Mirror Trader Review

Mirror Trader Review

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Binary options trading has become a very interesting market. There are trends and charts that the newcomer is unaccustomed with, and therefore suffers from losses. However at the same time, there are the long term binary traders who hold all the secrets of the fluctuating market and have devised a strategy. It would have been really beneficial if the experts would have come out with their binary options strategies and devised a way for the newcomers and the long term traders to make the best sue of the binary options market.

This is what Mirror Trader System is all about. Mirror Trader is a binary options auto trading robot that keeps track of the charts and trends of the market live and based on the sophisticated algorithm that drives the Mirror Trader software, it provides the best possible bet at that given instant, therefore, making the market more predictable.

Mirror Trader works the same way and it provides you free signals as well as auto trades on your behalf.

Want to be Able to Trade with Just a Few Clicks? Read our Mirror Trader Review.

Tradency is the name behind Mirror Trader, a very user-friendly Forex platform for trading live signals. It is possible to mirror the trades of selected signals providers either on a manual, semi-automatic, or automatic basis. Originally, it was only possible to trade foreign currencies, but Mirror Trader has added CFDs to the menu, as well as releasing a mobile trading app.

Tradency is a trading software company that has no direct involvement with traders, but its Mirror Trader platform is available from a wide range of brokers. There are a number of other trading platforms better known than Mirror Trader, but we felt it was definitely worth a look.

With Mirror Trader Forex brokers, trading can be fully automated.

By far the most popular feature offered by Mirror Trader is its option that allows traders to trade the markets automatically. Using the platform is simple, and only requires a few clicks on the Strategies and Portfolio tabs. You can filter the results using the preset options or create your own. It is easy to see profit and loss curves of different signals providers, but there is also an option to dig a little deeper, with historical data that allows a trader to glimpse into the strategy of a particular signal provider. The number of providers is a little more limited than with other better-known platforms, but should suffice for most traders.

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You get the option to choose semi-automated trading with Mirror Trader.

For traders who would prefer not to leave all their trading decisions in the lap of a machine, there is a semi-automated option with Mirror Trader. Fully automated trading means you don’t have to watch the markets at all, or even keep the platform open, which for some can be a little unnerving. Semi-automated trading is in between this and the fully manual option, so could be considered the best of both worlds. The platform has to be kept open, or a profitable trade could be missed; but if a trader spots a trade they particularly like they have to option of copying it and closing the trade, or waiting until the provider closes the position instead.

For those who prefer a hands-on approach, Mirror Trader also offers manual trading.

Manual traders tend to prefer the big names such as MetaTrader 4, but they’re missing something if they’re not willing to try Mirror Trader. It has some very good built-in features, and its user-friendly platform is easy to get to grips with.

Are there any benefits to using a Mirror Trader Forex broker?

A trader is assured of the utmost transparency when choosing a Mirror Trader Forex broker. Historical trade data and all current trades are clearly visible for everyone to see. It is possible to manage individual copied strategies as well as set different risk levels. With the Mirror Trader platform, a trader gets full control 24 hours a day, and is able to close open trades any time of the day or night. We are pleased to let you know that there is generally a demo account available, and we would advise anyone thinking of using Mirror Trader to sign up for this first. It’s always a bonus to be able to try things for free, and see whether the way it works suits you. And if it’s not going to cost anything, what is there to lose.

Moving on now to the disadvantages – because as is usually the case there are going to be some – the downside is that the Mirror Trader does not allow traders to interact with the signal providers or other traders, which after all is a big part of social trading. For investors who choose to use Mirror Trader, there are also a number of Forex brokers who choose to add a little extra commission to the trades. Another disadvantage is that strategy providers do not need to do their trading with a live account, which, as you all know, can lead to unreal figures. The figures for drawdown are only calculated on closed trades as opposed to including open positions, which could make the figures irrelevant depending on the strategy.

Is mirror trading a good strategy?

There’s no denying it has become a very popular way for certain traders to participate in Forex trading, but it’s not going to suit everyone. It can be a great way for beginners to start trading and gain some vital experience. Following what the experts are doing and realising why they are doing it is only going to help develop a trader’s own strategy. It will also give you a feel for the market, and make you more confident in making decisions in the future.

Can a trader be successful with Mirror Trader?

Well, that’s a million-dollar question, and one we really can’t answer completely. There are so many factors that can influence any one trader’s success; but how is success measured? Is it the amount of profit at the end of every month? or is it more a case of counting the number of successful trades? For some, success is measured by the amount of enjoyment they get from the whole experience. Whatever way it is measured isn’t just based on the choice of trading platform or the strategy that the trader chosen to follow; another important factor is the management of risk. So will Mirror Trader lead you to success? It really depends on all the other choices you get to make in your Forex trading career.

The best advice we can give at this point is to have a good risk-management plan in place. As with any other form of investment it can go up as well as down. Devising your own risk-management plan will help you to make the right decisions, and not be afraid to pull out when you have to.

Tradency Mirror Trader Review – Our View

Award-winning Cryptocurrency trading platform

14 Cryptoassets available to invest in

FCA & Cysec regulated

Award-winning Cryptocurrency trading platform

14 Cryptoassets available to invest in

FCA & Cysec regulated

Copy and Social Trading Platform open to 50 Top notch Brokers

Regulated in EU and Japan

Advanced Trading Strategies to Copy

Copy and Social Trading Platform open to 50 Top notch Brokers

Regulated in EU and Japan

Advanced Trading Strategies to Copy

100% secure trading platform

More than 100 exchanges all over the world

Operates in accordance with MiFID and member of ICF​

100% secure trading platform

More than 100 exchanges all over the world

Operates in accordance with MiFID and member of ICF​

What is Tradency Mirror Trader and how it works

Tradency BVI, founded in 2005, is a financial technology company providing innovative trading solutions. They were one of the pioneers in the area of auto-trading and social trading, or as they call it “mirror trading”. Their trading platform is called “Mirror Trader” and it enables FX traders to use the knowledge of strategy developers and other traders from around the world for their own trading.

The first thing to note is that you cannot sign up for Mirror Trader direct via the Tradency website. Just to clarify, Tradency is a pure technology provider who develops and sell trading platforms to brokers. Hence, you can only sign for Mirror Trader direct via a broker. We used AvaTrade who actually also offer free demo access to the Mirror Trader platform as well when you sign up with them. As with our other social trading platform reviews, this review is also based on experience with a live account and is regularly if new features are released.

Tradency Support and Fees

Tradency is not a broker per se! It actually connects to brokers and is a pure software and solution provider. Because Tradency leaves the customer acquisition and management to the brokers, this means they don’t really offer much support to end customers (no telephone number) and there’s also not much educational info on their website. While Tradency doesn’t charge anything to you as end-customer they charge each broker a performance fee per trade or monthly technology fee per customer for using Mirror Trader.

Quite a few brokers still charge you an extra commission per trade when you use Mirror Trader (though we didn’t check all of them as part of this review). Hence, you’ll need to check yourself the costs when deciding on a broker. AVATrade, the one we use doesn’t charge any extras. While there used to be a useful list of partner brokers on the Tradency website, this is unfortunately no longer available. You’ll find a Mirror Trader supported broker list here on our website.

They have two different charging models for the brokers. Their original model charges the brokers a volume fee of about 1-2 pips per trade. Under Tradency’s alternative business model, which was introduced later in 2020, they charge a technology fee to the broker of a few tens of dollars per active user per month instead of the volume fee. Tradency hopes that this alternative model is more convenient for brokers. They believe it’ll make them more attractive and cheaper to customers since brokers would normally pass on part or all of the volume fee to the end customer.

Tools and Features

Once you sign up you get access to Tradency’s Mirror Trader platform (in practice or live mode). This platform includes the usual trading and charting tools allowing you to analyse the currency pair charts using various oscillators and open up buy or sell positions manually. You can also look at the “Sentiments” for each currency pair which shows what the % of other Mirror Trader platform users are in Buy or Sell positions which is useful. In addition to these basics, Mirror Trader also gives you access to the strategies from other traders (called “strategy providers”). Via the Live Signals screen, you can view all the signals real-time and copy them if you decide to (called semi-automatic mirroring). Alternatively, you can select and add strategies to your portfolio which the Mirror Trader platform will automatically execute in your trading account (automatic mirroring).

At a basic level, Mirror Trader offers traders a trading workspace with all the usual trading and charting tools to buy and sell. However, Tradency’s platform also gives you access to the strategies from other trades and introduces some new trading techniques, including Semi Mirroring and Automatic Mirroring

Automatic Mirroring: the Tradency software will mirror the strategies you select by copying their trades in your account automatically.

• Semi Mirroring: this option gives you more control over which trades you decide to mirror by allowing you to view the live trades of strategy providers. You can then choose the trades you want to mirror instantly and ignore the ones you don’t.

How to Manage Risk and Develop a Winning Strategy on Tradency’s Mirror Trader

While the trading and charting tools are useful, most brokers will give you a very similar offering and the real “value add” of Mirror Trader is in the strategies you can copy. There’s a choice of more than 300 strategies to choose from. While strategy providers don’t necessarily need to trade their own signal via a live account, they need to prove to Tradency that they have one and their system will be tested for 1 month and a minimum of 30 trades. If after this period their strategy meets the required performance standards, Tradency will also interview them, before their strategy goes live on Mirror Trader. This is a bit of a bottleneck. The evaluation process (with interview) is positive on the other hand.

Use Filters Wisely!

You have a variety of filters you can apply to find a strategy which matches your risk profile. For each strategy, you also have access to ALL their historical AND current trades, which makes Tradency totally transparent and a plus point compared to some other social trading networks which don’t provide access to all that trading data. While there’s always room for improvement, the Mirror Trader platform’s features to review, analyse and compare the historical performance are functional and sufficient for most of the research activities you want to perform. In addition, you can export all data to Excel as well if you want to do some more advanced analysis.

Our main issue with the info provided on Mirror Trader is with the calculation of the historical drawdown for the strategies. This is done on the account level and closed trades only and doesn’t take into consideration the drawdown on historical open trades. This, unfortunately, doesn’t make the drawdown numbers very relevant to strategies which hold on to multiple open positions with wide stops. Therefore, it impacts their proprietary T-Score (otherwise a good idea) which can be used to rank the strategies.

Social Interaction Features

While Tradency mentioned a while ago that they were looking at adding social interaction features to their Mirror Trader platform, at the time of this review this hasn’t happened yet. The only interaction you have with the strategy providers is one-way, in the sense that can leave a description for their strategy. While some are detailed and useful, others are fairly non-descriptive. Overall, the quality of them has improved over the past years. While there are no feedback comments or ratings of the strategies by Mirror Trader users, you can actually view how many followers with real money live accounts each system has (the $ amounts are not shared though). Therefore, it’s easily possible to use the social equivalent of ‘following the herd’ when selecting your portfolio of strategy provider.

Once you made a selection, you select how much to invest in each provider in terms of lots. Mirror Trader’s account management functions also let you limit the number of trades you allow open per strategy and set a monetary limit for the maximum loss you are willing to endure for the strategy. You can also view current open trades and close them from within the platform at any stage (which is very useful as it puts you in full control of your trades from within the same interface). The account and risk management settings are fairly intuitive and give you some flexibility in how to protect your account.

Is it Possible to Make Money when People Copy Your Strategies?

The strategy developers are compensated for every signal that was mirrored by the Mirror Trader’s users. They can send their buy and sell signals to the Tradency servers by EA, TradeStation or API. Because the strategies are running on the strategy provider’s side they always remain confidential. The strategy providers can also leave a detailed description of their strategy and trading experience.

Making Money by Copying Others

The question on whether you can make money with Mirror Trader obviously very much depends on the quality of the strategies offered by Tradency on their platform. Fair to say we experienced the good and the bad (i.e. it’s not because a strategy has been evaluated for a month that you should blindly trust). However, with some good risk management and some regular monitoring, you can achieve some overall gains. Because a lot of these strategies are EAs (i.e. robots) you will, however, have a much better chance in being successful if you have some trading background and can intercept some strategies or trades on certain news events.

Which Devices are available for using Mirror Trader

Mirror Trader is primarily a web-based platform. You can still access the website via mobile, but you won’t find an application per se. Via the mobile platform, you’ll be able to check your portfolio, execute manual trades and mirror live signals. While Mirror Trader initially only supported Forex instruments, since 2020 Tradency supports CFD instruments such as S&P 500, Google, Crude oil and more. The wide range of markets available now covers currencies, equities, commodities, indices, gold, silver and energy futures.

According to a recent survey published on the Tradency website, among 1000 live, active users:

• 90.2% said that the Mirror Trader platform is easy to use
• 92.4% said they liked the 24/6 automated trading capability
• 80.6% said they consider Mirror Trader as a long term investment tool

In February 2020, Invast securities announced reaching 100,000 live users using MirrorTrader by Tradency.