TradersBuddy Account Features
Traders will be pleased to hear that trading with TradersBuddy is completely free of charge, for the time being. Since the website is still in its initial stages, they are recruiting a ‘limited number of beta testers’ to try out the software for free. This may change in the future as the system gains popularity.
To open a free account will take less than 5 minutes, as all that is required is filling out a short form with some personal details.
Moreover, traders can choose from 3 different trading types. This is something of a novelty with binary options provider, who generally only offer either manual trading or signals/auto trading.
Social trading, also known as peer-to-peer trading, has become something of a trend within the financial trading industry over the last few years. It is also TradersBuddy’s focal point; their social platform allows traders to ‘vote’, thereby sending a signal on a trade that can be either ‘put’ or ‘call’. According to how the majority of trades have voted, the trade will be executed as either ‘Put’ or ‘Call’. In this way, traders can make use of the market knowledge and experience of other traders.
In order to make informed trading decisions and vote responsibly, traders may make use of the 3 indicators displayed for each signal: EMA, RSI and MFI – the higher the percentages for these indicators, the higher the chance of ‘Put’ being the winning position and the lower these values mean that ‘Call’ will probably be the correct prediction.
TradersBuddy generates 2 kinds of signals; those that be traded immediately and those that are ‘pending’, which can only be traded when the broker gives the go ahead. Each signal includes the type of asset, the confidence factor, the broker’s name, the ‘trade before’ date as well as the direction (Put/Call). Once given the signal you will have to manually confirm it in order for the system to place your trade.
Unlike, signal trading above, fully automated trading means that the system will act as your financial advisor and place trades on your behalf without waiting for your approval. Of course, there is always the option to turn the auto trading feature on or off as you please, as well as to enable/disable it for a specific broker.
By customising your preferred settings before, such as daily budget and daily stop loss, as well as the types of assets you wish to trade and the amount set.