FCA regulated FxStat launched back in 2010 and has quickly established itself as one of the more impressive social trading products. FxStat services are available through a number of supported brokerages or through the FxStat platform on a Pay as you go basis. While FxStat may not have the same level of brand recognition as some of its social trading rivals, the platform boasts a large active user base and appears to be establishing itself as a major player in the world of social trading.
What is FxStat?
FxStat provides a range of social trading solutions to a number of supported brokerages, as well as offering social trading services to those who do have an account with one of the firms supported brokerages. FxStat recommends that clients use the service through one of the supported brokerages as the costs involved in the using the service are typically cheaper when you trade with one of the supported brokerages. The FxStat product provides a complete social trading solution, allowing traders to analyse signal providers performances, automatically follow top traders and provides traders with significant risk management tools.
The FxStat Products
The Tradebook product is offered by a number of brokerages and allows traders to use the impressive FxStat and allows users to follow the huge number of signal providers currently using the FxStat product. The FxStat Tradebook is beautifully designed and an absolute pleasure to use, navigating the interface is easy and you should be able to find what you are looking for without difficulty. Once you have found a signal provider you are interested in following your able to breakdown their statistics and really analyse their performance. When it comes to following the signal providers, traders can set their own risk profiles and set how much capital they are willing to risk following a particular signal provider. Controlling your risk is simple, with the advanced panel allowing you to precisely manage your risk and exposure. Overall, the platform is very impressive and easy to use. The service costs supported brokerages 1 pip per trade, though whether this charge is passed onto the trader depends on the brokerage. Additionally the product is available in a pay as you go format direct from FxStat, follow this link for more information.
FxStat Managed Book
The FxStat Managed book is the same product as the FxStat Tradebook but with a different fee structure. Rather than a flat 1 pip fee, there is instead a 0.5 pip upfront fee with an additional 20% success fee should a trade make a profit. This may be attractive to many as the upfront costs are significantly less and you will pay less in commission for losing trades.
FxStat Money Manager’s Book
The Money Manager’s Book is the same technological solution as the above products, but doesn’t come loaded with the networks signal providers. Rather brokerages that opt for this platform are able to load it with their own signal providers or money managers. This allows brokerages to use the FxStat platform as a simpler alternative to standard managed account solutions (MAMM and PAMM).
Does It Work?
To become a signal provider on the FxStat platform you have to meet a strict list of criteria. Unlike other social trading platforms such as ZuluTrade signal providers must being using a verified real money account to place their trades. In addition to using a real account to become a signal provider individuals must have made an annual return of at least 10-15%, profitable performance during the last 90 days and return an average of at least 5-10 pips per trade. The FxStat network uses both manual and automatic filtering when it comes to selecting signal providers to ensure that the network can boast a significant number of high quality signal providers. As with all trading, social trading with FxStat involves significant risk but the firm have done well to try and filter out lower quality signal providers.
FxStat is an impressive social trading solution which can boast a large and active userbase. The product is being picked up by an increasing number of brokerages and those using a brokerage which is not yet supported can opt to use the product through FxStat directly. In my opinion FxStat is one of the premier social trading products currently on the market.