Account copiers are a type of useful software in Forex that allows trading signals to be copied across different accounts. It is extremely helpful for people who have to do routine copying of trading signals, especially if there are many accounts to manage. Keeping track of and copying signals manually can be very tedious, but the software allows all signals to be automatically processed. Use of the software differ for different people, where for some, it eases selling and transferring trading signals to clients, while for others, it is used to copy successful strategies from one source to another. The software is basically a useful tool to various parties like Forex account managers, signal providers, and traders.
How the software works is not very complicated. To copy trading signals, you must first know the passwords to log into the software’s account. Then, two Meta Trader terminals are opened; one is connected between the signal provider and Meta Trader terminal 1, and the other between the signal processor (the receiving account) with the Meta Trader terminal 2. Starting the terminal 1 expert adviser will track the changes in the copied signal provider. The signals of the signal provider will then be copied onto the receiver account when you start the signal processor expert adviser.
There are two types of account copier, which are those that can work through the Internet, and the other cannot. For the former, it can be divided into those that is based on API, working directly with a broker’s server, or those that work on their own server. As for the latter, it can be divided into API-based, or script-based.
In order to determine the type of copier you will need, it depends on how many sub-accounts one have. If you have between 8 to 10 accounts and use high requirements strategies to copying speed like scalping strategies, API-based copiers are recommended as you will not need to keep the terminals for each account running, nor will there be any copying delay. On the other hand, if you have less than 8 or 10 sub-accounts and do not use high requirement strategies to copying speed, account copiers based on scripts or expert advisers will do. However, you will need to keep all the terminals between each account running. There will be copying delay of 0.3 to 1 second, and can be more than 1 second if it has the ability to work through the Internet.