IC Markets Copy Trading – Following Traders And Copying Their Strategies
IC Markets describes itself as a ‘True ECN’ broker. If offers high speed order execution without restricting trading styles. Thus IC Markets can be suited to traders who use automated trading strategies (online trading robots). However IC Markets can be used by all traders, including those who make their own trading decisions. It offers MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader.
Some traders though may want to copy the trades of other traders, for example to let more experienced traders trade for them, or simply to use this strategy. When copy trading, the trader typically follows a strategy or system designed by another trader. This allows the trades of the system to be copied directly into the trader’s own account.
If the system performs well, then the trader’s copied trades will perform well but conversely if the system performs badly, the copied trades will perform badly as well. For this reason, the trader may wish to view copy trading as part of a toolbox of techniques to trade complex markets. The advantage of performing analysis and executing trades means that the trader has a measure of control over the trades, depending on how they use and implement trading rules.
When using a robot to trade on their behalf, the trader gives control to the trader, but the robot is implementing rules explicitly or implicitly chosen by the trader. For this reason, the trader may wish to understand what it is a robot is doing and why, and even program them (which is possible at IC Markets). For example, the trader could choose or proram an MT4 EA (robot) to implement a strategy the trader has being using, but which they wish to use at a time inconvenient for them, or at a frequency that they may find hard to maintain.
For those who want to copy the trades of others, IC Markets does in fact support copy trading. It offers firstly Myfxbook Auto Trade. This allows traders to copy trades onto their IC Markets’s MT4 account. To use it, the trader connects their account with Auto Trade and then chooses a strategy to follow. The systems to follow are hand picked and the best performing systems are shown.
IC Markets also supports ZuluTrade. ZuluTrade has many traders and ranks them. The trader follows a particular strategy (based for example on performance results and other factors) and the trades are copied into the traders account. Because a traders or system or strategy performed well in the past, does not mean it will continue to perform well in the future.
To use either or both AutoTrade and ZuluTrade, the trader can first sign up with IC Markets via the link below. Then they can follow instructions to add AutoTrade and ZuluTrade if they wish to do so. Signing up with IC Markets gives the trader access to MT4, MT4 and cTrader, and 1750+ markets to trade (on MT5).
What does copy trading mean?
Copy trading is an area of social trading . Using social trading platforms, the investors and beginners of the financial markets can copy the traders of successful traders from all across the world. The traders make all trading decisions, while the investors, following a subscription, receive trading signals from them, which are copied on the trading account automatically or manually.Copy trading solves several issues of the novice traders:
- 1It provides faster entry to the financial markets without spending a lot of time on learning;
- 2The earnings can potentially be at the level of the most successful traders of the platform;
- 3Comparatively low entry threshold on the majority of social trading platforms.
Naturally, copy trading also has some drawbacks. The thing is that excellent results of managing traders in the past do not guarantee the same outcomes in the future. Just as any investment service, copy trading on IC Markets involves the risk of loss.
Pros and cons IC Markets copy
Partnership with two major copy trading signal providers
Minimum deposit at $200
Wide selection of trading instruments
Regulation in Australia and EU
Trading results of the traders in the past do not guarantee the same outcome in the future
1.5 pips markup to the spread
The service is available only on the Standard account
Getting started with IC Markets copy trading?
IC Markets is a broker in the category of those who do not have a proprietary copy trading platform, which is why the broker has partnered with the top social trading platform providers ZuluTrade and MyFxBook Autotrade. We will review ZuluTrade on IC Markets in more detail, show how to search for signal providers, copy trades and also discuss the main trading conditions.In order to start working with ZuluTrade Platform on IC Markets, you need to take the following steps:
- 1Register on ZuluTrade Platform;
- 2Open an account on IC Markets and wait for your documents to be verified;
- 3Request a document from the broker, confirming that you allow to connect your account to ZuluTrade software and agree to trading conditions. The guidelines on further actions are attached to it as well.
Copy trading on demo account
You can learn to copy trades in a demo mode on ZuluTrade by going through a simple registration. You will instantly receive virtual $100,000 to try to search for and copy traders. If you are happy with the results, you will need to open a live account on ZuluTrade and link your IC Markets account to it.