Why should I use AutoTrade?
AutoTrade provides you a way to tap into the successful trading systems and therefore allowing you to diversify your forex portfolio whether you're an experienced trader or a newbie.
How does it work?
When you subscribe to an AutoTrade system, it will be automatically synced with your connected trading account, meaning every order will be replicated in your trading account.
How do I get started?
We recommend opening a demo account to get yourself familiar with the AutoTrade system. Once you're ready to open a live account, just open a live account with one of the supported brokers - once the account is funded and connected to Myfxbook, it will be approved within one business day.
I already have an account with one of your supported brokers. Can I use it with AutoTrade?
Yes. You must open an account with your broker through us (or use an existing one) so we can pay the AutoTrade providers commissions for successful trades generated in your account.
What is the fee for using AutoTrade?
It depends on the account - with some brokers it is completely free while with others there is a small markup spread (this is due to difference in spreads).
If you're wondering why similar services claim to be free, then that's because they hide the cost in fine print.
Can I close trades which were automatically opened by AutoTrade systems?
Yes, you can.
Can I still trade my account if it is auto traded?
Yes. You can trade the account as you would normally.
How can I become an AutoTrade provider?
If you're an experienced forex trader with a proven track record, you can offer your system to the Myfxbook enormous user base (over 90,000 and counting!) and earn as much as 0.5 pips per a winning trade - there is no upper limit!
What is a proven track record?
- A connected real and verified MetaTrader 4 account with Myfxbook with at least 3 months history.
- Drawdown of no more than 50%.
- Return of at least 10% and higher than drawdown.
- Average pip per trade (expectancy) of at least 3.
- Average trade time over 5 minutes.
- System must not use any martingale/grid techniques.
- An account balance of at least $1000 for the last 3 months of trading.
- At least 100 trades.
Why should I become an AutoTrade provider?
We know that forex trading is very hard and consumes most of your time. If you wish to create another income source derived from your successful trading system without extra effort, AutoTrade is the answer.
Can I trade anything other than Forex symbols?
Myfxbook is designed mainly for forex traders so make sure that when you apply you have at least 3 months history of trading only forex symbols.
Can I use a mini/micro/cent account?
If you apply with a mini/micro/cent account, the minimal balance requirement is of $1000 still applies (in a cent account it's $100,000).
How much money can I make?
AutoTrade providers earn 0.5 pips per a winning trade. Let's check the following scenario:
- You have 250 subscribers.
- You make on average 100 trades per month.
- 65% of your trades are profitable.
- Total volume of all subscribers is 800 mini lots.
- Your income is: 800*0.65*100*0.5=$26,000