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Create A Social Trading Network With FxStat Forex Brokers

fxstatFxStat is a new social trading platform that started its operations as a Forex trading statistics and analytics company but slowly moved into the social trading arena through its multiple proprietary offerings. FxStat is one of the fastest growing businesses in the automated trading industry and offers various options for traders as well as investors to work together through the FxStat social network. FxStat is specifically designed for the MT4 platform through an MT4 bridge that acts as a medium for traders to connect to the FxStat server through any of the approved MetaTrader brokers. FxStat was conceived only during 2010, but the company has quickly garnered enough popularity in the market to deserve a niche on its own. FxStat has a global presence in Europe and the Middle East with its headquarters situated in UK, Russia, and Saudi Arabia. FxStat has an excellent social trading platform that is developed from the concept and principles followed by a majority of other existing social trading networks in the industry. FxStat does not seek to reinvent the wheel; rather, the company aims to offer specific refinements that help traders to enjoy better features and functionalities to succeed through social interaction and trade performance monitoring. FxStat has an excellent analytics tool in place that offers great insights into the trading statistics, which enable investors to browse through several trading parameters to determine the eventual profitability of a trading system or strategy.

Does FxStat Offer Anything New?

FxStat does possess a unique feature of automated trading that is typically not provided by other social trading platforms. FxStat is highly discerning in its selection process while offering master or guru accounts for investors. FxStat analyzes individual trading accounts for consistency and risk factor, before providing a chance for traders to sign up for the paid program. Therefore, FxStat offers better protection against low-performing trading strategies or traders who are not completely honest about their trading performance. However, the active involvement of FxStat in monitoring the performance of traders makes the program slightly more expensive than the traditional social trading platforms. Therefore, FxStat social traders will have to accommodate for slightly higher fees and are expected to share a larger percentage of their profits while following their preferred trading system. On the bright side, the increased cost of trading is a small price to pay to ensure that traders can stay protected against any high-risk trading systems that can potentially wipe out an entire account.

Recommended Top Forex Brokers

* Not valid for EU traders, T&Cs apply

Recommended Top Forex Brokers

* Not valid for EU traders, T&Cs apply

How Does An Amateur Trader Benefit From FxStat?

FxStat is an exclusive platform that provides a broad range of indicators and custom analytics to analyze the performance of a trading strategy. The social trading aspect of FxStat accounts also help traders to follow different types of social trading strategies such as mirror trading, automated trading, managed accounts, and trading using signals. The primary concern for amateur traders is the lack of any education and experience that are required to achieve consistent results. Most beginner traders usually lose a significant amount of money during their early days of Forex trading, which can have enormous negative psychological impacts. It is also difficult for traders to overcome their negative trading tendencies, which can prevent traders from making any consistent profits through Forex trading. FxStat social trading networks provide a safe and professional alternative that provides amateur traders to follow tried and tested strategies that can help in minimizing the risks in the market. Although social trading platforms are not considered as a surefire way to trading success, social trading accounts do contribute to lowering the risk and preventing account blowouts.

How To Choose Reliable FxStat Forex Brokers?

FxStat only supports the MT4 platform, which includes a wide range of brokers in the industry. MT4 is a popular trading platform, and it is easy to find a good quality regulated broker that provides MT4 access. The official FxStat website provides a comprehensive list of supported brokers, butt the company promises that FxStat works with all brokers that offer the MT4 terminal. Even though FxStat supports MT4, some brokers have policies that prevent traders from following any automated trading or social trading strategies. Therefore, you should always be careful about the choice of your broker and consult with the broker representatives to ensure that they support social trading platforms. It is always a good idea for traders to read through the broker’s terms and conditions so as to make sure that the different strategies available through a social trading platform do not contradict any particular trading clauses. For instance, some market maker brokers are against the concept of scalping, and there are successful trading strategies that use scalping to a significant effect. Therefore, adopting such strategies can result in permanent account bans as well as foreclosure of accounts without the trader being able to withdraw his trading capital. The geographic location of a broker is also crucial while choosing FxStat brokers, as several profitable trading strategies might not be in line with the stringent CFTC requirements of the USA’s regulatory authorities. It is the responsibility of a trader to ascertain the legality of several trading conditions before choosing a trading system. If a trader is not careful with using a legal mirroring strategy, the account equity may be negatively affected, and there is also a potential for legal hassles.

How To Create Your Own Trading Network

FxStat can be used by traders to set up their own trading network and connect different traders together to create a large trading community. FxStat has all the features and benefits of traditional social networks such as Facebook and LinkedIn, which allows traders to send connection requests, interact with each other, and organize events for addressing news that can have a significant impact on the markets. While FxStat can act as an important platform for collaboration, the social trading aspect is not entirely free from scams, which require traders to be extremely careful about dealing with traders and other market participants. The ultimate responsibility for the safety and security of a trader’s trading account falls upon the trader; therefore, traders should exercise a good deal of caution while indulging in online social trading networks.