Mirror Trader is a trading platform which allows traders to follow the strategies and signals of other traders. It's an ideal solution for those who follow the FX markets, but who don't always have the time to determine what and when to trade.
Mirror trading at FXCM highlights which currency pairs are performing best in the current market conditions and sends signals when to enter and exit a trade. It allows traders to take advantage of market movements even when they are at work or asleep.
With Mirror Trader traders can evaluate and build a portfolio of back-tested strategies, or can follow individual signals that support your own trading analysis.
FXCM recommends a balance for a Mirror Trader account of US$10,000 because a higher starting balance provides more flexibility in trading. Because Mirror Trader systems are auto-traded, multiple positions could be opened at any one time. Additionally, each system requires a certain level of capital in order to operate effectively.
The Mirror trading platform at FXCM can be used in a demo account with $50,000 in virtual funds so beginner traders can review the trading strategies and see how automated trading works.
FXCM Mirror Trader has not been available in Japan since 2015 when FXCM announced that it would no longer be supporting Tradency’s Mirror Trader. Mirror Trader is generally considered to be FXCM’s primary copy and social trading platform add-on, but other similar alternatives have become available such as ZuluTrade.
Review info: FXCM
Review Date: 2018-09-16
Rating : 4.5
Reviewed By : Sara Patterson (Google+)