The ForexCopy system is a service that allows Followers to copy orders of the most successful forex traders in real time mode. Moreover, Traders can also make additional money, receiving commission for sharing their trading activity. Below there are answers to the most common questions about how to use the service and what other features it provides.
What is the ForexCopy system?
The ForexCopy system provides for copying deals of a trader in a real time mode and opening them automatically on the account of a follower. ForexCopy followers can adjust the number of trades, set the preferred ratio of lots and trading instruments to copy deals on from a certain ForexCopy trader.
Can I, as a ForexCopy follower, choose instruments and the ratio of lots for trades to copy to my account?
Yes, you can. You can copy all the trades or just trades on the instruments you chose.
When will a ForexCopy trader receive a commission for copying?
The commission is paid to a ForexCopy Trader in the following cases:
- When a subscription is cancelled by a ForexCopy Trader or ForexCopy Follower;
- When the rollover function is activated (meanwhile copying trades will continue on the account of a ForexCopy Follower without subscription cancelation);
- If ForexCopy Traders choose a daily commission, they will receive it every day at 11:30 p.m. (GMT+2).
Can I, being a ForexCopy follower, cancel a trade copied if I consider it potentially unprofitable?
You can close it in MetaTrader, but it is impossible to cancel it.
Is an application for subscription approved automatically or personally by a ForexCopy trader?
It is a ForexCopy trader who decides whether to approve applications for copying his trades automatically or manually. If the application is not approved within 72 hours, it is cancelled automatically.
How fast are trades copied within the ForexCopy system?
There might be a delay of 15 seconds maximum, but orders copied are always identical to those opened on the account of a ForexCopy trader.
Why is the list of currency pairs to choose from so small?
The list contains the most popular trading instruments only. If you select the All InstaForex Trading Instruments option, trades on all the instruments employed by a trader will be copied, including futures, stocks, and so on.
A ForexCopy trader changed the commission after I had subscribed to his deals. Shall I pay the initially set commission or the new one?
You will pay the commission you initially agreed to pay until the end of your subscription period. However, new followers of this ForexCopy trader will pay the newly set commission.
Will the order settings of a follower be changed if a trader modifies the order copied?
Yes, the order settings of a ForexCopy follower will be changed as well.
If a ForexCopy follower lacks money to pay the commission to a ForexCopy trader, does it mean that a trader will not get it at all?
In case a ForexCopy follower does not have sufficient funds to pay a ForexCopy trader the commission, all his funds will be debited from his account to cover the commission. If there is still a sum to be paid, it will be fixed by the system and debited as soon as a ForexCopy follower replenishes his account, no later than 72 hours after the subscription period expires.
Can I unsubscribe from the deals of a ForexCopy trader?
Yes, you can, provided you closed all his deals copied and currently open on your account.
Can a ForexCopy trader unsubscribe a ForexCopy follower from his deals?
Yes, a ForexCopy trader can unsubscribe a ForexCopy follower from his deals provided all the deals copied to the follower’s account are closed, and the commission paid by the follower is more than 0.
How a pending order is copied to a ForexCopy follower account?
The pending order is copied to the ForexCopy follower account when it is executed on the ForexCopy trader account.
Are there any requirements regarding the minimum balance the follower is supposed to have on his account before copying trades?
Yes, the follower is to have at least $10 (excluding bonus funds) on his account before he can start copying.