Most retail forex traders end up losing money in forex trading for one reason or another. In fact a disturbing piece of statistics states that over 90% of the forex traders lose money. The Ayondo social trading platform tries to help these traders by creating a platform where the less experienced traders, known as followers, can follow the trades of expert traders and copy these trades manually or automatically.
Expert traders have a lot of experience in successful trading and money management. By following these traders, followers can learn the tricks of the trade by observing the trades and substantially increase their chances of making a profit. This creates a great system in which everyone (expert traders, followers and Ayondo) benefits while reducing the overall losses. This Ayondo review takes a detailed look at the costs involved, trading platform and the advantages of using this platform for traders and followers.
Cost of Using the Ayondo Platform
The best part of using the Ayondo Platform is that you don’t have to pay any sort of fees or commissions to use the platform or to follow any expert trader. If this confuses you, let’s take a look at Ayondo’s revenue model which will make it clear why they don’t charge you any fees or commissions in exchange for letting you use their platform.
To trade forex, you need to open a forex trading account with a forex broker. To be able to use Ayondo’s platform, you need to open a trading account with one of Ayondo’s recommended forex brokers. As with most other forex trading accounts, these trading accounts only charge you the spread and the swap rate in case of carrying over open positions to the following day.
Ayondo earns its commissions from the forex broker instead of charging you for it. The broker pays Ayondo a part of its earnings from the spread resulting in an arrangement which benefits all the parties involved. Forex brokers earn their revenues through the spread, Ayondo gets its commissions from the forex brokers and you don’t need to pay any extra fees to utilize the benefits of Ayondo’s platform.
Advantages for Traders
Successful expert traders can sign up with Ayondo to share their expertise with other traders to help them duplicate your trades and become profitable. In return, expert traders receive a share of commissions that Ayondo earns from forex brokers.
Ayondo offers a platform to expert traders to build a history, share their performance and establish a name for them. Ayondo shares the details of your trading activities with traders from all around the world and actively promotes you to potential followers through its global newsletters.
Ayondo has processes in place which protect your identity if you wish and share your trading activities only under a user name. Once you are a certified trader, you just have to focus on your trading activities while Ayondo takes care of promoting you and getting followers for you if your results are consistently good.
Expert traders typically earn 3 USD per lot per user for every trade that earns a profit and 1 USD per lot per user for every trade that makes a loss. This means that irrespective of the outcome of your trading calls, you stand to earn some money as remuneration for sharing your expertise.
Advantages for Followers
By using Ayondo’s trading platform, followers stand to benefit from the experience and expertise of expert traders. Followers can manually or automatically duplicate the trading calls of the best traders to increase their chances of turning a profit.
Unlike other similar platforms, followers don’t have to pay any commission on the trades regardless of the outcome of the trade. Ayondo earns its revenues as commissions from the spread that your forex broker charges you.
Ayondo has a stringent certification process to ensure that only the best traders are allowed to share their expertise. This prevents fly by night operators to pose as experts and share high risk trading calls. The certification process lasts for 90 week days (18 weeks) in which the expert must carry out a minimum of 100 round trades or 2 round trades per week or 10 round trades a month. Additionally, to successfully complete the certification process, the maximum drawdown of the trading account should not fall below 25%. The final criterion requires traders to have at least a 1% P/L.
These certification criteria ensure that only traders with the best expertise and sound money management understand are allowed to share their expertise with followers. This increases the likelihood of followers turning a profit consistently by following any one of the expert traders.
Ayondo’s Trading Platform
Ayondo offers a state of the art web based trading platform which duplicates an expert trader’s trades in the followers’ accounts accurately in a matter of milliseconds. The home page of the trading platform is customizable and lets you track the best performing traders and compare their performance against a standard benchmark.
You can check individual profiles of the traders and study their trading activities in great detail to identify the trader you would like to follow. The details include various statistics and performance results for all the past months. You can select your preferred trader to follow and your preferred trading instrument to set the system up for auto trading.
With a plethora of social forex trading platforms available, Ayondo is definitely one of the better ones which provides the greatest protection to investors’ trading accounts by screening and certifying expert traders before allowing them to share their expertise.