. However, the biggest challenge has been finding the right platform to copy experienced traders. This article takes a look at the FXOpen copy trading platform. Read on to find out whether it is reliable and ideal for you.

What is FXOpen?

FXOpen is a well-known Forex and CFD broker launched in early 2003. It is regulated by financial authorities in the United Kingdom and Australia, making it a trustworthy broker.

While FXOpen is widely known for supporting active trading, it now offers its users an opportunity to earn passively through its copy trading service. The broker partners with reliable social trading providers, like ZuluTrade and MyFXBook Autotrade, to give users access to thousands of seasoned traders.

How to Open an FXOpen Account

Before FXOpen allows you to use its copy trading service, you must register a trading account. To do so, go to fxopen.com and click “Sign Up.” Next, choose your country of residence and press the “Begin Application” button. Enter your email address and password, then press “Continue.”

After entering the verification code sent to your email, FXOpen will grant you access to your new account. The next step is to fund it with at least $100 to begin replicating trades.

How to Start Copy Trading on FXOpen Using ZuluTrade

As mentioned earlier, FXOpen collaborates with ZuluTrade to provide its copy trading service. Therefore, as a user of the broker, you will need to register with ZuluTrade to start copying trades. To do this, go to ZuluTrade.com and click “Register.” Next, provide your full name, email, phone number, and password, and select your residence country. After that, agree to the “Terms of Use” and press “Create Account.”

Once you access your ZuluTrade account, choose FXOpen as your broker in the dropdown menu. You can then link your FXOpen account to ZuluTrade. If you get stuck, do not hesitate to reach out to the FXOpen customer support team through this email address: support@fxopen.com.

It is worth mentioning that ZuluTrade offers demo accounts to allow FXOpen users to test the social trading platform’s features before committing real money. Once you register a ZuluTrade, you will receive $100,000 in virtual funds to copy trades. Note that you will lose access to your ZuluTrade demo account after 30 days.

To copy trades on ZuluTrade using your FXOpen-funded trading account, click on your preferred lead trader’s profile, and a pop-up window will be displayed. On that window, specify the copy trading amount you wish to allocate to the trader from your FXOpen account.

It is advisable to understand ZuluTrade’s ZuluGuard feature, which helps you minimize risks related to unexpected slippages. Also, remember to set your preferred stop loss level so that you do not blow your account when your strategy provider opens losing trades.

How Do You Find the Right Trader to Follow?

ZuluTrade allows FXOpen users to find their ideal lead traders in two ways, which include:

1. Recommendations

ZuluTrade recommends top strategy providers to FXOpen users based on aspects like capital under management, risk level, and return rate. You can access leading strategy providers by clicking “Top Traders.”

2. Search Filters

ZuluTrade comes with search filters that enable users to identify specific lead traders. For example, if you want a strategy provider who only trades crypto, you can click the “trading cryptos” search filter to find them.

FXOpen Copy Trading Cost

FXOpen copy trading service is free. However, you will need to pay commissions to strategy providers after making profits.

Pros and Cons of FXOpen Copy Trading

Pros

• FXOpen’s partnership with ZuluTrade gives you access to thousands of strategy providers.
• The broker enables users to copy trades in a regulated environment, thus assuring their safety.
• Copy trading is free.

Cons

• Linking an FXOpen account to ZuluTrade can be complicated for some users.
• The past performance of your strategy provider does not guarantee positive results in the future.