DupliTrade Review – Is DupliTrade Scam or Legit?
Forex trading as well as other types of trading is usually highly risky. Everything could go right and in the next minute, one’s entire portfolio is drained of its worth. On that note, nothing sounds as good as having an automated trading experience, where you get to duplicate trading moves made by expert traders also known as social trading. DupliTrade offers this— real-time experience of trading moves by “strategy providers” and facilitates the duplication of these moves right on the platform. It is also known for its careful selection of traders. Users can control the risk level and modify it as they please on this platform so let’s review why you should or shouldn’t use DupliTrade.
Getting Started With DupliTrade
As with almost all trading platforms, DupliTrade offers a demo account and a real account.
Registration on DupliTrade is quite easy, once you click sign up, fill in the required data manually or sign up with a Google account.
This immediately activates a demo account after clicking Create Account, the account has up to 500,000 virtual currency in it so the real experience can be simulated. This is available for 30 days.
Once you’re ready to start using DupliTrade, click on the Upgrade to Real button in the upper right corner of your personal account. DupliTrade has an established 12 brokers system, at this stage, you’ll be prompted to choose one. Click on the green button beside the broker’s name, a window opens where you can link a valid MT4/MT5 account number to DupliTrade. If you don’t have an account yet, you have to go through the whole registration procedure with your broker, deposit to your account and then link it to DupliTrade.
How It Works (How to copy trades)
This step is also not complex, after identifying your preferred strategy provider(s), click on the Duplicate button in front of the nickname on the list, or select them directly from the trader’s profile. Here you get other options, where you can distribute investments between different managers in multiple proportions.
Depending on the vendor, a minimum of $500-$2,500 should be required for each strategy/trade.
Once this is done, click Save Changes at the bottom of the table. From here, you can monitor traders’ results by following the My Account page, where the overall performance, as well as all open and closed trades, is displayed.
Is DupliTrade Secure?
Duplicate is registered in Cyprus by the Cyprus Securities and Exchange Commission (CySEC). It also works with popular regulated brokers who are in turn registered in highly regulated zones such as Australia, the UK, EU countries, and the USA. For this reason, the copy trading platform seems to be safe.
The copy trading platform works with reputable brokers, all 12 brokers are large and well-known, for example, they have AvaTrade, IC Markets, Pepperstone, FxPro, Fusion Markets, and Axi
Subscription is absolutely free since the platform gets paid from the partner brokers, all you need is your capital which differs according to each strategy provider.
However, the strategy providers charge commissions based on their trading terms.
Also, the minimum deposit to start trading with most strategy providers is $5,000 or the equivalent in local currency
Pros and Cons of DupliTrade Social Trading
- Carefully selected strategy providers
- Easy-to-use platform for novice traders
- No subscription fee for using the platform
- High minimum deposit is required by most strategy providers
- Just 12 brokers to copy trades from on the platform
Top Brokers To Copy Trades On DupliTrade
In no particular order, here are some top brokers to copy trades from on the platform.
ASIC, Central Bank of Ireland
DupliTrade is a platform which offers an automated trading experience. This is proven to be excellent for novice traders which can allow them to bypass years of training. The platform is regulated by the CySEC and its slated 12 strategy providers are reputable.
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