Remote Copy Trade

[Mashkur]

Hi There,

I am newbie and doing some study on finding Do's and Dont's. My question are:

Is the remote trade copier allowed legally?
Does majority broker allows to use EA for remote trade copier?
If there are any restrictions, what are they?
If I use to copy 10/15 or more remote location, is there any way broker can find out?
What is the best way to do?



Hope to hear from Guru's.



Many thanks
Mash

 

[Pharaoh]

Legality depends on what you are copying. If you get investor access to a trading signal service to evaluate it, remotely copying the trades would be unethical, at best. If you subscribe to some sort of service which charges you based on trade volume or profits and copy that over to another account, that's likely a copyright violation. If you get a demo-only evaluation copy of an EA, copying trades to a live account would also be unethical and likely illegal.

As long as the trades are being legitimately copies and don't violate the broker's terms, they really shouldn't care where the trades are coming from. Of course, it may not hurt to check this with the broker first, since some brokers build all sorts of nasty traps into their TOS which allow them many bizarre reasons to cancel trades.

Why would you want to copy 10 or more remote locations to one account?

 

[Mashkur]

Thank you Colonel.

Its clear now, the reason I am new to this trading and learning it, I already started trading with some EA, and its working good for me. Now, the problem is my brother's and friends are chasing me to invest and I am totally not interested to take their money in money hand, as it will put me in lot of pressure, I can see, as they are family and friends, end of the day if I loose my relationship will be ruined, thats why I was trying to understand how exactly copy trade works, I was thinking that I will instruct them to open their account with any broker they prefer with their Bank accounts and details, either I will setup a signal to their home PC, and pass the trade whatever I do, second I will take their user details and set it up on MT4 as slave account.

What will be the best way to do it, keeping in mind legal issue and ethical issue.

Hope to hear from you again.