Value for Money
Tracking and analyzing data can be an important part of the trading industry. Myfxbook is an automated analytical tool for forex traders that allows its users to track and analyze the data behind your trading. Does Myfxbook have all the tools and features you need? Read our review of Myfxbook to learn more and decide if they are right for you.
Myfxbook is a very well-known and respected automated analytical tool for forex traders. The tools allow you the capability to track and analyze the data behind your trading in order to make changes and well-placed decisions on your trades.
Myfxbook functions in partnership with hundreds of brokers across the industry and has grown into a full-service site built around a strong community of traders since its inception in 2009.
In this review, we will focus on the features of the site and its community outside of the auto trade function which essentially performs as a social trading arm of the website.
Myfxbook has a wealth of features both within the range of analytical tools it provides and beyond. Here we will isolate just a few of what we believe are the key most important features if you are considering joining the Myfxbook community.
Broker and Trading Platform Support
Myfxbook works in collaboration with over 100 brokers. This is in excess of many similar tools and services in the industry, Beyond this, the tools can also function within a range of trading platforms. These include MT4, MT5, cTrader, and other proprietary trading platforms.
What this provides you as a trader engaged with Myfxbook tools and strategies is flexibility. Almost no matter what broker you choose to select or which trading platforms they offer, you can still benefit from the plethora of tools advice and strategies offered through Myfxbook.
Completely Free and Fast Signup
An excellent benefit with Myfxbook is the fact that the service is completely free to register with. Not only is it free, but it is also very fast to complete this process. You simply require basic details like a verifiable email address, username, and password to get you started.
Once you have completed this, you will be eligible to access all of the charts, strategies, tools, and other materials hosted by Myfxbook.
Extensive Range of Tools and Materials Available
Myfxbook is not just a one-dimensional forex trading tool. On offer is free access to a wide range of analytical tools, forex trading strategies and a knowledgeable community of your peer traders who are also offering charts, data, tools, and educational assistance to prepare you to be the very best trader possible.
On top of these things, you can sign up with the Myfxbook Autotrader and engage a range of these strategies to trade automatically with your broker account and trading platform with read-only access required to your trading platform.
Pricing and Availability
Perhaps the most attractive point of Myfxbook as that the entire service is completely free to sign up. This opens a great range of material to help improve your trading career. If you do happen to engage the Autotrader then some minimum deposit amounts with your chosen broker will apply, but other than that the service charges no types of fees at all.
Myfxbook as a service and community is available worldwide and very easy to access. Not only this, but the professional dashboard provided by the company is very intuitive and user-friendly from the outset.
When you get down to using Myfxbook you will not find any kind of over-promising or over-promotion at all as you may find with some other services.
The myfxbook team seems to remain continually committed to their goal of creating the most professional range of forex trading resources available in the market. This, backed by a growing community of forex traders is the primary focus of the site and company.
While there are no over-elaborate claims made, the resources are there and all vetted and reviewed by the community of peer traders to help assist you to develop your trading style and strategy in any way you require.
Like many of the top forex platforms and tools we have reviewed, the results can be hard to define. This is, even more, the case with myfxbook. With the exception of the Autotrader where results can be measured against the expectations you set, a lot of the benefit to be garnered from myfxbook services, in general, will depend on how you utilize the information.
To help with this, many of the tools, charts, and strategies that have been uploaded are available to openly review by the community. This can really help to ensure you are applying only the most beneficial of tools and charts related to your own trading goals.
To that end, the results you derive from myfxbook are very much defined by your own actions within the platform itself.
Trustworthiness and Support
With over a decade of experience in the industry, and having forged the backing of a growing community of traders, the reputation of myfxbook has only improved over the years.
The information and materials they provide are on a free of charge basis so there can be no allegations of a scam or lack of transparency. Myfxbook has also managed to develop industry connections with hundreds of brokers in the industry. Some of these are among the top forex brokers we have reviewed.
Who Should Choose Myfxbook?
Myfxbook is a very wide-ranging service which can cater for almost all types of trader no matter your level of experience of goals in the industry. As an experienced trader, you may find a lot of use in the analytical tools and data provided by the service in a user-friendly environment, With that said, this data is very clearly laid out and also can be interpreted by less-experienced traders.
As a new trader, you may find a lot of value within the community aspect of Myfxbook. This can give support and an educational backing to rival any of the best forex education services we have reviewed,
Final Thoughts on MyFxBook
With more than a decade of experience in the industry, it is clear to our review team that Myfxbook has grown into its role as a facilitator of both education, auto-trading and community growth within the sector.
They have become a trusted pillar of the forex community and forged relationships with one of the widest networks of brokers in the industry. This has culminated in a very complete, all-round service with something for every type of trader. All coming at no charge.
If they continue to grow and develop along the current trajectory, there is little doubt that the company name will continue to improve and myfxbook will be providing guidance and tools for traders long into the future.
- A long-standing reputation in the industry of more than a decade. This gives the company a very trusted and transparent appearance to appeal to traders.
- A huge network of broker and trading platform alliances mean there should always be accessibility no matter who you trade with.
- They are offering more than just a single tool or education package. Everything is covered and all with the backing of a growing community of traders.
- The website and what is on offer can be difficult to navigate and understand for the first time user.
- More vetting may be required on material submitted from community members in terms of quality control.