Exploring ZuluTrade: A Comprehensive Review
One hard pill to swallow about trading is that it is going to be tough and challenging for a beginner. But the advancement in technology has made trading easier with innovative solutions that simplify the tedious trading process. One such solution that has made trading easier than ever is copy trading. However, being successful at copy trading is not possible without a reliable platform where you can find the best traders for copying. Zulutrade is a popular copy trading platform that has managed to establish a loyal client base over the years. Read More
Should you also join Zulutrade and explore the financial markets with copy trading? What peculiar features and tools are offered by Zulutrade to make investing easy with copy trading? A comprehensive review of the copy trading platform will answer all your questions about Zulutrade and copy trading. So, keep reading till the end.
- Choose the best traders to copy
Just as the name suggests, copy trading is done by copying the trade positions of another trader. The trader you choose for copying should be an expert with enough experience and a successful record of past performance. Zulutrade’s social trading community consists of many top traders who are referred to as leaders and the investors follow them for mirroring their trade positions. You just need to make a choice based on the performance statistics of the leaders/top traders.
Zulutrade maintains transparency by displaying all the details about the leaders which includes their trading history, open positions, ROI, profits earned, max account drawdown, risk level and even data about those who are copying the trader. You can also see their win rate and live profits stated in pips. You can use the Zulutrade pip value calculator for knowing the actual amount of profits earned in the currency you prefer. This transparency is essential for making informed decisions about your investments. The leaders will also have a brief bio describing their trading style and strategy.
Investors need to consider their own profit expectations and risk appetite while choosing an expert trader for copying. You will be able to see detailed statistics for specified periods and can make use of the simulation tool for getting a preview of the results that you can get by copying several leaders. You can enter the amount that you want to invest and then add leaders whom you wish to copy and set the time period. You will be able to see the potential profits that you can earn in the end.
- Trade Automation
The copy trading system in Zulutrade is completely automated giving you an effortless and hands-free trading experience. All the trades that are opened by the leaders you choose for copying, will be replicated in your trading account in real time. You won’t have to monitor the account or manually enter trades. The trade positions will be managed by the top trader on your behalf while you still get complete control over your funds and withdrawals. You will also get an account protection feature named ‘Zulu Guard’ that automatically removes a leader that you copy if it detects any deviation in their performance.
Manual trading is a time-consuming process, and there is a lot of planning and calculations that go in the background. You will be the one responsible for making all trading decisions and will have to monitor the market to find ideal trade setups. For this, you must learn about technical analysis, which takes time to master. But with copy trading, you will be able to enjoy the benefits of trading without trading yourself. Hence, anyone can engage in copy trading without any prior experience or in-depth knowledge.
While copying, you will be able to see the trades that are entered. You can calculate the potential profits by using the Zulu forex profit calculator, which gives instant and accurate results once you enter the required details like entry price, exit price, number of pips and trade size along with the currency pair being traded and account base currency. The profit calculator is also an automated tool to make the calculation easy and error-free.
- Live chat support and social feed
Anyone can get in touch with the live chat support team on Zulutrade to seek information about copy trading and resolve any issues that you face while using the platform. The customer support team is available at your services 24/5, and you will get quick responses to your questions. Other than this, you can also interact with the leaders/top traders by going to the community section or social feed of Zulutrade. Leaders will often post updates about their trades or share market news that is relevant to their followers. You can ask any questions in the comments if you wish to communicate with the trader before copying their trades.
With Zulutrade, you can copy-trade a wide range of assets, including forex, stocks, crypto CFDs, commodities and indices. You will be able to trade any instrument that is being traded by the leaders you copy. This is perfect for minimising the risk with diversification. You just need to find leaders who trade the instruments you want to add to your portfolio, and whenever they trade those assets, the positions will be copied to your account. You can also see the recommended minimum investment while checking the leader’s profile.
It is not mandatory to invest the recommended amount, but you need to maintain the required level of margin for keeping the trades open. You can use the Zulutrade leverage calculator to calculate the margin requirements for a trade based on the lot size and leverage. The account balance falling below the required margin will trigger a margin call, and hence, you need to maintain the margin to keep the trades running without any interruptions.
- Zero subscription fee
One thing that we need to check while joining a trading platform is the fee structure. Zulutrade has a zero subscription for all traders who have an account with integrated brokers as well as selected co-branded brokers. Thus, copy trading with Zulutrade does not increase your trading cost when you choose a broker from their list. You will find a lot of top-tier regulated brokers once you go to the list. There is no need to worry even if you can’t find your broker on the list.
You can just make a request, and Zulutrade will add your broker for free. You can avail of all their services after paying the subscription based on your chosen plan. The subscription fee is $10/leader strategy/ month for the 1-month plan, and it goes lower for the long-term plans, which come with discounts. You won’t be paying any other fee for copying, and you can reduce the trading cost by choosing a low-cost broker from the ones integrated with Zulutrade.
To conclude, Zulutrade can be a perfect starting point for anyone who wants to get some market exposure and earn profits without playing an active role in the trading process. Copy trading is ideal for generating some passive income, and it is worth a try.