Myfxbook Review – Reviewing Myfxbook Copy Trader

Myfxbook is a trading community portal where investors can back up advanced traders via the automated copy trading service AutoTrade. This Myfxbook review will cover the website in general with a focus on the AutoTrade service.

Myfxbook Overview

Myfxbook was established as a provider of tracking and analytic tools, especially for Forex Brokers. However, today the company offers a number of services, including an opportunity for traders to exchange information with other users and investors to use an automated copy trading algorithm. Currently, Myfxbook works alongside more than 100 brokers. The company headquarters is in Israel, but it has global coverage and works with partners from around the world.

Myfxbook Customer Experience

At a glance, the Myfxbook website is packed with detailed information on all offered products and service. Our review showed that they aimed to cover all aspects of trading experience, including a section with economic news, calendar and many useful calculators. This is quite impressive, although for complete beginners might be a bit overwhelming amount of information.

The navigation through the website is pretty easy as the dashboard is divided into various tabs and dropdown menus. We will focus our attention on some of the main tools and features of the website.

Charts:

The charts section is set to support the social trading community’s needs and helps novice traders learn how to read the charts and build technical analysis. Charts are divided according to characteristics such as most viewed, most agreed or most followed.

Portfolio:

This section is available for authorised users and enables them to add one or more traders’ accounts and review their portfolio.

Systems:

The Systems section displays all systems available for copying grouped by popularity. There is also a tab that displays all available strategies and their performance.

Auto Trade Service:

This is Myfxbook automated copy trading service. As an investor, you can access it after creating your broker’s account. Still, you can access the service without an account if you try their 30-days demo account.

Starting With Myfxbook

Our Myfxbook review showed that starting with Myfxbook is easy. You can create a new profile or use or existing Facebook or Google account. After your profile is created, you can select a broker to open your account and place an initial deposit.

Myfxbook works alongside more than 40 brokers, so be ready to spend some time scrolling and assessing. Here also comes the big downside on the Myfxbook structure. Due to the many requirements and the fact that you’re getting a live account not directly with them, the process might take up to two weeks.

The minimum deposit for your account is 1000 USD (or the equivalent of the amount in your own currency). This could also be a setback, especially if you are a beginner without much experience.

Myfxbook Review Conclusion

Myfxbook is a well developed forex social trading portal, useful for both traders and investors. It offers a wide range of services, including automatic copy trading. It partners with more than 40 world-renown brokers.

Pros

► Detailed information on all aspects of trading

► Mobile versions with apps for Android and iOS

► Available Demo Account for free no-obligation 30-days trial

Cons

► Long process of opening a live account

► High initial deposit level – 1000 USD