What is Copy Trading?

Well, copy trading does go by a few other names, like social trading, mirror trading or even auto trading. From all of these terms, you are pretty much able to figure out what it’s roughly about. And yes, it has something to do with following the trades of others, it can even be an automated process and yea it is a social thing as there are a number of communities out there filled with traders whose trades you can, well, copy!

Let’s look at a simple example to understand this better. For instance, say you are following trader Genius and he makes a buy for EUR/USD at 1.3923, your own broker account will end up also buying the exact same pair at the same price! Of course, the risk setting is entirely up to you, but we will get to it in the future when you’re ready. / To learn more, simply click here.

So first up, what makes Omada different? Unlike social trading, whereby the floor opens up to anyone who is willing to share their trade signals, copy trading in Omada only involves verified traders. Verified traders are essential in the realm of copy trading as we are placing the fate of our hard-earned money in the hands of the signal providers we have selected. As such, wouldn’t it be crucial to ensure that the traders we follow are professionally trained and fit for such an important task? On Omada, all signal providers have gone through rounds of training to determine their potential before they are allowed to go on the job.
The technology involved in the platform is also a deciding factor for retail traders out there. Well, the idea of copy trading is rather simple. Users are able to use platforms like Omada that have translated sophisticated technology into easy-to-use steps to copy real-time forex signals of other live traders. In this manner, each time they trade, you are able to automatically replicate their trades in your own brokerage account. Omada makes it super easy for you to start the ball rolling once you have created an account with us here!