Myfxbook review and test for forex traders and investors
|(5 / 5)||Performance tracking software||MetaTrader 4/5, cTrader, Trade Station||Community, mobile app, calculators|
A financial investment becomes nowadays for evermore humans an attractive alternative to invest its money meaningfully and profit in the best case from it. The number of investment possibilities, which the market offers up-to-date, rises appreciably, and also offerers such as brokers, banks, or other enterprises shoot like mushrooms from the soil. There are many markets that the investor can trade or products in which he can invest.
In order to find the suitable one and to have thus also a success, it is not only important to inform itself in advance about it, but also to be always up to date, so that one can react fast in case of an unexpected change. A market that is very popular for trading is trading with foreign currencies – also called Forex (short: FX). The website “myfxbook.com” is specialized in this field. What exactly it is about, which services the company offers, and our experiences with it are described in more detail in the following field report.
What is Myfxbook.com? – Introduction to the service
Myfxbook Ltd. (All rights reserved) is a company that since its foundation has become one of the most popular tracking and analysis tools, especially for Forex Brokers. On the website, “myfxbook.com” various services are offered and the trader also has the opportunity to exchange information with other users on the platform.
In order to use this tracking tool, the investor must first connect his broker to the platform. Then he has access to an analytical evaluation of his trading account. This allows the user to track, compare, analyze, and share his trading activities with other traders. Currently, more than 100 brokers support the tracking platform of Myfxbook Ltd.
The company is based in Isreal and as it has users all over the world, communication among traders is mainly in English.
Goals of the company
When the company was founded, the founders had a clear idea of what they wanted to create and achieve. They have worked tirelessly to achieve this and Myfxbook has become a highly successful tracking tool in the field of trading. It is also the first social community for Forex traders.
The goal was to create a professional network with the following characteristics:
- Transparent display and monitoring of performance
- Simple learning process
- Help for both beginners and experienced traders
The fact that this goal has been achieved offers the investor many functions. With the professional statistics the user can better understand his trading habits and manual calculations, as well as analyses, are a thing of the past. In addition, the trader has his portfolio and all trades in one place at any time and is able to keep track of and manage them from there.
In the community, the user can not only network and exchange with other traders but also expand his knowledge and learn new things.
Security at Myfxbook
The desire for security is not limited to traders. For the vast majority of people, security in all possible areas is the highest priority, which is why special attention must be paid to it. Not only the investor himself must be protected, but also his data must be protected from fraud or misuse.
Therefore it is to be made certain before registration and thus an indication of the own data that the appropriate enterprise is a respectable and safe offerer. Is Myfxbook one of these? In order to answer this question, we have taken a closer look at the website.
The company Myfxbook also attaches great importance to the security of its customers and their accounts. This can be seen on the one hand from the fact that the trader is not asked for his access data to his trading account or securities account when he registers. These data do not need to be entered in order to create an account with Myfxbook. All that is required to connect the account to the account is a so-called “read-only access” to the trading account.
Secondly, the security of the website is guaranteed by SSL encryption. This can be recognized by two features. On the one hand, by the “https://” at the beginning of the URL and on the other hand by the small lock icon that is displayed next to the Internet address (see picture).
So if you decide to sign up with Myfxbook, one of the most popular analysis tools for Forex Brokers, there is no need to worry and you can be sure that you are in the safe hands of a reputable company.
Offers of Myfxbook.com – What are the options?
Compared to many other companies in this industry, Myfxbook has a strict focus on trading foreign currencies (Forex) and offers its services in this area. In order to use these services, neither a download nor an installation is required. Instead, the interested party or user only needs to register on the Myfxbook website. The option of a quick login is also offered.
Afterward, the trader can use all services and offers of the company completely free of charge. These are financed exclusively by advertising. The offer includes tools and charts, which serve to evaluate its own performance and to analyze the portfolio. Thus relevant data and key figures can be displayed in various illustrations and charts with just a few mouse clicks, which makes investment decisions much easier. These charts include, for example, the average return or the holding period of trade.
The Myfxbook platform also offers the user the opportunity to exchange information with other traders and thus build a network. There he can not only share his own performance, successes, and experiences with others and thus analyze, compare and improve his trading skills, but also view, examine and even copy the results of other users. This process is called auto trade, which will be discussed in more detail in a moment.
Myfxbook is designed to help traders to analyze their own portfolio with professional statistics and to better understand trading decisions. With the innovative dashboard as well as the economic calendar, the trader is always up to date on the latest developments in the forex market. Another reason for the company’s success is the fact that Myfxbook is not only used by private investors and beginners, but also by professional traders and investment advisors who use the platform to demonstrate their performance and trading skills. So it is definitely worth a try.
When browsing through the individual performances of different community members, it can quickly happen that you come across an interesting and successful account that you want to orientate yourself by. To simplify this process, Myfxbook has integrated a useful function – the so-called Copytrade or Autotrade. This makes it easy for users to transfer or use popular systems in their own portfolios.
In order to use this service, registration is necessary. However, if you do not want to create an account, you can also use a demo account for 30 days. If you have found what you are looking for among the many systems or accounts, you can copy it into your portfolio and since the AutoTrader system runs automatically via the Myfxbook servers, new orders are immediately integrated into your account in real-time.
With the Myfxbook Simulator, the investor is supported in choosing an Autotrader by simulating the respective system in real-time. The user can view the individual account balance as well as the desired time period and analyze how the system would have performed with the given data.
Further offer at Myfxbook
To ensure that Myfxbook users are always up-to-date, the company has integrated two features on its website. On the one hand, investors are continuously provided with information via the news tool and on the other hand, the business calendar provides them with an overview of current events relevant to the business world every day.
In addition, the trader also has access to a wide range of different charts. He can choose between new chats and the so-called top charts. These are some of the most popular charts and are divided into the following categories:
- Most Viewed
- Most Agreed
- Most Followed
- Most Commented
- Recently Updated
If the user clicks on the “Market” tab, the rates of various foreign currencies are displayed in real-time. He can not only select by different currency pairs but also determine the time period. He has the following options: 1 minute, 5 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, daily, weekly, and monthly.
Under “Market” the user will find a submenu with 6 additional items. These include Patterns, Volatility, Heat map, Correlation, COT Data, and Liquidity. Patterns” are specific models. For these models, technical analysis is generated in real-time, the results of which are finally presented in the table displayed. The table is updated every 30 seconds so that the user always has the latest data available. A distinction is made between three different trends:
- The bullish pattern for a positive development
- The bearish pattern for a negative development
- Bullish/Bearish/Uncertainty for an uncertain development
Under Volatility, the trader can display the volatility or volatility of a foreign currency either in pips or as a percentage by entering criteria for volatility.
The so-called heat map also illustrates in real-time which are the currently strongest and weakest currencies in a given period. The user can choose between pips and percent. Strong currencies are marked in green, while weak currencies are shown in red.
As the name suggests, Correlation provides information about the correlation of different currencies. The correlation can be a value between -100% and +100%. -100% describes a negative correlation, i.e. the two selected currencies develop in opposite directions. A correlation of +100%, on the other hand, means that both currencies develop in the same direction and thus a positive correlation exists. When specifying the criteria, the user can also determine the time frame.
COT Data stands for Commitments of Traders Data. Here, the so-called CTFC (Commodity Futures Trading Commission) is displayed, which is published weekly on Friday and contains a comprehensive report on different shares of market participants. Basically, there are four different types of traders: The Dealer (Intermediary), the Asset Manager (Institutional), Leveraged Funds, and other reporters.
The liquidity chart provides investors with rough estimates of trading activity in the Forex market in real-time, making it easier to understand and monitor current liquidity. At the same time, higher liquidity usually means better diversification as more transactions are made.
Under “Systems”, the user has the opportunity to view and compare different systems and strategies and filter according to various criteria. In addition to profit and profitability, these include the drawdown, system age, and system type. In addition, the trading type, the platform, the broker, and many other criteria are included. Furthermore, you can view the most popular systems.
The tab “Community” is used for the exchange of all members of Myfxbook. Here the user can, so to speak, enter different “rooms” and join discussions on different topics. The community is very active. So if you have a question, you can simply ask it there and it will most likely be answered within a short time. But this platform is also very suitable if you want to exchange views on specific topics in the field of trading in general.
The following topics can be found here:
- New traders
- Experienced traders
- Trading systems
Under “Brokers”, traders can obviously search for specific brokers. They have the option to select or filter according to various criteria. Among them by broker type, country, regulation, and broker status. In addition, Myfxbook also offered the possibility to participate in competitions and win cash prizes of up to 17,000 euros. These were financed by various sponsors. The competitions were held regularly until mid-2018. Since then, however, no more contests have been listed on the website and there are currently no contests running.
Under “Contributions” you can read the contributions of different members to different topics. These include brokers, expert advisors, signal providers or trading platforms. The website also offers a number of useful calculation tools – the so-called Forex Calculators. The following calculators can be used:
- Fibonacci Calculator
- Margin Calculator
- Pip Calculator
- Pivot Point Calculator
- Position Size Calculator
To provide a better understanding of the individual computers, each of them is briefly explained in the next sections.
Myfxbook Fibonacci Calculator
The Fibonacci calculator calculates the evolution of a value – that is, whether it collapses or increases – based on three values: a high, a low, and a user-defined value. After specifying these values, the user can also determine whether the trend is up or down and receives an appropriate result according to this information.
Myfxbook Margin Calculator
With the margin calculator, the feeder can easily determine the required margin for the respective position. The account currency and currency pair as well as the leverage and the trade size all play a role.
Myfxbook Pip Calculator
The Pip Calculator allows you to calculate the Pip value in various account types – including Standard, Mini, and Micro – based on the trade size.
Myfxbook Pivot Point Calculator
The Pivot Point Calculator calculates four different pivot point types. For each of these types, four levels of resistance or support are given, based on a low, a high, a start, and an end price.
Myfxbook Position Size Calculator
Here the required position size is calculated based on the currency pair, the risk level, and the “stop-loss” in pips.
Conclusion on the Myfxbook.com offer
The high priority of security is not the only thing that makes Myfxbook look good. The range of products and services available also makes a positive impression. In addition to real-time quotes, the trader has access to a comprehensive range of charts and analysis tools, such as “Patterns”, “Volatility” and “COT Data”. This makes decisions easier and gives the investor a better understanding of this area.
In addition, the platform offers the opportunity to network and exchange information with other traders in order to get answers to questions or simply interesting information. You can also make your own performance public and observe and analyze the success of other traders. With the Myfxbook Autotrade function, you can even copy interesting systems directly into your portfolio. For the success of the Internet, side speaks in addition that Myfxbook is used also by professional Trader and investment advisors.
Myfxbook trading platform test and review
The Myfxbook platform is available free of charge and can be easily used at any time via the website. All you need to do is register and no download or installation is necessary. The investor must then connect his securities account, which he has with his broker, to the Myfxbook platform and the services can be used. The following trading platforms are currently supported:
- MetaTrader 4
- MetaTrader 5
- fxTrade / fxTrade Practice
- FXCM Trading Station
- Strategy Trader
Myfxbook as Mobile App
Nowadays people are more and more often busy. If they don’t even have time to drink their coffee in peace, but take it with them in a to-go cup, they certainly have even less time to sit down and look at their depot and current developments in peace. Instead, the trend is going in another direction.
Busy people are often on the move. It is a relief for them if they are not always tied to one place to do something, but can do it from on the road. Accordingly, there is hardly anything nowadays that is not suitable for this. So does Myfxbook.
In order to keep an eye on their depot and all the important charts on their way to work, sports, or shopping, Myfxbook has developed a mobile app that users can take with them on their smartphone at all times. It is available free of charge in the Google Play Store for Android devices and in the App Store for Apple devices such as iPhone or iPad.
With 4.4 and 4.6 stars, respectively, the app can also enjoy pretty good ratings. Here the trader has a number of interesting functions and features at his disposal, which should make trading with securities easier. These include the following:
- Real-time Forex Calendar
- Overview of own and other observed portfolios
- Real-time data for more than 60 foreign currencies (Forex)
- Real-time Forex News
- A series of computers
- Live price notifications
- Live Forex charts with technical analysis
- and much more …
The app has already been downloaded more than 1 million times in the Google Play Store alone, which again speaks for the success of the company.
Customer service and support
In the search for a suitable tracking tool for your own depot, however, it is not only the range of products and services available that is relevant. In addition to security, the various platforms that are supported, and the availability of a mobile app, customer service, and support play an important role. After all, it is essential to have quick answers and reliable service at your side when urgent questions arise.
The company’s support is more or less satisfactory. On the one hand, Myfxbook scores only mediocre to poor in terms of company accessibility. The reason for this is that apart from a contact form and a relatively extensive FAQ section, no further contact information can be found. Neither a telephone number nor an e-mail address is listed on the website.
On the other hand, the user can easily get rid of his questions in the community, where they will certainly be answered very quickly by the active network of dealers. The fact that there is an area on the website specifically for member exchanges replaces customer service, so to speak.
Conclusion about the Myfxbook experience: Good software for tracking your investments
Myfxbook Ltd. is the first social community in the field of trading and has developed into one of the best-known analysis tools since its foundation – and not without reason. By its transparent representation of the own performance by means of Charts and further analyses, the trader the information procurement is facilitated. Furthermore, the understanding of developments and decisions is sharpened and the trading account is documented. Thus the investor has access to it even later.
Although all this can also be recorded and calculated manually, the available functions not only save the Myfxbook customer time but also nerves. The fact that the trader can communicate with other users online more or less replaces the missing customer service and the learning process is simplified. The Copytrade or Myfxbook Autotrade function also makes it easy to apply interesting and promising systems to one’s own portfolio.
Myfxbook currently supports a number of trading platforms and is also available free of charge as a mobile app for both Android and Apple devices. This gives the user the flexibility to keep an eye on his charts while on the move. Myfxbook is suitable for both beginners and old hands and is even used by professional traders. Overall, my experience with the company has been positive. Myfxbook is an extremely practical tool for analyzing and documenting your own performance, while at the same time giving you the opportunity to exchange information with a large number of members in the network.
Myfxbook.com is a secure platform for everyone who wants to track the performance of its own forex trading account. (5 / 5)