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Does Pepperstone have social trading?
Most new traders find it hard to come up with a trading plan that actually works in the market. This is why copy trading is so popular these days. As the name suggests, it allows traders to automatically copy the actions of experienced traders in real time, giving them the opportunity to earn money with less effort. Copy trading is accessible to everyone, regardless of trading skills or experience. Many brokers now provide access to special software for copy trading, and one of them is Pepperstone.
Social trading with Pepperstone
Pepperstone is a reputable broker based in Australia that has been around since 2011. They offer various trading services and a wide range of tradable instruments, such as currency pairs, indices, cryptocurrencies, metals, CFDs of commodities and index CFDs. Traders also benefit from fast trading execution, low spreads, a reliable customer support team and an extensive range of analytical tools.
Pepperstone supports a number of trading strategies, including social trading. The broker has partnered with several leading third-party providers to help traders access some of the best trading strategies in the world. In particular, Pepperstone works with Myfxbook, MetaTrader Signals, and Duplitrade. Here is the complete information on the latter:
One great provider you can use with Pepperstone for social trading is DupliTrade. It provides a relatively low number of signals, but the average level is quite high because each strategy has been carefully checked by a strict audit process.
With a minimum deposit of £5,000 or $5,000 or 5,000€, you can access DupliTrade's strategy providers and activate the auto trading system using your own MT4 trading account. If you are still new to the markets, you can also practice your strategy using a demo account.
Another benefit, the platform has a user-friendly interface with fast execution that allows you to copy trades in real time. You can easily create and monitor your portfolio with just a few clicks. It also allows you to observe the behavior of other traders and see how they react to certain market changes.
How do I start copying trades in Pepperstone?
To start copying trades into Pepperstone, you need to register with both the broker and the third-party platform you will be using to copy trades. To make it easier for you, here are the steps you need to follow:
1 - Create a trading account with Pepperstone. This easy registration process usually only takes about 10 minutes.
2 - Complete the verification process. Verification of documents can take up to 48 hours.
3 - Choose a social trading platform: Myfxbook, MetaTrader Signals, or DupliTrade.
4 - Link your trading account to the social trading provider.
If you choose Myfxbook, you can go directly to the company's website and link your account.
If you choose MetaTrader Signals, open the platform and browse the signal providers.
If you choose DupliTrade, you will need to contact Pepperstone Customer Service and request to link your account to DupliTrade.
5 - Subscribe to one or more signal providers that you want to copy. Be sure to check the trader's profile and past performance to find the best one.
6 - Start automated copy trading. Don't forget to monitor your portfolio from time to time to make sure everything is on track.
In conclusion...
Pepperstone supports various trading strategies, including social trading. It is interesting to note that the broker doesn't have a proprietary platform for this. Instead, it partners with third-party services such as Myfxbook, MetaTrader Signals and DupliTrade. So, you can choose the platform according to what you prefer.
Additionally, Pepperstone's social trading can be profitable if you know how to maximise your returns. The rate of return depends on a number of factors including the signals provider you choose, your risk tolerance, trading instruments, and many more. However, it's important to understand that social trading doesn't guarantee 100% success, as it also comes with risks. This is why it is strongly advised to diversify your portfolio and use a good risk management strategy.
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