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.
At the time of me writing this review, the performance of Spy-Fx is showing a win rate around 69% with verified myfxbook accounts that you can find 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.
The Spy-Fx trades are updated in real time and the service fee depends on the success rate of the signal provider which gives reassurance that it is in their interest the signals are profitable, 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.
Overall, whilst the performance at the time of me writing this shows that Spy-Fx has generated some good profits on verified accounts, I would personally start very small and cautiously then perhaps ramp things up provided the performance continues. I would highly recommend checking out the latest Spy-Fx results on my best forex robots page and visit the official Spy-Fx website for more information.