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What is FX Trade Bot
The FX Trade Bot service is a proprietary automation technology that copies trades from the vendor's robot you have leased from the FXBM marketplace directly on to your self-trading account on MetaTrader4, LMAX, CTrader, or FIX API* platforms. More than 3,500 brokers supported. Everything is hosted on FXBM's private secure cloud that you can sit back and let our robots do all the work. What's great about our FX Trade Bot service is that it's a complete 'set it and forget it' approach towards running FX robots. Clients lease robots from vendors through the FXBM marketplace, based on flat monthly subscription fees, set by the vendor. FXBM charges clients $10 per month per account to use this service, which covers the cost of our cloud hosting, of the client VPS, and related network fees. By making use of the cloud, it eliminates the need for the end user to fiddle with multiple computer systems making them in sync in order to get your robot working.
*FIX API requires manual setup.
Pricing
The copy bot that automates the trading and setup process is a flat $10 per month per account. Each Robot Seller (Vendor) chooses the price for their robot, on a monthly basis. There is no minimum or maximum to the amount of money they can charge to lease their bots; however the $10 flat fee remains. So for example if a vendor charges $50/month, the total price the end user would pay would be $60/month. The average monthly cost of a robot is about $100/month. Robots can be as low as $20 a month and as much as $5,000 a month. Of course as with anything, you usually get what you pay for. If you'd like to use the copy bot for your own FX business - signup as a seller. The $10 fee is per account, and users can have as many accounts as they want. We don't make any money on this, the cost covers our server, network, datacenter, and other costs. It's the world's first cloud based copy system.
How to use FX Trade Bot
It's as easy as 1-2-3-click click click...If you want to get started using this service, you must first select a robot from the vendor database. Each robot is provided 'as is' by vendors so buyers should take time to select a robot that is suitable for their needs - all robots are different (including the price)! When you have selected a robot of your choosing, simply click 'Copy Robot' - you will be taken to a confirmation page where you can select settings such as risk profile, position sizing, and more.
At this point, you will need to enter your live trading account details, if you haven't already. Once you 'confirm' - that's it, you are trading this robot! You can always cancel the service or change settings, monitor performance, and more - in your customer dashboard.
More about our "Copy Bot"
Our Copy Bot technology is a cloud based solution that copies trades in a low latency manner (that doesn't mean it could be used for latency arbitrage, but simply the latency is low enough not to be 'slow' - just ahead of last look). Trade copying has been around for a long time, what's unique about our copy bot is that it is broker - neutral. We connect to any MT4 broker, CTrader, LMAX, FIX API broker in less than 1ms. This practically eliminates the need for a MAM or PAMM system (unless you are a licensed money manager). By providing faster service it reduces trade issues like lost trades, slippage, order confusion, and other problems faced by other copiers. Not only that, we provide this service at cost on our site if you use any of our robots.
Beta Development - FXBM is currently in the process of building a statistics engine that will enable sorting and eventually a 'selection bot' that will perform results based analysis and suggest the best robot (or manage portfolio allocations in real-time between robots). We are always developing more features to improve our service.
FAQ
How is the FX Trade Bot service different from 'signals'?It is similar, but the word 'signals' is very widely misused in FX. A signal originally was a message such as txt message, email, or similar suggesting to "BUY EUR/USD at 1.1023 S/L 1.0923 T/P 1.1523" - with the use of automation and robots such trading is largely obsolete.
Is this a managed service?No, absolutely not. This is not an investment, not a managed account, there is no account manager, no server based MAM or PAMM system is used, there is no LOD or LPOA, all accounts are self-traded. Customers choose robots, and our Trade Bot loads them onto customer accounts for them, and hosts all the support technology in the cloud.
No refunds - the $20 fee covers the cost of the cloud based services needed to host the robots, user account terminal, and "Handy" FXBM's proprietary 'copy bot' that does the work for you! We do not make any money from this fee.
I have a Forex robot, can I provide this robot to your customers?Yes! You would be a 'seller' and have to register as a seller, FX Trade Bot is a product in our marketplace.
Can I run FX Trade Bot on my own server?
Unfortunately, no. It has been developed as a cloud solution, and cannot be downloaded. If you are a hedge fund or institution with big needs we can discuss custom development and use of our technology.
Is FX Trade Bot a trading strategy?
No, FX Trade Bot is an automation service that copies settings and trades of your chosen robot instantly to your account or accounts.
Is there anything to download and install?
No, nothing. FX Trade Bot works completely in the cloud.
Do I own the software?
Not really, you are licensing it from us and the vendors on a monthly basis, but you get to use it as much as you want. Vendors maintain ownership of their software strategies and FXBOT.MARKET retains ownership of the Botomation technology that powers this process.
What pairs does FX Trade Bot Support?
Any FX, Crypto, CFD pair offered in the trading platforms connected are automatically supported.
Currently MT4, CTrader, LMAX, FIX API robots are supported; in the future we plan to add other platforms & technologies. Users can close trades at any time, adjust the settings, close all trades, or cancel the service at any time.