ZuluTrade is a social trading platform primarily focused on Forex, but it has a binary option component as well. As such, since its launch in 2007, the operation elicited quite a bit of interest on the part of traders forever on the lookout for the easiest path to profits. Is ZuluTrade a legitimate operation or a scam though?
There are scores of traders out there, lending credence to one or the other side of that question. ZuluTrade is indeed legitimate, in the sense that it does copy the trades of its expert traders or signal providers. There’s nothing underhanded about this part. Those looking for guaranteed profits may find themselves disappointed though – and that could explain while some bear resentment towards the operation.
One has to remember that ZuluTrade’s signal providers are flesh-and-blood traders themselves, and thus they are prone to mistakes and losses. While the platform does offer a certain degree of protection against such problems, losses can and will indeed occur.
The community buzz about ZuluTrade is generally a very healthy one. Those whose expectations are realistic, almost always find what they’re looking for at ZuluTrade, namely someone with trading skills superior to theirs, willing to share the results of his/her success.
The person behind the ZuluTrade initiative, Leon Yohai, has stated that his operation came to be as a response to a need that had certainly been there in the Forex trading community. That need goes way above and beyond the obvious advantage of having expert advice copied automatically. The ZuluTrade platform allows for traders all over the world to be audited and to share their trading expertise with the masses. There are two sides to the social/copy-trading coin, and ZuluTrader has them both covered.
As you’ll dive deeper into the offerings of Forex, CFD and binary option brokers everywhere, the way we have, you’ll see that a surprisingly large number of these brokers have ZuluTrade included in their trading tools. Indeed, the social trader cooperates with an ever-increasing number of brokers out there, and it has more than a million traders taking advantage of its services, either as regular customers, or as expert signal providers.
Leon Yonhai, the brains behind the operation, is a well-known actor of the Greek online entrepreneurial world. His roots in this respect reach back all the way to 1999, when he launched the first Greek e-auction website. He followed that up with Qmobile in the US, and he got into trading himself in 2000. Thus, he was in the right place at the right time to recognize the need of retail traders to have complete control over their profitably trading accounts, without the need to drop everything else and to fully dedicate their time to the undertaking. ZuluTrade’s roots are undeniably Greek to this day: most of the staff working under Yonhai’s control are Greek as well.
Over a decade of social trading, ZuluTrade has teamed up with a number of partners, some of them very reputable in the world of Forex and binary options. One such partner is Australia’s Vantage FX, an operator we recently reviewed.
So why should you register with ZuluTrade? As said above, their trader-base is huge: they have over 1 million clients from 192 countries. Their trading platform is very user-friendly, they are compatible with a large number of reputable brokers and they keep their users’ funds in segregated bank accounts in investment-grade UK banks.
The goal of the ZuluTrade platform is to allow traders on a global level to connect freely, on any trading platform, with the aim of sharing their knowledge and racking up profits in a variety of ways. Rank-and-file users of the ZuluTrader platform will profit from the quality trading signals they’ll receive, while expert traders will earn a commission, based on the success rate and efficiency of their tips/advice/signals. The platform is available in 26 different languages.
ZuluTrade audits and ranks every individual trader, based on a number of factors. While the way the system is currently shaping up makes everything appear simple and straightforward, actually setting up the whole thing was quite a challenge. Brokers were dealt with individually and sometimes APIs had to be redesigned. In the case of MT4, a new API had to be built from scratch, as MetaQuotes did not make one available.
The features offered by the ZuluTrade platform are numerous and some of these features are indeed quite incredible.
ZuluRank is for instance a proprietary algorithm, which is at the heart of the ZuluTrade system. This is the segment that is responsible for the proper auditing and ranking of ZuluTrade expert traders. Some of the factors considered by ZuluRank are the age of the audited trader, the frequency of his/her log-ins, the time for which trades are kept open, the sharp ratio, etc.
ZuluGuard is designed to protect trader accounts, by keeping an eye on the performance of one’s followed trader. As soon as the performance drops below a certain point, based on a set of variables tracked by ZuluGuard, the expert in question is dropped and a new – more successful one is added. The best thing about the whole setup is that it’s fully automated. The ZuluGuard feature can be activated manually by the trader.
From the user’s angle, the ZuluTrade platform is available in a wide range of mobile apps, covering Android as well as Windows-based mobile devices.
As far as brokerage firms are concerned, ZuluTrade offer a full package of the trading platform, including a front terminal and a back office one, as well as all the available mobile platforms. Currently, more than 70 brokers trust the services delivered through the ZuluTrade platform.
There’s a full-featured demo account available as well, which gives traders the opportunity to put the performance of the copy trader to the test.
ZuluTrade Special Features
At the top of the ZuluTrade special features pops, we have the Social Charts feature, which is a superb visualization tool on one hand, as well as a feature-rich interaction-environment where traders’ comments and replies pertaining to individual trades are displayed. Accessing the trades on which various comments are made is as simple as clicking the trade- or the comment icon. The time frame on which one wants to comment can be selected directly from the chart. Chart events can be filtered, and technical charts can be brought up, complete with custom objects, indicators and scripting ability. To make a long story short: Social Charts is a social trading juggernaut, filled with so many useful features it’s quite ridiculous.
The Tradewall feature is essentially a listing of various trading events, which can be filtered according to a variety of parameters. The activities of traders as well as followers can be monitored handily with this tool.
The Calendar is a rather standard addition compared to the above-detailed tools: its purpose is to give traders a series of points of reference to facilitate fundamental analysis.
The Forex Tools section comes with four calculators: there’s a Pip Calculator, a Margin Calculator, a Profit Calculator as well as a Currency Converter.
The Social Tab is a new feature (added to the platform on January 2017,) which facilitates users in interacting with signals providers. It allows investors to post comments and likes on the signals providers’ pages. This change is a part of an overall upgrade of ZuluTrade’s website. ZuluTrade.com is now much more user-friendly and the navigation, functionality and social media features were improved.
Another relatively new feature is the Automator (an automated account handling tool.)
ZuluTrade Account Types
ZuluTrade are keeping things as simple as possible in this regard. There’s only one account a trader can create and the minimum deposit required is $500.
A Breakdown of How Social Trading Happens at ZuluTrade
When one of ZuluTrade’s expert traders makes a trade through his/her trading station or MT4 trading station, the trade is broadcast to every single account on the ZuluTrade network as a trading signal, and yes, that includes Demo accounts too. In the meantime, the complete statistics of the said trader are displayed publicly. The more successful trades one generates/recommends this way, the more traders will obviously choose to follow him/her.
Why do expert traders agree to provide such services though? Simple: they get paid. For trades generated in a live account, expert traders are paid half a pip per lot by ZuluTrader. The earning potential is therefore approximately $4 per lot, which means that individual experts can earn anything from $100 to $1 million a month through this reward system.
Binary option expert traders are welcome in the system too. They get paid either 0.5% of the trading volume of their followers, or they get $5 for every $1,000 traded.
How can one become a ZuluTrade signal provider? All one has to do in this regard is to share his/her trading strategy through ZuluTrade and to allow followers to receive his/her trading signals. All those who do, will get to compete on the Performance table. Obviously, the more successful one is, the more followers he/she will rack up and thus the more money he/she will generate.
ZuluTrade do not have a section called “Education” or “Academy,” but they do in fact offer their traders a plethora of guides, which cover the use of their trading platform as well as actual trading. Some of the introductory guides take the shape of animated videos. There’s an exhaustive FAQ section available too, together with a blog and more importantly, a trading forum where users can interact.
ZuluTrade support is knowledgeable and eager, and they can be called upon in several languages through live chat, a feature which is available 24/7. There’s also an email, firstname.lastname@example.org, and a central support phone number, +30 213 0176 399, from which traders seeking support are then distributed to a number of local lines, covering most of Europe, the US, Japan, China and Australia.
ZuluTrade Review Conclusion
ZuluTrade is a legitimate social trading operation, with partners and clients in no fewer than 192 countries. ZuluTrade gives expert- as well as beginner traders the chance to make money, by sharing expertise and by taking advantage of expertise shared by others. While some have had less success with ZuluTrade than others, it is important to remember that one’s success ultimately hinges on the signal providers he/she follows.
ZuluTrade is not only great for newbie traders who are looking to follow successful traders, but also for experienced traders who have their own binary options trading patterns which they are willing to share with others. ZuluTrade will pay YOU for that!
How to Register with ZuluTrade
Registering with ZuluTrade is as simple as clicking the “Register” button< at their site. One is then required to select a broker, to fill out the ZuluTrader registration form, to register with the broker and then to sign a Letter of Direction with the broker.
|Supportemail@example.com, email, live chat, phone|
|Trader Demographics||Everyone, everywhere, except US. Available in 26 different languages.|
|App compatibility||Android, Windows, Mac, Linux|
|Customer service||Eager to assist, available 24/7|
Please comment below this review if you tried ZuluTrade. Do you believe it’s a legit service or a SCAM? Have you managed to make any money with the platform?
“I’ve used it on binary options but not on forex. There are some pretty good traders there. But their trading style is very risky. It’s is definitely not for newbies or small account’s. It’s not like Mike”s group that concentrates on win % or itms. Those traders can have a losing streak of up to 20 trades in one day and then they have recovery trades of up to 30-50 trades to cover the losing trades. At the end of the day their accounts are in profit. Now if you had a small account and joined at that losing streak you be easily wiped out. But if you catch a winning streak then it’s really nice. But there are settings to limit losses. As with any binary options advice. One should not be greedy. Don’t have a gambler attitude to make millions in a day. Set your settings conservatively until you grow your account. Dont follow to many traders at once if your account is still small. One good thing though is that the follow feature is very accurate and is not rigged in anyway. So if the trader won then you won. If he lost then you lost. There is no manipulation of results. I used Banc De Binary. Hope this helps.” – July 24, 2016