MyDigiTrade Review
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Features
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Integrations
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Copy Trading
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Trustworthiness
Summary
MyDigiTrade is an online social and copy trading platform that boasts a large community of traders, features, and education options. Does MyDigiTrade have the features your trading needs? Read this thorough review and learn more about MyDigiTrade.
Pros
- No extra fee to register and use MDT. This is particularly positive given the high monthly fees charged by some subscription based services.
- Additional availability of some basic education materials can be a good attraction for new traders.
- MyDigiTrade works with only selected and trusted top forex brokers.
- The flexibility to add, drop, or alter your portfolio without obligation, as well as make your own trades is a positive for those who prefer a more independent approach.
Cons
- Given the social nature of the service, there is actually quite limited ability to directly communicate with other community members.
- It proves difficult to verify the trading numbers posted by the top signal providers. This could create an environment of mistrust.
- Customer support options are limited and contact time can be lengthy.
About MyDigiTrade
MyDigiTrade (MDT) are a large-scale social and copy trading platform which provides traders with an active community of traders and the ability to select from top Forex signal providers through their service. They also provide a range of education options within their infrastructure to enable Forex traders to become more aware and knowledgeable about social trading, forex strategy, and how to get started trading Forex.
MDT have been around since 2010 when they were founded by a group of independent traders. They have grown over the intervening years to become one of the top social trading platforms and signal providers in the industry.
MyDigiTrade Features
MDT have developed a range of useful features which make it worthwhile for Forex traders of all types to engage with their platform. This is true if you are a trader who is simply seeking to follow some top trading signals, provide your own signals, or simply learn more about the Forex sector.
Automated Trading
This is a key element of the service provided my MyDigiTrade. It completely automated the trading process on your behalf. This means that, all you have to do is select the traders on the platform who you wish to follow, and you can then let MDT take care of the rest.
Through setting up a Forex broker account with one of their partnered brokers, you allow them access to open and close positions on your behalf. This will be done automatically based on the traders who you choose to add to your MDT portfolio.
Naturally, you also retain your autonomy to alter these positions or open your own. MDT also provides a wide range of analytical data for each trader who provides signals within their platform. This allows you to make the best possible selection for your own portfolio based upon trader strategy, returns, and risk profile.
Broker Integration
MDT is partnered with 20 brokers for signal followers. These are some of the most respected forex broker in the industry and allow for the complete automation of your trading process following the signals and strategies provided by MyDigiTrade and their top traders. Some of these brokers include:
This integration allows for a completely hands-off approach from you, the trader if desired. Essentially, this should enable your account to become profitable completely on autopilot. You can increase of decrease your levels of control over individual signal providers you follow, and their impact on your portfolio, but you must have established an account with one of the MDT supported brokers.
Education
The service also provides a range of educational material aimed at those who want to develop their knowledge within the forex sector. It is fair to say that this material, while it is well constructed, is aimed primarily at those who may be new to the forex industry, or who wish to learn about social trading for the first time. It is a useful addition to the MDT service nonetheless.
MyDigiTrade Pricing and Fees
MyDigiTrade doesn’t charge any subscription fee for using their services, or any other incidental fees. They have the capability to do this since they are working in conjunction with partner brokers as an introducing broker. This effectively means they will get paid fees and percentages from that broker based upon how much you are trading.
The minimum deposit in order to trade with MDT is $100. This however varies depending upon which signal providers you choose to follow. There is also no contractual obligations, you are free to pick up and cancel any signal providers from your portfolio at any time.
Additionally, MDT facilitate up to 300% trading credit. This interest-free credit line requires a minimum deposit of $500 and is based on your total equity and not your deposited amount. The example which MDT use in their promotional material is as follows:
Your Deposit: $2,500
MDT Credit: $7,500
Total Investment: $10,000
This allows you to hold back some capital, and can be especially useful if trading or using the service for the first time in order to establish a trusting relationship and evidence of a positive return.
The Claim
MyDigiTrade does very well in respect of not making over-enthusiastic claims, and ensuring that all claims made by the company, have the ability to be realized. Traders are told they will “trade like a pro”. This is made altogether possible due to the nature of social trading which allows traders to exactly follow the strategies of the top signal providers using the platform.
The service also states that you will earn an income which is “on par with selected traders”. This can sufficiently motivate traders to partner with the service without specifically promising amazing capital gains.
Ultimately, the features of MDT which we have mentioned, names, automated trading, broker integration, and education, are all in place to assist Forex traders with reaching these profit goals. Having an automated trading infrastructure where trades are almost completely automated to follow traders who are already profitable, greatly enhances the chances of traders making a profit which is on par with these selected signal providers.
The education which MyDigiTrade also provides, although basic, also assists in educating new traders sufficiently in becoming aware of the market and the best ways to trade profitably. In essence, the claims which MDT makes, although minimal, are sufficiently backed up by the solid infrastructure the platform provides.
The Results For MyDigiTrade
As with any form of trading which you engage in, there is a certain amount of risk involved. The potential always exists to lose money. This does happen on occasion with MDT traders. With that said, the service provides traders with a detailed analysis of each signal providers past performance. This includes a risk profile, and other factors such as how long the provider has been working with the platform, and how reliable they are.
All of this information creates a situation where you ultimately decide the best course of action as a trader. Following the top signal providers on the platform will often generate positive results, although this is certainly not guaranteed.
Trustworthiness and Support
MyDigiTrade has been around for many years and is based in the British Virgin Islands. When it comes to being trustworthy, this length of time in the industry is certainly a positive factor. They are also partnered up with many major brokers such as HotForex. These brokers are all high in terms of credibility so this effectively increases user trust in MDT by association.
Who Should Choose MyDigiTrade?
MDT is ideally suited to traders in a number of categories. Primarily, those who may like to take a back seat in trading and entrust the platforms signal providers and automated trading system to work as intended. These are excellent for obtaining an essentially passive income once you have registered with a partner Broker and set the parameters for your MyDigiTrade portfolio.
New traders are another category of user who may greatly benefit from utilizing the social trading and signals service of MDT. The automation provided, along with the ability to construct your portfolio following the most successful traders in a very user-friendly way, is one which would certainly appeal to those who may still be building their knowledge and experience in the sector. Combining this with reviewing the educational material provided may be the perfect first step for many in the forex trading market.
Conclusion
Having been active in the industry since 2010, MDT has grown and expanded its community and levels of professionalism alongside its user base. They now represent one of the premier social trading and signal service networks.
Being free to use, and working in conjunction with major recognized brokers, whilst not removing the need to research top forex broker reviews to find the ideal one for you, certainly makes MyDigiTrade an enticing proposition for those who may be seeking an edge to increase the potential of their forex trading investment.
