Traders Union experts told about best PAMM accounts for 2023
It is not necessary to trade on your own, when you want to make money on Forex. You can use a PAMM account and just watch your capital grow. But in order to achieve this, you should open a PAMM account only with a trusted broker with a good reputation. Traders Union analysts conducted their own research, during which they identified the best PAMM brokers that show the best prospects for 2023.
What are PAMM accounts and how do they work
But first, it should be explained what a PAMM account is in general and how it works.
A PAMM account is a service that allows investors to earn money without trading. Investors invest in the accounts of traders, who receive a reward from profits for managing these investments.
Not all Forex investors have enough experience, time or desire to trade on their own. Beginners who have not yet “got their hands on” in forex trading often find that their first few trades are unprofitable simply due to lack of experience. It also happens that a person would like to enjoy the benefits of Forex, but everyday worries and the main work do not leave him time to spend a lot of time behind the monitor and charts. This is where PAMM accounts come in handy. .
The two main participants in the PAMM investment process are the investor and the manager. The manager creates, directly, an account and invests in it a certain amount (manager’s capital) in which he participates on an equal basis with his investors. The manager creates an offer where he indicates the terms of cooperation, including a percentage of the profit – his remuneration for managing accounts. Further, the investor studies the performance of managers using an independent rating and invests in the selected PAMM account. If the trading result is positive, the investor receives a profit, part of which is paid to the manager for successful work.
How can I find my best PAMM account?
You can be puzzled by finding a reliable manager on your own, but it is best to do this through a trusted broker. Today, many brokers are ready to offer such a service as PAMM accounts. This fact formed the basis of a new study by the Society of Forex Financial Analysts. In their new material, Traders Union experts reviewed in detail the brokers offering PAMM, the conditions and cost of this event.
For example, now everyone knows about the FxPro broker, but its conditions may not be suitable for all investors.
The review covers such platforms as:
- IC Markets
- FIBO Group
…and other market participants that you might not know about. But these platforms provide the best PAMM accounts for both novice and experienced traders.
You will find out what costs await you when opening a PAMM account, how to do it with the greatest benefit, where to look for a trusted manager, and what reviews real users leave about a particular PAMM broker. After all, entering the market without proper awareness means losing your funds, even if someone else manages your assets. Study the latest material from Traders Union to find out the most honest and transparent information about forex brokers.