OctaFX social trading: How to copy other traders – Review & tutorial

Trading can be among the most challenging activities you can ever pursue. It can give you the chills and excitement that no other activity can provide. Perhaps that is why it is often associated with gambling and betting. They can give you the feeling of being on top of the world and get you in despair at the next moment. But, we must understand that the main reason for happiness in all such activities is the money that comes in. 

We cannot ignore that making money is a need for everyone, no matter how much they deny it. You cannot defy the needs that only money can solve. So, people are often searching for a way to grow their wealth rapidly. Sometimes, they even get desperate and end up leading on the wrong path.

But, if you are ambitious in increasing your wealth, you can find no other way better than trading. It has been around humans for ages, and we have been trading as a means of survival for the past couple of centuries. Currently, it is the fastest way to multiply your assets and increase wealth. You only need to make smart trading choices, which will rapidly get you the returns in profits. 

It is not hidden anymore that online trading is the future of all trading methods. You can trade in multiple assets in numerous markets while sitting on your couch. However, online trading is incomplete without the involvement of a trading broker. So, it would be best to find a reliable broker that can help win trades. 

Therefore, OctaFX comes as a solution to that problem. You can end the search for a broker with it.

OctaFX is a low-cost broker that offers trading opportunities in various markets. The assets offered can range from CFDs to currencies. However, it holds the title of the best Forex broker in Asia for 2021. So, there cannot be a better choice other than OctaFX, especially for forex trading. 

It was Founded in 2011 and is regulated by authorities such as CySEC. So, a trader can use its services without any fear of an illegal scam. It also maintains an array of well-organized research and trading ideas. You can get daily updates and weekly forecasts for all trading needs. Moreover, third-party content is also available with this broker. 

However, the most attractive feature of OctaFX is that it offers a new proprietary platform for social or copy-trading. Since online trading can be challenging for a new trader, it can be a lifesaver. Social trading and copy trading are effective methods to minimize trading risks. So, let us first understand what they convey and then look into how we can use them with OctaFX.

What does Social Trading signify?

Understanding social trading is as simple as its name suggests. It signifies a remarkable method that enables the users to trade with social elements. Traders can share trade information with other members through a virtual community in real-time. That allows them to get the upper hand over the conventional traders who have limited access.

Social trading introduces a new and smart way of trading that instantly allows traders to access various markets. They can get various market information directly through the internet.

Social trading varies from other trading techniques, such as fundamental and technical analysis. 

That happens because the other users only generate the information in social trading. In contrast to fundamental and technical analysis methods, wherein; the trader has to conduct them to get the relevant results. 

Therefore, social trading allows the new traders to trade without conducting the analyses themselves. 

Social trading provides the opportunity for the traders to interact with others, watch them place trades, and duplicate their trades. They can learn the reason for the top performer to make a particular trade while monitoring their moves. Hence, traders get a better understanding of the whole process of trading. Moreover, it is not limited to any one market or asset, so traders across the globe can utilize this method equally.

Using social trading, the investors and traders can integrate various social indicators. They can get them from the trading data feeds of other traders. Therefore, we can see many brokers don’t miss out on offering such a process through their social trading platforms. It forms the foundation of social networking services by brokerages.

If a trader uses social trading, she can base the investment decisions on the assessments coming from other traders. Therefore, we can view it as a way of sharing trading knowledge. With its help, a trader can seek or assist others in the same trading discipline. As a result, it can be most beneficial for novice traders who are looking for a guide. 

However, the application of social trading is not limited to beginners alone. Though the new traders benefit from it by shortening their learning curve significantly, the expert traders can also equally benefit from it. Social trading gives them a ground to test their strategies and their limitations. So, it allows for a scope of improvement in their overall trading methods as well.

Copy-trading

Copy-trading and social trading are often clubbed together by various sources we see over the internet. As a result, people sometimes assume them to be the same. But they are distinct from each other in some ways. 

As opposed to social trading, copy trading can be treated as a way to manage your trading portfolio. You mainly aim to find other investors with an imitable track record through copy trading. In other words, it focuses on copying the trading methods, which are already proven to be profitable by others. 

Copy-trading allows the traders to follow strategies from other successful traders. So, they can use those for winning trades. Such a method is particularly useful for those who can’t spend time researching the market themselves. 

It usually concentrates on short-term trading. We can say that it is safer on day-trading and swing trading strategies. However, the traders can use several other strategies to profit by copying them. 

Copy-trading does not limit itself to only the assets in Forex as opposed to the common belief. Traders can use it on assets within other volatile markets as well. Therefore, we can implement it while trading crypto, commodities, stocks, etc.

You may assume it is an easy way out of all the trading problems. But it also comes with certain risks. A new trader must always remember that past results are not an assurance of future returns. So, we cannot always expect that copying the same trading strategy will result similarly every time. It can sometimes end in a losing trade.

We can clearly understand that a trader can copy or emulate the trades executed by other investors with this method. So, copy trading is mainly for holding the same positions as the investor they wish to imitate. But, a trader should not forget that she does not receive the layout of that strategy alone when copying the trade.

Instead, blindly emulating is what takes place in this method. It is also the major difference between social and copy trading. 

Copy-trading connects its roots to another method called mirror trading, which came into the open market in 2005. The traders focussed on copying the algorithms developed through automated trading back then. However, it finally evolved into copying another trader blindly instead of just the strategy and layout.

OctaFX copy trading

OctaFX Rating	4.7/5
Copy Trading Availability	Yes
Regulators	CySEC, FCA
Trading Desk	MT4,MT5
Copy Trade Commission	No
Copy Trading Bonus	Yes
Total Currency Pairs	32
Islamic Account	Available
Account Activation Time	24 Hours/1 Business Day
Awards	Best Forex Broker Asia 2021

OctaFX offers you the copy trading opportunity to earn from professional traders. You can copy their trades automatically and avoid the long hours of building strategies independently.

OctaFX offers you the master’s in Forex and other markets that can help you diversify your portfolio effectively. Unlike other brokers, you can easily understand the working of Copy trading in it and create an account for depositing. Moreover, you can sign up and deposit it into your Wallet through various methods.

It does not matter whether you already have funds or not in your trading account. You can add money to your Wallet using Internal Transfer. The balance in your Wallet will show the funds you did not invest.

OctaFX offers you a platform to follow the best traders for copy trading. You can find the masters you want through its easy interface. And merely by clicking the copy button, you can copy their positions automatically. You can also find a deposit percentage setting to help you manage your portfolio. With OctaFX, you can copy different strategies to decide which one works best.

It offers you an unlimited number of masters to copy from. With OctaFX copy trading, you can build a trading portfolio that is diversified and balanced. It will help in getting a stable income. Moreover, you can have complete control over the entire process. It also lets you modify or stop copying the trades at a particular time. You can also monitor the masters’ trading stats in detail at the copier area. 

OctaFX gives the newbies an easy entrance to various markets, including the Forex. It helps you in getting exposure of numerous professionals. Moreover, the efficiency of the OctaFX Copy trading is higher than others. You can execute your orders in less than 5 minutes after the original one.

As we mentioned before, OctaFX is also unique in allowing you to stop copy trading. You can also unsubscribe or close the trade anytime you wish. Moreover, it does not require you to undergo any additional verification process. Therefore, you can invest and withdraw funds quickly and securely without any complications with OctaFX.

How to copy trade with OctaFX app?

OctaFX takes its copy trading feature seriously. That is why it offers a special app for all copy traders. When you even enter the app, you get a greeting on the screen, and it reads out all its latest offers. Furthermore, you can begin copy trading with a few simple steps.

1. The first step asks you to fill out a short form. You can also use your Google or Facebook account as an alternative while entering the app and fill the form. Interestingly, you can also use the same account for all the services offered by OctaFX.
2. In case you already have an OctaFX account, you must click the login button below. After that, you need to enter the email and password you use for using your OctaFX profile.

3. After logging in, you need to locate the list of Master Traders you currently follow. You will find it empty if you have no investments.

4. The next step is to invest in their service. You have to transfer money from the trading account for that. However, a new trader can note that there is no need for any commission irrespective of her chosen method.

5. If you are new and want to make a new deposit, then press the menu icon. You can find it at the top of the screen and after which you need to choose the deposit button. Now, you can select the transfer method you prefer, and after that, following their prompts will let you make the new deposit.

6. Now, when you wish to transfer money from your investment account, you must first log in to your ‘Personal Area’ on the OctaFX site.

7. Next, locate the Internal Transfer option. You can see it on the right-hand menu of the page. After that, select the New Internal Transfer option.

8. Now, you need to choose the account you wish to transfer the funds from. After choosing, you can set your Wallet as its destination. Now, enter the amount, and type your OctaFX PIN. Finally, when you are ready, hit the Submit request.

9. You can return to the OctaFX Copy Trading App and examine the Master Traders list when the transfer is complete.

10. The next step is to put your investment to work. You need to 

Press the menu icon at the top of the screen for that. You can also check the Master Rating and then decide the suitable one. There you can already see the Master Traders with the best gain for the last two weeks. So it becomes easier to choose.

11. Next, you need to press the settings icon. It will be shown below, from where you can apply more filters to find the master traders that comply with your vision.

12. The filters enable you to select the master traders based on their expertise. It helps in sorting them out. And since the traders charge their own commission, it will also be shown there. Moreover, you can also whether they offer a free trial.

13. Next, you must click on the desirable master trader and then you can view their detailed statistics. 

14. When you think it is time to invest with the chosen master trader, you only have to press Start Copying. It will be shown at the top of the screen.

15. Now, enter the investment amount. But, you should ensure that your investment amount matches or exceeds the Master Trader’s balance. You can verify it with the recommended amount value. Such a way will allow you to copy the trading strategy fully and won’t miss any profit.

16. Lastly, you must not miss on setting a Balance Keeper percentage. That will help protect the maximum balance even when the Master Trader loses.

OctaFX copy trading fees

Unlike certain brokers, who charge fees for copying other traders, OctaFX doesn’t charge additional fees. However, it allows the master trader to charge a commission under their capacity. So, you have to pay it as a percentage of your gain, which is charged in USD.

The master can determine the charge amount according to the terms and conditions. However, we can emulate it to fall between 0% to 50% of your gains as a copier. Moreover, a trader must also keep in mind that they will be paid on Sundays to the master’s Wallet if accumulated within one week. 

Advantages and disadvantages

Advantages

• OctaFX being a regulated broker, offers a safe copy trading environment without any legal trouble. 

• The OctaFX copy trading app offers a simple interface and many functions. It requires a few simple steps for launching. So, anyone without a technical expertise can also use it with ease.

Disadvantages

• Even professional traders can commit mistakes with copy trading. Following a master trader blindly poses a risk of losing funds.

• The Copy traders have to pay a master trader commission that can go up to 50% of their gains.

Conclusion

OctaFX offers an attractive copy trading experience for anyone looking to benefit from other traders. It also offers a specialized Copy trading app that is easy to use for winning trades. It also allows you to become a Master Trader and let other traders copy you. You get to charge a commission for each of their wins. Therefore, we can conclude that it could be ideal for all beginner traders to start with copy trading.

FAQ – The most asked questions about OctaFX social trading:

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Last Updated on January 27, 2023 by Arkady Müller