CopyFX for Traders: How to Make Money on the Platform?
In this article, we will discuss, how a trader can make extra money on a popular copy-trading platform CopyFX. The CopyFX platform allows demonstrating your expertise and attracting subscribers who copy your trades.
How to become a CopyFX trader?
If you are a successful trader who want to increase their income by attracting investors, the CopyFX platform will provide you such an opportunity. Investors will evaluate the statistics of your trading and the subscription conditions in the rating and decide if they want to copy your trades.
Having become a CopyFX trader, you will be able to keep trading by your chosen strategy, receiving extra fee or percent of the trades that your investors copy. Thanks to the built-in automatic cross-copying system, the trades will be copied correctly even if the trader and the investor have different account types.
If this is your first time hearing about the CopyFX platform and you would like to get more detailed information about what this platform is, then I recommend that you first read this post.
To start working, the trader needs to open an account (or accounts) in the CopyFX system and trade, showing good results. The account is opened via your Personal Member’s Area: on the page for opening an account you choose a CopyFX account, For trading, the following account types are suitable (MT4 platform): Pro-Cent, Pro-Standard, ECN-Pro, Prime, Pro-Affiliate and ECN-Pro Affiliate. After the account is opened, it must be deposited for no less than $100 (or the same sum in another currency), and the subscription conditions must be set up.
How to set up subscription conditions?
After the CopyFX trading account is opened and deposited, setting up subscription conditions follows:
Commission fee scheme
The trader can be rewarded in three ways:
- Trader on profit: the trader is rewarded by a set percent (5% to 50%) of the investor’s profit.
- Trader on commission: the trader is rewarded by a set sum ($1 to $10) for each profitable trade.
- Trader without commission: copying is not paid for. This allows beginner traders to demonstrate their results and attract investors.
Specify the risk level you are planning to trade at. This information will be useful for the investors.
Subscription mode for investors
There are two subscription modes available:
- Free – any investor can subscribe to your strategy on their own.
- On application – the trader can approve or decline subscription applications. If the checkbox “Show” is not checked, the account will not be reflected in the rating.
This is the sum (in USD) that the investor must have on their account to subscribe on the trader’s strategy.
Depending on the chosen commission scheme, the trader sets up the size of their reward:
- If the scheme is “on profit”, the reward is set as 5% to 50% of the investor’s profit.
- If the scheme is “on commission”, each profitable trade is paid for by $1 to $10.
The period is set, after which the trader will receive their commission fee from the investor:
- 1 week
- 2 weeks
- 4 weeks
The payment happens at 01:00 server time on Saturdays.
The trader can attract associates who will bring even more subscribers to their account. Many CopyFX participants can become your associates and attract subscribers to your trading strategy. Your associated receive income from your commissions and increase your profit, attracting investors.
To launch the program on your account, check “Set up”, and on a special scale, specify the percentage of the associates’ commission (in % of the trader’s fees from the attracted investors); the percentage can be set from 10% to 90%.
Changing the subscription conditions
In your PMA, the subscription conditions can be changed:
- Changes may happen once in 24 hours during the week, except from 23:00 Friday to 00:00 Saturday server time.
- New subscription conditions come in force on Monday, nearest to the change time. If the changes were carried out on weekend (Saturday, Sunday), they come in force the other Monday.
- Secondary (additional) conditions are set up only after the main conditions are set up. They can be changed any time and come in force immediately.
How to get into the rating and attract investors?
All details of the trader’s work are reflected in the Traders’ Rating, which is the main information source for investors to choose a trader. The higher the trader is in the rating, the more chances that the trader will be interesting for investors, and they will subscribe. First of all, such important criteria are estimated:
- The term and activity of trading
- Maximal drawdown
- The umber of investors
- The balance and current deposit
For the account to appear in the rating, the balance must be no less than 50% of the limits set for the subscription conditions. All accounts with the profitability of -90% and less are automatically excluded from the rating in 10 days. Also, an account cannot get into the rating if the main subscription conditions are not set or the “On application” mode is chosen while the “Show in the rating” box is not checked.
Every trader has their personal card of participant of the CopyFX platform. It can be accessed via the traders’ rating or a direct link. In the card, all subscription conditions are specified and the history of active trader’s account is kept.
For additional advertising of your trading, special informers can be used. They reflect the minimal or extended statistics of the trader’s work. The informers can be put as your signature on forums or other resources. Clicking on an informer, an investor accesses the trader’s card.
The CopyFX platform allows a successful trader to increase their income, attracting investors to their trading. Flexible subscription conditions provide a number of comfortable types of investor-trader interaction. With the partnership program, other CopyFX participants may attract subscribers to your trading strategy.
Every trader has their individual trading style, some use a high-risk strategy on a small deposit, some trade with moderate risks on a large account. For a long-term successful work with investors, I suppose, stable trading with moderate risks, without deep drawdowns and losing the deposit is suitable. In essence, this is the trader’s reputation – the longer the story of successful trading, the more investors the trader can attract.