Are you a NordFX user or planning to register with the broker soon? We have great news for you! You can now copy trades on the platform to earn passive income. Keep reading this article to learn how the NordFx copy trading service works.
NordFX Copy Trading
NordFX lets users analyze the traders’ performance before copying their strategies. On the signal providers’ profiles, you will be able to view important data such as the age of the trader’s account, current equity balance, and their win rate. Also, the traders display their commission and the recommended investment amount. Here are the three sections you can find on a trader’s profile:
When you visit a strategy provider’s profile, click the “Return” button to access the trader’s return on investment (ROI) statistics. The ROI is displayed in various periods such as one year, six months, all time, one month, seven days, and 24 hours. What’s more, you can choose to display the ROI data in the form of a diagram.
You can find more trading statistics of the strategy provider by clicking the “Trading” button. The following details will show: maximum daily loss, maximum daily profit, maximum drawdown, maximum profit, absolute gain, average daily profit, average daily loss, sharpe ratio, downside deviation, average geometric return, the geometric standard deviation of return, and recovery factor.
When you press the “Equity” button on the trader’s profile, you will see the capital they are holding and the returns realized.
That said, we believe NordFX provides sufficient information to help copy traders make an informed decision.
How to Find the Right Trader on the NordFX Copy Trading Platform
On the NordFX copy trading platform, there is a list of strategy providers ranked based on their monthly returns. The broker’s search feature makes it easy for you to find your ideal signal provider. It lets you use search parameters like maximum drawdown, the commission size, the number of subscribers, trader’s capital, and profit percentage for a certain period. It is worth mentioning that NordFx does not let users search strategy providers by their names.
How Do You Start Copying Trades on NordFX?
You need a NordFX live account to start copying trades. Setting up this account is super easy. Simply go to NordFX.com and click “Open an Account.” Next, enter your email and create a unique password. After verifying the email, NordFX will give you access to your new account. However, the broker will require you to verify your identity to fund the account. Your verification details will be reviewed within two business days.
Upon receiving approval from NordFX, deposit funds into your account to begin replicating trades. So, how do you access the broker’s copy trading platform? Go to “Investment Products” and then choose “Copy Trading.” You will be directed to a list of strategy providers. Use the search parameters mentioned earlier to find your ideal lead trader.
Once you find the trader you want to copy, it is time to select a copy mode. There are four modes available, including fixed lots, exact copy, autoscale to free margin, and autoscale to equity.
Also, you can set the maximum and minimum lot size. After that, enter the required investment amount and click “Copy.” The copied trader’s trades will now start appearing on your account.
Managing Your Subscriptions
Any trader you copy can be found in your “Subscriptions.” This section displays the traders’ basic information. If you no longer want to copy a particular trader, click the “Unsubscribe” button.
Creating Your Signals
Besides copying other traders, you can create your own trading signals if you gain trading experience. To do this, click “My Signal” on your dashboard and then “Add Signal.” Next, enter details such as minimum investment amount, commission, your nickname, and leverage. After creating your profile, start opening trades for NordFX users to notice you.
Is NordFX Safe?
NordFX is a regulated broker. Its operations are overseen by Cyprus and Vanuatu financial regulators.