MT4 Trade Copier and MT5 trade copiers can be easy to install and use but you need the right one for you. Let’s check out the different options you have available.
What is a Trade Copier?
A trade copier is software that copies trades from one account to another, often in terms of CFD trading. This is very common in MT4 and MT5 trading platforms and even between the two.
Why use a Trade Copier?
A trade copier for MT4 or MT5 is a great way to transfer your trades between accounts and brokers. This means less work for you, and you can simply trade from one computer.
The other concept where a trade copier can be useful is when you have multiple strategies and risk profiles across your accounts. With a trade copier, you can set what Magic Numbers (trade strategies often in mql4 or mql5 programs or scripts) and different risk levels the trade copier will use.
What is the best trade copier?
Best Trade Copier for MT4 is available from the MQL5 website.
Best Trade Copier for MT5 is also available on the MQL5 website.
Other Trade Copiers for MT4
Another option is the FXBlue trader copier. It seems to be a little harder to set up though.
Alternative to a Trade Copier
Some traders like to work with PAMM or MAMM accounts which many brokers offer. You generally have to ask for these specifically and they allow you to trade multiple accounts from one program.
This style of copying is often used by money managers and professionals since there is the ability to charge a fee through the platform and keep allocations outlined on the one dashboard.
Trade Copier EA Expert Advisor
An EA or expert advisor is simply the term used for coded programs for MT4 and MT5 written in MQL4 or MQL5 language. The Trade Copier’s outlined above (Best Trade Copiers MT4 and 5) are EA’s.