FOREXCOPY SYSTEM by InstaForex

(www.instaforex.com)

• General facts: Owned by InstaForex, the ForexCopy System is one of the last additions to Social Trading Networks; it allows traders to copy orders from professional traders, who are registered with InstaForex ForexCopy System.
• How it works: A trader chooses a daily subscription, and pays a fixed commission per day, but only if any positions are opened during this period. Also, traders are allowed to change parameters of the trading orders (such as Take Profit, Stop loss levels).
• Advantages: by using the Monitoring feature, a trader is able to choose the best Professional Trader for his/her needs, and then subscribe only to the currency pairs he/she is interested in.
• Disadvantages: Only US accounts currently can be registered, also there is a limit for the maximum positions being opened for 1 currency pair.
• Fees: A choice of: commission per deal, commission per .01 lots, or profit sharing with a Professional Trader.
• Comments: the method of selecting Professional Traders to be followed and the option to pay commissions only when the signals are used makes it competitive compared to other Networks.
• Reviews: Both positive and negative, mostly reflect problems with withdrawing.