CopyOp is a social trading(where you can copy the traders of other experienced brokers in real time in automated manner) platform by AnyOption.(which is one of the oldest broker in… more
|Minimum 1st Deposit||$200|
|Minimum Account Size||$200|
|Minimum Trade Amount||$10|
|Free Demo Account|
|Deposit Methods||Credit Cards, Wire Transfer, Web Wallet|
|US Traders Allowed|
CopyOp is a social trading(where you can copy the traders of other experienced brokers in real time in automated manner) platform by AnyOption.(which is one of the oldest broker in Binary options industry)
Price : FREE Account($100 minimum investment). They make money from brokerage/spread
Overall Ranking : #3
Experience Level: Newbie friendly*
Special Feature: Able to follow other traders
Demo: No dummy currency account but free signup to get basic access
Min deposit: $200
Regulation: CySEC license number: 187/12
Copyop operates under Ouroboros Derivatives Trading Ltd. Copyop is also licensed to operate like anyoption(parent broker) under the same Cyprus Securities Exchange Commission (CYSEC).
Is it Scam?
Though CopyOp platform is relatively new,it is fully owned by Anyoption. So,the credibility of Copyop is same as Anyoption(CySEC regulated) ,which is outstanding. So,it is NOT a scam.
But,you must remember trading binary options without trading knowledge is risky . Actually,social trading addresses that problem by letting people follow experienced traders. When you ask for withdrawal,do not hesitate to give verification proof of identity as it is mandated by Anti-laundering law.
Though,I have Anyoption account,I created a separate account for Copyop to see if the customer service and support is any different from plain vanilla AnyOption account. I did not notice any significant difference apart from the fact that the customer service was bit more responsive(May be because the platform is new).
How to make money with CopyOp
If you are new to trading and do not have time to learn binary option trading yourself,Copyop is a good choice to start with. But,here you have to put all your effort to find best traders to follow. I know at least 2 experienced traders who provide signals on Copyop and have decent(more than 70% hit rate) success rate. Here are the few tips you must use while choosing traders to follow.
Inspect both the hit rate and profit amount to filter out successful traders.You should then give more importance to the hit rate as it is most important factor for profitability of trades you follow. Ideally,you should look for a trader who has made more that at least $2000 in last 3 months and have strike rate over 65-70%.Currently,there are at least 3 traders who are quite profitable(last 3 months performance) on the platform whom you can follow.
What We liked about CopyOp
1) Real money: All trades and traders you see on CopyOp are real money trades. No virtual money. It makes sure everyone on the platform is at least serious and has money on line.
2)Easy Signups and neat interface: No lengthy forms are required just to get a look at the platform. Interface was quite intuitive without a lot of distractions.
3) OK support staff: I signed up for the platform on weekend and did not deposit money. I got a call from support staff on Tuesday and surprisingly, the guy was not very pushy towards sales or made any unreasonable claims (typically,which most brokers do).
4)Limited Risk: There is a lot of flexibility in assigning money you want to put per trade/time period. It helps traders to control the risk.
5) Live 3rd party price feed: Real Time Thomson Reuters Price Feed. Lot of time traders complain of broker manipulating price feed especially when in binary options it makes a lot of difference. Live 3rd party feed avoids this issue and make price 100% transparent.
The CopyOp, binary options social trading platform, has a lot of way to go to match the sophistication of forex industry. Following are some of the features which need to be worked upon.
1)Trader search capability needs to be improved. I think they have not focused on this aspect assuming there will not be a lot of successful traders who are worthy of following but I think that should be left to customers to choose with more transparent trading history of even losing traders.
2)Trader incentive structure: Now,traders whose trades are copied the most are paid as a part of their brokerage commissions via coin system. It should also be linked to profitability of traders overall too. For example,leaders should not receive any commission for a losing week/month.
3)They should invite reputed traders via profit splitting or more attractive commissions to make the platform even more popular.
4) They should offer fully functional demo account. Though,no demo account makes sure everyone on the platform is serious(which is good),they should offer demo account for followers so that newbie traders are not required to deposit real money.
Overall, CopyOp is a welcome change in over crowded “me-too-bonus” brokers in binary options market.It is one of the pioneer in social trading in binary options though it has a long way to go before it achieves the level of established forex trading platforms. Limited stats on performance of traders and live traders are provided but you can watch all traders live. But,all the traders on CopyOp trade with their real money and there are few traders who are making significant money with their trades over the period of months.
If you are new to trading world or just started learning the basics of binary options,Copyop is a better option as it allows you to follow other experienced traders.I will suggest to watch the performance manually of successful traders and follow accordingly rather than set and forget approach.