ZuluTrade Review

ZuluTrade Review

Copy Trades Of Other Traders and/or Be Copied

  • Social & Copy Trading
  • Trade From ZTP & MT4
  • Automated Trading
  • Investor & Trader Accounts
User Friendly ZTP Trading Platform

ZuluTrade Review

ZuluTrade allows the trader to use social and copy trading tools and to be copied and share ideas with other traders. There are two types of accounts, an Investor account and a Trader account. The Investor account is for traders who want to copy other traders. The Trader account lets the trader become a trader to be copied. Investors follow Traders and Traders broadcast their trading actions.

How does the trader open an Investor account with ZuluTrade ?

Firstly the trader registers with ZuluTrade. To be an Investor (i.e to copy trade and to trade), the trader can then open either a demo account or a real account (or both). To open either account, the trader selects one of two types: A Profit Sharing account or a Classic account. The Profit Sharing account is designed to be a copy trading account. ZuluTrade recommends this account type for beginners as it lets the trader copy other traders and has minimum customisation. It is still possible for the trader to trade on their own behalf, but it is not recommended on this account. So for traders who simply want to copy trade this is the account designed for this type of trading (they can therefore be beginners or more advanced).

The Classic account is designed for traders who want to trade on their own behalf and for traders who want to copy trade (this account allows the trader to customise their copy trading settings). To open a demo account the trader does not need to connect a broker (the trader can have up to 10 demo accounts associated with one email address). However to open a real account, the trader needs to choose a broker to connect their account with. There are 50+ supported brokers to choose from. The choice of broker determines factors such as the minimum deposit needed to trade and the minimum trade size and spreads and leverage. However to maintain a real Investor account the trader needs to have more than $100 in their trading account.

How does the trader open a Trader account with ZuluTrade ?

The Trader account broadcasts every trading action to real or demo Investor accounts which follow them. The trader can choose either demo or real. Trader accounts are ranked in accordance with ZuluTrade's ZuluRank, with the idea that the best traders are at the top of the list. This said, the program is open to anybody (individual and/or company). ZuluTrade offers to investors Trader's Combos which are selections of traders and there are specific requirements to be in there. These are dynamic as well, thus traders may be added and removed. ZuluTrade

What is ZuluTrade's platform ?

ZuluTrade's platform is ZTP (the ZuluTrade WebTrader), which is a web trader offering a range of charting tools and technical indicators. The trader links their broker account with ZTP, when using a real account. ZTP is available on the Profit Sharing and Classic accounts, hence why it is possible to trade from the Profit Sharing account, as well as to copy trades. However it is possible to connect a live or demo MT4 account to a Trader account (the account for those who want their trades to be copied). When using MT4 traders can access its features such as using or building Expert Advisors (MT4's online trading robots) or using or building technical indicators. However ZTP also allows the trader to use or build robots and technical indicators, with ZuluScripts.

What trading tools are offered by ZuluTrade ?

From their ZuluTrade account, the trader can find a range of tools under the 'Features' tab. Firstly there are Social Charts showing the actions of traders with regard to a market. For example if the trade chooses the EUR/USD chart then there is a feed showing trading actions. The trader can like actions or post comments.

Next there is a Trade Wall, which is a feed of the actions of traders. This can be customised (for example to show the only the actions of traders followed). Here there is also Market Sentiment for Traders and Investors. This shows the longs and shorts as a percentage for each market.

There is also a Calendar. This is an important tools for traders as it shows what economic news is upcoming. The trader should be aware that forecast figures are projections and may differ in reality. The market may not behave as expected to the release of economic data.

Next there are Forex Tools, for example a tool showing the pip value per Forex pair. Then there is a Forum, where traders can interact via topics. Then there is Automator, which lets the trader automate parts of the trading process. This is basically any kind of assistance which will perform actions for the trader and notify the trader. Finally there is ZuluGuard which detects what it sees as bad trading.

How does the trader find a strategy to copy trade ?

ZuluTrade ranks traders based on ROI (return on investment) and risk. When they click on the Traders tab on the platform, they will see traders listed from rank 1 down. While each trader has an ID, the trader is in fact following their strategy which is explained on the trader's page (found by clicking on the selected trader). This helps the trader know what it is the copied trades are seeking to do in the market.

While the beginner trader can use ZuluTrade (and it may be a way to approach trading complex markets) it can be helpful to understand strategies and why the trader might want to follow them. Thus the trader can take courses, watch webinars and read books to educate themselves and indeed trade firstly on a demo account and then in the real market on their own behalf.

On the trader's page performance metrics can be seen for the strategy being followed. Performance can vary and because a trader has been performing well does not mean this will continue to be the case. The trader can look at a detailed breakdown of trades taken and see that some trades may have losses, even if overall there is a profit in the account. The trader can note a metric called drawdown, which shows how big a loss has been sustained within the time period. Even successful trading strategies can have significant losses which need to be sustained even if they return to profit. On the left hand of the page, the trader can see the profits made by some of the traders who followed the trader is question.

Which type of ZuluTrade account should a trader choose ?

A beginner trader may find the demo Investor Profit Sharing account a way to become familiar with copy trading. A beginner who wishes to risk real money may find that real Investor Profit Sharing account is a way to trade but letting traders they choose trade on their behalf. It should be noted again that because a trader performed well in the past does not mean they will continue to do so. More advanced traders may wish to try the Investor Classic account as it lets them both trade (and to trade with social trading data) and copy trade. Traders who wish to be copied can open a Trader account. Traders who are copied can be compensated for copied trades in different ways depending on factors such as the account type of the copied trader and on the location of the trader. However ZuluTrade notes that the Trader program is very competitive.