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How to set up Mirror Trading

Aug 30, 2019

How to activate and set up Mirror Trading:

  1. Go to the page of the trader you subscribe to.

2. This is the page where you can choose the exchange your trades will be taking place on.

3. Click the “Set limits” button.

4. Fill out the Limits form:

  1. Choose the name of the exchange you would like to place orders from. The list of exchanges is available on your profile. If you have not yet added the exchanges, our terminal will offer you to add the exchange’s API keys to continue your setup.
  2. Enter the deposit amount. Please specify the maximum amount within which the orders will be copied. This is a conditional deposit, it indicates the total amount of your transactions on FUMGO. We call it “conditional” because it is neither actually frozen nor stored in our terminal. Your balance remains in your account on the exchange at all times, and you can access it 24/7.

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This deposit amount is set to limit the maximum Mirror Trading amount on FUMGO. This is done so that the amount of your orders created via Mirror Trading does not exceed the deposit amount you have set. Each of your transactions will be created in the same proportion to your total deposit amount as your trader’s order to their total balance.

  1. To have even more control over your balance you can set the following transaction parameters:
    • Minimum order amount: this amount may not be smaller than the minimum transaction amount on your chosen exchange; and
    • Maximum order amount: a maximum order per transaction.

Please note:

You can specify both, either, or neither parameters. If you do not set these limits, your orders will be created in the same deposit/order proportion as your chosen trader’s.

5. Once you set all the necessary parameters, please confirm the connection of Mirror Trading. To do this, you need to click “Connect.”

From that moment on, all orders opened by your chosen trader are automatically copied in your account.If you ever need to stop or suspend Mirror Trading, all you need to do is click “Disconnect.” If you do that, no new orders will be created in your account, but the old orders will remain active until they are completed on their own terms. If you would like to cancel your open orders, you can go to the special page dedicated to that. More details on managing your orders can be found in the section “How to manage your Mirror Trading transactions.”

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