Free Trade Copier Recommendation? – Forex Factory
In the world of forex trading, managing multiple accounts or replicating trades across different platforms is a common practice. Trade copiers simplify this by automatically copying trades from one account (master account) to another (slave account) in real-time. Whether you're an individual trader managing several accounts or an account manager handling clients, trade copiers can help improve efficiency and reduce manual errors.
Finding a reliable and free trade copier can be a challenge, especially with so many options available. In this article, we explore some of the best free trade copiers recommended on Forex Factory, a popular online trading community, and explain how these tools can help streamline your trading activities.
Why Use a Trade Copier?
Trade copiers offer multiple benefits for traders:
Efficiency: A trade copier automates the process of duplicating trades, reducing the need for manual input.
Consistency: By copying trades, you ensure that the same strategy is applied across multiple accounts.
Risk Management: Some trade copiers allow for flexible risk management, including adjusting lot sizes and setting slippage limits, ensuring consistent exposure across accounts.
Using a free trade copier allows traders to enjoy these benefits without the added cost of purchasing software, making them an attractive option for both beginners and experienced traders.
Recommended Free Trade Copiers
Here are some of the most commonly recommended free trade copiers discussed on Forex Factory and other trading forums. These copiers are well-suited for both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.
1. FX Blue Trade Copier
FX Blue is one of the most widely used and reliable trade copiers in the forex trading community. FX Blue offers a free version that works seamlessly across both MT4 and MT5 platforms. It is frequently recommended on Forex Factory due to its simplicity and efficiency.
Key Features:
Cross-Platform Compatibility: Supports trade copying between MT4 and MT5 accounts, making it flexible for traders using both platforms.
Customizable Lot Sizing: Adjust the lot size on slave accounts based on their equity or balance, allowing for tailored risk management.
Real-Time Trade Copying: Trades are copied instantly from the master to slave accounts, minimizing slippage and execution delays.
Simple Setup: FX Blue is easy to install and configure, making it ideal for both novice and advanced traders.
How to Set Up FX Blue Trade Copier:
Download the Software: Visit the FX Blue website to download the free trade copier for your MetaTrader platform.
Install on Master and Slave Accounts: Set the master account from which trades will originate and configure the slave accounts to copy trades.
Adjust Settings: Customize the copier’s settings, including lot size scaling, risk management, and slippage limits.
Start Copying: Once configured, trades will automatically be copied in real-time from the master account to the slave accounts.
Example: FX Blue Trade Copier in Action
A trader with a $20,000 MT5 master account and a $5,000 MT4 slave account can use FX Blue to adjust the lot sizes proportionally. For example, if the master account places a 1-lot trade, the slave account will automatically place a 0.25-lot trade, ensuring proportional risk management.
| Master Account Balance | Slave Account Balance | Master Lot Size | Slave Lot Size |
|---|---|---|---|
| $20,000 | $5,000 | 1 lot | 0.25 lots |
2. Social Trader Tools
Social Trader Tools is another popular free trade copier mentioned in Forex Factory discussions. This cloud-based platform allows users to copy trades across multiple accounts, and it works with both MT4 and MT5. While it offers a paid version with more features, the free version is robust enough for many traders.
Key Features:
Cloud-Based: No need to install software on your local machine, as all trade copying is done through the cloud.
Multi-Account Management: Copy trades from one master account to multiple slave accounts, making it ideal for account managers or traders managing several accounts.
Instant Trade Execution: Social Trader Tools provides near-instant replication of trades, reducing the chances of slippage.
Risk Management: You can adjust lot sizes and set stop-loss and take-profit levels for each slave account, allowing for greater control over risk.
How to Use Social Trader Tools:
Sign Up: Register on the Social Trader Tools website and link your MetaTrader accounts using the provided API keys.
Configure Trade Copier: Set the master and slave accounts, and configure the lot sizes, risk settings, and other trade parameters.
Start Copying: Trades will automatically be copied across your linked accounts in real-time.
Case Study: Social Trader Tools for Multi-Account Management
An account manager using Social Trader Tools can manage trades across several client accounts from a single MT4 master account. For example, an account manager may have a master account with $50,000 and three smaller client accounts, each with $10,000. By adjusting lot sizes on each slave account, they can ensure consistent risk across all accounts.
| Client Account | Account Balance | Lot Size |
|---|---|---|
| Master Account (MT4) | $50,000 | 1 lot |
| Client 1 (Slave) | $10,000 | 0.2 lots |
| Client 2 (Slave) | $10,000 | 0.2 lots |
| Client 3 (Slave) | $10,000 | 0.2 lots |
3. MT4/MT5 Copier by Forex Copier
Forex Copier offers both a free and a paid version of its trade copier software. While the paid version includes advanced features like hedging and filtering, the free version is a solid choice for basic trade copying between MT4 and MT5 accounts.
Key Features:
Easy to Use: Forex Copier’s free version is simple to set up and is ideal for traders who don’t need advanced features.
Multiple Slave Accounts: Traders can copy trades from one master account to multiple slave accounts.
Risk Control: Users can adjust lot sizes and control risk for each slave account.
How to Set Up MT4/MT5 Copier:
Download the Free Version: Visit Forex Copier’s website and download the free version of their copier software.
Install on Master and Slave Accounts: Install the software on the MetaTrader platform and configure it to link the master and slave accounts.
Start Copying: The trades from the master account will be copied automatically to the slave accounts.
Limitations of Free Trade Copiers
While free trade copiers provide excellent functionality, there are some limitations to be aware of:
Limited Features: Free versions often lack advanced features like hedging, partial closing of trades, or trade filtering.
Fewer Customization Options: Some free copiers may not offer detailed customization of trade settings, such as advanced risk management or filtering by specific trading pairs.
Support and Updates: Free versions may have limited support and fewer updates compared to their paid counterparts, which could be a concern for traders who rely heavily on the software.
Conclusion
Finding the right free trade copier can greatly improve your trading efficiency by automating the process of duplicating trades across accounts. FX Blue Trade Copier, Social Trader Tools, and Forex Copier are among the most recommended free solutions on Forex Factory. These tools provide basic yet effective trade copying, allowing traders to manage multiple accounts, mirror successful strategies, and control risk.
While free copiers may lack some advanced features, they are a great starting point for traders who want to scale their operations without additional costs. By choosing a trade copier that best fits your needs, you can ensure consistent and efficient trading across your MetaTrader accounts.
