Forex Trading Tools

FX Blue vs The Competition – 5 Reasons We Rate It #1

Fx Blue Review

FX Blue is one of the most popular trade copiers and trading tools for MetaTrader 4 and MetaTrader 5. With over 200,000 users worldwide, FX Blue has become the go-to solution for traders looking to copy signals, track performance, analyze trades, and automate their trading strategies.

But FX Blue has some stiff competition in the space. Trading tools like MyFXBook, NinjaTrader, TradingView, and ZuluTrade all offer similar features and integrations. So what makes FX Blue stand out from the pack?

In this comprehensive review, we’ll compare FX Blue side-by-side with alternative trade copiers and trading tools. We’ll highlight the key differences, pros and cons, and top features of each platform. By the end, you’ll understand the 5 main reasons we rate FX Blue as the #1 trade copier and trading tool in 2023.

Outline of Topic Covered in This Review:

Introduction

  • Overview of FX Blue and competition
  • Purpose and scope of review
  • Methodology and criteria for comparison
  • Summary of key findings and recommendations

FX Blue Overview

  • Company background and history
  • Products and services offered
  • Key features and functionality
  • Pricing and account options
  • Ease of setup and use

Competitor Overview

  • MyFXBook
  • NinjaTrader
  • TradingView
  • ZuluTrade

Criteria for Comparison

  • Features
  • Integrations and compatibility
  • Customization and flexibility
  • Reporting and analytics
  • Customer support
  • Pricing and value

FX Blue vs. MyFXBook

  • Feature comparison table
  • Pros and cons of each platform
  • Key differences and use cases
  • Summary of which platform we recommend and why

FX Blue vs. NinjaTrader

  • Feature comparison table
  • Pros and cons of each platform
  • Key differences and use cases
  • Summary of which platform we recommend and why

FX Blue vs. TradingView

  • Feature comparison table
  • Pros and cons of each platform
  • Key differences and use cases
  • Summary of which platform we recommend and why

FX Blue vs. ZuluTrade

  • Feature comparison table
  • Pros and cons of each platform
  • Key differences and use cases
  • Summary of which platform we recommend and why

5 Key Reasons We Rate FX Blue #1

  1. Seamless integration with MetaTrader 4 & 5
  2. Customizable and flexible trade copying
  3. Comprehensive trading analytics and reporting
  4. Intuitive dashboard and easy to use
  5. Great value and pricing options

Conclusion and Final Recommendation

  • Summary of key findings from platform comparisons
  • Reiteration of top 5 reasons FX Blue stands out
  • Final recommendation of FX Blue as best overall platform

FX Blue Overview

FX Blue was founded in 2009 by a team of expert Forex traders and programmers. Their goal was to create an integrated suite of tools to help traders copy signals, analyze performance, track results, and automate their trading strategies through MetaTrader 4 and 5.

Over the past decade, FX Blue has expanded into one of the most widely-used trade copiers globally, with over 200,000 users spanning 150 countries. Their platform integrates seamlessly with MT4 and MT5, the most popular retail trading platforms.

Key Products and Services

FX Blue offers four main products:

  • FX Blue Labs – Trade copier and account mirroring tool
  • FX Blue MT4 – Trading analytics, statistics, and reporting for MetaTrader 4
  • FX Blue MT5 – Trading analytics, statistics, and reporting for MetaTrader 5
  • FX Blue Print – Creates, optimizes, backtests, and automates trading strategies

In addition to these main products, FX Blue also offers:

  • Forex Signals – Access to free and paid signal providers
  • FX Blue Community & Blog – Active community forums and trading education resources
  • Pricing – Packages range from free to $24.95/month for full functionality

Key Features and Functionality

FX Blue provides an extensive set of tools and features for every aspect of trading, including:

Trade Copying

  • Mirror trades from MT4 to multiple accounts
  • Use advanced allocation algorithms like lot size scaling
  • Optional trade filtering and smoothing
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Performance Tracking

  • Detailed trading statistics and metrics
  • Advanced reporting on profitability, drawdowns, distributions
  • Benchmark against currency pairs or time periods

Trade Analysis

  • Graphs of account balance, equity, trades etc.
  • Integrated economic calendar and daily news
  • Scanning for chart patterns and technical indicators

Strategy Creation

  • Optimizable backtester to refine strategies
  • Automated trading based on technical indicators
  • One-click trade placing, trailing stops and exits

Social Trading

  • Follow top-ranked investors and auto-copy their trades
  • Leaderboard ranks investors by return, drawdown, risk metrics

This combination of trade copying, analytics, automation, and social tools in one integrated platform gives traders an end-to-end solution for executing, managing, and improving their trading strategies.

Ease of Use

FX Blue stands out for its intuitive interface and ease of use. Once logged in, you have access to all features from a central dashboard. Key settings like copy ratios and allocation methods can be configured in just a few clicks.

The dashboard gives you an overview of account stats, active signals, leaderboard, news, and more. Tabs on the left provide quick navigation between trade copying, analytics, automation, and other tools. Even for beginners, FX Blue has a gentle learning curve.

Pricing & Accounts

One of FX Blue’s standout qualities is offering free functionality for traders just getting started. Their pricing options are:

  • Free account – Access to FX Blue Labs trade copier, basic performance stats, news, forums
  • Premium account – $16.95/month, adds detailed analytics and reporting
  • Pro account – $24.95/month, full functionality and settings customization

This tiered approach lets you start using core features for free, then upgrade as needed. FX Blue doesn’t lock essential tools behind expensive premium packages, making it more accessible for all trader levels and budgets.

Competitor Overview

FX Blue has four major competitors in the space – MyFXBook, NinjaTrader, TradingView, and ZuluTrade. Here is a brief overview of each platform before we compare them in-depth to FX Blue.

MyFXBook

MyFXBook is a trading community centered around an auto-trading and social network platform. Key features include:

  • Auto-trading through MyFXBook’s proprietary bridge
  • Investor program to assign capitals to traders
  • Forex and CFD trading statistics and metrics
  • Economic calendar and trading journals
  • Free access but limited trade copying functionality

Like FX Blue, MyFXBook integrates with MT4/MT5 to auto-copy trades and provide analytics. But the platform has a heavier focus on its social community features.

NinjaTrader

NinjaTrader offers a complete trading platform and ecosystem targeting active traders. Key features include:

  • Customizable charting and market analysis tools
  • Backtesting and trade simulation capabilities
  • Automated and discretionary trading
  • Connectivity to various online brokers
  • Advanced indicators and algroithmic strategies

NinjaTrader provides more of an end-to-end solution beyond just copy trading and analytics. But it requires running the custom NinjaTrader trading platform rather than connecting to MT4/MT5.

TradingView

TradingView is a charting and social network platform for traders. Core features include:

  • Real-time charting with 100s of indicators
  • Backtesting trading strategies
  • Technical analysis and risk management
  • Social community of traders and strategies
  • Customizable layouts and workspaces

TradingView is primarily a market analysis and charting tool rather than a full trade management platform. But it offers robust community features to find and copy ideas.

ZuluTrade

ZuluTrade focuses specifically on copy trading and signal services. Key features include:

  • Auto-trading by mirroring signals from strategy providers
  • 10,000+ strategy providers available
  • Risk management for drawdowns and volatility
  • Portfolio allocation and automation tools
  • Mobile app access and trading

ZuluTrade offers social copy trading similar to FX Blue but with more curated signal providers. However, ZuluTrade has limited analytics/reporting functionality.

Criteria for Comparing FX Blue to Competition

To compare FX Blue to similar platforms like MyFXBook, NinjaTrader, TradingView, and ZuluTrade, we assessed across six criteria:

Features

  • Copy trading functionality
  • Performance tracking and statistics
  • Automation and strategy building
  • Charting and market analysis
  • Trading community and social tools

Integrations and Compatibility

  • Connectivity to MT4, MT5, and brokers
  • Web, desktop, mobile app access

Customization and Flexibility

  • Configurability of settings and preferences
  • Customizable alerts, workflows, and layouts

Reporting and Analytics

  • Comprehensiveness of trading metrics provided
  • Data visualization and dashboards

Customer Support

  • Responsiveness across email, phone, chat
  • Resources like help docs, guides, videos

Pricing and Value

  • Overall pricing and fee structure
  • Value relative to features and functionality

Let’s now dive into detailed comparisons of FX Blue against MyFXBook, NinjaTrader, TradingView, and ZuluTrade using these criteria.

FX Blue vs. MyFXBook

FX Blue and MyFXBook have similar core focuses on copy trading, performance tracking, and community features. But there are some notable differences between the two platforms:

FeatureFX BlueMyFXBook
Copy TradingProprietary bridge for MT4/MT5 trade mirroring with advanced settingsAuto-trading through MyFXBook bridge only
Performance StatsComprehensive stats and metrics with benchmarkingGood metrics but basic comparative stats
AutomationBacktester, strategy builder, trade automatorNo automation features
Charting/AnalysisBasic charts and indicatorsMore advanced interactive charting
CommunityForums and access to signal providersLarge community and investor program
IntegrationsMT4, MT5MT4, MT5
CustomizationHighly configurable copy settingsMinimal customization options
ReportingCustomizable detailed reportsPreset reports only
SupportResponsive email, help guidesEmail and knowledgebase resources
PricingFree starter plan, then $16-$25/monthFree access but copy trading requires fee

Pros of FX Blue vs. MyFXBook

  • More seamless integration and customization for copy trading with MT4/MT5
  • Automated strategy building and backtesting
  • Much more comprehensive trading statistics and reports
  • Lower cost to access full functionality
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Pros of MyFXBook vs. FX Blue

  • Larger social community features and discussions
  • Investor program connects traders and capital
  • More advanced interactive charting

Key Differences

FX Blue has a more seamless bridge for mirroring trades through MT4/MT5 along with highly customizable copy settings. The platform offers more advanced performance analytics and automation features like backtesting strategies.

MyFXBook provides some charting and community advantages, especially connecting traders to potential capital sources. But the platform lacks automation capabilities and in-depth reporting.

Recommendation

For copy trading functionality, detailed performance tracking, customizable reports, and trading automation tools, FX Blue is our recommended platform between the two.

The only reason to choose MyFXBook is if you specifically want to tap into the large investor network and community features. But FX Blue has superior core trading features.

FX Blue vs. NinjaTrader

NinjaTrader provides far more than just copy trading – it is a complete trading platform. This makes the comparison to FX Blue less direct:

FeatureFX BlueNinjaTrader
Copy TradingYesLimited copy trading functionality
Performance StatsExtensive trading metricsBroad performance tracking
AutomationStrategy builder and backtesterComprehensive automation tools
Charting/AnalysisBasic charts and indicatorsAdvanced interactive charting
CommunityForums and signalsLimited community features
IntegrationsMT4, MT5 focusIntegrated proprietary platform
CustomizationHighly configurableFully customizable workflows
ReportingCustom reports and exportsGood performance reports
SupportEmail, help guidesPhone, email, webinars
Pricing$16-$25/month$50-$100+ monthly subscription

Pros of FX Blue vs. NinjaTrader

  • Specialized solely on copy trading and performance analytics
  • Much lower pricing with free starter option
  • Intuitive dashboard interface and ease of use

Pros of NinjaTrader vs. FX Blue

  • All-in-one trading platform and ecosystem
  • Far more advanced charting and market analysis
  • Custom strategies and automated trade execution

Key Differences

NinjaTrader provides a complete solution for discretionary trading, backtesting, automation, charting, and analysis. FX Blue is focused specifically on copy trading and performance statistics.

Ninja Trader has wider market connectivity and customization but requires running a desktop platform. FX Blue purely integrates through MT4/MT5 web and mobile.

Recommendation

NinjaTrader is superior for active traders who want an end-to-end trading platform with advanced tools. However, for copy trading functionality specifically, FX Blue provides better specialization at a lower cost.

If you mainly want to mirror signals and analyze performance, FX Blue excels. But NinjaTrader can’t be matched for automation and active trading.

FX Blue vs. TradingView

The TradingView and FX Blue comparison is also less direct given TradingView does not offer full trade execution capabilities:

FeatureFX BlueTradingView
Copy TradingYesCan copy ideas from community
Performance StatsFull trading metricsLimited stats
AutomationBacktesting and strategy builderBacktesting only
Charting/AnalysisBasic charts and indicatorsAdvanced interactive charts
CommunityForums and signalsRobust community features
IntegrationsMT4, MT5 focusAPIs and platform connections
CustomizationHighly configurableCustom workspaces and layouts
ReportingCustom reports and exportsBasic performance reports
SupportEmail, help guidesEmail, help center resources
Pricing$16-$25/month$15-$40/month plans

Pros of FX Blue vs. TradingView

  • Complete trade automation and copying
  • Tighter MT4/MT5 integration
  • More comprehensive performance reports

Pros of TradingView vs. FX Blue

  • Superior interactive charting and technical analysis
  • Larger trading community to share and discuss ideas
  • Customizable workspaces and layouts

Key Differences

TradingView excels at market analysis, community, and customization while FX Blue offers full trade mirroring and management.

TradingView lacks trading execution while FX Blue has limited charting capabilities. The platforms are complementary for analysis vs execution.

Recommendation

For pure social trading and community, TradingView provides robust tools to discuss and share ideas. But FX Blue is better for actually copying trades and tracking performance.

Use TradingView for market research and technical analysis, alongside FX Blue for executing trades and tracking your results.

FX Blue vs. ZuluTrade

ZuluTrade is the most direct competitor to FX Blue for copy trading functionality:

FeatureFX BlueZuluTrade
Copy TradingAdvanced management and customizationWide provider network
Performance StatsFull metrics and custom reportingLimited stats and reporting
AutomationBacktesting and strategy builderAutomator tools
Charting/AnalysisBasic charts and indicatorsDecent charting
CommunityForums and signals10,000+ strategy providers
IntegrationsMT4, MT5 focusMT4, MT5
CustomizationHighly configurable settingsGood account management options
ReportingCustomizable detailed reportsPreset performance reports only
SupportEmail, help guidesEmail, knowledgebase
Pricing$16-$25/monthCommission fees on trades

Pros of FX Blue vs. ZuluTrade

  • More control and customization for copy trading management
  • Far better performance statistics and reporting
  • Affordable subscription pricing rather than trade commissions

Pros of ZuluTrade vs. FX Blue

  • Massive network of strategy providers to follow
  • Smooth auto-trading across provider portfolio
  • Strong mobile app for managing account
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Key Differences

FX Blue offers more management customization like advanced allocation and copy settings. ZuluTrade provides easier execution across a larger pool of strategy providers.

FX Blue has far better reporting and trade analytics. But ZuluTrade makes exploring and building a portfolio of providers straightforward.

Recommendation

If you want maximum control over trade copying and performance tracking, FX Blue is preferable. But ZuluTrade makes it simpler to execute across multiple strategy providers in one portfolio.

FX Blue also offers better value with its affordable subscription

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About Amelia Clarke

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