Best Mirrortrader Forex Brokers 2018
This article showcases the Mirrortrader platform and everything it has too offer. But which brokers offer this trading software? No need to run around the internet searching, as we have done the legwork for you with our list of the very best Mirrortrader forex brokers.
What is Mirrortrader?
Mirrortrader is a powerful auto trading platform for the forex market. It’s an attractive solution for those who don’t have time or the knowledge to trade on the forex market. Mirrortrader allows its users to build a portfolio with tested and proven strategies provided by other successful forex traders. Users also have the option to follow signals that support their own strategies. So the platform offers both fully automated and semi-automated trading, as well as manual trading like regular forex trading platforms.
Pros and Cons of Mirrortrader
All trading platforms have their advantages and disadvantages. What stands out for the Mirrortrader platform is listed below:
- A great advantage of the auto trading platforms is the level of transparency with trading and information. Mirrortrader is no different, offering complete historical trade data as well as visibility of current open trades.
- A great deal of control with the strategies you select are available, such as setting risk levels and the opportunity to open and close trades as you please.
- You can test the platform out before investing with real money by trying a demo account. Here you can learn and trade using $50,000 in virtual money.
- A big disadvantage to this platform, that’s unlike many other copy trading platforms, is the inability to communicate with the strategy providers and other traders.
- Many brokers charge an extra commission per trade in addition to Mirrortraders commission.
- The figures are skewed for some strategies regarding the use of drawdown, because it is only calculated on closed trades, disregarding drawdown on open positions.
- Strategy providers are not required to trade their own signal from an open and live account.
Why should I choose a Mirrortrader forex broker?
When choosing a Mirrortrader forex broker you will be guaranteed full transparency, gaining access to historical data and visibility of all current trades. Transparency is an important aspect of trading and Mirrortrader forex can provide just that. Also there are many reputable Mirrortrader forex brokers with strong mobile platforms and experience with the automated trading Mirrortrader provides.
How to choose a Mirrortrader broker?
Choosing the right forex broker can be just as important as the positions and currencies you trade. Listed below are some key aspects to keep in mind when choosing a Mirrortrader forex broker.
- The price of commissions and fees are important to consider since Mirrortrader already charges a commission per trade.
- The regulations the broker is under and whether it covers your area of residence.
- Level of customer assistance and languages support is given in.
- Amount of experience the broker has with automated trading platforms and level of an online presence for mobility applications, since Mirrortrader is mobile and web-based platform.
Mirrortrader offers an attractive solution to traders who don’t have the time or experience to monitor charts while trading forex. It is a strong and leading contender among the automated trading platforms, and holds its own in the manual trading of forex as well. With reputable brokers to choose from, impressive features, and analytical tools to use, Mirrortrader proves to be a great platform. Below we have compiled a list of the very best Mirrortrader brokers you can work with. Our list is created from our in-depth research into the brokers and their service levels.
- New Zealand
- South Africa
- South Korea
- Hong Kong
- United Arab Emirates
- Russian Federation
List of Brokers
|BROKER||USER RATING||REGULATED BY||HEADQUARTERS||MIN. DEPOSIT||OFFICIAL SITE|
|ASIC, CySEC, FCA||Israel||$100||Open Account|
|ASIC, BVI, FSA(JP), FSB, MiFID||Ireland||$100||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|CySEC, FSB||Cyprus||$100||Open Account|
|BaFin, FCA||United Kingdom||$300||Open Account|