- 1 A Brief History
- 2 Minimum Initial Deposit
- 3 Spreads and Commissions
- 4 Leverage
- 5 Other Trading Fees
- 6 Trading Platform
- 12.1 Tips
ZuluTrade is an online social and duplicate trading platform. Essentially, it allows traders to duplicate the trades of experienced traders in the forex and financial markets to achieve a degree of automated trading. In any case, the social component also enables traders to leave feedback and share ideas. Today it boasts around 1,000,000 users and executes a trading volume in excess of $800 billion. This ZuluTrade audit will break down how it works, taking care of costs, live accounts, user reviews, regulations, and more.
A Brief History
Leon Yohai and Kosta Eleftheriou established ZuluTrade in 2007. Leon Yohai wanted to assemble software that allowed him to duplicate the trades of the best traders. By 2009, the company has more than 4,500 ‘expert’ traders (signal providers), and it was their portfolios that users could duplicate to make money.
When 2014 moved around, ZuluTrade had re-designed their website, added various features, such as ZuluGuard, and had 120 employees, 40 of whom were in customer support. For binary options, the company wanted to create a social trading platform. So, they announced a partnership with SpotOption on the month of May of that year.
2015 carried with it a success as the platform was awarded an EU Portfolio Management License from the European Association. That resulted in the company getting both legitimate and respected in the trading scene.
Minimum Initial Deposit
ZuluTrade has a relatively low least deposit prerequisite. There are certain brokers with ZuluTrade who require a $1 base deposit. Others may require $300, £210, €250, 25,000 JPY, or 300 AUD.
You can sign up for their demo simulation account, be that as it may, for nothing. You will discover more details about their practice account further underneath.
Spreads and Commissions
A commission is charged per trade by the brokers, in addition to the normal spread, for connecting your account to ZuluTrade. This can be as low as 0 with ZuluTrade’s own dealer, AAAFx, whose headquarters is in Greece and up to three pips elsewhere.
The spread (the distinction between the purchase and sale cost) will vary between brokers. The currency pair and time of the day can also impact the spread. For example, brokers regularly extend spreads during periods of high volatility.
Most individuals are aware that leverage can be used to increase potential earnings. Nonetheless, before you access an account, you should also note that trading on leverage can amplify losses and open you up to margin calls.
Normally, the higher leverage it is, such as 1:1000, the lower margin is used. That normally means an increase in the margin level and free margin. Be that as it may, this can lead to overtrading, and with a high drawdown, your account may hit a stop-out level.
So, to avoid risk, it’s normally prescribed to use 1:100 leverage.
Other Trading Fees
Before you sign up and sign in to ZuluTrade, you should also know about any additional costs. For example, you can be charged an overnight rollover/swap expense. The amount will rely upon the currency pair you are trading. Although these costs can cut into profits throughout a considerable time period, intraday traders shouldn’t usually experience these fees.
Aside from that, there is no additional cost. ZuluTrade has explained on their website that the traders you duplicate are paid straight by ZuluTrade as part of the commission.
It’s also significant that assuming you head over to their every website and you may discover deposit bonuses and promotions.
How It Works
The ZuluTrade trading platform presently provides trading for stocks, forex, binary options, commodities, such as oil, and indices, such as the NASDAQ. The platform also allows you to copy the strategies of vertex traders.
For those thinking about how it works, the user base is essentially split into two categories:
• Signal providers – These are normally traders who will share and be replicated by their followers. Their compensation fees are dictated by the success of their strategies.
• Followers – These users can duplicate the strategies of the signal providers. As a supporter, you can also duplicate strategies of the portfolios created by other followers.
When you have your Classic login account details, you can then start using various useful features, including:
• Lock Trade – This allows you to check the execution of a trade after the signal has been gotten.
• Automator – 2016 saw the presentation of ‘The Automator’. This notifies you by email or automatically executes actions when events happen. This capacity acts on rules that you add. For example, assuming profit and loss from Trader X is more than $1,500, lock the current profit. This can all assist you with minimizing risk and save time.
• Social network features – These incorporate forums and remark sections. Here you can audit signal providers, offer advice and ask questions.
• Margin Call-o-Meter – This estimates the chance that your account will run out of money, for example, on the off chance that you get a margin call. This helps you establish the amount of your capital you are actually risking. Nonetheless, this is just an indicator and should not replace a powerful money management system.
• ZuluScript – This enables you to create scripts that structure the parameters for trading bots. These are also normally known as expert advisors (EA). This gives you trade automation, allowing you to execute far a greater number of trades than you at any point could manually do.
• Cryptocurrencies – As of late added to the portfolio, traders can now take a view on whether cryptos are the following enormous thing or an air pocket.
• ZuluGuard – A one-of-a-kind feature that protects Duplicate Traders if erratic trades are opened by traders they are following. A great risk management addition may occur, and ZuluGuard may support to face the situation.
• Calendar – An easy-to-access summary of all critical events for the financial markets around the globe.
In addition, in case you’re worried about how to choose a signal provider on ZuluTrade, you can use the ZuluRank calculation. This proprietary algorithm ranks traders by various factors, including:
• Sharp ratio
• Low drawdowns, High profits
• Age of signal provider
• Amount of trade activity
• Frequency that trader logs in
• Length of time trade stays open
ZuluTrade To MetaTrader
It is possible to interface an external life or demo MetaTrader 4 (MT4) platform to a trader account. So, does ZuluTrade have a function with MetaTrader accounts? The answer is yes.
ZuluTrade vs. Competitors
What does ZuluTrade offer vs. eToro, Mirror Trader, NinjaTrader, and other systems? You can easily see rankings of investor performance. The simulator also shows the overall profit.
In addition, you can set up email notifications for when margin calls happen. You can even download a Dominate spreadsheet of all simulated trades.
Perhaps it is the sheer number of traders you can duplicate that sets ZuluTrade apart. You have access to more than 10,000 traders from 192 countries. You can then use ZuluTrade’s advanced search motor to focus on the best. For example, you can choose to see just those who have traded their own money, had a maximum drawdown of 20%, and have traded for at least a year.
Many users also prefer to duplicate more than one trader. So, to manage your potential candidates, you can utilize UberLists. This will also allow you to monitor an individual for some time prior to replicating. In addition, you can share lists amongst users.
After you have discovered a trader you wish to follow, you can assign a specific amount you want to trade per signal you duplicate. Alternatively, there is a ‘Pro-rata %’ choice. For example, 20% would be the mean score if the trader opened 1 parcel, 0.2 lots would be opened in your account. In addition to that, you can place a ‘Max Open Position’ for a certain trader.
You can survey your account performance at any time. Daily and week after week, summary reports will be sent via email. You will also get email notifications when the behavior of one of your signal providers changes. In addition, you can survey trade performance by provider and time frame. This should assist you with establishing who has been generating gains and losses in your account.
ZuluTrade also provides Android and iPhone trading apps. The trading apps are available for download by Windows mobile and tablets. Once in the application, you can see your performance, audit new traders to duplicate, plus close trades manually. In addition, by selecting go ‘real-time’, you can manage your risk settings.
Overall, the ZuluTrade applications and versatile site successfully praise the desktop-based platform. Plus, the functionality has continuously improved with each update.
Methods of Payment
Money financing and withdrawal methods will vary based on the intermediary the trader uses, yet include:
• Bank wire transfer
• ZuluTrade Mastercard
Testimonials and reviews of ZuluTrade have rushed to feature payment commissions and withdrawal fees, however again, these will vary based on which agent is used.
Zulu Trade Accounts
When choosing to open a live account, you should settle on two straightforward options. These are:
• Classic – This one is suggested for advanced users. You will profit with manual or completely customized duplicate trading, plus standard volume-based commissions. Nonetheless, be sure you are sufficiently capable before you open a signal provider account.
• Profit sharing – This choice is prescribed for beginners as you will learn by replicating others. Traders will be compensated when you profit and penalized when they lose. You also get an advantage from decreased commissions.
Note that the two options give you access to charts, data, alerts, and forex signals. Both also allow for straightforward account maintenance. Head over to ‘my account,’ and you will gain admittance to all the basic functions, from surveying performance rankings to the ‘erase account’ button.
Whenever you have settled on your account, you will then have to choose between supported brokers. Details of which can be found further beneath.
ZuluTrade offers a free, completely working demo account. Simply head over to their website and select the demo choice. You will then have to enter the accompanying basic information:
• Phone number
• Base currency
• Virtual account balance
When you have your demo login details, you will actually want to direct inside and out analysis and follow trading gurus. You can also use their social features to track down the best settings, brokers, plus tips and tricks.
It is easy to use the demo account, signal provider. There are many features you can choose to enhance to a live account.
To Become A Signal Provider
Step-by-step instructions to Turn into A Signal Provider.
Many reviews feature that educational sources focus on forex trading videos and representative comparisons while leaving out guidance on the most proficient method to turn into a signal provider. However, some of the best ZuluTrade success stories are from those who have basically sold the rights to their trading strategies.
This is because you get 0.5 pips per part traded by someone following you with a real money account. ZuluTrade reports the weighted average is around $4 per trade per standard part. So, on the off chance that you can accumulate over 100 followers, that can add up to fairly significant commissions.
So, what do you have to do? Firstly, you should meet the accompanying criteria:
• Maintain a maximum historical drawdown of less than 30%
• Average pips per trade must be multiple pips
• At least 12 weeks Trade on ZuluTrade
Obviously, you can’t maintain a negative balance, yet what else would a decent trader guide prescribe you to get a sizeable amount?
• Upload a professional, cordial default photo. The right photo symbol will help construct trust.
• Be concise and clear while explaining your strategy. For example, suggesting the number of lots, an adherent should invest and how you plan to offset any potential pitfalls.
• Trade with a real money account. This is because individuals will trust your decision-making more in the event that they realize you are risking real capital too.
• Make sure you meet any criteria, whether it’s necessary to be the least value or win ratio. Meeting the EU criteria above is particularly important on the off chance that you want to appeal to the European market.
• Due to inevitable intermediary slippage, you may want to avoid scalping strategies.
• Also, trading during news announcements can lead to substantially various results among your and your supporter’s accounts. This is because some brokers will broaden spreads during news events.
• If the website goes down, or individuals have questions about your strategy on a Mac, your score on the risk meter bar, or anything else, attempt to respond swiftly. Communication is critical to building trust.
• Try practicing with a ZuluTrade demo account first. You will have the idea by this that how experienced signal providers communicate and trade with their followers.
Forums and blogs are fast to feature that there are various attractive additional features you get with ZuluTrade. These include:
• Pip calculator
• Profit calculator
• Margin calculator
• Currency calculators
• Economic calendar
• Access to news
On top of that, there are also training videos, tutorials, user guides, and PDFs that should have the option to assist you with any problems. Through their Followers Academy, they also offer advice on the most proficient method to choose from their not-insignificant list of supported brokers.
Safety and Security
ZuluGuard is regularly featured as a particularly popular feature in survey forums. It’s anything but a compelling account protection feature. It works by monitoring each trader’s behavior and eliminating a user when a draconian strategy is recognized. This should help guard your pay against erratic traders.
Also, note you can manually set the ZuluGuard protection by taking a gander at the Advanced Mode in the Settings section of your account.
Regulation and License
The ZuluTrade trader program is currently regulated. As a duplicate trading solution for brokers in the EU, ZuluTrade has obtained a Triple-An Experts SA license from Greece’s Hellenic Capital Market Commission (HCMC).
Unfortunately, this does not automatically mean you can now get immense millionaire payouts with no risks. It simply means, according to ZuluTrade, their platform completely complies with the EU framework for auto trading service providers. As such, brokers don’t need additional regulation themselves to offer the platform to their clients.
ZuluTrade signal provider reviews are particularly impressed with various features found on the platform. These include:
• The totally free and completely working demo account. This is ideal for beginners hoping to get comfortable with the markets.
• An immense number of traders to follow and duplicate. This could result in greater signal provider earnings.
• There is a wide selection of brokers from a not-insignificant list of various countries. See beneath for additional details.
• Some social trading networks just give you access to the last 50 or 100 traders. Nonetheless, all historical trades are made available at ZuluTrade. This ensures total transparency.
• ZuluTrade offers relatively low ongoing fees. You just have to pay for the spread. In addition, there are no passage costs, and the least deposits start at just a couple hundred dollars.
• Forex trading’s review shows how the users are satisfied with the broad range of performance indicators, and the graphs are provided. This two help to evaluate signal providers.
• Users of ZuluTrade can also remark straightforwardly on signal provider profile pages. This helps to consider traders responsible and creates a relatively compelling survey process.
• With forex, users have access to Cryptocurrencies as well.
• You can profit with reliable and easy-to-use versatile apps.
• December 2014 saw ZuluTrader made changes to increase investor protection to stay in accordance with EU legislation. EU residents can now just view the top 1,000 traders who follow stringent criteria, demonstrating consistent and reliable performance. The result of this is that all traders presently aim to adhere to these rules.
Despite many of the benefits featured in Zulutrade.com reviews, there are also certain downsides and risks to consider. These include:
• For each successful signal provider, there is also an entire load of inconsistent traders.
• Signal providers are not needed to use their own capital. Therefore, you may be risking your capital replicating the trades of an individual using simulated funds from a demo account.
• Signal providers are not formally screened. The ZuluGuard feature does mitigate this risk, nonetheless eliminating traders and/or retaining fees where appropriate.
• Employing a compelling money management system can be hard for beginners. It is also particularly challenging for those not focusing on forex, such as gold, CFD, and cryptocurrency (bitcoin) traders.
• A significant amount of monitoring is needed to select a compelling blend of traders.
To finish up, you shouldn’t necessarily hurry to ZuluTrade alternatives because of the downsides listed above. These are problems with most similar sites. As long as you are aware of the risks and willing to invest the effort, you may still make attractive gains.
Trading should not be performed outside of ZuluTrade’s market hours. The market opens on Sunday at 22:00 UTC and closes on Friday at 22:00 UTC. During Eastern time daylight saving, the market will open on Sunday at 21:00 UTC and close Friday at 21:00 UTC.
To competitors and similar sites, note trading hours are close.
Contact and Customer Support
In the event that you have any technical issues or account requests, such as to change leverage, simply head over to the ZuluTrade homepage. From there, you can discover live chat is available 24 hours a day. This is the most popular strategy for contact for ZuluTrade users at present.
On top of that, there is email and telephone support to 10 countries, plus a 24-hours hotline. You can also approach using the ZuluTrade website to submit feedback via an online structure or by selecting ‘contact us’. The website is available in all of the accompanying languages:
In fact, their drawn-out obligation to reliable customer support was recognized with a BrokerNotes triple AAA support rating.
To traders of all experience levels, what the ZuluTrade.com offering is attractive. The always developing number of users alone demonstrates that. However, despite being user-accommodating, the service works best on the off chance that you select the company’s own brokerage, AAAFx.
In addition, staying profitable isn’t always straightforward. You should know income can disappear just as fast as it appears in your account. So, having a compelling strategy and money management system in place is essential.
ZuluTrade accepts traders from Australia, Thailand, Canada, US, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.
Alternatives to ZuluTrade
On the off chance that you are searching for alternatives to ZuluTrade, we have assembled a list of the top 5 brokers that are similar to ZuluTrade beneath. This list of brokers like ZuluTrade is arranged by similarity and just includes companies that accept traders from your location.
1. FXOpen – FXOpen is an exceptionally regulated FX and CFD merchant, offering numerous trading platforms.
2. Ayondo – Ayondo offers trading across a gigantic range of markets and assets. They also offer social trading and negative balance protection.
3. OctaFX – OctaFX provides a multi-asset trading facility in versatile solutions and on a range of platforms.
4. RoboForex – RoboForex is a multi-asset online representative contribution of incredible trading aides.
5. VantageFX – Reliable and affordable trading since 2009. Join more than 400,000 others trading on 300+ CFD products over assets like forex, gold, indices, and shares from 0.0 spreads through TradingView, MT4, or MT5. Vantage FX is ASIC regulated, and customer funds are segregated. Open an account in less than 5 minutes.