cMirror Review

cMirror logoWelcome to Forex Bonus Lab’s cMirror review. Social trading and copy trading has been a hot topic for a few years, and even though such platforms as ZuluTrade have been quite successful in the field of multi broker platforms, unfortunately most of the other platforms have failed to make traders profit.

In 2015 the hopes of social traders will surely get restored as Spotware rolls out its mirror trader. This platform is expected to shake the world of social trading and provide a sophisticated social trading solutions for cTrader brokers. Find out more about this platform and its features below!

cMirror at a Glance

It has been 6 months since the live release of the cMirror mirror trading platform, the name may seem familiar as it is a sibling of the cTrader and cAlgo platforms developed by Spotware. cMirror is offered by any broker which already offers cTrader, i.e. FxPro. Forex Bonus Lab has already reviewed the cTrader platform in detail, and this can be found here. Now it’s time for a review on cMirror.

One of the key factors which made cMirror stand out to me is that any Strategy Providers and Mirror Traders are able to interact regardless of who their broker is, this means that the potential of the cMirror community is essentially unlimited.

Launching cMirror Platform

When you first launch cMirror you will Spotware’s introductory video which briefly explains what you can do with the platform, it is more promotional than educational in tone. At first impression it is very striking in appearance, clean and simple with a nice color palette just like cTrader. Without being logged in I see a blank space in the left hand section of the interface, telling me to sign up or login with my cTrader ID, since I have recently watched Spotware’s first Learn to Trade video I know exactly what to do here.

It is quite easy to either sign in or create a cTrader ID as you can use either Facebook or Google sign in automation, or just use your email address if you don’t want to use those methods.

cMirror forex trading platform review

Once I am logged in I can see my list of cTrader accounts here, since I already have a cTrader ID. There is a + sign beneath my list of accounts, by selecting this I can link other existing cTrader accounts or create new demo accounts. Next to my account number and and properties (account currency, leverage, status) is the name of the broker and a direct link to their cTrader Web.

cMirror Strategies

Finding strategies is quite simple, you are shown a list of all strategies, with a preview of the performance. Strategies are displayed in order of highest All time ROI to the lowest. You can use either the handles or drop down menu to adjust the strategies which are displayed. The time period to the right does not affect what strategies are listed it just adjusts the chart which is displayed in the strategy preview. You can also filter which accounts are shown, only live, only demo or both. You can search for specific strategies if you already know the name you are looking for.

By selecting a strategy you will be taken to that strategies full profile where you are given a great deal of information to assess the performance to help you decide if you want to follow. There are 4 different charts, ROI%, ROI in USD, Balance & Equity and Volume break down which visually display a great deal of information.

cMirror trading platform review

If you want to dive even deeper into analyzing a strategy’s success you can view a table of the strategy’s performance which shows some key factors, which can be filtered to show only a specific symbol or time period.

cMirror platform review

You can also switch tabs to see the accounts open positions and live conditions, such as Balance, Margin, Equity and Unrealized P&L as well as the account’s entire history. All of this information makes cMirror incredibly transparent and provides a variety of information allowing Mirror Traders carefully to assess the factors which are most important to them.

cMirror Advantages

We really like that cMirror identifies the platform which trades originate from because this helps you to identify the type of trader they are. For example if “cAlgo cBot” is identified as the Channel it tells you that the Strategy Provider is using a trading robot or if “cTrader Android Phone” is identified as the Channel it tells you this strategy provider is trading from their mobile phone.

You can also see any Trading Commissions and Swap charges applied to a deal or open position, however there is no clear way to see the spread. From what I have seen most cTrader brokers charges are on a similar level so this factor should not cause much problem.

The section to the right of a strategy’s chart shows some interesting stats regarding history and popularity of a strategy, for example how many people have mirrored this strategy, how many currently are and amount of volume which has been mirrored.

How to get started with cMirror Trading?

Once you have identified a strategy that you want to follow, simply click start mirroring and you will be presented with some options, you can choose the account which you want to use to follow and then the volume percentage you want to mirror, cMirror will make a suggestion based on the balance of the account which has been selected and the balance of the Strategy Provider. Once you are following a strategy you can change settings at any time as well as add Forcing Stop Loss and Forcing Take Profit which will overrule the strategy provider, you can even choose to mirror the opposite of what a strategy provider does.

Once you are mirroring a strategy provider, those trades will be executed in your cTrader applications, meaning you can change anything at any time if you feel that at any time your Strategy Provider is being neglectful or irresponsible with their trading.

How to Become a Strategy Provider at cMirror?

Becoming a Strategy Provider is very simple, just select one of your accounts from the left hand “My Accounts” section, give your strategy a name, choose how much you want to charge and select become a Strategy Provider and start trading from your preferred Spotware platform. Any trade you make will be automatically mirrored by all of your followers according to their volume settings.

If you find the light colour theme a bit too bright, you can switch to a dark colour theme.

cMirror review

cMirror Review Conclusion

We think cMirror is the perfect compliment to the cTrader Suite, to engage and attract both new and experienced traders, we believe the key benefit for Strategy Providers is the ability to trade from cTrader or cAlgo. It is very intuitive and easy to use, delivers a high level of transparency, most of which is clearly displayed using advanced analytic charts making it quick and easy to interpret a great deal of important information. The main drawback is the lack of supporting brokers, currently there is only a handful of brokers offering this service.