The broker BelforFX, which is specialized in Forex and Contracts For Difference, has a specialized social trading service to all customers, which allows the trader to follow and copy in real time the transactions made by other traders who trade regularly with this company, including the most profitable that have successful trading strategies.
The idea behind the system is quite simple. Instead of an investor spends his time analyzing the market and opening and closing new positions, he can follow the transactions made by successful traders with years of experience in the markets. Through the social trading service offered by BelforFX, the investor can follow the best traders as he has the option of selecting the traders that have the best performance over time and copy their trades at no cost and in real time.
The fact is that most beginners traders lose money in the financial markets. The reason for this is that they tend to be irrational when they make their trades in the market. Fear and greed control their emotions, which does not allow them to act rationally. For this reason, this social trading service can be an excellent tool for investors with little or no experience who are interested in making money in the financial markets.
How works the social trading service of BelforFX?
The social trading system of this broker works quite simply because it is integrated into one of the trading platforms of BelforFX.
- Observe: The main function of this social trading network is to provide the investor with real time information about the activities of other traders who are trading with this broker. In other words, we can see what other traders are doing at any time. Based on this information, we will have a general idea about trends in the market as well as access to new strategies and investment ideas.
- Track: In this social trading network our primary interest is to see what the best performing traders (Top Traders) are doing. This allows us to select the traders that we want to follow according to their performance and trading strategies. In this case we can access all the information from these traders and even check the history of their trades.
- Copy: Through the broker ‘s trading platform, the system allows to follow and copy in real time the trades of the selected traders (signal providers). These transactions are executed using the money from our trading account. Open positions can be managed directly by the investor, who can close them if he/she think that these trades are not producing the expected results.
Social trading platform of BelforFX
Social trading services of BelforFX are available on all trading platforms of the company (except in Metatrader 4), so that customers can view the trading activities performed by the selected signals providers (traders) at all times.
In this case, the system offers the user the opportunity to filter the traders so that it can display only the trades of the selected signals providers. Traders can be filtered in three different categories:
- All traders.
- Main traders.
- Traders that we want to follow.
Furthermore, we can see who are the best traders of each month and who are the leading traders in general terms. The following image shows the social trading network of BelforFX integrated to the Webtrader platform, which is based on Sirix Webtrader, one of the most complete and popular applications of its kind in the industry.
On the left, we can see the trading signals themselves, which include the trader, the instrument, the type of transaction (buying or selling) and the opening price. Then there is the “Copy” button, which allows to copy the trades with a single click. In the right side appears the main traders who currently have the best performance along with a prominent trader who is qualified as an expert.
Search and selection of traders
The system features advanced search tools that allow the investor to select the top traders of this social network. For example, you can filter and sort the traders according to their benefits, risk level, success rate or other parameters. Likewise, the user can analyze all the necessary information so that we can see the what have done the selected traders during the last month, three months, six months or a year.
How to access the social tradingf service of BelforFX?
This social trading service is offered at no additional cost by BelforFX for all customers. All the trader have to do to become a signal provider or to copy other traders trades is to open a trading account with this company and deposit the necessary funds.
The minimum deposit to open an account with BelforFX is $100.