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Purple Trading with copying transactions in cTrader Copy
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Purple Trading with copying transactions in cTrader Copy

created Forex ClubApril 11 2024

Purple Trading, a broker with Czech roots, announced the implementation of the copy trading service, which allows you to imitate the strategies of other traders. The entire process will take place through the functionality of the platform cTrader Copy.

What is copy trading?

Copy trading is an interchangeable name for social trading, i.e. social investing. It allows users to copy other traders' trades into their trading account. The entire process is automatic, which has its advantages and disadvantages. One of the disadvantages is that we do not have much control over what will happen next on our account. On the other hand, we can turn off copying at any time and thus diversify our portfolio without getting involved in the investment decision-making process.

Who is copy trading for:

  • for people who do not feel up to investing on their own,
  • for traders who want to diversify their portfolio with new investment strategies,
  • for beginners who want to see how professionals trade.

Is copying others a way to make easy profits? Not completely. Please remember that when copying another trader, even though his results have been verified by the service provider, there is still a risk of losing capital. No one is infallible and even if a given trader has achieved satisfactory results in the past, this does not guarantee that they will be maintained in the long run. It is definitely a good idea to constantly monitor the activities of the trader we copy and diversify the portfolio into at least several different strategy providers.

Copy trading available soon

According to the broker's announcement, cTrader Copy should launch on Monday, April 15, 2024. At the moment, the service will only be available in Purple Trading Seychelles.

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About the Author
Forex Club
Forex Club is one of the largest and oldest Polish investment portals - forex and trading tools. It is an original project launched in 2008 and a recognizable brand focused on the currency market.