Do FxStat Forex Brokers Offer Anything New?
Headquartered in the United Kingdom, licensed by the FCA and launched in 2010, FxStat has quickly grown into one of most imposing social trading products.
FxStat delivers a wide range of social trading solutions, which are available via a number of supported forex brokers or readily on the FxStat’s own platform for a recurrent fee.
The fee is pushed lower when you trade with one of FxStat’s supported brokers, and is highly recommended that retail traders take this path.
Although, the brand recognition FxStat gets does not come close to those of its niche rivals, the platform prides a robust client base and seems to be positioning itself on the map of social trading.
The platform supports around 37 diverse brokerages, in addition to its support for Metatrader 4 hosted by any broker, a vital feature for traders whose brokers are still absent on FxStat copy trade.
The primary focus of FxStat is the introduction of social trading capabilities through MT4 platforms.
Traders are able to do this via the MT4 Bridge to link their performance to FxStat.
The performance page gets updated in real-time, thereby allowing traders screen their positions without having to refresh the page.
Products on FxStat
- FxStat Tradebook
The FxStat Tradebook is a product deployed by most brokerages to enable clients take advantage of FxStat and also allow traders to follow the vast number of signal providers that are on FxStat at the moment.
The sleek design of the FxStat Tradebook makes it absolutely delighting to use, while the interface is designed for easy navigation.
Upon getting a signal provider that strikes your attention, you can analyze their statistics along with their performance on the FxStat Tradebook.
Traders on the FxStat network are to decide how much they’re willing to throw in when following a signal provider.
The advanced panel enables traders to accurately take hold of their risk exposure. Brokers are charged 1 pips per trade, and it remains the sole prerogative of the broker to pass this charge onto the customers.
- FxStat Managed Book
The FxStat Managed book is the same product as the FxStat Tradebook but it has a different subscription arrangement.
It takes a 0.5 pip upfront charge plus an extra 20% success charge just in case a trade exits in the green.
A huge number of traders will get attracted to this product bearing in mind it has a sizably small fee and an equivalent in commission for trades that ends in the red.
- FxStat Money Manager’s Book
The Money Manager’s Book is the same product as the ones listed above but comes without the networks signal providers.
The situation here is that Forex brokers load this platform with their own signal providers or money managers.
This means Forex brokers can deploy the FxStat platform as a modest substitute to normal managed account solutions i.e. PAMM and MAMM.
How Can a Newbie Profit from FxStat?
FxStat delivers a good range of indicators and custom technical analysis tools to gauge a trading strategy’s performance.
The account offers traders ability to follow different types of social trading strategies i.e. managed accounts, automated trading, and trading via signals.
The lack of know-how and experience evident in newbies, while they strive to make consistent profits off the market, is their primary concern.
Newbies are prone to losing money at the beginning of their Forex journeys, which usually leaves a huge scar on their trading psychology.
The social network on FxStat offers a safe and expert alternative for newbies to be able to follow established strategies that are able to inhibit market risks.
We are not 100% certain that social trading offers all round profitability, but they sure help in dampening the risk of blowing one’s entire account.
Creating Your Own FxStat Trading Network
Traders can use FxStat to set up their personal trading network that can allow them link up with fellow traders, thus creating a large trading community.
FxStat displays all the features and benefits of a normal social network such as Facebook and Google+, where users are able to send connection requests, chat and start up events for monitoring news that could significantly affect the markets.
FxStat is an important platform for meetups, although its social trading component is not entirely scam-free, as such traders need to thread with care when dealing with other traders.
The trader is solely responsible for his safety and security while on their trading account, hence traders should apply a great deal of caution when participating in FxStat’s social trading networks.