Are you trying to find a profitable trading strategy? Are you losing money consistently while trading?
If yes, you might be thinking about using a ready-made strategy. However, it is not easy to find one.
Due to the same problem, most people resort to social trading platforms. On these platforms, they can copy other successful traders. One such platform goes by the name of Collective2. The question, however, is this platform good enough?
Before you make your mind regarding this platform, you can go through our Collective2 review to understand more.
What Is Collective2 All About?
It is a social trading platform. On the platform, you can track successful traders. You can monitor the strategies and even mimic them. You can cherry-pick the traders depending on their trading strategy and mimic the same. It means that you will not have to create your trading system. You can imitate someone else.
However, the best feature of this platform is that you can automate the process. It is known as auto trading. For a subscription fee, the platform allows you to automate the mimicking process. It means that you will not have to initiate the trades of a particular strategy leader manually. The platform will do that for you.
The record of the traders is available to the members, who want to follow the trading strategy. Thus, you can either buy and sell manually or automatically.
Now that you are aware of the gist of the platform, we will delve into the Creator of the platform to understand more about it.
Who Is The Creator?
Mathew Klein is the founder of Collective2. He has been spearheading the platform since 2001. Over the years, he has raised over $ 50 million in funding, as well. So, you can be sure that the platform is legit and has stood the test of time. Due to this very reason, there is no doubt about the credibility of the Creator of the platform.
What Is Included In Collective2?
We will go into the details of various features on offer by the platform.
Strategy leaderboard
A social trading platform is only useful if you can spot the right traders. That is why, this platform offers you a strategy leaderboard. With the help of this leaderboard, you will not only be able to spot the right traders but also filter them according to your requirements. It means that finding the right trader to mimic is quite easy. You also have an add-to-watchlist feature, which means that you can monitor that trader without having to go through the other traders.
Broker Transmit
It is the feature that can help you automate your trading. The broker Transmit feature will automatically send a trading signal to your broker account. The strategies of traders to whom you have subscribed will get delivered to your broker. The broker account will initiate the trades based on these signals. As a result, you will not have to shift your trading account either.
When you sign up for auto trading, you will know about the list of compatible brokers. As a result, it will become easy to buy and sell automatically.
Abides by the rules and regulations
The laws in the US prevent any individual from providing personalized financial advice. That is why, the trade leaders are not allowed to send personalized financial recommendations or commands to any particular subscriber. As a result, the platform abides by the rules and regulations.
Simulating a strategy
Users of the platform can also invent a strategy. There are numerous strategies listed on the platform. You can go through the description of the strategy and trading history, as well. After that, you can simulate the trading plan or choose the auto trading option to buy and sell according to the strategy.
Thus, if you want to stick to a single strategy rather than a trader, that is certainly possible, as well.
The best thing about the strategies to have is that it has the past performance data, and therefore selecting the right one is comparatively easy.
Customizing auto trades
You can customize the auto trading options to transact only in a few assets rather than mimic the trader or the strategy across the assets. You can customize the settings for the stop-loss as well. As a result, if you want to customize the auto trade mechanism further, you can do so. It will allow you to reduce your risk by a significant margin.
It is a win-win situation as you can follow a successful strategy-leader and reduce your risk at the same time.
Member reviews
The platform allows you to review any strategy. The only caveat is that you should have been following it for at least 30 days.
You can interact on the message boards as well to expand your knowledge or ask questions. As a result, you can know more about the strategies and interact with others on this platform.
Simulator
Want to simulate any trader or strategy?
If yes, there is a free stimulate on offer which the traders can use. It means that you will be able to monitor in real-time before putting the money on the line. It will ensure that you can customize the strategies and also reduce the chance of huge drawdowns as well.
When you look at all of these features, it is easy to understand why it is a popular social trading platform. With so many customization and trades options available; you cannot go wrong with this platform.
How Does Collective2 work? Is It a Scam?
The platform offers you the ability to mimic any trader or any strategy. You can automate the mimicking process, as well. Auto-trade subscriptions will cost you anywhere from $ 20 to $ 200 per month for mimicking a strategy. There is a discount on the annual plans as well.
Since you can choose the strategy after looking at the past data and the strategy details, there is no chance of a scam.
The platform is a legit social trading platform that can help you make a significant amount of money without going into the nitty-gritty of the strategy or the fundamentals or the technicals.
Before you make up your mind about this platform, you can go through the features, pros, and cons of the platform below.
Features:
- Simple interface
- Hundreds of trade leaders available
- Auto trading features
- Customization options
- Established platform
- Strategy based mimicking on offer
Pros:
- Credible creators
- Easy to use platform
- Trades available across financial instruments
- Compatibility for auto trading with various brokers
- Allows you to tweak auto trade settings
- Complete transparency regarding past performance
- Active forum
Cons:
- Overwhelming for new traders
Does Collective2 Work?
Yes, Collective2 works for anyone who wants to make money through financial instruments. It does not matter whether you’re looking for sound investments or just trades which you can mimic; the platform can certainly help you. It is up to you to choose the strategy. That is why; there is no pressure to follow a particular trading strategy either. These features ensure that the platform is pretty effective and works well.
Who is the Ideal Candidate for this platform?
If you want to make money by trading or to invest in financial instruments, possibly, it is one of the best trading platforms. If you wish to invest your extra capital, then as well it is the perfect option for you. Since it requires no knowledge on the part of the investor, it is suitable for almost anyone.
Conclusion
All in all, Collective2 is a social trading platform that can help you make money right from day one. With the help of the auto trading feature, you can make money in a completely passive fashion. Due to this very reason, if you’re on the fence regarding this platform, you should use it to your advantage.