ZuluTrade is a "social trading" type of platform. What does it mean? You may imitate what other players (a.k.a. signal providers) do. It's been all about the Forex, but now binary market has also come into play.
ZuluTrade was founded by Leona Yohai and Kostasa Eleftheriou in 2007 as a fully automated system that connects those users who wish to follow the investments of others. Ever since ZuluTrade appeared it managed to deposit almost one billion US dollars with associated brokers. Joining the binary options market will engage the binary users into following signal providers and automating their own movements as well.
The service is extremely intuitive and there are many tools that help with choosing the optimal signal provider. It's all about using them correctly.
First of all, register and decide whether you want a REAL or a DEMO account first. You also get to choose whether you want to become signal providers ourselves, but bear in mind it's for the experienced users. Up to this point, everything is free of charge and the only condition is that you choose one of the ZuluTrade recommended brokers since the broker makes money off the transactions and shares the commission with the signal provider. And this is how the service is free. Finally, you may also "join" an old account.
Once the broker's chosen (beware that not all of the ZuluTrade recommended brokers are actually credible!) and you have deposited funds (or you've chosen a demo account), start looking for a person you wish to imitate. Choose the binary options market and click on "follow investors":
You'll be directed to a ranking of the best traders, where you can check any trader in detail, go through his/her past moves, check his/her ROI, trade volume, or accumulated pips:
You get detailed information by clicking on a trader's pic: a short description of the strategy used, best/worst transactions, currency pairs and details of transactions. To follow a user, click "follow" and here's what you'll see:
"ZuluGuard Capital Protection" is the maximum amount we wish to risk by following a trader. This is a our safeguard option so that, for instance, we do not zero out. You can receive signals all the time (decide on an amount that will be played with each signal) or "pro-rata" (set a percentage of similarity between the provider and you, e.g. if you go with 100% it means that your rate and the provider's rate are identical).
You may also set a limit of simultaneously opened positions, choose a position between 1 and 30 or go with no limits. When you click "Follow", your provider's positions will be copied automatically. You can find the positions and results in the history:
When you go over ZuluTrade's logo next to a given transaction, you'll check which provider gave you which signal. And when you go to the "History", you'll check all of the provider's transactions and compare/contrast their effectiveness.
If you're not into following other users, you can simply open transactions manually using the in-built SpotOption platform.
How to choose the best provider for you?
Anybody can be a ZuluTrade provider, which is why you need to prescreen a provider's signals before you settle. A provider gets commission on every follower who uses real funds, so many people become providers with no actual market experience. Binary options signals are a ZuluTrade novelty, so paying extra attention to a provider's transaction history is a must. Sometimes a strategy is nothing but beginner's luck which is why a provider seems successful just for a while but when the market changes, the strategy fails. That is why it's crucial to verify a trader thoroughly and compare the best with the worst. Also, choose a provider who makes use of his/her own signals and not just goes with demo transactions so that he/she gets commission. If a provider is high in the ranking, just like that he/she may get hundreds (if not thousands) of followers and a quite reasonable commission.
When choosing a signal provider, don't just go with the ranking as it changes constantly.Yes, there are providers with 100% effectiveness, but it may mean that they haven't been ZuluTraders for long. It's impossible to remain 100% correct forever, so look into the account's history. Remember that age and history matter, filter those accounts that have an adequate number of past transactions and followers. You should do this on your own since the filter for binary users is not as complex as the one for the Forex aficionados.
What else? Do not go for the risky strategies, at least not the long-term ones. Research the provider's other accounts. Adjust the level of risk with which you're comfortable in a given strategy. Don't choose too many providers at the same time, a couple of accounts will do just fine. Make sure you check new providers using a demo account. Take note of the results. Reject those who do not satisfy you: you can reject the followed providers any time you feel like it, but the positions will remain open until their expiry time accordingly to the time interval chosen.
ZuluTrade deposits and withdrawals
ZuluTrade does not accept any deposits since all transactions are handled directly by the brokers. ZuluTrade does not have access to those funds. Your ZuluTrade account must be connected with a broker's account, so all deposits and withdrawals are done "within" a broker.
ZuluTrade offers a free demo account – just choose a demo account upon registration.
The website is available in 28 languages. You can contact them via chat or e-mail, 24/7.
A very comprehensive FAQ section and a user guide explain all there is to know about a ZuluTrade account. You can also go to the Forum section to discuss the service in many languages, keep up with the economic calendar and check out the currency pairs price chart.
There are no bonuses offered.
Since ZuluTrade does not control the funds, there are obviously no complaints regarding the deposits or payouts. What's substantially more controversial is the lack of control over the signal providers and their quality. There have been complaints over the delays, which are due to the intermediary character of ZuluTrade.
Not a typical binary options broker, ZuluTrade is more of a social media platform for those who follow and those who provide. The signals often leave a lot to be desired, so using a demo account – at least for the first couple of months – is highly recommended. It's extremely hard to find a provider who generates stable profits, especially when you take into account the delays (ZuluTrade – broker) and technical problems. To add to this, we cannot be 100% sure that the technical problems are really only technical...
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