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Myfxbook´s Auto Trade Social Network Platform Review

The news about new auto trade platform from social trading network Myfxbook started to broke out in February 2013.  Myfxbook is well known social forex community which provides online automated analytical tools for forex traders.  It is a high time for them to start something like this as their top social trading networks competitors like eToro´s Openbook or Zulutrade are taking more and more of the forex market share.

The Myfxbook´s AutoTrade copy mirroring platform is already up and running, so here is a brief review.

Limitless demo!

You are allowed to open a demo, which is not limited and you can test their platform using demo for as long as you wish, unlike their competitors, where demo expires after a certain period of time.

Once you set up your auto trade account, you will see a panel with trading systems available to be followed. At the present the list contains only six systems but there will be more soon.

How do you choose the systems to follow?

For starters, the auto trade platform shows info whether the forex trading system is manual, automated or combination of both. So you can know whether you will follow a robot or a human social trader. ZuluTrade also has a similar  indicator that allows you to see  whether your signal provider (SP) is run by an expert advisor or a real trader. By contrast, eToro allows copying manual traders only.

Another advantage of  Myfxbook´s AutoTrade platform over rival social trading platforms is that you can check returns corresponded  to the level of trader´s drawdown. F.e.,  borix 002 shows that his all-time drawdown of 20% was accompanied with hypothetical monthly return of 2.1%. This service is not available other social trading networks.

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