As we all know, there are so many websites that sugarcoat social trading, such as copy trading. Therefore, we’ve decided to provide genuine reviews and guidelines to clarify any misconceptions you may have.
One of the first things you should learn is how traders can manipulate their data to make themselves seem more successful than they are. Some companies, such as Myfxbook, but also ZuluTrade, eToro, FBS CopyTrade, Admiral Markets, and MetaTrader 5, feature a successful trader list that you can follow.
So in this MyFxbook review article, we will provide a complete review about Myfxbook: Is these platforms are scam or a good option? So without ado, let’s get started;
A Geniune Overview of Myfxbook
Many traders look for a copy trading platform to use and find various reviews online, but not all of them are real. There are several websites dedicated to copy trade service reviews and a lot of discussion regarding social trading in different forums, social media pages, and groups. While this material is based on real-life trading experiences of customers who have utilized brokers’ services, some contain a hidden motive to promote the brokers. Also, it enhancing social trading systems is a legal and common practice if it is performed openly and honestly.
There are now only a few websites that provide reliable social trading and broker reviews. Due to its level of security, that removes fake reviews. In any case, when reading Myfxbook reviews, follow your intuition.
On the leading broker review site, they are acceptable to a low overall rating. The majority of the reviews advise that several fake accounts are presenting some become rich quick trading techniques, that are in reality just scams to attract followers and earn a payment, applying martingale methods that are successful until they suddenly stop out.
Is Myfxbook a Scam or Legit?
Like most of their competitors, Myfxbook is brokerage independent, which implies the social trading platform may be utilized with various brokerage firms. However, Myfxbook is not a scam because it is not a brokerage firm. However, there are some issues about data privacy and reliability.
Myfxbook can instantly copy any one of the systems available on the platform. It implies that once you’ve built a trading system account, the AutoTrade system will synchronize with your account. Also, assure you that all open trades are transferred into your account.
Customers can freely be allowed to take steps to minimize their risk. Myfxbook gives its users a lot of information and helps them to learn forex trading. It is feasible for traders to hide some data sets from those other users, and traders must proceed cautiously if this is the case.
Myfxbook does not charge consumers to use the AutoTrade tool, while brokers may charge a fee or a wide mark-up for the services. Currently, the solely supported brokerage, FXCM, does not impose any fees on the end-user. People who sell their strategy to AutoTrade customers can make 0.5 pips per lot traded in their copiers accounts. It is a reasonable commission ratio, and many experienced traders may be attracted to share their trading strategy with others to obtain these high commissions.