You wake up to a notification on your phone. You have set up an alert for a potential trade, and your trading app has just notified you that your set conditions have been met.
You quickly look at the chart and see that the market is starting to move in the direction you predicted. But you’re hesitant to make the trade yourself, having lost money in the past due to poor decision-making.
That’s where ZuluTrade could come in. With over one million registered users and a wide range of supported brokers, ZuluTrade has made a name for itself in social trading.
But is ZuluTrade worth your time and money?
In this ZuluTrade review, we’ll take a closer look at this platform’s features, pros, and cons to help you make an informed decision.
What is ZuluTrade?
ZuluTrade is a social trading platform that’s part of the FINVASIA Group.
It offers a copy trading experience with different options, including Traders, Combos, and Investment Baskets across various instruments, such as Cryptos, Stock CFDs, Forex, Commodities, and Indices.
It’s important to note that an individual’s trading experience on ZuluTrade largely depends on the broker they choose to link with, as ZuluTrade doesn’t execute trades.
However, the platform provides users instant access to other traders’ trading strategies, making it an excellent resource for those looking to try copy trading.
It’s worth researching before copying a trader’s strategy, as not all plans will be successful. While ZuluTrade does its best to ensure that only high-performing traders can be copied, it’s always important to remember that there’s no guarantee of success in trading.
Features of ZuluTrade
This feature enables investors to create customized trading instructions, or “scripts,” to conduct trading operations based on specific conditions and criteria.
2. Technical Charts and Indicators
ZuluTrade offers a range of technical charts, including candlesticks, OHLC, and lines, as well as various indicators, such as trends, oscillators, and volatility. Additionally, users can create custom lines and objects and even build trading robots using ZuluScripts.
3. The Automator
The Automator enables investors to create rules through the settings tab of their Forex account. This is a highly prized feature on ZuluTrade. It allows users to set rules to lock profits, update stop/limit orders for selected trades, close profitable trades, or receive notifications of significant market changes.
4. Integration with Automated Trading Software
ZuluTrade offers connectivity with several automated trading software, automatically placing trades based on pre-set criteria. The software must connect to the broker’s network or exchange to execute trades.
How Does ZuluTrade Work?
If you already have an account with ZuluTrade, sign in. If not, create a real or demo account and choose a brokerage from various options.
Once signed in, go to the trader’s tab on the ZuluTrade website. Browse the top traders and find one that fits your risk appetite and investment levels. Check their trading activity, performance, and track record.
When you’ve found the right trader, click on the follow button. Choose the funds you want to invest in and your preferred level of risk.
Once you’ve selected the trader and set your investment amount and risk level, click the follow button again. You are now copying trading stocks from the market, and your portfolio will start to mirror the positions of the trader you’re following.
ZuluTrade Pricing & Plans
Free ZuluTrade Account
ZuluTrade Account and Trade Account are both free to use, and demo accounts are also available at no cost. ZuluTrade itself doesn’t charge any fees, but traders will be subject to trading fees levied by their choice of a brokerage, which will vary depending on the platform used.
Paid ZuluTrade Account
While ZuluTrade itself may be free, there are still costs associated with using the live online trading features.
The minimum deposit required will vary by broker, but generally, traders can expect to deposit a bare minimum of at least $100 before trading with real money. This minimum deposit requirement may vary depending on the broker used.
On the other hand, users can open up to 10 demo accounts without paying a deposit. This is a great way to practice trading without risking any real money.
Pros of ZuluTrade
- Low minimum deposit
- Zero commissions or fees
- Availability of free demo accounts
- Broker-dependent limitations
- Broker-dependent fees
Alternatives to ZuluTrade
If you’re looking for an alternative to ZuluTrade, consider Seeking Alpha. While ZuluTrade is an excellent choice for social copy trading, Seeking Alpha takes a different approach, focusing on market news and analysis.
With Seeking Alpha, you can access news and analysis from industry experts, real-time alerts, and personalized portfolios.
Is ZuluTrade worth it?
ZuluTrade offers a user-friendly platform that allows users to copy the trades of other traders, which can benefit those needing more time or experience to conduct their market analysis.
Additionally, ZuluTrade offers a range of features such as ZuluScripts, technical charts and indicators, and The Automator that can help users customize their trading experience to meet their specific needs.
However, it’s important to note that the success of copy trading on ZuluTrade ultimately depends on the performance of the traders being copied, which can be unpredictable.
Overall, suppose you’re interested in copy trading and willing to research the platform and the traders being copied. In that case, ZuluTrade can be a valuable tool for your trading strategy.
You should consider ZuluTrade if you’re looking for a platform solely for copy trading. Click here to try it for yourself today!