MyDigiTrade Review – Compare The Best Copy Trading Platforms 2023

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At Acorn 2 Oak, we aim to offer you comprehensive information on various forex products and services. Below you can find a review of MyDigiTrade Copy Trading.

MyDigiTrade is a social and copy trading platform that offers comprehensive features, tools and education to its community of traders and investors. Read this MyDigiTrade review, where we take an in-depth look at the platform. We will break down what the platform offers, the registration process and the overall customer experience.

MyDigiTrade Overview

MyDigiTrade is one of the pioneers in the world of social and copy trading. Launched in 2010, the platform is developed by Larmont Capital Ltd. Throughout the years, they have established an active community of novice traders and experienced signal providers who are actively interacting.

The platform also provides an educational section with different educational materials. They offer over 1,000 Forex trading strategies.

MyDigiTrade Tools and Features Review

Like in other forex social and copy trading platforms at MyDigiTrade, there are two types of users. On one side are those seeking to benefit from expert traders’ knowledge, and on the other side are the traders with years of experience looking for opportunities to surge their earnings.

Let’s have a look at what MyDigiTrade have to offer them both. Investors with non or limited experience are welcomed before deciding whether to join the platform and try its demo version. It is built to introduce them to a real-life experience without risking their capital.

Those who choose to join should register and open an account (more about this process below). Once you have opened an account, you can monitor strategies and build your portfolio with those who are suitable for your trading goals. When you add the strategy to your account and decide to copy them, the rest of the process is taken by the platform.

MyDigiTrade automatically will open a trade-in your account every time the strategy provider you’re connected with opens a new trade. And vice versa – when they close it, the platform will complete it on your behalf. And yes, it might look like you just sit back and relax while the platform does the hard work for you, but also, it means you have no control over it.

They don’t enable investors to see the open trades in the strategy provider’s account, which means you can decide if the current position is beneficial for you or not.

To select a strategy provider, you head on to the list provided by MyDigiTrade. There are five different categories – Top Rank, Top Growth, Rising Star, Top Popular and My Favourites.

You can compare the other strategy providers according to various criteria – Overall growth, Average monthly growth, Total Pips, Max Drawdown, DD recovery period, Recommendation Minimum, Profitability and Age of the strategy.

As you can see, reading and understanding all these criteria and the numbers behind them will require some knowledge. Although the platform will perform the trade automatically for you, you still need to select which strategy provider to follow.

In our opinion, if you’re new in the world of trading, head on to the MyDigiTrade educational centre or another source of information and devote some time to learning the basics.

If you’re a trader with some significant knowledge and experience in the financial markets, MyDigiTrade offers you an opportunity to become a signal provider. For this purpose, first, you need to register an account with one of their integrated brokers.

According to their website, They work with more than 500 brokers globally. As a signal provider, you will receive up to 50% of the commission MyDigiTrade gets from your broker. They estimate that amount between 2 and 12 USD, depending on the trading instruments and the brokerage company.

They advertise as a social and copy trader platform. However, our review showed that their social trading service is minimal. There is no integration with any large social media such as Facebook or Twitter, nor well developed in-house social interaction.

MyDigiTrade Registration Process Review

The registration process is easy and quick. All you need to do is enter your name and email address. Once you create your profile, you need to open an account with one of the brokers integrated with the platform. The process is the same for both traders who wish to copy other traders or signal providers.

The minimum deposit is 100 USD (or another currency equivalent). They don’t charge a subscription or management fee. Instead, their fee is included in the spread received from the partner broker.

Is MyDigiTrade a Scam or Legit?

They are registered in the British Virgin Islands, which is a famous offshore destination. This, combined with the fact that the company and the platform are not regulated by any international regulatory authority, are often a reason for rumours about potential MyDigiTrade scam. There aren’t many customers testimonials to provide more solid ground to any of the claims. However, you should apply extra caution when investing your hard-earn money.

MyDiGiTrade Pros and Cons Review

Pros:

► Demo account

► Automated copy trade

► Over 500 partner brokers

► Educational materials available

Cons:

► No international regulation

► Poor social interaction features

► Not possible to see the open trades in the account of the strategy provider

Find this MyDiGiTrade review useful? We have more for you. Click here to find the full list of reviews on a wide range of social and copy trading services here.