MyFXBook is one of the leading social trading platforms that allows traders to track, analyze and share their trading results. With over 200,000 registered users, MyFXBook has become a go-to platform for traders looking to improve their performance.
In this comprehensive MyFXBook review, we will take an in-depth look at the platform’s key features, pros and cons, pricing plans and more to help you decide if MyFXBook is right for your trading needs.
MyFXBook Overview
MyFXBook was founded in 2009 by Dominik Matúš with the goal of providing traders with a transparent way to track and verify trading results. The platform allows traders to connect their brokerage accounts to automatically import and track all trading data including profit/loss, commissions, swaps etc.
Some of the key features offered by MyFXBook include:
- AutoTrade – Copy trades of top performers.
- Forex Signals – Subscribe to signals from profitable traders.
- Forex Tools – Use trading calculators and economic calendar.
- Market – Browse other members’ profiles and statistics.
- Community – Interact with other traders in forums.
- Mobile App – Manage account on-the-go.
In a nutshell, MyFXBook aims to help traders by providing insights into strengths and weaknesses in their trading strategy using statistical analysis and comparison with other traders on the platform.
Benefits of Using MyFXBook
Here are some of the main benefits of using MyFXBook for your trading:
1. Track and Verify Trading Performance
MyFXBook allows you to get a detailed breakdown of all your trades including wins/losses, profit factor, drawdown periods, trading frequency and more. You can analyze your metrics compared to previous periods to identify areas for improvement.
The platform also lets you verify and showcase your trading record with reliable third-party statements validated by MyFXBook servers. This builds credibility and trustworthiness.
2. Identify Strengths and Weaknesses
By benchmarking your performance metrics like profit factor, win rate, risk-reward ratio etc. against other successful traders, you can clearly identify strengths and weaknesses in your trading strategy.
MyFXBook makes this easy by letting you compare your stats against the average trader on the platform as well as traders in your network.
3. Improve Strategy by Copying Successful Traders
MyFXBook allows you to automatically copy trades from profitable traders you are connected with. This helps you implement strategies that have been proven to work and fast track your learning curve.
You can break down the trading style of top performers on MyFXBook and replicate aspects that fit your trading plan.
4. Get Guidance from Experienced Community
With over 200,000 active traders, MyFXBook has built a vibrant community. You can get tips, feedback and guidance on your trading strategy from the experienced traders on the platform through forums and profile posts.
The collective insights from successful traders can give you new perspective and ideas to refine your edge in the markets.
5. Track Multiple Account Types
MyFXBook supports tracking results across different live and demo accounts from a wide range of brokers. This gives you a consolidated view of performance across account types.
You can analyze metrics separately for each account as well as combined portfolio stats. This helps assess what works best and make improvements.
Key Features and Tools
MyFXBook packs a suite of powerful features and trading tools to take your analysis to the next level. Let’s look at some of the highlights:
Account Tracking and Monitoring
- Auto Import Trade Data – MyFXBook syncs with your brokerage account to automatically import your trading data. This saves tons of manual work tracking trades separately.
- Real-time Tracking – You can monitor account stats like balance, floating P/L, margin usage etc. in real-time. The platform even sends email/SMS alerts for critical changes.
- Complete Trade Log – Every trade is recorded including entry/exit prices, SL/TP levels, commissions, swaps, dividends etc. This helps identify mistakes.
- Advanced Metrics – In-depth stats like profit factor, recovery factor, risk-reward ratios, win/loss percentages etc. are calculated.
Strategy Analysis and Improvement
- Statistical Reports – MyFXBook generates detailed reports analyzing performance over different periods. You can compare metrics week-over-week or month-over-month.
- Growth/Drawdown Visuals – Charts plot equity curve, drawdowns, monthly returns etc. so you can visualize periods of growth and losses.
- Trader Comparison – Benchmark your key metrics like profit factor, sharpe ratio, win rate etc. against average traders on MyFXBook.
- Strategy Heatmap – See profitability of your strategy for each currency pair and time frame. Identify what’s working and what’s not.
Social Trading Features
- AutoTrade – Automatically copy positions opened by top performers on MyFXBook based on criteria you set.
- Forex Signals – Subscribe to receive trading signals from experienced traders. View past signal performance before subscribing.
- Forum & Chat – Get tips and feedback on your trading plan from the MyFXBook community of 200k+ traders.
- Friends & Followers – Build your network by connecting with other traders. Follow their accounts and copy trades.
Trading Tools
- Economic Calendar – Get an overview of upcoming market news, events and forecasts from around the world.
- Trading Calculators – Use an array of trading calculators for risk management, pivot points, pip value etc.
- Sentiment Indicator – See the percentage of MyFXBook traders currently long/short each currency pair.
- Correlation Matrix – View correlation between currency pairs over different time periods to optimize portfolio risk.
- Pip Value Calculator – Calculate the value per pip for any currency pair and lot size.
Mobile Trading Apps
MyFXBook offers mobile apps for iOS and Android so you can access your account, track trades, use calculators and analyze performance on-the-go.
MyFXBook Pricing
MyFXBook offers a free plan with basic features. There are also three paid subscription plans that unlock more advanced functionality:
| Plan | Price | Features |
|---|---|---|
| Free | $0/month | Track 1 live account. Basic stats and reports. Limited forex tools access. |
| Premium | $12/month | Track 3 live accounts. Detailed analytics. Access to forums. Priority support. |
| Unlimited | $22/month | Unlimited account tracking. Strategy backtesting. Heatmaps and sentiment indicators. No ads. |
| VIP | $37/month | Everything in Unlimited. Plus automated trading via API access. Published signals. Leaderboard access. |
The free plan is a great way to get started and test drive the platform. But upgraded accounts give you more in-depth reporting, tools and the ability to track unlimited accounts.
Pros of Using MyFXBook
- Detailed stats and reporting – Get in-depth analysis of all aspects of your trading.
- Community of traders – Get guidance, feedback and trade ideas from experienced traders.
- Verify track record – Build trust by showcasing verified trading statements.
- Identify weaknesses – Benchmark against others to pinpoint areas of improvement.
- AutoTrade top performers – Automatically copy profitable traders.
- Robust trading tools – Use calculators, correlation matrix, calendar etc.
- Mobile access – Manage account and analysis on mobile apps.
Cons of Using MyFXBook
- Data errors – Importing trade data can sometimes show errors or duplicate trades.
- No trade journal – Platform lacks a journal to log trade details and notes.
- Limited analytics in free plan – Get access to basic metrics and reports on free plan.
- Can’t test strategies – No ability to backtest strategies before trading live.
- Lag in data – Trade data can have minor lags in real-time syncing.
- Locked in platform – Can be difficult to export analysis and metrics out.
MyFXBook Review Conclusion
MyFXBook provides traders an extensive set of tools to gain insights into strengths and weaknesses in their trading strategy through statistical analysis, comparison and community input.
The platform makes it simple to import actual trading data from your brokerage account rather than relying on manual tracking. This gives you an accurate picture of real performance over time. Leveraging community wisdom through forums, profiles and AutoTrade can accelerate your learning curve as a trader.
While a few bugs exist around syncing and analyzing data, the depth of metrics, visualizations and reporting makes MyFXBook one of the top options for improving trading performance through self-analysis and comparison. The free plan also allows you to test drive the key features before upgrading.
Overall, MyFXBook is highly recommended for traders of any experience level looking to track, audit, improve and verify their trading results.
Frequently Asked Questions
Is MyFXBook free?
MyFXBook offers a free plan with basic functionality for tracking one live account. There are also paid plans starting at $12/month that give you more features for unlimited account tracking, analytics, social trading and trading tools.
Is MyFXBook accurate?
MyFXBook relies on connecting to your brokerage account API to import actual trading data. This makes it more accurate than manual trade logging. However, there can be occasional minor discrepancies in syncing or displaying trades.
Is MyFXBook legit and safe?
Yes, MyFXBook is credible and safe to use based on user reviews. They use secure SSL encryption and two-factor authentication for your account. User trading data is kept confidential and never shared or sold.
Can MyFXBook connect to any broker?
MyFXBook connects with most major retail forex brokers and trading platforms like MT4, MT5, cTrader etc. They have API integration with over 300 brokers. You can request integration if your broker is not already supported.
Does MyFXBook have an app?
Yes, MyFXBook offers iOS and Android apps so you can access your account, track trades, use calculators and analyze performance on-the-go.
Can I import trades manually on MyFXBook?
If your broker API is not supported, you can manually upload your trading data through CSV import rather than relying solely on API integration. This allows you to record trades from any broker.
Does MyFXBook have a trade copier?
Yes, MyFXBook has an AutoTrade feature that allows you to automatically copy trades from profitable MyFXBook traders based on criteria you define like risk amounts and trade size.
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