Social Trader Tools offers a platform tailored for forex traders seeking to replicate trades across multiple accounts effortlessly. The platform operates entirely in the cloud and is designed to be scalable. Traders simply need to set up each account and configure their risk preferences, and the platform will then execute trades on the linked accounts concurrently, allowing users to focus on trading their primary account without distraction. Among its various services like account management, signal provision, and white labelling, today we will look into its trader copier service.
The trader copier feature stands out as the flagship offering of the Social Trader Tools platform. It enables users to trade across numerous accounts simultaneously. Trades initiated on the master account are automatically mirrored onto the copier accounts with a latency of approximately 50 milliseconds. This swift execution makes it particularly suitable for scalpers, day traders, and swing traders seeking to expand their portfolios and effectively manage their trading accounts and capital.
Programs & Pricing
Social Trader Tools typically costs traders approximately $60 to replicate trades across five accounts simultaneously. However, traders with smaller operations may find the standard package priced at $20 per month suitable, providing coverage for two accounts. For traders involved in signal services or managing investors’ funds, the premium package, which encompasses 20 accounts at a cost of $220, is likely more suitable. It’s important to note that if you require more than 20 accounts on your trade copier, additional packages are available to accommodate your needs. In total, traders have the opportunity to choose between eight programs, which you can choose depending on your personal needs.
Features
There exist several compelling reasons to integrate Social Trader Tools into your forex trading arsenal. The trade copier feature offers a plethora of advantages and applications, making it a highly enticing addition to your toolkit. Here are some compelling reasons why you might find it worth your consideration.
Supervise risk across a portfolio of accounts
By utilizing this service, you can effectively manage risk across multiple accounts simultaneously, as you have the capability to predefine the risk parameters for the client or slave accounts. Your portfolio could be divided as follows:
- Master Account – 2% risk per position
- Slave Account 1 – 4% risk per position
- Slave Account 2 – 1.5% risk per position
Having the option to specify the level of risk you wish to assume per trade on individual accounts provides a high degree of flexibility, enabling you to seize opportunities in higher-risk trading scenarios without jeopardizing your primary capital.
Reduce chances of human error
Human error ranks among the primary contributors to losses among forex traders, particularly within the retail sector. By fully automating copier accounts and providing risk management and account management functionalities, the likelihood of human error occurring on these accounts is effectively eliminated.
Additionally, the complete automation of the process not only mitigates the risk of errors but also results in significant time savings on a daily basis. This is particularly advantageous for individuals managing multiple accounts concurrently, where the automation can streamline operations, especially when dealing with four, five, or even more accounts simultaneously.
Diversify risk among different brokers
As a forex trader, it’s crucial to avoid overexposure to a single broker. While regulated brokers typically offer greater security against insolvency, offshore brokers pose a higher risk of sudden closure. Relying solely on one brokerage account can be extremely risky. However, utilizing a trade copier allows you to distribute your capital across multiple brokers. For instance, you could allocate funds to a primary account with BlackBull Markets, a slave account with Purple Trading, and another slave account with XM, thereby evenly spreading your risk.
Manage multiple accounts within proprietary trading firms
The best feature is allowing traders to scale their prop firm funding by copying trades to multiple accounts at the same time. By using some of the Best Prop Firms, you’re able to take on huge amounts of trading capital, relatively fast. Your trading portfolio could look something like this:
- Main account trading 2% risk with BlackBull Markets
- FundedNext Two-step Stellar Challenge $200k account size
- The Funded Trader Royal Challenge $50k account size
- Funding Pips Evaluation Program $100k account size
Why Is Using a Trade Copier Beneficial for Forex Trading?
A trade copier is essentially a software tool employed to duplicate trades across numerous trading accounts. It stands out as the most convenient and effective method for simultaneously managing multiple trading accounts, allowing for the execution of identical trades across various trading platforms.
What are the benefits of using a Trade Copier?
- You can connect numerous trading accounts of different Brokers.
- You can connect numerous Proprietary Trading Firm trading accounts.
- You can manage and customize risk between numerous trading accounts.
As stated above, incorporating a Trade Copier into your trading activity can provide a wide range of advantages. For example, when pairing them with multiple trading accounts, you can strengthen the benefits they offer to an even larger extent.
| Trading Account | Account Size | Account Type |
|---|---|---|
| Prop Firm Account | $200,000 Account | Master Account |
| Broker Account | €12,000 Account | Slave Account |
| Prop Firm Account | $50,000 Account | Slave Account |
| Prop Firm Account | $100,000 Account | Slave Account |
| Broker Account | $7,000 Account | Slave Account |
| Trading Account | Account Size | Risk per Position |
|---|---|---|
| Prop Firm (FundedNext) | $200,000 Evaluation Account | 0.4% per trade ($800) |
| Broker (BlackBull Markets) | €12,000 Account | 1% per trade (€120) |
| Prop Firm (The Funded Trader) | $50,000 Funded Account | 0.2% per trade ($100) |
| Prop Firm (Funding Pips) | $100,000 Funded Account | 0.35% per trade ($350) |
| Broker (XM) | $7,000 Account | 1.5% per trade ($105) |
Additionally, with the utilization of a VPS server, such as Forex VPS, you guarantee yourself a consistently low latency and a robust connection, thereby ensuring uninterrupted operation of your Trade Copier around the clock. When seamlessly integrated into your network of trading accounts linked by a Trade Copier, this integration can yield significant enhancements in your trading results. This is primarily due to the elimination of manual trade execution across all your accounts. Instead, you simply execute the trade on your Master account, and the Trade Copier autonomously duplicates it across all the connected Slave accounts. By adopting this methodology and configuring specific risk parameters for each linked trading account, you can optimize your risk management for every position, irrespective of the current balance available in any of your trading accounts.
Conclusion
In conclusion, Social Trader Tools proves to be an excellent platform for traders seeking to employ a trade copier and consolidate all their accounts in a single location. While it may come at a higher cost compared to certain alternatives, its cloud-based nature ensures significant time savings, with setup typically taking just five minutes. This platform is particularly advantageous for fund managers and traders aiming to efficiently manage multiple trading accounts simultaneously.
