Social Trader Tools is a special platform that can be used to copy deals of other traders. This solution is great for beginning traders because they can make profits by following more experienced participants. The Social Trader Tools cloud platform provides the possibility to copy deals of MT4 account users registered on any brokerage service.
What are Social trading tools?
Social trading is the possibility to study the accounts of other traders, analyze their performances, look at investments, and make the same profitable deals. Social trading is a broader concept than copy trading because you don’t copy deals automatically.
Social Trader Tools is one of the most efficient platforms where you can do social trading. Many brokers provide social trading services but they offer you to work on separate software solutions. Social Trader Tools is a cloud-based solution that gives you the possibility to follow other traders who trade on MT4, no matter what brokers they prefer. This is also good for a trader that is going to copy because you don’t have to create multiple accounts with different brokerage services if your broker provides MT4.
How to use Social Trader Tools
To be able to use Social Trader Tools, you have to set up your social trading account. Basically, this cloud-hosted solution has quite a simple interface so even a beginning trader will understand how to set up the necessary features.
- Add the available number of accounts;
- When you have your accounts added, you should go to the menu, which is on the left side of your screen;
- Click on the Trade Copier.
- You will need to choose the necessary lines.
- Here you can choose the account to copy from and to, respectively, the risk type, and multiplier, and decide whether you want to copy existing trades.
When the copier is created and the conditions are confirmed, you can still change the setting of your copier. In particular, you can update risk settings, stops & limits, etc.
Social Trader Tools Features
- Account Manager. Thanks to this feature, users of Social Trader Tools can manage multiple MT4/MT5 accounts registered on any broker that provides these typical trading platforms. You don’t need to download special software with complex configurations to be able to use all capabilities of the Social Trader Tools platform. Account manager works 24/7, you can utilize the added account in different ways.
- Trade Copier. This is the main feature of this solution. By utilizing this feature, you can do actual copy trading. The Trade Copier of the Social Trader Tools platform is quite fast, compared to average social trading solutions devised by brokers. Its average replication speed can reach 50ms. Make sure to take some time to set up the Trade Copier in order to ensure its configurations will work properly for your accounts.
- Signal Provider. Social Trader Tools has a special signal page created for those who are willing to make passive income by sharing their strategies. As a signal provider, you can decide if you want the copiers to pay for your strategies or whether they can use your signals completely for free. By providing Trade Copier and Signal Provider features, Social Trader Tools ensures that both experienced and new traders will earn there.
- Whitelabel. Social Trader Tools is a solution that allows making money not only for traders but platforms that have their audiences. If you have a trading solution, you can white-label the Social Trade Tools platform.
Pricing of Social Trader Tools
In order to be able to use the Social Trader Tools platform, you have to pay monthly fees. The amount of these fees depends on the number of accounts you are going to set up. What’s good about payments is that transactions are processed quite quickly through different means, including credit/debit cards and PayPal.
Basically, you can subscribe to one of four pricing plans. If you are a beginner, we recommend starting with the cheapest plan. You should spend too much money unless you are sure that this solution is efficient for you. You can choose the following pricing plans:
|up to 2
|up to 5
|up to 10
|up to 20
|up to 40
|up to 60
|up to 80
|up to 100
To conclude, we consider Social Trader Tools quite an efficient solution if you aim to make income by copying trades or delivering your own signals. We can specify the following benefits:
- You don’t need to look for specific brokerage services, since this software gives access to all MT4/MT5 accounts that are willing to share their performances.
- You can sell your signals for money, not only gain income from commissions.
- You can set up email alerts that will notify you about important events.
- You can access your cabinet from anywhere since the platform is web-hosted.
Is Social Trader Tools Legit?
From what we’ve managed to discover, we can conclude that Social Trader Tools has quite a good reputation among traders. This is a good platform to learn how to trade on real successful examples.
Why Do I Need To Start Social Trading?
You need to start social trading if you are an inexperienced trader and you don’t know how to build strategies that will really work. Social trading is better than copy trading because you not just copy deals, but also study the investments of successful traders.
What is the minimum price for Social Trader Tools?
Social Trader Tools charge fees for their features. The minimum pricing plan is $20 per month. This is the Standard plan.