ZuluTrade Review: Copy a Star Trader
ZuluTrade has come a long way since it was launched in the living room of its founder Leon Yohai in 2007. A pioneer of the copy/signal trader model, ZuluTrade has now amassed half a million users and 100,000 registered strategies. The broker has since expanded its service to offer clients binary options via a strategic partnership with SpotOption. Star performers on the platform are ranked using a proprietary performance evaluation algorithm. As with all peer-based trading systems, users reap the benefits of following the so-called wisdom of crowds. In this review, Realmoney.co.uk puts the ZuluTrade offering under the spotlight.
Be Part of the Social Investing Boom
Trade Spot Currencies Across Global Markets
Detailed Assessment of Traders’ Performance
Copy Any Strategy for Free
Grab a 10% Trading Bonus
The bonus is available when you open an account via AAAFx, an Athens-based broker that is directly integrated with zulutrade.com. When you make an initial deposit, you are entitled to the bonus – amounting to 10 per cent of the amount that you deposited under the terms of the offer. You can open an AAAFx account with a minimum deposit of £200. When you open an account you need to set ZuluTrade as your Referring Broker. The broker requires a minimum deposit of about £300. ZuluTrade supports more than 70 international brokers worldwide, including FXCM and Swissquote Bank. If you choose one of the other brokers you should check first if the bonus is available.
Make Money Copying Winning Trades
When you open an account you obtain access to the platform’s signal traders. After selecting a signal trader to follow, users can adjust the settings section to control how much of their funds will be allocated to follow that particular trader. You can also select how many trades you would like to follow at a time. A signal provider places trades on his account and all clients that have selected this provider in their account settings page receive these trades on their account unless they do not have enough usable margin or have their maximum open lots setting set too low. The signal traders themselves aren’t aware of your account’s existence. Anyone can become a signal provider. It is not possible to misrepresent the performance of the signals generated, according to the broker. The profit or loss on trading is accurate because details are confirmed by the dealing broker’s statements. For each pip stated in the performance section there is a trade registered in the broker’s back-office. Signal traders are ranked on the platform’s performance table according to an algorithm that tracks their trading results. The platform allows users to refine their signal trader search criteria to find the trader that matches their desired trading strategy. Users of the platform can also execute their own trades manually.
BREAKDOWN BY NUMBERS:
- ZuluTrade supports 70 brokers worldwide
- More than 100,000 strategies to follow
- Minimum deposit of £500
- Service available in 25 languages
- Educational Resources
- Founded in 2007
Mindful of the risks that copy traders face if a signal trader takes unacceptable risks with their capital, the broker has created ZuluGuard, an account capital protection shield that recognizes and performs predetermined actions against potentially harmful shifts in trading behaviour. A ‘bad trader’ is automatically removed when a ‘radical trading strategy’ is detected. Users have the option of manually setting the ZuluGuard in their account settings.
Read Forex Signals on Your Mobile
This review found that ZuluTrade offers its users a mobile trading app that enables them to keep track of their portfolio’s performance on the move. The app is devoid of clutter, providing a transparent and user-friendly experience. A trader can scroll between screens that display profit and loss and the number of trades made. A separate screen will show the performance of a currency pair such as EUR/JPY with another screen displaying a detailed summary of the equity in a trading account and number of positions open. Charts and stats on currency pairs trades are also available to be viewed. The app is available on Android devices equipped with the operating system 4.0 and above or iPhone’s iOS operating system 7.0 or above.
The ZuluTrade App:
View selected traders’ past performance
Economic calendar of key events
ZuluTrade Dashboard: enabling multiple account
Trade history with detailed data table and historical
Management from single point
Live Charts on Demand
This review found that ZuluTrade offers traders access to a free market research tools including a currency converter, pip value calculator, margin calculator and profit calculator. Users can scroll between each calculation device. The platform also provides users with live rate charts that provide technical indicators of currency moves. An economic calendar keeps users up-to-date with important releases of economic data.
Use Facebook and Trade in Demo Mode
You can instantly set up a demo account with your Facebook profile or by completing a brief online application form that includes an e-mail address and details of your country of residence and telephone number. You can select a platform for either Forex or binary options. Alternatively, you can select both. The demo account is designed to provide new clients with the opportunity to practice trades and get a feel for trading on the platform without putting real money at stake. The demo account offers £100,000 in virtual cash to play with. In the main front screen a trader can monitor the red and green flashing prices before their eyes. You can scroll between ‘simple mode’ where trades can be inputted manually and ‘advanced mode’, which enables you to search and follow signal traders. Here you obtain access to the same information that appears in a live trading account where real money is put on the line. The search function enables you to see who the star performers are and weigh up the merits of their trading strategies. You can also read a comments section below and survey feedback from other users that have followed a signal trader. Alongside the feedback is a star rating that users have given the star trader that ranges from one star to a five star award. Each trader is also give a percentage rating. You can also track back to a year the performance history of the fund.
All Channels of Support
This review found that the ZuluTrade portal offers a comprehensive level of customer support. Traders can e-mail email@example.com or make a telephone inquiry on +44 203 3558 805. Alternatively, the platform offers a live online chat service that is available 24 hours a day, Monday to Friday. The platform’s forum also provides information on a variety of topics that may be of interest to traders such as ‘Newbies talk’, where traders can ask any question that may arise from their initial forays into using the platform. If you always do due diligence checks to ensure that you sign up with a scam-free broker you’ll appreciate the transparency. In a fast-moving market where scam operators target unwitting investors, this is a broker that offers great customer support. The ZuluTrade service is provided by Triple A Experts SA, which falls under EU regulation, licence # 2/540 / 17.2.2010. This is the assurance you need to avoid scam operators.
- Telephone:+44 203 3558805
- Live Chat:24/7 multilingual support
- Contact form:in 15 languages
Compliant brokersAAAFx, FXCM, Fidelis Capital Markets,Swissquote, Pepperstone, IC Markets,AvaTrade, Vantage FX, Traderstrust
Take the Zulu Wager
As a pioneer in the increasingly popular social trading model, ZuluTrade has developed a service that has attracted many users. The concept of letting someone who has the time to trade full time – with skill – make your trades clearly has an appeal for many. ZuluTrade offers a user-friendly and intuitive platform that is now battle-tested. The bonus offered is competitive. If you think copy trading is for you it is well worth playing around with the mobile app’s demo account to get a feel of what it will be like when real money is at stake. Going with an established brand leader is always good insurance against avoiding some of the scam operators on the fringes of the sector. This review found that it could be well worth dipping your toe into the water, taking the bonus offer and seeing where it takes you.