Social trading has grown hugely in popularity over the last couple of years, in response to the growing popularity of social trading a number of new networks have emerged seeking to tap into this growing market. Based in the British Virgin Islands, relative newcomer MyDigiTrade hopes to establish itself as a major player by offering an attractive and easy to use platform.
How does it work?
MyDigiTrade allows traders to automatically mirror the positions of the signal providers featured on the social trading network. Once a trader has chosen the signal provider they want to copy, all the trades made by that individual are mirrored in their own trading account. The service provided by MyDigiTrade is totally free with the network making their revenue through partnerships with the various brokerages which support the network.
As already touched upon MyDigiTrade is a broker independent which means individuals are able to use the service in conjunction with one of the supported brokerages. There are currently a total of 15 brokerages which are partnered with MyDigiTrade including big names such as AvaTrade, XM and FXCM UK. While the selection of brokerages on offer isn’t as wide as on other competing platforms such as ZuluTrade, users will still be able to choose between a number of well known and regulated brokerages.
The MyDigiTrade platform allows individuals to analyze the trading performance of the various signal providers on the platform, allowing users to go through the trader’s full trading history and get to grips with how the signal provider has performed in the past. There is plenty of data available to help individuals get to grips with the past performance of the in question signal provider. It is also easy to find new signal providers to follow with it being very easy to filter the various signal providers by a number of different criteria. It is also possible to monitor the performance of signal providers before deciding to place your hard earned cash in their hands. Overall the MyDigiTrade platform is very sleek and easy to use; however the analytical tools aren’t quite as advanced as those featured on Myfxbook’s AutoTrade platform.
Does it work?
There is a good selection of signal providers on the MyDigiTrade platform with there being a number of signal providers who can boast some impressive past performance. The platform provides users with a MDT rank which is meant to be a quick way to gauge the reliability and quality of a signal provider. Obviously past performance is no indicator of future success, but it does suggest that users who undertake proper due diligence will be able to find some reliable and successful traders to follow. As with all forms of trading using MyDigiTrade involves considerable risk and those interested should not risk more than they can afford to lose.
While MyDigiTrade is one of the newer entrants to the social trading sphere, the network hopes to establish itself as a major player by in the extremely competitive market by offering its users a sleek and easy to use platform. While the range of supported brokerages isn’t as extensive as on offer at some other social trading networks those using the MDT platform can choose from a number well known regulated Forex brokers. For those interested in MyDigiTrade it may be worth opening a free demo account.