ZuluTrade is one of its kind social trading platforms. It enables the users to copy the exact trades from verified and experienced brokers, essentially automating the trading process. The trades are copied in a completely safe and secure environment.
ZuluTrade has partnered with over 50 brokerages across the world, which are, in turn, regulated by regulatory agencies. The traders can engage with one another by leaving comments, feedback, questions, and answers.
Here is a comprehensive review of the platform to help you decide if it is right for you.
ZuluTrade was founded by Leon Yohai and Kosta Eleftheriou in the year 2007. The vision was to create something more than the traditional trading brokerage firm. ZuluTrade allows traders from all over the world to do so much more than just copying trades. They can collaborate, exchange ideas, share strategies, and learn from one another.
In 2009, the company introduced a feature called Zuluguard and also created a social trading platform for binary options by partnering with a company called StopOption. The year 2015 proved to be a milestone for ZuluTrade as this year, it got a license from the European Union. This portfolio management license accorded more credibility and authenticity to the platform. Additionally, ZuluTrade has won numerous accolades for excellent customer service and for providing outstanding copy trading services.
The users can be categorized into two- the Signal Providers and the Followers. The signal providers are the experienced traders who have developed their trading strategies over time. The followers are the ones who copy trades and even entire portfolios from the signal providers.
The trading platform allows you to trade cryptocurrencies, forex, commodities, binary options, stocks, and indices. Not only does this platform offer some of the most cutting edge features, but it is also very convenient for beginners. The trading platform is well designed, intuitive, and extremely user-friendly. All the new users can easily start managing their portfolios by following and copying trades from expert traders. Some of the features of the trading platform are:
● ZuluScripts: Zuluscripts help you trade using trading bots, thus providing greater efficiency than manual trading.
● ZuluTrading API: It eases the development of trading platforms
● Social Networking: Sharing of ideas and feedback offers an opportunity for fellow traders to connect and collaborate.
● ZuluGuard: By monitoring the strategies of each trader that you follow, it acts as a risk mitigator for a copy trader. It automatically removes a trader whose moves are irregular and as things start going south.
● Automator: Think of this feature as your very own personal assistant. It automatically responds to an event according to the rules set by you.
● Margin-Call-o-Meter: This shows the chances of your account running out of money.
● Ranking Board: ZuluTrade provides rankings of all the investors. Using this, traders can follow the expert ‘signal providers’ and copy portfolios.
When you get started, the minimum initial requirement is relatively low. Some brokers demand an initial minimum requirement as low as $1. On the other hand, other brokers can require even $300 as the minimum initial deposit. However, ZuluTrade provides an excellent feature for users to use virtual money to get familiarized with the process. They can have a taste of the platform by investing $100,000 of virtual money, and decide whether they are actually confident to invest real money. The demo simulation account is available for free of cost.
Zulutrade offers two types of accounts that have very different purposes. On signing up, the user will be able to select the type of account.
● Profit-Sharing Account- This account is for new users who have little to no experience in trading. They follow the ‘signal givers,’ copy their trades, and learn from their strategies.
● Classic Account- This account is for experienced traders who act as signal givers for new traders. Their trades and strategies are presented to followers for copying and also learning.
Opening an account with ZuluTrade is fairly easy. It requires the following basic information from your end- name, location, base currency, phone, and email. After the minimum initial deposit, you have a fully functional live profit-sharing account.
Becoming a signal giver is slightly more complicated. For having a classic account, there is a set of eligibility criteria.
● The trader should have traded on ZuluTrade for a minimum of 12 weeks.
● The average pips per trade must be three or more.
● The trader must maintain a maximum drawdown of less than 30%
Here are some of the advantages of this impressive trading platform.
● Interactive Social Platform: The social aspect of ZuluTrade is probably the thing that places it above its competitors. The followers can gain useful insights for the signal givers and learn trading strategies.
● Easy To Get Started: The low minimum initial deposit allows you to get started with lower risk. The unique demo account features give you a confidence boost, without risking actual money. The various introductory videos, ZuluTrade Blog, FAQ, and user guide section, are highly useful tools.
● Extensive User Base: The platform boasts of a large number of traders to follow and learn from. It also implies more learnings for experienced signal providers.
● Authentic Brokerage: With an extensive list of regulated brokers to choose from, ZuluTrade takes pride in both authenticity and variety.
● Broader Insight: Unlike a few of its competitors, ZuluTrade shows all the historic traders to the followers.
● Trade Of Cryptocurrency: In addition to the usual forex, the trading of cryptocurrencies is also possible on this platform
● Ranking and Performance Indicators: The signal givers are ranked and evaluated using graphs. This enables the followers to better choose who to emulate.
Despite having numerous advantages, ZuluTrade comes with its own set of shortcomings and risks.
● Inconsistent Traders: The followers have to run their due diligence to select the best signal givers. For every experienced trader, there are a number of erratic traders too.
● Trade Emulation Requires Practice: Copying a trade is not easy and requires a lot of practice. You need to closely monitor the moves of all the traders and came up with an effective mix of followers. You learn with experience.
● No Guarantee Of Success: Though copying trades makes things easier and the collaboration gives you a roadmap, there is no guarantee that you will achieve success. There is always a looming risk of the signal giver failing. It is hence, advisable to carefully select who you follow.
● The Downside Of Signal Providers: These traders are not formally required to essentially use real money. Therefore, the follower may not realize whether or not the money is simulated. Acting on such undisclosed information is precarious.
The platform enhances user experience by providing traders with flexibility. The applications can run on Android and IOS mobile phones, Windows mobiles, and tablets. Traders do not always need to be in front of a computer screen. Using the application, you can monitor other traders, evaluate your performance, manage risk settings, and close trades manually. Of course, these apps are regularly updated with exciting features and improvements.
The payment methods are quite limited when compared with other trading platforms. The payment methods for funding trades and the withdrawal charges might vary with the selected brokerage. These broadly include the following methods:
● Bank wire transfer
● ZuluTrade Mastercard
Also, the withdrawal fees charged are quite high.
● For Instance, if a user wants to withdraw money using wire transfer, outside of the US, the fee is $45.
● The fee associated with the withdrawals via ZuluTrade Mastercard is $20.
● While withdrawing up to $500 via Paypal, the charges are $20. Beyond $500, the charges are $20 plus a 3.9% extra charge.
ZuluTrade provides an array of additional features that make the platform a hit among traders. These include but are not limited to:
● Training Videos, Introductory Tutorials, Blogs, User Guides, PDFs
● Access To Global News
● Margin Calculator
● Pip Calculator
● Profit Calculator
● Currency Converters
● Economic Calendar
● 24X7 Live Chat Option For Customer Support
● Availability Of A Variety Of Languages
● Phone And Email Customer Support To 10 Major Countries
ZuluTrade is a safe and secure online trading platform that offers a user-friendly social experience.
It is one of the most reputed online copy trading platforms which is licensed and regulated. It comes with the backing of a dedicated customer support team. The social experience is the icing on the cake.
If you are looking for a social platform for online trading, it is highly recommended to go with ZuluTrade. This platform will have you covered in every aspect and will provide a variety of options for trading. So, check out the site today.