Well our review of DupliTrade has not been going as we expected. Two of the strategies we were following were doing so badly they have been removed from the platform and the other one isn’t doing much better.
Overall we are $5851 down on our closed trades and $20906 down on our open trades – that is what we can gather from the platform anyway but it isn’t particularly clear. There appears to be some contradictory information in terms of the results which isn’t very helpful.
We have just been using a demo account for this review but now our demo account has been paused and we are told we have to switch to a live account if we wish to continue.
So we will take a break from this review for the time being. We may come back to it at a later date but to be honest we aren’t sure what to make of this platform. The demo mode didn’t seem to present an option to try it on more reasonable staking levels (e.g. $1,000 for each strategy) and to only get use a demo account for a few weeks seems a bit pointless. Add to that the poor performance of the strategies – two of which have now been removed – and the fact that the results aren’t very easy to decipher from the platform and we aren’t convinced by the offering at the moment.
For the time being we’ll award this a FAILED/INCONCLUSIVE rating but as we say we may come back to it a later date and see if any of the strategies have shown better long-term performance and whether the user experience on the platform has improved.
DupliTrade – Results Update
20th May 2020
It’s been a rather mixed start to our trial of copy-trading platform DupliTrade, with quite a stark difference between the open trades and closed trades.
In terms of the closed trades, the news so far is good, with a profit of $4,235 made.
However, the open trades are currently $7,103 down, which is a bit of a tough position to be in.
Hopefully the open trades will turn around and close in profit – or at least reduce the losing positions.
The numbers here are quite substantial but we are using a demo account with $100,000 in starting funds so that explains why there have been some big profit/loss figures so far. Most of that though is from the Aurora strategy which trades in much bigger amounts than the other two we are following, Compass and Spark, which are more measured in their staking.
Anyway, as we say let’s hope for a turnaround in the open positions by the time of our next update.
DupliTrade – New Review
6th May 2020
Copy-trading platforms have become a popular feature of forex trading in recent years. Whilst Etoro is probably the most famous copy-trading service, there are a number of other platforms that have been established in recent years.
One of these other copy-trading platforms – or “social trading” platforms as they are also referred to – is DupliTrade, which we will be looking at today.
What marks DupliTrade out is that they only allow audited traders on to their platform. These are people who whose records have been audited and have proven themselves over an extended period of time. Most social trading platforms allow anyone to offer their trades to be copied regardless of their credentials or track records, which can make it overwhelming at times to narrow it down to which ones to follow.
With DupliTrade however there is a select list of just 11 strategies to follow, making it much simpler to select those you wish to copy.
In order to copy the trades of the experts on the platform, you have to connect a broker account with DupliTrade. They only work with regulated brokers and the ones they work with at the moment include:
- IC Markets
- Ava Trade
- Fusion Markets
- Axi Trader
- FX Pro
We have created a demo account and are following three of the strategies:-
It’s pretty simple to set up and go, you just need to select the proportion of the trader’s size you want to follow.
The website itself is straightforward to follow and we like the pre-selected group of audited strategies.
Let’s see how those strategies go over the next few months though. We’ll update results here so you can see exactly how they are doing.
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