With more than 2 million active users from around the world, ZuluTrade is one of the biggest names in the world of financial markets. The one key feature and specialty of ZuluTrade is that it offers advanced copy trading or social trading options to its traders.
ZuluTrade was established back in 2007. It has its registered offices in Greece and Japan and it is regulated by the relevant legal entity in both of those countries.
Being a truly big name, it surely deserves a review from us. So let’s get into it and see the key features of ZuluTrade and whether it deserves the fame it has received.
A Basic View at ZuluTrade
The interesting point about ZuluTrade is that when it was first established in 2007, it was specifically developed in order to be a signal provider only for the forex market.
Even though more markets and financial instruments are added to it, ZuluTrade is still a prominent platform for the foreign exchange market.
Another point that has made ZuluTrade into an ideal and common choice for forex traders is that there are virtually no limitations as to where you can use them.
Many trading platforms and brokers have serious restrictions when it comes to countries in which their services are offered. But with ZuluTrade you can use their services in more than 150 countries from around the world. So the services are provided to users in various different languages to accommodate the foreign users who utilize this service.
ZuluTrade is an award-winning platform for social trading. So let’s check out other aspects of this platform.
What Instruments Are Supported by ZuluTrade?
ZuluTrade supports various different financial instruments across different markets. These include contracts for difference or CFDs, foreign currencies as part of the forex market, indices, digital currencies, and also commodities.
This allows you to choose the financial instrument you’d want to trade with. Naturally, if you want to be a bit riskier you can opt to trade digital currencies or even foreign currencies since they offer a higher degree of small volatility in the short term time frame. On the other hand, if you want to go for something a bit more reliable you can opt to trade commodities such as previous metals.
Is ZuluTrade Good for Social Trading?
There are a certain number of terms that can be taken to be synonymous in the forex market, or any other financial market for that matter. These terms include mirror trading, social trading, or copy trading. In essence and in their basic meaning, what they all are is when you decide not to develop your own trading strategy because of any number of reasons. Maybe you don’t have the time, or resources, or you just don’t have the expertise.
Instead, what you do is you pick another trader and copy their trading strategy instead. Hence the name, copy trading. ZuluTrade is specifically designed for this type of trading.
Another testament that this platform is really good for what it is designed for is the fact that there are more than 100,000 registered successful traders on this platform.
As a client, you can go and find the trader you want and follow them. In this way you can copy their strategy and apply it to your own situation.
Having such a number of registered expert traders makes ZuluTrade perhaps one of the most ideal choices for copy trading.
Another aspect of ZuluTrade that makes it such an ideal platform for social trading is the ranking system in this platform. According to this ranking system, expert traders are ranked based on their experience in this platform and most importantly their performance.
In this way, customers who want to use this platform for social trading can check out the ranking of the expert trader to see who stands above in terms of their trading performance.
Safety and Legal Aspects of ZuluTrade
There are many things that you have to keep in mind when you want to evaluate the safety of a trading platform, no matter which market you want to trade in.
Of course you need to pay attention to the measures that the platform has taken to provide you with safety. These include measures against cyber-attacks and keeping you secure from hackers.
But perhaps even more important than that is that you need to check to see where the trading platform or broker is registered and regulated. These regulatory bodies directly oversee and monitor the operations of the platform.
At the beginning we mentioned that ZuluTrade has its offices registered in Greece and Japan. As a result, it is under the regulatory observation of both.
In Greece, ZuluTrade is regulated by the Hellenic Capital Market Commission or HCMC. And in the country of Japan it is regulated by Japan Investment Adviser Association, otherwise known as JIAA.
How Many Brokers Support ZuluTrade?
A true testament to the power and strength of any trading platform is the sheer number of brokers that accept this platform and support it. There are some trading platforms that are only supported by three or four brokers.
What about ZuluTrade? This trading platform is supported by more than 70 brokers. So this is another sign of assurance to the prevalence and reliability of ZuluTrade at the same time.
Pros and Cons of ZuluTrade
ZuluTrade can be regarded as the pioneer and the leading platform when it comes to social trading and copy trading. There are many reasons why this platform has become what it is.
ZuluTrade is affiliated with countless brokers around the world, making it a platform that is applicable to any situation by anyone. To make things easier, there is even a mobile version of the platform so users can access the services on the go.
Another aspect of the ZuluTrade that makes it into such a great platform for copy trading is the commenting section. Yes, all users can actually go and comment on the expert traders’ profiles. This way, when you go to the profile of an expert trader, you can see what comments previous users have left for them.
In this way, not only will you get the screening process that is carried out by ZuluTrade to rank the traders based on various important factors, above all their performance, you can also see what others have said about those traders.
The platform also offers a demo account to users for free so they can test the services of the platform at first to see if they are a fit for their needs.
The downside of the platform does not really belong to the platform per se. This downside is part and parcel of copy trading in any situation. You need to be careful about the trader that you choose to copy. They might have registered a successful performance in the recent past. But when the performance is only looked upon recently, then the big picture might be overlooked.
So be very careful about the exert trader that you choose. Make sure they have registered consistently good performance. Consistency is key.
ZuluTrade is a trading platform that is specifically designed for social trading. Social trading or copy trading is a trading strategy that involves choosing another expert trader and copying their strategy instead of developing your own. ZuluTrade provides a ranked list of top and expert traders with more than 100,000 registered professional traders.