Zulutrade Review by FXSignalFactory
Welcome to my Zulutrade review and I hope this independent review will help you decide if it’s worthwhile investing in following signal providers on Zulutrade.
Zulutrade has been around since 2007 and acts as a bridge for investors to follow signal providers across various brokers. It is meant for traders to share their trading strategies, at the same time, their trades can be audited by anyone since all trades are shown to all since the day they started trading.
They gives investors/followers access to a big range of Forex trading strategies where investors can pick, customize and balance their own portfolio based on the signal providers they have picked to follow.
Another important point you want to take note is, signal providers are compensated by Zulutrade for providing the trades for investors to follow. However, these signal providers are only compensated if they produce positive monthly returns which in return will spur these traders to perform well rather than just churning their trading account for the sake of getting paid a commission.
Of course these commission payable comes from you, the follower. If you are asking why should you be paying, it’s the same as you paying a fee to a fund manager for doing the investment for you. If you are not comfortable with this arrangement, then you shouldn’t be looking at Zulutrade or any other platforms that allows you to copy the traders. Period.
Pros of Zulutrade
- A form of automated trading where other traders do the work and you reap the profit if you have selected the right ones to
- Free and fully functional demo but restricted to one month usage that can hamper long term testing
- No need for vps service or having to turn on your computer 24/5
- They rank the traders according to their trading history from day one when they have their account linked. All kind of
information are available to a point where you may feel like it’s information overload.
- It is highly user configurable. You can set your risks, number of trades that you would like to copy.
- Many choice of brokers (more than 40 at this point of writing) that you can choose from if you don’t want to use AAAFx, a
broker that they are directly integrated with.
- You can open your account in different base country currency available, USD, JPY, EUR, GBP and AUD.
Cons of Zulutrade
- Anyone can sign up as a signal provider but it’s not that easy to get oneself to move up the rank because it’s very competitive and everyone is also trying to get to the top spots so they can be followed. You could end up not following an experienced trader for all you know
- There are many signal providers there using demo account to trade and send signals. You have been WARNED! Some of their trading strategies are questionable but again, you have to screen them out
- The large number of signal providers with different strategies can make it difficult for you to pick the right mix to generate consistent profit.
- Slippage can be a problem at times due to lag between ZuluTrade.com and the broker that you have selected to trade with and the broker that your signal provider is using.
- Risk and money management is a little complicated and can overwhelm beginners.
Can You Make Money With Zulutrade?
Yes if you are really thorough with your homework and really picky about who you choose to follow. As mentioned earlier, if you pick the wrong mix of signal providers with the wrong strategies with high drawdown, you could end up with a big loss.
It may take time to screen out the good from the bad out of the many traders there. Believe me, the time taken to explore and demo trade till you find the right ones is worth the time. Starting with a small amount that you can afford to lose without losing sleep when you go from demo to live would be a good way to start.
You can go to this article for tips for finding the best signal providers on Zulutrade
So Should You Invest In Zulutrade.
Overall, they have a good user interface on their platform with many features for you to properly manage your own investment with low ongoing cost. With the right approach towards this type of trading can be very rewarding.
However, this type of trading may not be your normal cup of tea and may not be suitable for everyone.
Hope my Zulutrade review helps you in making your decision. No right or wrong, just feel good about your choice.
Good Luck and Safe Trading!