A trader can watch drawdown and win rate two ways: inside the platform they already trade on, or in a separate tool built only for analytics. Myfxbook is the best known of the second kind. Whether it is worth running alongside a platform's own reporting depends on what the trader actually needs the numbers for.
What Myfxbook actually does
Myfxbook connects to a trading account, most commonly on MetaTrader 4 or MetaTrader 5, and imports the trading history automatically once linked. From there it builds a public or private profile showing drawdown, risk exposure by currency, win/loss ratio, average trade duration and a verified track record, since Myfxbook only lists systems it has confirmed are connected to a real account rather than a manually typed history. Traders use it to prove performance to an investor, to a prospective employer, or to a community of followers, and to publish live widgets of their equity curve on a blog or forum. It also runs a broader set of tools outside pure analytics: an economic calendar, a market sentiment indicator and calculators.
What built-in platform analytics do differently
A trading platform's own reporting reads directly from the account it is already running on, with no export, upload or connection step. On eTrader, for example, a trader gets an account overview with balance, equity, margin and live profit and loss, a positions table with a column picker and resizable columns, trade history filtered by date, and CSV statement export for any date range on web and Mac, plus a read-only investor password that lets someone else watch the account without being able to trade it. MetaTrader and cTrader both ship comparable native reporting inside their own terminals. None of it needs a third party to see the account's data at all.
| Myfxbook (third-party) | Built-in platform analytics | |
|---|---|---|
| Setup | Connect the account once, wait for history to sync | Already there, nothing to connect |
| Data sits with | Myfxbook, in addition to the broker | Only the platform and the firm |
| Verified public track record | Yes, a core feature | Only via a shared read-only investor password |
| Community and following other traders | Yes, a core feature | Not a feature of a trading platform |
| Multiple brokers on one view | Yes, if each account is connected | Only accounts on that one platform |
| Statement export | Yes, from the Myfxbook dashboard | Yes, CSV export on eTrader for any date range |
When a trader benefits from a third-party tool
An independent record matters most when someone other than the trader's own broker needs to trust the numbers. A trader raising money from an investor, applying to a fund, or building a public following gains from a track record a third party verified, since the same broker vouching for its own client carries less weight than an outside service confirming the connection is real. Myfxbook also helps a trader who runs accounts across more than one broker or platform and wants one dashboard for all of them, something no single platform's own reporting can do by definition.
When built-in reporting is enough
For a trader working one account on one platform, uploading data to a second service adds a step and a second place the trading history now lives. A prop firm evaluation is the clearest case: the firm already has every trade, on the account it issued, the moment it happens, so a trader does not need to prove anything to a third party mid-challenge. Built-in reporting is also the only option that reflects a platform-specific feature such as a MAM or PAMM allocation or a dealing desk's routing decision, since a general-purpose analytics tool only sees the trades that land on the account, not how the platform handled them.
Other independent tools worth knowing
FX Blue offers its own account analysis section: balance history with deposits tracked separately, best and worst trades broken down by market, and a wider set of market tools including a trading simulator and calculators, uploaded with a manual results file rather than a live account connection.
Edgewonk is a trading journal rather than a performance-verification service: it imports from more than two hundred brokers, including MetaTrader and cTrader, and adds psychology and discipline tracking, mistake logs and trade checklists on top of the standard performance numbers.
TraderSync syncs automatically with a large number of brokers and exchanges across stocks, options, futures, forex and crypto, and adds AI-driven pattern recognition on top of the trade log, aimed more at active traders reviewing their own habits than at publishing a track record to others.
How to choose
Use a third-party tool such as Myfxbook, FX Blue, Edgewonk or TraderSync when the audience for the numbers is someone other than the trader alone: an investor, a fund, a public following, or the trader's own psychology and habits across brokers. Rely on the platform's built-in reporting when the account lives on one platform and the only audience is the trader and the firm that issued the account. Many serious traders run both, using the platform's own export as the source file and a separate journal or verification tool as the place that record gets shared.
"A verified track record and a live positions table answer different questions. One proves what happened to someone else. The other tells the trader what to do next."
— The SGHK Team
Key Takeaways
- Myfxbook connects to a trading account and builds a verified, shareable track record, drawdown and risk view, and a community around it.
- Built-in platform analytics, such as eTrader's positions table, trade history and CSV export, need no connection step and keep account data with only the platform and the firm.
- FX Blue, Edgewonk and TraderSync each cover a different niche: manual analysis, trading psychology, and broad broker sync with pattern recognition.
- Use a third-party tool when someone other than the trader needs to trust the numbers; rely on built-in reporting when the account and its audience both stay on one platform.
Frequently Asked Questions
Is Myfxbook free?
Myfxbook publishes free account tracking and community features on its own site. Check its current pricing page for any paid tiers before assuming a specific feature is free, since providers change plans over time.
Does connecting a prop firm account to Myfxbook affect an evaluation?
Myfxbook is a read-only analytics connection and does not place trades, so it does not change how a firm's own rules engine evaluates the account. Check the firm's own terms, since some restrict third-party account connections during an active challenge.
Can built-in platform analytics do everything Myfxbook does?
No. A platform's own reporting covers the account it runs, well and in real time, but it does not build a public verified track record across multiple brokers or a following of other traders, which is what Myfxbook is built around.
What is the difference between a journal like Edgewonk and a verification tool like Myfxbook?
Edgewonk is built for the trader's own review: psychology, discipline and mistake tracking on top of the trade log. Myfxbook is built to prove a track record to someone else. A trader can use one, the other, or both for different reasons.
About SGHK
SGHK is a FinTech company that designs and builds its own software for the trading industry: the eTrader trading platform, Launch your Broker and Launch your Prop Firm. Every product is written, hosted and supported in-house and licensed to trading firms, with the CRMs branded to them, all hosted by us in the cloud, managed by each firm and built to scale across clustered servers as our clients grow. Everything is encrypted, and each firm is the only one with access to its data and its clients' data.