ZuluTrade is a social trading platform which connects to brokers so users can set strategies and copy them. It won’t work by itself, so before continuing to trade and make money the consumer needs to open an account.
You need to open a broker account to start trading real money on ZuluTrade. Over 40 brokers are available to choose from (and the list is continuously increasing). You can refinish the list based on a variety of parameters to help you select.
For example, if they are regulated in Europe, the US or anywhere else, if they support smartphone devices (iPhone, iPad or Android), support micro-lots and CDF trading, whether they are compatible with MetaTrader 4, ActForex, FXCM Trading Station or FXDD Swordfish. Many of those options, including Directly Integrated with ZuluTrade and Total Refund Policy. Therefore, it will return only their own broker, like AAAfx.
How to Define Your Criteria
The first thing is about minimum deposit and leverage. The sliders allow you to browse through the list of ZuluTrade brokers supported by the maximum leverage provided to clients and the minimum deposit required.
The second thing is about maximum fee/commission. The Commission limit is a sliding parameter which you can pick. The commission amount is the number of pips that your broker will charge you for each trade in your account that is created by a ZuluTrade signal, in addition to the usual pip spread.
For instance, if the broker spread on EUR / USD is 1.5 pips and the commission is 1 pip, then the total trade cost is 2.5 pips. The broker uses the fee to pay for ZuluTrade, and any extra costs associated with integrating with the social trading site of ZuluTrade.
The Comparison of Each ZuluTrade Brokers
The secret here is that there is a wide choice of brokers and there is consistency in everything. You can compare any exchange between your own account and that of your signal provider. If you don’t like a broker, just stop using it, and try another.
The performance between brokers will differ per signal provider. First, during news events, some traders increase their spreads. It would have a negative effect on the trades you follow from “signal suppliers” that trade in news releases.
Second, broker spreads distinguish between instruments, and more so for more exotic Forex pairs, so the results for a “signal provider” that trades AUD/JPY that differ significantly between brokers.
Third, overnight costs vary from broker to broker. Hence, if your strategy includes following traders leaving trades open overnight this factor, it will influence your overall outcome.