I’m always skeptical whenever I hear about something new in the financial trading scene. It’s because I have this notion that being successful in this field is not always as easy as it looks. Then a friend of mine who never had any trading experience claimed that he was able to make good earnings simply by “copying” from an advanced trader from this new platform called copyop which has been launched in early 2015. Out of curiosity, I decided to give it a try and below is the full text of my review.
Demo Account: Not available
Unfortunately they do not offer demo accounts so it won’t be possible for you to test it out unless you have a live trading account with real funds.
Bonuses: Only for anyoption users
Currently they don’t offer any bonuses for those who signed-up directly on the copyop site. However, those who have signed-up with anyoption will be able to use their bonus on the social trading platform since it is under the same operator.
Platform: Choose to trade by yourself or by social
copyop’s trading platform has two options. You’ll have the choice to trade by yourself wherein you will be the one making a prediction if a certain asset’s price will go up or down, or access the social trading feature where you can connect with all the other traders on the copyop and anyoption platforms.
Mobile Trading: iOS and Android ready
Although they have trading apps for the iOS and Android mobile platforms, the interface still needs a lot of improvements particularly in terms of responsiveness and stability.
Trading Instruments: Average list
There’s an average list of assets that can be traded on their platform and this includes commodities, indices, stocks and currencies.
Social Network Integration: Facebook connections
It’s actually possible to link a Facebook account by using the “sign up with Facebook” when registering. In this way you will also be able to see who among your Facebook friends are using the copyop platform.
Automated Trade Copying: Basic copy systems
One of the essential features that are missing from this broker is the automated trade copying. That means you cannot set your account to do automated trades from the users that you followed.
Account Protection: Not full-fledged
The basic copy trade system allows you to set the trades that you want to copy, the amount per trade and the specific assets to copy. In this way you can limit the possible losses in the event that the trades of the user that you copied were unsuccessful.
Traders Allowed to Copy: Anyone!
It’s possible to copy anyone who’s registered with copyop or anyoption and there are no limitations on the number of traders to copy. However, they have a restriction on the number of copiers per trader. Each trader can only have a maximum of 100 copiers which could be a setback for future followers if the particular trader becomes more popular. Alternatively, it’s possible to follow or “watch” a trader in order to keep track of their trading actions in real time.
Deposit and Withdrawal
Minimum Deposit: Higher than the competition
The initial deposit requirement is $200 which is way higher than the allowed minimum deposit of other social trading networks.
Deposit Methods: Major banking systems supported
Deposits can be done using major banking systems like Visa, Amex, MasterCard, several debit cards and bank transfer.
Withdrawal Processing Time: May take a week
Withdrawal requests are processed with a maximum waiting time of 7 days. On my actual test, my withdrawals were completed in a week.
Channels: No live chat, no phone support
There’s no live chat so the only way to contact the support department is via email. You may fill-up the Contact Us form and leave your number if you wish to be contacted by one of their agents.
Although they say that their lines are open 24 hours a day, being able to get in touch with their support immediately is not possible since they will be the one to get in touch with you and their email responses may take minutes or hours.
Supported Languages: English and other European tongues
Aside from English, the also support other European languages including Spanish, German, Italian and French.
User Reviews score: 4.7 stars
This score was provided by various users and its value is taken from the accumulated votes that were given by actual traders who have tested this broker.
Platform Design: Patterned with social networks
The interface has been designed based on the layout of popular social networking sites so getting used to it is fairly easy.
Support: No phone support and live chat
They provide professional customer support but the challenge here is to getting in touch with them immediately since they have no phone support or even a live chat feature.
Reputation: Connected with anyoption, a binary options broker
copyop is operated by Ouroboros Derivatives Trading Ltd, the same company that owns anyoption. They are among the first to have a dedicated binary options social network but in terms of population, it pales in comparison with the more known brands.
Editor’s Score: 72
copyop’s social trading service looks promising but currently it lacks the essential features that users are looking for to ride the wave of social trading. The fact that it currently focuses only on binary options makes it a bit limited especially for those who want to have an improved trading portfolio. Finding another broker is the best option.