Free Trade Copier MetaTrader 4/5 | Free Forex Tools
Trade copying has become an essential tool for forex traders, particularly those managing multiple accounts or those who want to replicate the strategies of more experienced traders. Whether you’re using MetaTrader 4 (MT4) or MetaTrader 5 (MT5), having access to a free trade copier can make the process of managing trades across multiple platforms seamless and efficient. In this article, we’ll explore the best free trade copiers for MetaTrader, how they work, and why they can be valuable for traders.
What Is a Trade Copier?
A trade copier is software that allows a trader to automatically replicate trades from one account (the master account) to one or more other accounts (the slave accounts). This process is crucial for traders who manage several accounts or copy strategies from signal providers. The copier ensures that any trade opened or modified on the master account is executed simultaneously on the slave account, reducing the need for manual intervention.
Why Use a Trade Copier?
Efficiency: With a trade copier, traders don’t need to manually input trades on multiple accounts, saving time and effort.
Consistency: Copying trades ensures that trading strategies are applied consistently across all accounts.
Risk Management: Traders can manage risk more effectively by copying trades across accounts with different risk profiles or lot sizes.
Best Free Trade Copier for MetaTrader 4 and 5
Several free trade copier tools are available for MT4 and MT5 that provide traders with reliable trade replication without the need for expensive software. Here are some of the best free trade copiers in the market:
1. FX Blue Trade Copier
FX Blue is one of the most popular free trade copiers for MetaTrader users. It is a free tool designed to copy trades between accounts on the same computer or VPS, and it works with both MT4 and MT5 platforms.
Key Features:
Cross-Platform Compatibility: FX Blue supports copying trades from MT4 to MT5 and vice versa.
Customizable Lot Sizes: Users can adjust lot sizes on the slave accounts based on the balance or equity, allowing for tailored risk management.
Real-Time Trade Copying: FX Blue provides instantaneous trade copying, ensuring minimal delay between the master and slave accounts.
How to Set Up FX Blue Trade Copier:
Download and Install: First, download the free FX Blue Trade Copier from their website and install it on your MetaTrader platform.
Configure Master and Slave Accounts: Set the master account on one terminal and configure the slave account on another terminal. You can link multiple slave accounts if needed.
Adjust Settings: Set the lot size scaling, slippage limits, and risk parameters.
Start Copying: Once configured, the trades from the master account will be copied automatically to the slave account in real-time.
Example of Trade Copying with FX Blue:
A trader with a master account holding $50,000 can replicate trades on a smaller account with $10,000 by adjusting the lot size to 20%. This ensures that while the master account trades 1 lot, the slave account trades 0.2 lots, maintaining the same risk proportionally.
| Master Account Balance | Slave Account Balance | Master Lot Size | Slave Lot Size |
|---|---|---|---|
| $50,000 | $10,000 | 1 lot | 0.2 lots |
2. MT4/MT5 Copier by Forex Copier
Forex Copier offers both free and paid versions of their trade copier software. The free version provides basic functionality for copying trades between MetaTrader accounts on the same machine.
Key Features:
Easy Setup: The free version of Forex Copier is simple to install and configure, making it ideal for beginners.
Multiple Accounts: Traders can copy trades from one master account to multiple slave accounts, allowing for efficient multi-account management.
Basic Risk Management: While the free version has limited risk management features compared to the paid version, it still allows users to control lot sizes and adjust parameters according to account size.
Setting Up MT4/MT5 Copier:
Download the Free Version: Get the free version from Forex Copier’s website and install it on your MetaTrader platform.
Configure the Master and Slave Accounts: Assign the master account from which trades will be copied, and link the slave accounts.
Adjust Settings: Set risk management preferences like lot size scaling and copying conditions.
Start the Copier: The software will begin copying trades from MT4 to MT5 or from one MT4 account to another.
3. Social Trader Tools
For traders looking for a cloud-based trade copier, Social Trader Tools offers a free version with limited features. This tool enables traders to manage multiple MetaTrader accounts from a centralized, web-based platform.
Key Features:
Cloud-Based: Social Trader Tools allows traders to copy trades without the need to install software on their local machine. This makes it easier for traders who want to manage trades from anywhere.
Real-Time Execution: The cloud-based nature ensures fast, real-time trade replication.
Multi-Account Support: You can manage several MetaTrader accounts, allowing for efficient portfolio management.
How to Use Social Trader Tools:
Register for an Account: Sign up for the free version on Social Trader Tools’ website.
Link MetaTrader Accounts: Use the provided API to connect your MetaTrader accounts to the platform.
Configure Trade Copying: Set the master and slave accounts, adjust the lot sizes, and configure other trade settings.
Begin Copying: Social Trader Tools will copy trades between your linked accounts.
| Feature | FX Blue | Forex Copier | Social Trader Tools |
|---|---|---|---|
| Cross-Platform Copying | Yes | Yes | Yes |
| Lot Size Scaling | Yes | Yes | Yes |
| Cloud-Based | No | No | Yes |
| Free Version Availability | Yes | Yes | Yes |
Benefits of Using Free Trade Copier Tools
Using free trade copiers comes with several advantages:
Cost-Efficiency: As these tools are free, they are ideal for traders who want to avoid additional expenses but still need reliable trade copying.
Accessibility: Free trade copiers like FX Blue and Social Trader Tools are easy to set up, making them accessible even for novice traders.
Automation: Trade copiers eliminate the need for manual trade replication, saving time and reducing the risk of human error.
Scalability: With free trade copiers, traders can manage multiple accounts effortlessly, allowing them to scale their trading operations without added complexity.
Limitations of Free Trade Copiers
While free trade copiers are valuable, they may come with limitations:
Limited Features: Free versions may lack advanced features like custom risk management, slippage control, or multi-platform compatibility.
Support: Free tools may have limited customer support compared to paid versions, making troubleshooting difficult if issues arise.
Conclusion
Free trade copiers for MetaTrader 4 and 5 are powerful tools that provide traders with the ability to automate their trading across multiple accounts without incurring additional costs. FX Blue, Forex Copier, and Social Trader Tools are among the best free options available, offering features that allow traders to manage risk, scale trades, and maintain consistency across platforms. While these tools come with some limitations, they are an excellent starting point for traders looking to streamline their forex trading activities.
