Majors of course includes the usual EUR/USD, GBP/USD, USD/JPY but the list of exotic pairs had some interesting options including EUR/ZAR, GBP/ZAR, USD/NOK, EUR/MXN, USD/SGD, and many more. For this review we tested FXDD, premium account, plus we collected secondary information from reputable sources, as well as user generated reviews. Today we are starting a new review of a trade-copying service xcritical cheating called Zulu Trade. Unfortunately our demo account with Zulu Trade expired, as it seems they only let you have a demo account for a short period. Unfortunately Zulu Trade only allow you to use a demo account for a limited period though so our trial was somewhat limited. On the open trades however they are currently $83 down, which almost wipes out all the gains of the closed trades.
Can I trade forex without broker?
Trading forex without a broker is possible through P2P currency exchange platforms like TransferWise, or using other money exchange locations online or in person. Compared to trading with a forex broker, the spreads are much higher with these services.
In December 2021, ZuluTrade was acquired by Finvasia; a global fintech company. It’s easy to follow other traders and get updates as soon as they post a trade, and all you need to do is click ‘copy’ to send the trade to one of your assigned brokers. Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings.
Are there any other benefits to signing up for ZuluTrade rebates?
In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector. You can also engage in some degree of social trading by visiting the profiles of other traders, rating them, and leaving comments. This is another active area which can add great value particularly for newer traders.
- It’s also very accommodating and quite easy to use, which is one of its main features.
- This list of brokers like ZuluTrade is in order of similarity and only includes companies that accept traders from your location.
- ZuluTrade is in partnership with Formax Group to provide credible and outstanding financial services to its investors.
- The main characteristic of likes of ZuluTrade is that it allows you as a total amateur to follow and copy a professional or more experienced trader and do exactly what they do.
- Now, that is probably both an advantage and a disadvantage.
- We love the trading platform and all the available tools and features available for not only trading but analyzing signal providers to follow and copy.
Our editors fact-check all content to ensure compliance with our stricteditorial policy. The information in this article is supported by the following reliable sources. Zulutrade is owned by Finvasia Group, an Indian fintech company that is headquartered in Mohali. It was originally founded in 2007 before being bought by Finvasia in late 2021.
How do I link MT4 to ZuluTrade?
Traders can learn how the ZuluTrade platform works and test out new strategies just as if it was a real account. This trading account is meant for beginner or inexperienced traders as they do not xcritical cheating trade themselves, but rather follow, copy, and learn from other traders . Users in this account can follow and copy as many traders as they like and even choose which trades they want to copy.
So ZuluTrade… as you can see it’s a good platform, its data has been around for a long time. Actually, I like the platform, I like the usability of it, and everything, it’s very stable. I mean, you could say “wow this guy’s having an amazing week”. But if you go back overall, they’ve been having heavy losses, it’s very up-and-down trading sort of style and there’s not a long period of time that they’ve got evidence of them, either. So people will go and do silly things, and they’ll follow the wrong traders, and then they’ll lose their money and write bad reviews. So that’s as honest as I can be about it, I think there is potential.
Which Payment Options Does ZuluTrade Support?
However, you would have to trade a few lots before you are able to withdraw money from your account. For example, if you are making the minimum deposit of $300, it would be required to trade at least 3 lots before you can withdraw the bonus amount as well. ZuluTrade Back Office page offers account administrative tools, risk management report and much more. ZuluTrade offers two accounts a demo and a live account; both of which clients can make significant gains. For CFD traders, xcritical is a competitive offering, however, forex fees are around the industry average. When it comes to non-trading fees the results are mixed, with free withdrawals, but high inactivity fees.
The Demo account is available to traders who would like to get a feel at how the social and copy trading platform operates. The demo account comes with all the functionality of a real account, allowing traders to polish their trading skills risk-free. ZuluTrade is absolutely free to join with no annual account or subscription fees. The way ZuluTrade makes money is by collecting a fee on the spread of each trade. Depending on the trading brokerage used, the spreads can vary massively as ZuluTrade is partnered with over 50 trading brokerages all with different spreads, fees, and commissions.
How much tax do you pay on forex profits?
This is the most common way that forex traders file forex profits. Under this tax treatment, 60% of total capital gains are taxed at 15% and the remaining 40% of total capital gains are taxed at your current income tax bracket, which could currently be as high as 35%.
With that said, most top brokers will usually at least offer USD, EUR, and GBP as base currencies. ZuluTrade does not offer Islamic accounts directly to its clients. In fact, the availability depends on the broker chosen by the trader. With that point in mind, while Zulutrade does their best to filter out these lucky traders, it does not mean you should immediately trust every other available trader. You should still do your due diligence before placing any copy trades even with one of the best copy trading brokers around as Zulutrade is. As a copy trading broker, ZuluTrade has very strict criteria in place as to which traders can be featured as those “traders to copy”, and at the top traders on their leaderboards.
xcritical Mobile Trading Platform
The commissions for the brokers is also an issue with me, if you are not using AAAFx as a broker, then you will be paying a lot more in commissions. This may not look like a big deal, but it will affect your total profit a lot when you’re withdrawing. The traders you will be following in ZuluTrade are called “signal providers”. Just like with any other platform, you should take your time in selecting them carefully. You should always look at the history and pick out those of the providers with lots of experience and a consistent graph that shows they were successful.
Can you trade indices on Tradersway?
TRADERSWAY offers four trading platforms – MetaTrader 4, MetaTrader 5, WebTrader and Mobile applications; four account types – MICRO and ECN Standard accounts with fixed (FIX) and variable (VAR) spreads; and five markets – FOREX, Stock indices, Metals, Energies, and Commodities.
Their compensation fees are determined by the lot size being traded. By the time 2014 rolled around, ZuluTrade had re-designed their website, added a number of features, such as ZuluGuard, and had 120 employees, 40 of whom were in customer support. None of your money is held on Zulutrade and all of your open trades go through one of your chosen brokers. That means if Zulutrade were to close down, none of your trades or your money would be affected.
Basically, what I want to do with this review is give you a very balanced overview of the platform. I’m going to be talking to you about some of the negative aspects of it. I’m going to tell you some of the things that I like about the platform. I’m also going to be logging in and showing you how I pick traders, just actually going over the shoulder. And show you from start to finish, and how you can go about trying to make money with the ZuluTrade platform.
In turn, this gives you the ability to automatically trade, which allows you to execute more trades that wouldn’t be possible if you did it all manually. Desmond Leong | 23 May 2022 Moving averages are one of the https://dreamlinetrading.com/ oldest and most commonly used technical analysis tools, used for identifying trends, potential reversals and support/resistance levels. However, there is a very popular place for novice traders; a social network.
Reduce the Risks
The profit sharing account is what makes ZuluTrade so popular as many of ZuluTrade users simply want to copy successful traders rather than trade themselves. So we’ve had a look at these two traders in detail, and I do like this particular trader. I’m going to follow this one, I’m logged into my demo account. So let’s change that to 2500, that’s 33.3% on my account, and I’m gonna do it as fixed, then follow. So it’s saying I’m following now, I can easily unfollow as well. It’s quite easy, just as following and unfollowing the trader.
- The news feed is an excellent way of staying abreast of market indicators and can be filtered by asset whereby you will also access a sentiment score for that asset.
- This is where you can find everything new on the platform and trading news across the world.
- LockTrade is another service that enables traders to confirm and verify a trade’s execution after the signal is received.
- Overall experience with FXDD customer service was very positive.
- So that’s one of the first things I would suggest if you do go ahead with your ZuluTrade and other purchases, and following this as an xcritical strategy.
It works by assessing each trader’s actions and sanctions a trader who violates the acceptable trading order. The company is authorized and regulated in both the EU and Japan. The creator of ZuluTrade saw the need for a web platform that could allow for the audit of trades in the global market. InvestingReviews.co.uk provides you with independent reviews and comparison services to help you on your investing journey.
ZuluGuard is often highlighted as a particularly well-liked feature in review forums. It works by monitoring each trader’s behaviour and removing a user when a draconian strategy is detected. This should help keep your income safe from erratic traders. ZuluGuard – A unique feature that protects investors if erratic trades are opened by traders they are following.