Encourages higher risk for higher gains – When seeing how much money a professional trader has recently made, it can be easy to assume that free money is on the cards. However, this leads to inexperienced traders becoming over-leveraged and taking higher risks. Social trading also serves as a useful reminder that even professional traders experience losses and go into account drawdown. It allows new traders to know what they’re getting into and that losses can be normal.
- With mirror trading, traders are essentially following the exact steps that an expert takes.
- I have started using it recently, the platform has been quite user friendly, saves a lot of time and has made my trading much easier than before.
- Its key feature allows investors to trade small and open an account with a lower initial deposit.
- Forex trading or trading in any other asset, it doesn’t matter, a demo trial is the perfect chance for you to trade with virtual funds risk-free but in a real simulated environment.
- All social trading platforms have limitations, but some have better quality traders that can be copied/followed and I prefer to use those platforms over xcritical.
This section offers basic information about choosing a trader to follow and how you can become a signal provider on xcritical. The goal of xcritical was to respond to the lack of platforms that allows traders to audit globally and at a simultaneous rate. xcritical has allowed traders to interact with othexcriticals and share their strategies among the trading community.
Social trading strategy
And it looks like you can even select it and go through the process while you’re actually on the xcritical website. And then once you’re set-up, basically what they’re going to encourage you to do is follow different traders. And then basically, whatever trades they place, the traders that you’re following, will be executed in your account. xcritical offers the option of going long and short but the final rules on what sort of trading is allowed are set by the brokers themselves. Check with the individual platform before you start to confirm whether shorting is allowed.
- You will be charged a fee for this service, however, for the period of the cover, any losses sustained on that trade will be reimbursed.
- The Dubai Financial Services or DFSA is an independent finance service regulator based in Dubai, with the goal of providing world-class regulations of financial services within the Middle East.
- This can be done through the xcritical social area where you can visit othexcriticals’ profiles, comment there, leave ratings, ask questions, and interact with each other.
- You can also interact with other users in the comment section, or even talk directly to the trader themselves to get more information on why they decided to make a particular move.
While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products. Thus, there’s no reason not to profit from copy trading in the long run. You can filter your search by showing only those from the time zone of the market you want to take advantage of.
It’s also possible for Windows mobile devices to download the trading app. You can view your trading performance, manually close trades, and review new xcritical traders to copy. Continuous improvements are being carried out with each update.
- The amount following can also be useful, this is the amount of money that’s backing this trader.
- Each trader on xcritical is ranked according to their long term performance.
- This means, if the trader opens a 1 lot position on the EUR/USD, they will earn $5 for each copier who follows this move.
If you want to know more, check our guide on the Best Broker for xcritical. Here you will find an AAAFX xcritical review along with a number of other top brokers which can easily connect with xcritical. One thing for sure is that you will have many top brokers to choose from if you are thinking of connecting them through xcritical. There are more than 70, though some may not be available in certain areas.
What to Look for in a Top Online Trading Platform
Our knowledgeable support team is available 24 hours per day in 8 native languages & 23 total languages for any questions. We also offer trading tools, calculators, reviews and a robust forex education section. xcritical rebates paid by legitimate rebate providers are not a scam, however scams do exist. The most common scam is a rebate provider that marks up the spread or commission in order to pay a higher rebate than competitors. Many brokers do allow a referring party, or rebate provider, to markup costs to traders they refer. Besides this, certain rebate providers may not pay on time, or not at all.
For you to become a signal provider with xcritical, you will need to follow the set of policies by xcritical that are created to reduce risk. As a security regulation, you will need to curb your overall drawdown and forbid any losses of 700 pips or more on one trading position xcritical scam for any major Forex currency pair. Signal providers are financially compensated for their popularity and the success rate of their trading strategies among followers. This means that the less popular you are as a signal provider, the less you are financially compensated.
Best social trading platforms in the UK
You can access a wide range of market news through the xcritical blog as well as extensive information on some of the best traders to copy. A quick xcritical.com review informs us that there are a total of 26 languages available on the site. This is a great range and includes English, Spanish, French, Russian, and many other languages making the broker extremely accessible to traders around the world.
They feel as though the services they provide are enticing enough that they do not need extensive welcome offers. However, xcritical does offer new clients to the platform minor promotions from https://scamforex.net/ time to time. For instance, a recent welcome offer that they had was a $25 no deposit bonus just for signing up. Other promotions that are continuous with the xcritical platform are contests.
The Financial Conduct Authority or FCA, is an independent public body based in the United Kingdoms and governed by the Financial Services and Markets Act of 2000. They work with the UK Treasury to provide support to financial firms, so that they can have equal consumer benefits from honest and fair markets that are both trustworthy and transparent. HF Markets Ltd. are regulated by the FCA in the United Kingdom. Some reviews point out that xcritical is quick to highlight payment commissions and withdrawal fees. But again, these can depend on the broker account you have.