Any FXCL client may apply for the Copy Trading Program and open an ECN Copy Pro account as a Follower (hereinafter, Follower’s Account). In order to open an ECN Copy Pro account as a Signal Provider (hereinafter, Provider’s Account), the client should verify the Trader’s Cabinet first and provide a link to his/her previous trading results on Myfxbook, MQL5 or FX Blue resource or upload an MT4 statement from his/her previous trading account (any account type from any broker is allowed). Any manual corrections to the uploaded MT4 trading statement shall lead to blocking of the Provider’s ECN Copy Pro account.
All copy trading accounts are of ECN Pro type.
The clients might open any number of ECN Copy Pro Accounts.
Each Follower’s Account can follow only 1 Provider’s Account at a time. In order to follow another Signal Provider, the client should open and fund another Follower’s Account or unfollow the current Signal Provider first.
Followers can freely manage and close the trades that were copied from the Provider’s Account as well as open and manage their personal trades.
Internal transfers are allowed between ECN Copy Pro accounts only. Transfers to and from other account types are forbidden.
Clients can monitor and manage their copy trading accounts in the FXCL Trading Copier program.
In order to become a Follower, the client should open an ECN Copy Pro account and login to the FXCL Trading Copier program as a Follower.
In order to become a Signal Provider, the client should open an ECN Copy Pro account and register as a Signal Provider in the FXCL Trading Copier program.
There is no minimum deposit requirement of Follower’s Account, yet, during account registration, the Signal Provider indicates a recommended deposit that is stated in the rating table on FXCL website.
Commission
Signal Providers can choose between three commission types:
Fixed amount per lot for every trade;
Fixed amount per lot for profitable trades and fixed amount per lot for losing trades;
Shared commission which is the percentage of profit made from the copied trades.
The commission type and size are set by the Signal Provider when opening the Provider’s Account. These terms can be changed later by the Signal Provider from his/her Trader’s Cabinet.
The Fixed commission is set in US dollars and has no limits. The Shared commission can be set up to 35%.
The Shared commission shall be calculated by the following formula: Shared Commission = ((equity - initial balance - deposits + withdraws (+ already paid Shared Commission)) * Signal Provider’s percent / 100) - already paid Share Commission
Where:
Shared Commission - The commission paid by a Follower for trading signals
Equity - Equity on Follower’s Account at the time of settlement (according to high watermark)
Initial balance - The balance on Follower’s Account at the time the Follower subscribes to Signal Provider
Deposits - All deposits and internal transfers made to Follower Account after Initial Deposit
Withdrawals - All withdrawals, internal transfers, and previous Shared Commission deducted from Follower’s Account
Signal Provider’s percent - The percentage of Follower’s profit sent to Signal Provider
Only trades opened by signals sent by the Provider will be used for calculation of the Shared Commission.
If a Follower unfollows a Signal Provider and then follows him/her again, then only the current subscription period will be used during Shared Commission calculations.
The Signal Provider receives the Shared Commission only if the trading results for a billing period are positive (above high watermark).
If the results for a billing period are negative (below high watermark), the Signal Provider will not receive the Shared Commission until the profit on the Follower’s Account fully covers the loss.
The Fixed Commission shall be accrued at 00:00 Server Time every trading day.
The Shared Commission shall be accrued once per billing period. Signal Providers might choose between daily, weekly or monthly periods. Each Provider’s Account might have its own billing period.
The Shared Commission will be accrued as follows:
for a daily period - at 00:00 Server Time every trading day;
for a weekly period - at 00:00 Server Time every Friday;
for a monthly period - at 00:00 Server Time on the first calendar day of the month for the previous month.
Deposit and Withdrawals
Followers and Providers may make deposits, internal transfers and withdrawals to and from their ECN Copy Pro Accounts any moment. The transaction request will be executed according to the chosen payment system.
In case of a withdrawal from a Follower’s Account, the request will be performed after deduction of the Provider’s Commission.
Miscellaneous
The Follower can unfollow a Signal Provider any moment in the FXCL Trading Copier Program.
The IB shall receive an IB commission for the trades performed on their referrals’ ECN Copy Pro Accounts.
Copy Trading Accounts cannot participate in any bonus program.
All trading signals are provided by Signal Providers. The Company only provides the software that follows the Providers’ instructions and transfers them to Followers’ Accounts.
The Company reserves the right to exclude any client from the Copy Trading program under its sole discretion.
The commission is not paid to the Signal Provider if there are not enough funds on the Follower’s Account.
Due to the specifics of the setup and operation of the ECN Pro account type (MAM, ECN Copy Pro), clients will see different prices on instrument charts and in the Market Watch section. Therefore, when trading, you need to focus on the prices published in the Market Watch (Ctrl+M). This specific feature applies to all instruments on the ECN Pro account type (MAM, ECN Copy Pro)
