As copy trading continues to gain popularity as a profitable and hassle-free approach to risk taking, more and more Forex copy traders are flocking to platforms like RoboForex and HFM. The challenge now lies in determining which of these platforms offers a superior copy trading experience. Related: Check out our list of the Best Forex Brokers For Copy Trading for more options to consider.
This article provides an unbiased, side-by-side comparison of the RoboForex and HFM copy trading platforms. Because trading profitably with copy trading software doesn’t necessarily require you to know how to trade, your success heavily depends on the performance of the traders you copy and the overall user experience on the platform.
Many subtle differences between these platforms can significantly impact your trading experience or even lead to losses. This guide will help you choose the copy trading platform that best fits your expectations and trading style.
Overview of RoboForex and HFM Forex Copy Trader Services
Disclaimer: This article is not an exhaustive review of the RoboForex and HFM brokers. Instead, it focuses on the key features and details that directly affect the quality of their copy trading services, cutting out unnecessary background information.
To help you select the most efficient platform, this guide covers all the essential aspects to make an informed decision between RoboForex and HFM. Below, we provide our ratings for each section, with scores ranging from 1 to 10 (1 being poor and 10 being excellent).
Platform Interface: Ease of Use Matters
The user interface of a copy trading platform can significantly impact a trader’s experience, especially for beginners who are just starting with Forex copy trading.
RoboForex Interface
RoboForex offers the CopyFX platform, which is seamlessly integrated with MetaTrader 4 and MetaTrader 5. It allows users to filter traders by various parameters, such as performance, risk level, and trading style. The intuitive interface makes it easy for beginners to navigate and start copying trades.
HFM Interface
HFM, on the other hand, provides the HFcopy platform, which is also integrated with MetaTrader. While it offers similar functionalities, some users find the interface slightly less intuitive than RoboForex’s. HFM’s platform allows for customization and provides detailed statistics about traders, but the learning curve can be steeper for new users.
Our Rating:
| Copy Trader | RoboForex | HFM |
|---|---|---|
| Rating (1-10) | 9 | 8 |
Choice of Traders: Variety and Quality
The availability and quality of traders available for copying are essential when choosing a copy trading platform. More choices mean better opportunities to find traders that align with your risk tolerance and investment goals.
RoboForex: Larger Pool of Traders
RoboForex boasts a larger pool of traders with diverse trading styles, from scalping and day trading to swing trading. This variety allows users to tailor their copy trading experience to match their risk tolerance and investment goals. A wider selection can also mean more choices for different trading strategies, such as high-frequency trading or long-term investing.
HFM: Competitive but Less Diverse
HFM also offers access to a wide range of traders, but the number of available traders is slightly lower than RoboForex. While HFM provides competitive traders, the overall diversity is not as extensive. For traders looking for variety, RoboForex might be a better option.
When considering which copy trading platform is best, the availability of skilled and profitable traders to copy is crucial. Although HFM performs reasonably well in this category, RoboForex stands out with more enlisted traders and a longer history in the copy trading market.
Our Rating:
| Copy Trader | RoboForex | HFM |
|---|---|---|
| Rating (1-10) | 8 | 6 |
Fees and Commissions: Cost Transparency
When it comes to fees, both brokers have competitive offerings, but there are distinctions worth noting. Understanding the fee structures is critical for traders who want to maximize profits while minimizing costs.
RoboForex: Low Fees and Transparent Costs
RoboForex has a transparent fee structure with low spreads and no additional commissions on copy trading, making it an attractive choice for traders looking to maximize profits while minimizing costs. According to Investopedia, transparent fees and lower trading costs can significantly affect a trader’s bottom line.
HFM: Competitive Spreads with Possible Commissions
HFM also offers competitive spreads but may charge commissions on certain account types, particularly for the HFcopy service. While these fees are reasonable, they can add up depending on trading volume. It is important to review their fee structures carefully to understand the total cost of trading.
Our Rating:
| Copy Trader | RoboForex | HFM |
|---|---|---|
| Rating (1-10) | 8 | 7 |
Performance and Success Rates: Evaluating Traders
Performance metrics are crucial for evaluating the effectiveness of a copy trading platform. A good copy trading platform should provide comprehensive performance data and metrics for traders to make informed decisions.
RoboForex: High Success Rates with Detailed Analytics
RoboForex has impressive performance statistics, with many top traders achieving consistent returns. The platform provides comprehensive performance data, enabling users to analyze traders’ past performance before making decisions. The ability to access detailed performance data helps users to select traders based on verified success rates.
HFM: Strong Performance but Less Detailed Data
HFM also showcases strong performance among its traders, but there is a perception that RoboForex’s traders tend to have higher success rates. The availability of detailed analytics on RoboForex further enhances users’ ability to make informed decisions.
Our Rating:
| Copy Trader | RoboForex | HFM |
|---|---|---|
| Rating (1-10) | 9 | 8 |
Customer Support: Reliable Assistance When Needed
While many features contributing to your overall experience are not always front-end, customer support becomes crucial when issues arise. It is especially important for traders new to copy trading.
RoboForex: Highly Responsive and Efficient
RoboForex offers exceptional customer support available via live chat, phone calls, and email. The service is known for quick response times and efficient issue resolution. This level of support can be a decisive factor for many traders, particularly beginners.
HFM: Good Support but Longer Wait Times
HFM also provides good customer support; however, some users have reported longer wait times during peak hours. While the support is generally adequate, it may not be as prompt as RoboForex’s.
Our Rating:
| Copy Trader | RoboForex | HFM |
|---|---|---|
| Rating (1-10) | 8 | 7 |
Summary of Our Ratings
| Category | RoboForex | HFM |
|---|---|---|
| Platform Interface | 9 | 8 |
| Choice of Traders | 8 | 6 |
| Fees and Commissions | 8 | 7 |
| Performance and Success Rates | 9 | 8 |
| Customer Support | 8 | 7 |
| Total Rating | 42 | 35 |
Conclusion
While there may be areas where HFM excels, we’ve focused on the features that directly or indirectly impact your Forex copy trading experience. The results clearly show that RoboForex outperforms HFM in most categories.
Although these differences may seem minor individually, they collectively contribute to a superior overall experience and can significantly influence your returns in the long run. HFM is a strong competitor and serves as a great alternative, but RoboForex remains the top choice for copy trading platforms.
Ready to Find the Perfect Copy Trading Broker?
If you’re still exploring options or want to see more choices for copy trading, check out our Check out our list of the Best Forex Brokers For Copy Trading. We provide comprehensive reviews and comparisons to help you find the broker that best suits your trading style and needs. Start your journey to smarter and more profitable trading today!
