Communitraders is not what you think, it is not a broker, and it is unlike any copy trading feature offered by any broker. This is the leading, and independent, platform for binary options social trading, copy trading, demo trading, signal trading and forums. Communitraders, or CT as I like to call it, is an off-shoot of BinaryOptionsThatSuck.com, and the brainchild of long time trader and web-developer Martin Kay. The platform is based in Cyprus, where else could it be located than the global center for binary options trading and regulation, but hosts an international flavor as it attracts traders from around the world.
The Geek’s Review Of Communitraders
I have to admit, and in the spirit of full disclosure, that I am biased. I have worked closely with Martin, BinaryOptionsThatSuck.com and Communitraders for many years. In that time I have found him to be solid individual with a pure intent, to help traders enjoy binary trading and avoid unnecessary losses and scams. As such Communitraders is not a broker and remains independent of any broker although the goal is to provide users the ability to link their accounts with brokers of their choice for the purposes of social and copy trading.
So, what do you get if it isn’t a broker? This is a question I’m sure many are asking. Communitraders is a forum, a profile, a leaderboard, a signal provider, a demo trading platform and a copy trading service. Joining is completly free, there is no requirement to make a deposit, give any money or any information to use the platform. Once you join all features are available to use although there are some limitations based on newness to the forums. First and foremost it is a forum. The forum is actively used by thousands of traders of all levels. In it you can find discussions on everything binary ranging from tools, to strategies, to scams, brokers, analysis and just about anything else you can think of.
Supporting the forum are profiles and a demo trading platform. The profiles include information about your time in the forums as well as your trade statistics. Basic data includes date you first joined, number of posts, number of visits you’ve had and basic info about your trading. More in depth biographical and trading style information is available under the “About Me” tab.
Also included are tabs for trade statistics which includes account balance, number of winning trades, win percent, account return and points. Points are calculated using the number of trades you make, the number of wins and the amount you win on each trade and are then used to rank traders on the leader boards. The combination of profiles with the forum is a very powerful tool for traders, both signal providers and copy traders. It allows you to find great traders, and to actually communicate with them in a meaningful way.
The demo platform is one of the pillars of the Communitraders experience. It is currently set up for high/low trading and comes with a decent asset list. There are about 4 dozen assets including all the top forex pairs, three commodities (oil, gold, silver), the top US and EU indices and about 30 stocks. Expiry is what makes the demo platform really great. They range from 2,5,10,15 and 30 minute to end of day, 1, 4, 8 and 24 hours and longer term including 3 days, one week and one month. This means that it can match just about any expiry offered by any broker or suggested by any trading strategy or signal service. Trades can be made private or shared with the community. Shared trades can be liked, commented on and copied.
All traders are ranked on the leader board. It lists traders based on performance on a one month and one year basis. As mentioned earlier ranking is done with a points system which incorporates the number of trades and winning percentage into the mix. This prevents traders from gaming system; they have to produce consistent results to get a high score. The leader board also ranks “signal providers”. These are traders that have elected to be providers and as such have a visible presence in the forums.
Binary options signals are provided in two places. The first is directly in the forum. All trades are listed as they are made in the Communitraders forum and can be posted as individual entries or as responses to other trades. There are dedicated threads for top assets like the S&P 500, EUR/USD and gold too that attract lively discussion and trading activity. The second place is under the tab labeled “Signals”. This too lists trades as they are made, but in a different way. Each trade comes with info about the trader who made it, their ranking and win rate, and is filterable. The signals section allows all trades to be filtered by asset, strategy and expiry so copiers can find exactly the types of trades they are looking for from among the platforms top traders.
Communitraders Binary Options Copy Trading
Communitraders allows binary options copy trading and not just in the demo form. The platform will connect to a broker and supports direct copy trading from Communitraders signals. At this time Stockpair is the only broker supported but more are on the way. New and existing accounts can be linked, all it takes is a Communitraders profile and a Stockpair account. Communitraders profiles are completely free, Stockpair requires a minimum deposit of $200. You can click this to read my full review of Stockpair binary options broker or go directly to Stockpair now.