FX-Auto Review
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Advantages
Disadvantages
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FX-Auto (also marketed as FXCM Forex System Selector) is a broker-supported, automated online forex trading service created by Tradency BVI. Unlike the other services we've reviewed, FX-Auto only requires that you sign up for a brokerage account, and does not require a membership at a seperate website.
The FX-Auto interface is for all practical purposes your trading terminal. You can place manual trades directly from the interface, and you have full control over your automated trades. The trading systems available on FX-Auto are hand-picked by Tradency, which means there are fewer poor-quality trading systems. As of this writing, there are over 100 quality systems available.
The trading systems under the Performance page are listed by currency. Each trading system can trade on multiple currencies. This approach allows you to easily diversify your portfolio by selecting non-correlated pairs to trade. If a trading system performs poorly on one currency, it may perform well on another, and vice versa.
On the Portfolio page, you can set lot sizes as fixed, as a ratio, or as a percentage of your balance. You also have the option to reverse trade a system, which can theoretically turn a losing system into a winning one. The equity curve for each trading system is avalable at the press of a button, and the portfolio curve shows the combined historical performance of your selected trading systems. A leverage display shows the maximum risk of your portfolio. A high leverage increases the possibility of large losses.
FX-Auto's software-style interface is slick and well-documented, but can be non-intuitive at first. The one major thing that FX-Auto lacks is historical trade data for their trading systems. Only the trades placed on your account are available to view. The performance statistics, while sufficient, are fairly basic. Equity curves for each system are only available after you've added the system to your portfolio.
Despite the fact that it's a broker-supported product, FX-Auto doesn't allow you to use other software packages with your account. Your FX-Auto brokerage account is seperate from any other accounts you may have with your broker. The deposit requirements are higher than for a mini account – a minimum of $2000 is required. There is an additional 1 pip per trade added to the spread to compensate system providers.
Despite these caveats, the performance of FX-Auto's systems are satisfactory, and the ability to choose trading systems by currency are a convenient way to diversify your portfolio. A 30 day demo of FX-Auto is available from any of the participating brokers.
* The views and opinions represented in the provided website links and resources are not controlled by the Referring Broker or the FCM. Further, the Referring Broker and the FCM are not responsible for their availability, content, or delivery of services.