What is Myfxbook and how to use it

April 5, 2021
Lessons

What is Myfxbook?

MyFxBook is a platform that is used as an online automated analytical tool for your forex trading account. There are many flaws, but MyFxBook has so far been the only complete web service where a trader can perform a complete mathematical and statistical analysis, and an investor should get acquainted with the trading performance of traders with less risk of dealing with scammer. MyFxBook has other interesting functions that turn the service into a complete analytical tool.

As you develop your trading skills and become a more advanced trader, you start keeping trader diaries, employing various programs to create or test Expert Advisors and indicators, scripts for the platform. At some point, the need arises for a single tool that combines several basic functions often used by the trader, which can replace a dozen more specified programs. Such a tool is called monitoring service.

The account monitoring service is a platform that allows you to manage multiple forex accounts and analyze your trading activity. It also provides an access to analytical materials and allows you to publish your account statement. Fully functional services of this class are not numerous. One of the most famous is FX Blue, which tested the MT4 that I described in the previous overview. It has all the necessary functions, but in terms of functions, features and visual design, it is not as convenient as a less popular monitor, MyFxBook.

The idea of developing MyFxBook came up in 2007. It took about 2 years to launch the first version. Users got access to the service in 2009, but it didn't become very popular at that time. The problem was the lack of full functionality and the main idea of the platform. Originally, MyFxBook was designed as an analytical tool suitable only for MT4 and MT5. Only in 2014, developers got the right idea of how this service should be. Having received a license (support) from the Cypriot regulator CySEC, MyFxBook was recognized by traders. In the same year, the functions of transaction copying were added, the analytical part was improved.

MyFxBook is a platform that combines the functions of a trading platform, trader journal, supplemented with advanced analytical tools, forex analysis and forum. There is everything for comfortable trading, analyzing your trading systems and accounts, sharing ideas with other traders. Advanced traders we optimize your forex trading systems and track your trading performance, investors and managers meet, and MyFxBook provides assurance, security and transparency of mutual interaction. It supports trading platforms such as MetaTrader 4 and 5, cTrader and others, the full list is on the official website.

MyFxBook for traders

  • It is a kind of business card of an account manager. My Fx Book is an independent brokerage platform that guarantees the interests of its users. A trader can make his pages publicly accessible and show his audited trading results (sending password to investor, public access), where potential investors will see all statistics without the possibility to interfere with trading. An investor can get a backtesting report from MT4, but in terms of security and reliability, MyFxBook surpasses it.
  • You can analyze your account with advanced statistical analysis. There are much more ranking features, statistically analyzing different types of performance data than in MyFxBook, the MT4 tester. The question is whether a trader is willing to study it or he/she will accept the MetaTrader features.
  • You can save statistics from previous periods. There are situations where, based on your account type, MT4 only saves a few months of trading history. In MyFxBook, the entire history since the account was logged is saved.
  • Trader Community. MyFxBook connects clients of more than 100 brokers, it is a kind of social platform/forex forum.

There are also complementary tools like calculators, simulators and many others.

MyFxBook for traders

  • Traders have access to hundreds of forex trading systems (manual and algorithmic), can subscribe to trading signals, participate in discussions on any subject. This is an international platform where you can find many investment options.
  • MyFxBook tracks fake accounts and conducts a thorough verification of its users. Investors can request the investor password and thus get access to detailed information about a trading account. Investors decide on their own how to use this information. For example, you can assume the type of strategy based on specific equity changes, you can evaluate the risk level or analyze trading performance.

Check out the results of several of our automated Forex Signals systems on MyFxBook

Forex signals

Forex Signals Team

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