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ZuluTrade is not your usual Forex broker. It is a hybrid Forex Signal Provider and managed account network that facilitates the trade signals of the world’s best traders and automatically executes them in your personal broker account for free.
ZuluTrade.com is part of ZuluTrade Inc., a financial services company, headquartered in New York City, with its main operations based in Cyprus and offices in Hong Kong, Shanghai and Athens, Greece. Founded in 2007, it bridges the gap between valuable information in money markets and trade execution by converting the advice of some of the most professional and talented traders globally to a rapidly executed trade.
Minimum Deposit: $500 for Mini
Languages: 26 different languages
Before going into more detail, I want to point out that while doing the ZuluTrade review, I clicked on the ‘user guide’ tab and was pleased to find a user-friendly delineated table of contents that covered every topic you could possibly need to know. A click on any one of the items brought me immediately to the subject at hand which was then explained in a straight forward, informative manner.
How does it Work?
Here’s how ZuluTrade works: A Signal Provider is a ZuluTrade user, who trades either on a Demo or Live account. While this is taking place, ZuluTrade publishes his/her results and statistics publicly through the website. Each trading action performed in the provider’s account is sent to all ZuluTrade Demo and Live accounts in the form of a broadcast signal.
If a Signal Provider is recommending profitable trades, then more and more Zulutraders will add him in their portfolio. For every trade generated in a live account, ZuluTrade pays Signal Providers half a pip per lot. Half a pip usually varies due to currency fluctuations, but the weighted average could be around 4 dollars per trade per standard lot.
The ZuluTrade patented technology services two types of traders at the same time. Professional traders who want to prove their trading systems and build a client base will continue to monitor the market and place their trades in the standard manner. But it offers automatic trading for the trader who wants to be able to trade and sleep at the same time.
The service is free to the end user but ZuluTrade generates revenue by getting rebates from the handful of brokers that use their system and then shares those rebates with the Signal Providers. More and more brokers, including FXCM, iTradeFX, Avafx, and Forex.com have begun using the ZuluTrade auto-trading system.
An interesting feature is ZuluGuard™which is an account protection feature that monitors each trader's behavior and automatically removes a bad trader when a radical trading strategy is detected
The easiest way to use ZuluTrade is to first open an account with a broker who uses the ZuluTrade system, such as AVAFX, and then open an account with Zulutrade.com. Since ZuluTrade has no affiliation with these Signal Providers, anyone can become a Signal Provider with them. The end user can research and choose among hundreds of providers before deciding which Signal Provider has the best performance record, profit record, draw down risk, and percentage of winning trades. This performance track record is updated daily. Accounts can be opened in USD, JPY, EUR, GBP and AUD.
Setting up an account with ZuluTrade is quite easy. You can register online in no time at all and choose between a standard account and a mini account. ZuluTrade allows for up to 10 Signal Provider accounts with the same email address. Signal Providers’ performance is constantly ranked by ZuluTrade's ZuluRank algorithm and the ZuluTrade community, so that only the best Signal Providers appear on the top of their lists.
Signal Providers can place trades through the following ways:
The ZuluTrade Platform comes with a built-in web platform located at the ‘Trade’ tab; it is possible to open market trades, pending orders, and set Stop and Limit values by clicking on the relevant currency pair.
ZuluTrading API allows Signal Providers to manually open, manage and close trades. They can also configure their own algorithm instead of logging in to the Signal Provider account. A comprehensive step-by-step guide is provided for setting up the ZuluTrading API.
It is possible to link an external live or demo MetaTrader4 platform to a Signal Provider account. In this case the Signal Provider account becomes read-only and any trading activity that takes place in the MT4 account is copied over to the ZuluTrade account. The list of brokers compatible with Signal Provider accounts can be found in the Settings tab of the Signal Provider account or by contacting Support.
ZuluTrade offers providers the chance to host their trading strategy for free via ZuluTrade’s VPS service which is available only for Signal Providers trading via MT4 terminals.
An interesting feature I have yet to encounter with any other broker is that the ZuluTrade’s website can operate in two modes: Simple and Advanced. The Simple mode provides all information a novice user needs in order to Autotrade his account while the Advanced mode provides additional controls for the more experienced traders. Switching between the two modes is simple.
ZuluTrade offer traders use of their TradeWall service which allows you to see how other traders are trading at ZuluTrade. ZuluTrade’s economic calendar is comprehensive and clear and lists events happening around the world.
Multilingual Live Chat is available 24 hours a day, 7 days a week. There is also email support and phone support to 10 different countries.
All in all, I found ZuluTrade.com to be user-friendly, informative and easily navigated.