When you’re successfully trading one Forex account on MetaTrader, you may want to manage multiple accounts simultaneously while using one account as a master account.
Many Forex traders copy trades from one Forex trading account to another to compound their gains. This can be achieved using a Forex trade copier.
There are a lot tradier copier suites out there, but not many are free. Most cost a little bit of money up front.
In this post, we’ll look at some of the best free Forex trade copier tools, then look at some paid options as well.
Best Forex Trade Copiers
1. FX Blue Personal Trade Copier
The FX Blue trade copier is a fairly simple piece of software that does the job very well. You can copy signals between a maximum of two accounts on a local computer.
The tool itself is very robust: you can choose to copy only certain trades, adjust lot sizes, adjust stop losses and take profit levels, and even set up partial take-profit levels.
The FX Blue copier accounts for small differences in symbol names from broker to broker, too. For example, one broker may have a symbol such as EUR/USD and the other may have EUR/USD.pro.
2. Forex Copier Free
This Forex trade copier has a limited free version and a more fully-featured paid version.
The free version lets you work with two accounts on a single computer.
You can customize the lot sizes or account percentage from account to account, so even if you have two accounts with very different balances, you can maintain your risk appetite at the same level on both accounts.
Another neat, if not sneaky feature is to reverse the trades of a losing account using this trade copier!
The execution is very fast and the user interface is really robust, making this one of our favorite trade copiers.
The only difference between the free and paid versions of this EA is that the free version is limited to two accounts, whereas the paid version supports unlimited accounts.
3. Duplikium Trade Copier
Another copying system is Duplikium. The free version is fairly limited, but it is free, so we’ve listed it here.
In the free version, you can have one master and one client account on the same computer. There is a maximum lot limit of 10 standard lots per day or 20 standard lots per month.
Additionally, there is an order limit of 20 orders per day or 50 orders per month.
As you can imagine, 20 standard lots would be used up fairly quickly, especially if you’re trading a sizeable account.
You can also upgrade to the Flexible plan which charges around €4 per account and allows unlimited lots and orders per month, as well as email alerts for trades placed.
How do trade copier tools work?
A Forex trade copier tool works by setting one master account and every other account as a client account. Every time you place a trade on the master account, the trade copier software executes the same trade on the client account.
Depending on the kind of trade copier you use, you can even copy trades from one master account to multiple accounts.
Why would you want to use a trade copier?
You may be wondering why you’d have multiple accounts to start with. One possible use case is if you already have a personal trading account and wish to copy trades from your personal account to prop firm accounts.
Many traders also use a trade copier to manage multiple trading accounts across a variety of prop firms.
In fact, we teach this very strategy at Creative Currency: instead of placing all of your eggs in one basket by working with just one prop firm, trade copying lets you manage multiple prop firm accounts together.
If you’re not confident of your trading, you can also use one of the trade copiers here with the reverse function to go against your original trade on the second account. This way, you can hedge the risk.
Local trade copier vs online trade copier
MetaQuotes has a trade copier system that you can sign up for and copy trades from other accounts. These trade copier services are online and you’ll just be a receiver account, placing the same trades as whoever you choose to copy from.
We don’t really recommend this route because you have no control over the trading strategy and you’re putting all of your capital at risk. While you’ll certainly make profitable trades, you’ll also experience losing trades over which you have no control.
Some Forex brokers focus heavily on social trading and to achieve this, they have to use Forex trade copiers.
We’ve not gone into much detail about social trading in this post, as that’s a different topic.
If you decide to go down this route, set up the trade copier on a demo account to see how well it performs before you invest money.
A better option is to have a Forex trade copier set up on your own computer or VPS where YOU or someone you explicitly trust is in control of the master account.
The foreign exchange market is tough and everyone has their own investment objectives. If you trade Forex and wish to trade multiple accounts to compound your gains, you can replicate your Forex trades from one account to another using a Forex trade copier.
There are very few completely free Forex trade copiers out there, and the ones that are available are limited to just two accounts. Of course, once you’re profitable and ready to scale up, then an extra $200 or so to upgrade to the full version to manage multiple accounts will not be a big deal!