In 2015, the Copyop site launched for those in the investment industry. Copyop provides a binary platform that you can watch, copy and trade. That’s right I said copy. This platform site allows you to see how the best successful traders in the industry operate at any given moment. Then, through this site, you can copy their trade success and implement it through your account. This broker has their platform set-up almost like an auto trading robot.
In fact, this trading binary option is well-known as social trading. The pro trader does all of the technical analysis for you; leaving only to implement their trade. This social trading site operates by Anyoption, which is the biggest binary options site across the world. If you are a member of Copyop, you can copy and trade with Anyoption as well. But for the sake of this review on Copyop, we will not discuss
Anyoption.
However, there is a complete review that is available beneath the broker review section. Initially, you can open an account without a deposit. This option will give the trader the opportunity to check out the site as well as see what other traders are doing. Their Copyop sales team most likely will call to encourage you to move forward with a deposit and to start copying and trading. They accept the following currencies Euro, British, and the US Dollar.
Once you have deposited a form of currency to your account, it will only accept that currency in any future deposits. For instance, let’s say that your first deposit into your account is the US Dollar. When you deposit more money into your account, it will only accept the US Dollar. The platform account allows you to copy anyone’s trade with no particular set-up. In fact, they can also copy your trades as well. However, there is one condition you can only be copied up to 100 people.
If you’re thinking about copying a particular pro trader but want to observe them more, display their trade on your social trade feed so you can observe it more closely. With social trading, you don’t have the slippage that you do with Forex Social Trading. In other words, no slippage means that after you agree on a price to copy a trade, the price is a fixed rate. On a copy of a social trade, you will receive the same trade parameters as the pro trader you copied.
However, your return on the trade will be somewhat lower than the person you copied. The pro trader is the one who has done the analyst work, so a lower pay is understandable. In the investment circle of Copyop site, a trader can do social trading with Stocks, Indices, Commodities and Forex Pairs. Another great benefit is if you post trades and others copy them you will earn a cut.
How do you decide what social trade to choose?
For any trader to thrive in social trading, they need first to understand how to choose the best possible option to copy. No matter which broker you use if you don’t know the trading industry you may not get a high return. Let’s take a good look at some aspects that will help you make a successful social trade. First off you can only look at one trader at a time so it would be hard to compare them.
By clicking on the Explore tab, you will see random traders that have recently traded. However, the hot list tab will show you traders that have recently received a profit. For each trader that you look up, you will see their nickname, joining date, risk percentage, their last three trades, longest winning streak, country and so much more. You will also see the number of people watching and copying them.
There is one disadvantage though you are only capable of seeing the three most recent trades or their history which is coherent with other social trading sites. The best way to get a good idea if they have a substantial trade to copy is through percentage their most recent 120 trades. There you can see weigh their success on how high their percentage is. The detail being short it does require a lot of skill and luck when it comes to choosing a good social trade.
How Copyop deals with the risk and money management
Most trading sites with binary options trades give you total access to information. With this information you assess the actual risk involved before you initial make the trade, Copyop is no different. If you’re accustomed to forex trading, you will know that this not the same. With forex trading, there is practically an unlimited risk up to you final stop level. On the other hand, with social trading through Copyop you will actual be able to assess the risk against the potential reward before you implement it.
After you have copied a pro trader, the Copyop software will ask you a few questions. For instance, precisely how many trades do wish to copy from this pro trader? What is the quantity for each copied trade? What resources are in the pro investor’s exchanges that you want to utilize? Don’t feel that you’re stuck copying from any given pro trader because you can stop at any time.
Copyop customer support
Customer support through this site is fully functional, but the access is limited. For instance, the only way to contact the broker is through email or a contact form. The response to your questions or problems will be answered in a slow manner. From time to time it may take up to three to four days to get an actual response. In the usual ask questions page it has adequate answers that are spelled out well enough for anyone to recognize. However, there is not a huge selection of question to observe for a reply.
The Pros and Cons of this site
It takes the statistical analyses out of play and simplifies social trading. The tools are great to limit and manage the risk of trading. The user interface is easy even a beginner can use it. There is an enormous amount of successful pro traders to choose from when looking to copy an active, successful social trade. It’s a well-respected and outstanding site for those that are just starting out with the investment trading. However, there is one small dilemma they don’t offer a demo account.
Final thought
This social trading site is not at all like web brokerage sites. As mentioned above, it is an awesome well put together the site for those interested in the trading industry, including a beginner. Also previously mentioned, it is more of an auto trade site than a binary options site. But they do leave the option open for those that wish to place their trades. Be sure to read the guidelines and regulations that Copyop has to offer; this will avoid any misunderstandings before joining Copyop. If you believe social trading is beneficial to your investment industry strategies, join Copyop today or their sister site Anyoption. Either one will help get you going in the right direction.