Are There Any Free Trade Copier Recommendations?
Trade copiers have become essential tools for forex traders managing multiple accounts or looking to replicate the strategies of expert traders. These tools automate the process of copying trades from one account (the "master" account) to another (the "slave" account), saving time and reducing the risk of manual errors. With numerous trade copiers available, many traders wonder if there are any free trade copier options that offer reliable performance without the need for expensive subscriptions. The answer is yes—there are several free trade copiers that can be used effectively on MetaTrader 4 (MT4) and MetaTrader 5 (MT5). This article explores some of the best free trade copiers available, their features, and how they can enhance your trading experience.
What Is a Trade Copier?
A trade copier is software designed to replicate trades from one account to another in real-time. It is primarily used by:
Account managers who handle multiple client accounts and need to replicate trades across all of them.
Traders with multiple accounts, looking to automate their trades across different brokers or accounts.
Signal followers who want to mirror the trades of expert traders without having to manually execute each trade.
Key Benefits of Using a Trade Copier:
Efficiency: Automates trade replication, eliminating the need for manual input across multiple accounts.
Risk Management: Some trade copiers allow traders to adjust lot sizes based on account balance or equity, ensuring proportional risk exposure.
Consistency: Ensures that the same strategy is applied across all accounts, maintaining a unified approach to trading.
Top Free Trade Copiers
There are several free trade copiers that have been well-reviewed by the forex trading community. Below are the best options available for both MT4 and MT5 platforms.
1. FX Blue Trade Copier
One of the most widely recommended free trade copiers is FX Blue Trade Copier. It is known for its simplicity and effectiveness, making it ideal for both novice and experienced traders. FX Blue Trade Copier works on both MT4 and MT5 platforms, offering cross-platform compatibility, which is a major advantage for traders using both versions of MetaTrader.
Key Features:
Real-Time Trade Copying: FX Blue ensures real-time copying, allowing trades from the master account to be replicated on the slave accounts instantly.
Cross-Platform Compatibility: This tool works seamlessly across MT4 and MT5 platforms, making it possible to copy trades between these platforms, even if they are with different brokers.
Lot Size Scaling: Users can scale the lot sizes on the slave accounts based on the balance or equity, ensuring that smaller accounts do not take on excessive risk.
Multi-Account Support: FX Blue allows copying trades from one master account to multiple slave accounts, making it perfect for managing several accounts simultaneously.
Example of Trade Copying with FX Blue:
Suppose a trader has two accounts: a $20,000 master account and a $5,000 slave account. Using FX Blue Trade Copier, the trader can set the slave account to copy trades with 25% of the lot size used on the master account. If the master account trades 1 lot, the slave account will automatically place a 0.25-lot trade, ensuring proportional risk.
| Master Account Balance | Slave Account Balance | Master Lot Size | Slave Lot Size |
|---|---|---|---|
| $20,000 | $5,000 | 1 lot | 0.25 lots |
2. MT4/MT5 Trade Copier by Forex Copier
Forex Copier is another popular option, offering a free version of its trade copier software. The free version is well-suited for basic trade copying and works on both MT4 and MT5 platforms. Although the free version does not have all the advanced features of the paid version, it still provides an effective solution for most traders.
Key Features:
Simple Setup: Forex Copier’s free version is easy to install and configure, making it ideal for traders who don’t require complex functionalities.
Multiple Slave Accounts: The free version allows traders to copy trades from a single master account to multiple slave accounts.
Risk Management: Traders can adjust lot sizes on slave accounts to ensure proper risk management, making it a useful tool for traders handling accounts of different sizes.
How to Set Up Forex Copier:
Download the Free Version: Go to the Forex Copier website and download the free version of the software.
Configure Master and Slave Accounts: Install the copier on both the master and slave accounts. Set the master account as the source of the trades and the slave accounts as the destination for copying.
Adjust Lot Sizes: Configure the lot sizes for each slave account based on the account balance to ensure proper risk management.
Start Copying: Once everything is set up, the copier will replicate trades from the master to the slave accounts automatically.
3. Social Trader Tools
Social Trader Tools is a cloud-based trade copier that offers a free version with limited features. While primarily aimed at professional traders and account managers, its free version can be a great solution for traders looking to manage multiple accounts or copy trades across platforms.
Key Features:
Cloud-Based: Unlike other copiers that require installation on a local machine, Social Trader Tools is cloud-based, meaning it can be accessed from anywhere and doesn’t rely on your computer being turned on.
Multi-Account Support: Social Trader Tools allows users to manage and copy trades across several accounts, which is useful for traders handling client accounts.
Real-Time Execution: Trades are copied instantly between accounts, reducing the risk of slippage.
Risk Management: Users can configure stop-loss and take-profit settings for each account, ensuring that the copied trades are consistent with their risk tolerance.
Example: Social Trader Tools for Client Account Management
An account manager using Social Trader Tools may manage a $100,000 master account and multiple client accounts. By linking these client accounts to the master account, the manager can copy trades across different client portfolios, ensuring consistency in trade execution.
| Client Account | Balance | Lot Size |
|---|---|---|
| Master Account | $100,000 | 1 lot |
| Client 1 | $10,000 | 0.1 lots |
| Client 2 | $25,000 | 0.25 lots |
| Client 3 | $50,000 | 0.5 lots |
Limitations of Free Trade Copiers
While free trade copiers can be incredibly useful, there are some limitations to consider:
Limited Features: Many free versions lack advanced features like trade filtering, partial closing, or hedging, which are often available in paid versions.
Support and Updates: Free tools may have limited customer support and might not receive regular updates, which could lead to issues with compatibility or performance.
Customization: Some free copiers may offer fewer customization options, such as the ability to filter trades based on specific parameters or set different risk profiles for different accounts.
Conclusion
For traders looking for a reliable free trade copier, options like FX Blue Trade Copier, Forex Copier, and Social Trader Tools provide excellent functionality without the need for expensive subscriptions. These tools allow traders to manage multiple accounts, automate trade replication, and ensure consistent performance across platforms. While they may not offer the full range of features found in paid versions, these free trade copiers are more than sufficient for most traders' needs.
By choosing the right trade copier, you can save time, reduce errors, and improve your overall trading efficiency, all without adding to your costs.
