5 best forex brokers & platforms for MyFXBook in comparison
Table of Contents
See the list of the 5 best Forex Brokers for MyFXBook:
Broker: | Review: | Demo: | Regulation: | Assets: | Advantages: | Open account: |
|---|---|---|---|---|---|---|
1. Vantage Markets  | Free and unlimited demo account | CIMA, ASIC | 300+ (40+ currency pairs) | + Fast execution + MT4 & MT5 + Low trading fees + No hidden costs + Free bonus + Multi-regulated | Live account from $200(Risk warning: Your capital can be at risk) | |
2. RoboForex  | Free and unlimited demo account | IFSC | 9000+ (36+ currency pairs) | + Many awards + Huge diversity + Many account types + 1:2000 Leverage + Bonus program + Low spreads + Low commissions + 9,000+ assets | Live account from $10(Risk warning: Your capital can be at risk) | |
3. Pepperstone  | Free and unlimited demo account | FCA, ASIC, CySEC, BaFin, DFSA, SCB, CMA | 180+ (60+ currency pairs) | + Authorized broker + Multi-regulated + 24/5 support + Low spreads + Leverage up to 1:500 | Live account from $200(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs) | |
4. FxPro  | Free and unlimited demo account | FCA, CySEC, FSCA, SCB | 250+ (70+ currency pairs) | + Multi-regulated + User-friendly + Mobile trading + Competitive spreads + Free demo account | Live account from $100(Risk warning: Your capital can be at risk) | |
5. XM Forex  | Free and unlimited demo account | IFSC, CySEC, ASIC | 1,000+ (55+ currency pairs) | + Cheap trading fees + No hidden costs + Regulated and safe + International trading + 1000+ assets | Live account from $5(Risk warning: 75.59% of retail CFD accounts lose) |
(5 / 5)
(4.8 / 5)
(4.9 / 5)As a forex trader, you need many kinds of tools to trade successfully and with ease. You need the appropriate calculators to compute lot size amounts, stop-outs, profits, etc. You also need trade journals to record your orders, programs to test indicators, and so forth. A single tool that combines all these functions for you would be helpful. There are many of these forex activity monitoring services. But in this guide, we will discuss the FX book and its features.
We should mention that not all forex brokers offer MyFxbook service.
We present to you five of our best forex brokers with MyFxbook below:
1. Vantage Markets
2. RoboForex
3. Pepperstone
4. FxPro
5. XM
Let’s give you a brief overview of these brokers offering to help you make the best choice.
List of the 5 best forex brokers for MyFXBook in comparison:
1. Vantage Markets
Overview:
- Established – 2009
- Regulations – ASIC, FCA, VFSC
- Minimum deposit – $200
- Assets – 45+ forex pairs, CFDs.
- Leverage – 1:30
- Support – 24 hours
- Platform – Mt4 and Mt5.
- Deposit methods – Visa, Mastercard, Skrill, UnionPay, Neteller, Wire transfer.
Vantage Markets is a multinational broker established in Australia in 2009. The company is licensed by the Australia Securities and Investments Comm ASIC and the Financial Conduct Authority FCA. It is also registered with the Cayman Islands Monetary Authority CIMA. Therefore its offerings for different regions differ.
One of the broker’s social trading services is offered through MyFxbook. This broker has different account options, and the minimum deposit for the standard account is $200. But using MyFxbook copy trading on the Vantage markets platform requires a $1000 minimum deposit.
Benefits of trading with Vantage Markets.
I. Vantage markets is a full ECN broker, offering tight spreads and low commission fees.
II. Clients’ funds and personal data are safe due to strict regulatory policies that the broker adheres to.
III. Enjoy speedy executions with no slippage or requotes while trading with this broker.
IV. Support service is available 24-hours to resolve any complaints you might have while trading.
V. Simple and various deposit and withdrawal options available to help you trade with ease.
VI. The broker offers negative balance protection. So no matter how bad the trade, you can never lose more than your capital.
(Risk warning: Your capital can be at risk)
2. RoboForex
Overview:
- Established – 2009
- Regulations – CySEC, IFSC.
- Minimum deposit – $10
- Assets – 40 forex pairs, stock CFDs, indices, ETFs.
- Leverage – 1:2000
- Support – 24 hours a day
- Platforms – Mt4, Mt5, cTrader, RTrader.
- Deposit methods – Webpay, Unionpay, Skrill, Bank transfer, Neteller, Credit card, debit card.
RoboForex is a reputable broker, offering its service to millions of traders globally since 2009.
This broker is a low-priced genuine one that offers quality brokerage service. Enjoy MyFxbook service on the broker’s Mt4 platform, where you can connect with other traders and gain access to quality tools to enrich your trading experience.
The broker offers bonuses, and rebates, and organizes contests between traders. You can participate in the forex trading contests and win additional funds credited to your account for trading.
(Risk Warning: Your capital can be at risk)
Benefits of trading with Roboforex
I. Enjoy attractive bonus offer when you register, and rebates when you trade actively.
II. Roboforex provides negative balance protection and offers leverage up to 1:2000.
III. One of the best brokers online with low fees.
IV. Social trading is available. Gain access to MyFxbook with all its productive features.
(Risk Warning: Your capital can be at risk)
3. Pepperstone
Overview:
- Established – 2010
- Regulations – ASIC, BaFIN, FCA, CySEC, CMA.
- Minimum deposit – $200
- Assets – 70+ forex pairs, cryptocurrencies, metals, indices.
- Leverage – 1:500
- Support – 24-5
- Platforms – Mt4, Mt5, cTrader
- Deposit methods – Paypal, Skrill, Neteller, Mastercard, Visa, Bank transfer.
Pepperstone is a well-known brokerage firm offering forex and CFD trading worldwide. The broker has won multiple awards for its exceptional trading conditions that including outstanding support services and competitive fees.
Traders have the option to trade with its Mt4, Mt5, or cTrader. All of these platforms give you access to MyFxbook, where you can enjoy lots of features and tools, including copy trading.
Its account types are suitable for both beginners and experienced traders. Traders can enjoy low commission fees and tight spreads, especially on the razor account. Both accounts allow social trading, giving you access to MyFxbook.
Benefits of trading with Pepperstone.
I. The broker provides special add-ons on its Metatrader and cTrader platforms to boost traders’ experience.
II. Traders have a wide variety of assets to trade.
III. Active traders get rebates, which greatly reduces their trading costs.
IV. Pepperstone is a well-regulated broker offering competitive spreads and commissions.
(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
4. FxPro
Overview:
- Founded – 2006
- Regulations – CySEC, FSCA, FCA, SCB.
- Minimum deposit – $100
- Asset – 70+ forex pairs, cryptocurrencies, commodities and stocks CFDs.
- Leverage – 1:500
- Support – 24-hours
- Platforms – Mt4, Mt5, cTrader.
- Deposit methods – Bank wire, Paypal, Unionpay, Neteller, Skrill.
FxPro is among the market-leading forex brokerage firms, offering several execution methods and account types. Since its creation in 2006, the broker has steadily grown and is now present in 170 countries. The broker caters to both retail and institutional and has won several awards for its outstanding trading platforms. MyFxbook is among the trading tools that the broker offers.
This allows traders to track their performances, connect with other traders, and use the auto trading service provided by the platform.
The broker allows all trading styles, including scalping and spike trading. Traders enjoy access to economic calendars, market reviews on a daily basis, and helpful technical analysis.
Benefits of trading with FxPro
I. FXPro account opening process is fast and straightforward.
II. The broker’s support service is among the best in the market.
III. Traders have the option to choose between floating and fixed spreads
IV. Requotes are almost non-existent while trading with this broker.
(Risk warning: 72.87% of CFD accounts lose money)
5. XM
Summary of XM:
- Year founded – 2009
- Licenses – ASIC, CySEC, IFSC
- Minimum deposit – $5
- Assets – 57 forex pairs, stock CFDs, indices, and commodity CFDs.
- Leverage – up to 1:888
- Support – 24 hours
- Platforms – Mt4, Mt5, XM web trader.
- Deposit methods – Bank transfer, credit card, debit card, Neteller, Skrill.
XM was established in Australia in 2009 and has now expanded its services to include clients in 196 countries.
The broker is one of the acclaimed brokers in the industry, providing traders with a wide selection of instruments to trade.
The account types offered here are both suitable for beginners and long-time traders. The broker is well-regulated and offers its services at competitive spreads and commissions.
The broker uses only MetaTrader and offers quality research and educational content. Traders can also access social trading through MyFxbook available with the broker.
(Risk warning: 75.59% of retail CFD accounts lose)
Benefits of XM
I. A wide selection of forex pairs and CFDs are available for traders to choose from.
II. Traders have access to helpful tools, such as Autochartist and MyFxbook.
III. Outstanding educational content, including live recordings and video content.
IV. The broker offers copy trading and traders have the option between Mt4 and MyFxbook’s auto-trading functionality.
(Risk warning: 75.59% of retail CFD accounts lose)
What is MyFxbook?
MyFxbook is a trading tool that forex traders used for monitoring their activities and analyzing the market. Since its creation in August 2009, the company has grown famous among forex traders. The website also provides a community where traders meet, connect, and talk about the market.
Traders who use this tool first have to connect their brokerage account to the website. They gain access to a community of traders where they can share their activities and see others with this. It then allows them to evaluate their trading account, compare it with other traders’, and perform analysis.
MyFxbook provides beginners and experienced traders the avenue to get help and information to boost their skills. They keep track of their performance, and through this, users can understand their trading habits.
MyFxbook objective and features
Unlike other similar tools in the market, MyFxbook is strictly focused on Forex.
Users can access the service by visiting their website and creating an account within minutes. Its services are free to use. The company depends on ads for its income.
Users get access to tools, including charts, calculators, and economic calendars. These tools help in assessing performance and analyzing the market.
Users can also connect with other traders to discuss ideas and the market on the platform. Novice traders can learn and copy strategies from knowledgeable ones.
The economic calendar keeps the user updated on world economic information and news, helping them make better trading decisions.
MyFxbook Autotrading is also available for users.
The function allows users to imitate the trading strategies of other members that are doing well. Traders can try out interesting strategies in the platform’s demo account.
The charts on the platform are displayed in different categories to help find what they want with ease. The categories are:
- Most viewed
- Most followed
- Most commented
- Recently updated
- Most agreed
The community tab also has topics categorized according to users’ interests. On this tab, you will find topics such as:
- Strategies
- General topic
- New traders
- Experienced traders
- Suggestions
- Competition
- Patterns
- Trading systems
You can take part in the community discussions that interest you by clicking on your preference.
How to connect your forex broker with my MyFxbook
All the brokers mentioned here offer their services on the Metatrader or cTrader platform.
To use my MyFxbook, you need first connect the account to your broker’s trading platform.
Follow the steps below to link both accounts and enjoy MyFxbook tools:
1. Sign in to MyFxbook
If you haven’t created the account, you can do so within minutes by visiting the MyFxbook website.
Then log into your account once it is set up.
2. Add your brokerage account
On the MyFxbook dashboard, click on portfolio. On the right lower part of the portfolio page, select ADD ACCOUNT. A dropdown appears for you to select the appropriate platform that your brokerage account operates on. For example, there’s Metatrader 4 and 5, cTrader, and so forth.
Once you choose the accurate platform, a page appears for you to fill in details, such as the Broker’s name, Server or account type, and an investor password.
Enter the correct details and click on CREATE ACCOUNT.
3. Gain access to your linked account.
On the page that appears, click on TAKE ME TO MY ACCOUNT. MyFxbook dashboard appears and your broker account is connected.
Under the Statistics tab, on the left side of the dashboard, you’ll the Gains option. This is where you can evaluate your performance, as it measures the performance of the funds you invested from the moment the account was created.
Below it, you’ll see Absolute gains. This shows you the percentage of profit you have earned for all your deposits since the account was created.
Among these options, you will also see the Monthly and daily gains.
Every trade you carry out on the broker’s platform will appear on the MyFxbook page.
As we have mentioned, the community tab allows traders and investors to connect. They can discuss strategies, and inexperienced traders can ask questions.
How to use the MetaTrader to track your performance:
Once your broker platform (Metatrader) is linked to MyFxbook, you can analyze an account and evaluate performance.
Here’s how to do it:
1. Click on the community tab
2. Select strategies and choose any strategy
3. The general information section contains the type of account, the broker, the analysis type, the leverage, and the trading platform.
4. Under Statistics, you will find information on your performance. Information such as gains, balance, equity, profit, and tracking will all be displayed here for your perusal.
Gains: This option shows you the total profit so far in percentage, regardless of withdrawals and reinvestments.
Balance: This is the number of funds you have in your account.
Withdrawals: The number of funds you have taken out of the account to date.
Profit: This means the total funds you earned from positions that are closed.
Advantages and disadvantages of MyFxbook:
MyFxbook is still a new tool compared to others in the market like it. The platform is still being perfected. Though it offers clients many benefits at this time, there are some drawbacks too. We will briefly examine both sides below.
Advantages:
1. Access to its tools is free
MyFxbook is one of the few of its kind that offers all its features for free. Traders of any level can register and use the tools at no cost. There are no subscription fees and no advanced versions. You only need to choose a broker that supports the service, and you’ll have access to its calculators, the community, the calendars, etc.
2. Track your trading performance.
One of the major purposes of the software is to help users keep track of their performance. The platform provides a comprehensive tool that stores activities and helps users evaluate themselves. The company is one of the very few ones offering this service.
3. Autotrading is available for inexperienced traders.
Users can connect with experienced traders, and choose successful ones to copy their trading style and strategy. This type of trade is also called auto trading. It is a great way to learn and develop your trading skills.
Disadvantages:
1. The site is susceptible to fraudsters.
There is a detailed guide on how to upload fake statistics to MyFxbook on the internet. The guide includes articulate details on the required software and how to write the codes of these fake statistics. Users may have reasons to doubt the information they get on the MyFxbook portal as there is no way to determine the validity of the Statistics shown on their dashboard.
2. MyFxbook has no storage for account history.
Once you link your brokerage account to MyFxbook, you’ll start seeing all your activities. The platform displays the broker’s account history and does not have its own records. This means delinking that broker account would wipe off your trading history from MyFxbook.
3. Faulty language function.
Users have complained that they are not able to switch to another language from English. English is the platform’s default language and it is difficult to change to another.
How to spot a fake MyFxbook account
As MyFxbook is a free service for traders and investors, scammers find their way into the system to try to dupe others.
They use techniques like generating fake back-testing reports or trading on a demo account. MyFxbook identifies and blocks these fraudsters from the platform. But it is safe to be aware of their tricks and know-how to identify them just in case.
Once you click on Community, then Strategies, select your preferred strategy. Then look out for the following:
1. A green checker with the text “track record verified.” This indicates that the information provided is consistent with the broker’s record. All activities are valid on the broker’s side, and the account is a live or demo account. Not a scam.
2. A green checker below the first one showing “trading privileges verified”
This indicates that the account belongs to a real person and it also prevents others from using the account. There have been cases of scammers using other people’s accounts to sell strategies or make a statement. MyFxbook prevents such fraud by confirming that the account holder and the one who monitors the account are the same people.
3. Check the account age.
An account with a long history is very likely to be genuine, compared to a few weeks or months old accounts. It is difficult to fake good trading skills for a whole year or two. So an account older than a year likely belongs to a trader who is building their skills and experience in the trade.
4. Check the tracking update.
That means the last time the account was monitored. It should be recent, not months or weeks ago.
Final thoughts
MyFxbook is definitely a helpful trading tool for both new and existing forex traders. It is one of its kind because it focuses on forex. It comes with several calculators to simplify your computing. Economic calendars are embedded to help you stay up to date on relevant news. In addition, you get to connect with other forex traders, have your questions answered or share your ideas, and learn new things about trading. It presents an avenue for you to develop your trading skills and grow into a successful investor.
One can overlook its few drawbacks once you consider all the benefits and features it offers.
The company is still growing and the software keeps improving. Therefore, it is worth testing, especially since it’s a free service. Remember to confirm if the broker supports MyFxbook. The ones we reviewed briefly in this article all do.
We recommend you take safety precautions by looking out for fraudsters as we have explained. Avoid sharing your personal information with strangers, and confirm the validity of any account before copying strategies.
As long as you remember these safety precautions, and are aware of its few flaws, the platform is worth a test.
FAQ – The most asked questions about Forex Brokers for MyFXBook :
What is MyFxbook auto trade?
MyFxbook auto trade is a function that allows users to imitate the strategies and trading moves of successful traders.
Users can enjoy this feature for free by creating an account with MyFxbook and signing up with a broker that supports MyFxbook services.
What is MyFxbook used for?
MyFxbook provides a community for forex traders to connect. They can also link their forex accounts to the platform.
It comes with helpful tools for traders to keep track of their activities, assesses their performance, and grow their trading skills.
Does MyFxbook cost money?
MyFxbook is completely free for traders of all levels.
To enjoy all the features, you only need to create an account and connect your broker accounts to MyFxbook.
Is signal copying from MyFxbook profitable?
While professionals provide profitable signals to copy, there are learners and scammers posing as professional traders on MyFXbook. Many traders lost money to signal-copying on social trading platforms when it first became popular. Traders should be mindful of this and endeavor to spend time learning the trade. Signal-copying should be done with caution. Traders should also research different strategies and test them in a low-risk environment.
What is MyFxbook in a forex broker?
Forex traders utilized MyFxbook as a trading tool to keep track of their transactions and study the market. The company has gained popularity among forex traders since it was founded in August 2009. The website offers a community where traders may interact, meet, and discuss the market.
Before using this tool, traders must first link their brokerage account to the website. They acquire entry to a trading community where they can discuss their activity and interact with other traders.
Should I pay money to use MyFxbook as a forex broker?
MyFxbook is free for all traders of all skill levels. You only need to sign up and link your forex broker accounts to MyFxbook to take advantage of all the features offered.
How can I identify a fake MyFxbook account?
As mentioned earlier, MyFxbook offers free services to investors and traders, so everyone must check whether the account is genuine. For that, go to the community tab, click on your desired strategy in the available list, and check for the options below.
1. If you notice a green checker with the text “track record verified”, it means the information about the broker is valid, and the account is either live or a demo one.
2. If you notice a green checker below the first text, “trading privileges verified,” it means the real person is using the account.
3. Also, check the age of the account.
4. Check the status of the recent trading.
Last Updated on January 27, 2023 by Arkady Müller
