In this post I will be reviewing the Spy-Fx automated forex signal service that can be useful to traders who do not have the time nor knowledge to trade the forex market.
Spy-Fx provide a number of accounts that users can copy trades from by completing the forex broker offer provided by the Spy-Fx team.
You can find the latest Spy-Fx performance on my best forex robots page.
In a nutshell, Spy-Fx offers you the opportunity to link your trading account to their master account, which allows you to copy the Spy-Fx automated trading strategy where you mirror all of their trades to your personal account.
Of course, as with any fully automated and manual forex trading system, you should understand the potential risks involved with trading and do plenty of research and practice before you start. Never risk what you cannot afford to lose is often touted around, something that I completely agree with.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A large percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The Spy-Fx trades are updated in real time and the service fee depends on the success rate of the signal provider, although of course nothing is guaranteed in trading. The success fee I believe is around 25% which isn’t too far from the norm in managed accounts from my research.
Spy-Fx state that the minimum deposit required to get started is $2,000 whilst the optimal deposit in their view being $10,000. This is quite a lot to start with a new signal provider in my opinion but you can set your lot size as low as you like when testing the waters and should only ever trade with what you are happy with and can afford to lose.
Overall, I would personally start very small and cautiously. I would recommend checking out the latest Spy-Fx results on my best forex robots page and visit the official Spy-Fx website for more information.