ZuluTrade Review: Social Trading Made Easy & Profitable
The word ZuluTrade goes hand in hand with social trading. Our in-depth ZuluTrade review will inform and enlighten you on the features of this social trading platform.
ZuluTrade is an automated social and copy trading platform. This broker provides a lot of unique features to their traders.
You get to trade Forex, CFDs, and cryptocurrencies with this broker. Their main focus is on social trading to make trading easy for beginners.
In this review, we will explore the social trading of ZuluTrade along with other features.
You will also find out if ZuluTrade is legit or a scam. Let’s start our review.
ZuluTrade Review: What is ZuluTrade?
ZuluTrade has established itself at the apex of the social trading industry. Founded in 2007 by Leon Yohai and Kosta Eleftheriou, ZuluTrade is based in four countries; Greece, United States, Japan, and the United Kingdom.
ZuluTrade started its operations with the aim to reduce the skill gap between the advanced traders and new traders.
Currently, it has one of the largest trading social networks with millions of active traders.
The company boasts over $1 trillion in transaction volume. The top five traders alone have raked in profits of over $250,000.
ZuluTrade has the most diverse trading network. There are more than 10000 signal providers from over 192 countries.
ZuluTrade is led by CEO George Ilias. Other prominent members include CFO Dimitris Lathouras, Business Development Director Anastasios Frangos, and head of reporting George Riskas.
ZuluTrade is partnered with over 60+ brokers from different countries. This includes popular brokers such as Triple-A FX, Formax Prime Capital, FXCM markets, AvaTrade, Intertrader, AxiTrader, Pepperstone, and many others.
Over the years, ZuluTrade has added many features such as profit-sharing accounts, automated trading, social charts, ZuluGuard™, Trader’s combos, auto-trading cryptos, and many more.
ZuluTrade Review: A Brief History Of ZuluTrade
ZuluTrade was founded in the year 2007 by two Greek entrepreneurs, Leon Yohai and Kosta Eleftheriou.
Kosta left the company in the following year. Yohai started the concept of copy trading by connecting FXCM’s API to his software which allowed copying of trading strategies.
This concept picked up the pace and by 2009; there were more than 4000 signal providers on his site.
In the year 2012, ZuluTrade added more features to the website such as ZuluGuard. By 2013, the company expanded to 120 employees.
In the next few years, ZuluTrade entered an acquisition phase by acquiring a regulated investment adviser, Market Crew Independent Adviser Co Ltd and partnered with Japanese broker Arena FX Co Ltd.
In 2017, ZuluTrade partnered with Formax Group and transformed into a fintech company and expanded to cryptos.
Currently, it stands as one of the top social trading platforms in the industry and strives to continually improve themselves.
Why Choose ZuluTrade?
- One of the largest social trading networks
- Over 30 brokers offering ZuluTrade support
- Low deposit fee
- Profitable social trading with top traders.
- Low spreads, low commission
- No hidden fees
- Regulated by HCMC
- Trade history available
- A wide range of trading tools
- Variety of trading instruments
- Multi-lingual customer support
- Max leverage of 1:1000
- 7 base currencies
- ZuluGuard™ for advanced protection
- Social charts to help new traders
- Watch live trade activity of other traders.
- Market Sentiment to see buying/selling trend
- Built-in forex pip, margin, and profit calculator
- Attractive prizes from Trading Contests
- Automated trading with custom rules
- Variety of trading signal providers
ZuluTrade License & Regulation
There are over 30 brokers registered with ZuluTrade. All these brokers are registered with the European Union.
That being said, ZuluTrade has its own broker, AAA FX.
AAA FX is regulated by the Hellenic Market Capital Market Commission (HCMC) of Greece. This means it is also MiFID regulated. The license number is #2/540/17.2.2010.
It is also regulated by Japan’s Financial Services Agency (FSA).
ZuluTrade Sign-up and Login process
The sign up and login process of ZuluTrade is quite simple. It will take you 10 minutes or less to start trading with ZuluTrade.
The sign-up process is described below:
Click on the “Register” button to navigate to the sign-up page.
Fill in the details on the sign-up form such as your first name, last name, email address, password, and mobile number.
Next, choose between a demo account and a real account. If you choose a demo account, you can switch to real trading later.
Your account will be created and you may need to verify your account via email or telephone number.
Alternatively, you can sign-up using your Facebook or Google account.
Once you have created your account, all you have to do is enter your email and password to login to your account.
You can also use social media such as Facebook and Google to login to your account.
ZuluTrade offers a free demo account to its users. Simply sign up using an email and you can start trading in a virtual environment.
ZuluTrade’s demo account features are a lot different than many platforms.
When you first create a demo account, you will be asked to choose between a profit-sharing account and a real account.
As discussed above, the profit sharing account is intended for beginners and the Classic account is recommended for advanced users.
Next, you will be asked to specify the account details. You need to choose your preferred base currency, balance in the demo account and the leverage on assets.
This is what sets ZuluTrade apart from the rest of the competition. You can enter a custom balance in the demo account up to $10 million.
The ability to select your preferred leverage is also significant because you get to choose your own risk level.
The leverage level ranges from 1:1 to all the way up to 1:1000. The options for base currency include USD, EUR, GBP, JPY, AUD, CHF, and BGN.
Once you have specified these details, your demo account creation is completed. You need to verify your account using the email used in account creation.
In the demo environment, you will be first prompted to complete a few actions. This includes specifying the funds to invest, selecting the risk level, and choosing which traders to follow or selecting a trader’s combo.
The risk appetite level ranges from conservative to moderate to aggressive and finally highly aggressive.
Such customization allows traders to manage their risk levels along with the regular risk management tools.
There are two account types in ZuluTrade; Classic and Profit sharing. When opening a demo account, you can choose either of these two.
When choosing an account type, you have to choose your preferred broker and will be redirected to their site to create an account with them.
We will describe the two account types now:
In a classic account, you can trade both manually and copy-trade. ZuluTrade recommends a classic account for experienced or advanced traders.
You can choose either ZuluTrade’s platform or MetaTrader for trading.
You have to customize your portfolio when creating one.
With classic accounts, you can enjoy standard volume based commissions.
Profit sharing account is intended for beginner traders. The trading happens only through the ZuluTrade platform.
As the name suggests, in a profit-sharing account, you share the profits with the trader you are copying.
For every profitable month from copying a trader, you will be charged a 20% performance fee. In the case of a negative monthly PnL, performance fee will not be deducted.
The trader whom you copy is instead penalized. If you are not confident about your trading skills, you can start with a profit sharing account and switch to a classic account once you feel you can trade on your own.
ZuluTrade Mobile App
ZuluTrade offers mobile trading in Android and iOS devices.
The app interface is well-organized with a black background improving visibility.
There were no delays in trade execution. We tested our trading on an Android device and the overall experience was satisfying.
All the features of the desktop platform are available and we received notifications on any important update.
The mobile app offers these features:
- Edit manually traded positions
- Automatic execution of trading signals
- Use wide arrays of Expert Advisers.
- Control using margin call-o-meter
- Manually add stops and limits
- Adjust trade size to your preference
ZuluTrade Trading Brokers
ZuluTrade is partnered with over 30 brokers. Hence the trading platform depends on the broker you choose.
ZuluTrade has its own broker, AAA FX. The availability of a broker depends on the region you are in.
For example, if you reside in any European country, you get access to 35 brokers. From our region, we had the option to choose from 41 brokers.
Different brokers offer different minimum deposits, currencies supported, regulations, commission, and platform offered.
For example, ZuluTrade’s broker, AAA FX has a minimum deposit of $300, is regulated only in Europe, supports 6 different currencies, and charges zero commission.
FxGrow, BEFX, TopForex, TitanFX are some of the other brokers offering zero commission fees.
The range of commission for other brokers ranges from 0.2 to 1.8 pips. The minimum deposit ranges from $50 to $3000 for these brokers.
ZuluTrade has its own proprietary trading platform called the ZTP or ZuluTrade platform. AAA FX and Formax offers the ZTP platform.
Other brokers have their own proprietary platform or offer MetaTrader 4 as the trading platform. We will discuss the ZTP trading platform in detail.
ZuluTrade offers its proprietary trading platform, ZuluTrade FullPack along with MetaTrader 4 for its traders. Keep in mind that profit sharing account is not available for MetaTrader 4.
Other than not, there is not much to say about MetaTrader 4. It is the most used trading platform.
Due to its features, traders tend to stick to MetaTrader for all their trading needs. Hence, ZuluTrade has provided support for MetaTrader. You can trade from your own custom program in MetaTrader 4.
Our focus howevver, is on ZuluTrade’s proprietary trading platform (ZTP). We have discussed its features below:
ZuluTrade FullPack is ZuluTrade’s proprietary trading platform and it has some unique features that we will discuss here.
As this is a copy and social trading platform, at first you will be asked how much of your deposited equity you will invest, level of risk, and choosing a trader.
You can individually select traders or select from Trader’s Combos. Traders combos are combinations of traders tailor-made by ZuluTrade which is prepared on the basis of risk and funds you have invested.
Once you select your preferred choice of traders, the traders will be added to your portfolio.
Speaking of the interface, it looks different from most of the other trading platforms. On the top portion, information of the trader is displayed.
The trader’s account name, equity, balance, margin level, and PnL statistics are displayed. There is an additional meter displayed which is called the Margin Call -o- meter™.
This meter depends on your custom settings, equity, leverage, and selected trader’s past performance. What this meter display is basically the risk exposing your account.
As the meter gets higher, the exposure of the account increases. Anywhere between 0%-50% is considered safe.
The trading chart can be displayed in three ways; Candlestick, OHLC, and Line chart.
In the portfolio section, you have the list of existing traders in your portfolio. You can add new traders to your portfolio by clicking on the ‘Follow traders’ button. On the right side, you can view your equity and PnL graph.
On the accounts tab, you can customize your personal details, which includes your name, avatar, country, and phone number.
The settings tab is where you customize your portfolio settings. You can choose the calculation method as fixed or pro-rata.
Social Trading - Following Traders
ZuluTrade also offers flexibility in social trading. Just because you chose to replicate a trader doesn’t mean you have to follow the exact setup he is using.
You can customize this switching between custom and auto. When you select the auto option, it switches to ‘Auto Allocation Mode’.
This mode auto allocates the lot size and funds depending on the risk weight you have set. The risk weight ranges from one to five. Another thing you can customize is the maximum number of open trades.
You can set it from 1 to no limit. Once you have set these conditions, the trader sends signals automatically and you follow them according to your stipulated conditions. You can also stimulate your portfolio by clicking on the stimulate icon.
ZuluTrade replicates the conditions of your portfolio and gives an estimate of your profit, ending balance, ROI %, the number of trades opened, received, and closed for the time period you wish to run the simulation.
All your traders are added by default in the simulation but you customize which traders to keep or remove in the simulation.
In fixed mode, you specify the lot size. In pro-rata mode, you select a pro-rata percentage. If the pro-rata percentage is set at 10%, your amount will be 1/10th of your trader.
Placing a Trade
Apart from copying traders, you can also trade on your own. Select the trade tab and choose your preferred asset amongst forex and CFDs.
Once you make your choice, you can specify lot size, stop and limit pip order, and order type (market or pending).
After this, your order will be placed. Trade independently if you are confident about the market conditions and your trading skills.
To view your active positions, click on the positions tab and here you can see a list of your opened positions.
You get an overall summary of your profit, pips, and the number of positions opened.
You can lock or close these positions if you wish to do so. Otherwise, it will be open until the trader you are following closes it.
In the history tab, you can view your entire trade history. You can view your own trading history as well as the trading history of other traders.
This is helpful because you can view a trader’s trading history and assess his trading performance before deciding to copy them.
In the invite tab, you can invite your friends you can earn 0.4 pips per lot for every trade they make. You can connect to Facebook and invite your friends from there as well.
Apart from this platform, you can also trade using MetaTrader 4, which is the most popular trading platform or you can use the proprietary software provided by your broker.
We shall explore some of the unique features of this trading platform:
Trader’s combos are automatically created combinations of individual traders that are grouped together on the basis of risk appetite, and amount of investment.
These are done on the basis of an algorithm that identifies profitable combinations of trading strategies.
With trader’s combos, you simply choose your preferred trader combo and your auto-trading will begin. It is fast, simple, and effective.
To have a trader included in a trader combo, they need to have the following qualities:
- Win-rate above 30%
- A positive ROI % over an extended period of time
- More than 50 trade executions
- Trading activity is stable for at least 4 months
- Have real investors following them
Market sentiment is a useful feature that displays the current trend of traders activity on a particular market.
Consider the forex pair EUR/USD. The market sentiment for the pair is 70%: 30% which means 70% of traders are buying the pair and 30% of the traders have opened a selling position.
Social charts include the live market feed for an instrument along with comments and insights on that market.
Here traders exchange their opinions and views, and advice new traders on how to profit from the market.
You can ask all your trading related questions here and expect swift replies from traders all around.
ZuluGuard is ZuluTrade’s proprietary account protection feature that automatically eliminates bad trader behavior i.e. when they have a bad trading strategy.
When you copy a trader, ZuluGuard™ calculates a trading exit value depending on the best/worst trade chart.
When it drops below the value, ZuluGuard™ closes your position and replaces the trader with a higher ranked one.
Using ZuluScript, traders can create their own trading indicators and robots. You don’t need any external software to write these scripts.
ZuluScripts are written in ZuluTrade Query Language (ZQL). This language is compatible with other forex scripting languages.
You can write a script by opening the script window when you click the ‘Create script’ button.
Once you finish writing it, you can save and compile and finally implement it in your trading.
Automator is ZuluTrade’s automated trading solution. Think of as a trading personal assistant.
You can set your own automated rules and the automator will automatically execute trades based on these rules.
Also, create rules like locking profits like setting a stop loss or setting trade limits.
You can set set your PnL to exceed a limit and then lock all your trades to secure the profits.
You will find automator under settings in both demo and live trading accounts.
The different tools that are available under forex tools are:
Pip Calculator: This calculator will calculate your pip value depending on the instrument, lot size, lot type, and the pip.
Margin Calculator: The forex margin calculator calculates your margin depending on the instrument, lot size and type, and the leverage ratio.
Profit Calculator: Entering the instrument, lot size and type, and the opening and closing price will calculate your profit.
Currency Converter: Entering the amount and currency, you can calcuate the desired currency value.
ZuluTrade mainly trades in forex pairs and CFD assets such as commodities, cryptocurrencies, and indices.
ZuluTrade also offered binary options by partnering with SpotOptions but after SpotOptions terminated its operations, ZuluTrade no longer offers binary assets.
The popular forex pairs offered by ZuluTrade include EUR/USD, GPB/USD, EUR/JPY, AUD/USD, EUR/CHF and many others.
Popular commodities include natural gas, oil, copper etc. In total, there are over 100 assets offered by ZuluTrade.
With all the hype going around crypto, it makes sense ZuluTrade offers major cryptos for trading.
Currently, they only offer 5 cryptos: Bitcoin, Ripple, Ethereum, Litecoin, and Bitcoin Cash.
However, they will add more cryptocurrencies in the near future. Just like other assets, you can trade cryptos both manually or automatically.
You can sort traders exclusively by crypto and choose your preferred crypto trade to follow.
ZuluTrade Deposit and Withdrawal
Unlike other brokers, ZuluTrade doesn’t have any fixed deposit and withdraw method. You interlink your account with a broker that you chose from the list of ZuluTrade supported brokers.
You have to follow the methods of deposit and withdrawal of that broker.
We have reviewed through the list of offered broker and found that the minimum deposit amount varies from $50 to $3000.
The modes of payment include Visa, Zulu MasterCard, PayPal, Neteller, Skrill, Wire transfer, and many others.
Transaction fees are charges depending on the mode of payment and the location of the trader.
Contact & Support
ZuluTrade offers customer support in 11 languages. You can contact them via email or phone.
You will find their email address and office address from the support section of their website.
In addition, they have call centers set up in the U.K, Germany, Russia, Spain, Greece, Mexico, Colombia, Japan, China, and Australia.
You can also leave a feedback on their website by rating their website. You can also post on their forums for an issue.
Pros and Cons
Here are the pros and cons of this social trading broker. These will help you to judge these broker on the basis of its strengths and weaknesses.
- Huge social trading network with many experienced traders
- Vast choice of regulated brokers to choose from
- Over 100 trading assets
- Unique features only available to ZuluTrade
- ZuluGuard™ protects the account from bad traders to avoid losses
- The social chart provides a deeper analysis of the market
- Profit sharing makes trading effortless and profitable for new traders
- Market sentiment provides insight into market price movement
- Automated trading makes trading easier
- Information is hard to find on their website
- Only 5 cryptos offered so far
- Certain signal providers are bad traders
Is ZuluTrade Legit Or A Scam?
We have reviewed all the features of this popular social trading platform. It is a great platform to interact, learn, and copy trades from other traders.
ZuluTrade has one of the most diverse social networks of experienced traders. With unique features such as ZuluGuard™, Profit sharing, Automator, Trader’s combos, ZuluTrade truly stands out amongst the rest of the competition.
Speaking from our experience, trading on ZuluTrade has been a genuinely satisfying experience.
With a vast choice of regulated brokers, feature-rich proprietary trading platform, unique features, and most importantly easy and profitable trading has made ZuluTrade earn our seal of approval.
If you are interested in social trading, definitely try out ZuluTrade.