These three names come up together for MT4 and MT5 traders, but they don't really compete head-to-head. Each is built around a different job. MyFxbook is an analytics, publishing and copy-trading community. FXBlue is a free suite of trading tools and apps. Karnek is live, read-only monitoring that alerts you the moment an EA stops working. Line them up and the question is less "which is best" and more "which job am I trying to do".
This page positions each one honestly, then puts all three in a single table so you can match the tool to the task.
The quick version
Reach for MyFxbook to analyse an account, publish a verified track record, or copy trades — and to be part of a large community. Reach for FXBlue for its free analytics, live charts and trade mirror/copier tools. Reach for Karnek when you run several live EAs and need to know, right away, if one goes offline, autotrading switches off, a broker link drops, or drawdown crosses a limit — with figures net of costs that can't be faked. Many automated traders use one for analysis or copying and Karnek for monitoring.
MyFxbook, honestly
MyFxbook is a free, well-established forex analytics and community platform. Its strengths are verified track records, detailed account analysis and a large, active community, along with AutoTrade copy trading that connects to supported brokers. If your aim is to study an account, show a trustworthy history, or copy a system, it is one of the strongest free options around, and it has earned its reputation over many years. It is built around analysis, publishing and social or copy trading — not real-time fleet monitoring with alerting. To get more from the track-record side, see how to read a MyFxbook track record.
FXBlue, honestly
FXBlue is a free suite of MT4 and MT5 tools and apps. It covers analytics and reporting, live charts, and a trade mirror/copier, and traders reach for its utilities to sharpen day-to-day execution and review. Its centre of gravity is tools and analytics, not a monitoring-and-alerting product. FXBlue will happily report on and help you run individual trades and accounts; it is not designed to sit across a whole fleet of EAs and page you the instant one stops firing. As a free toolbox it is a useful thing to have installed.
Karnek, honestly
Karnek is independent, paid monitoring — with a free first account — for automated MetaTrader trading, and it does one job deliberately well. It connects read-only to your terminals, so it never trades and never needs your password, then runs health checks every 30 to 90 seconds across every account and broker from one dashboard. When a terminal goes offline, autotrading is disabled, a broker link drops, an EA goes quiet, or drawdown crosses a limit you set, it alerts you by email or Telegram. Performance is reported per EA and per broker net of commission and swap, so figures reconcile, and its public verified-results pages read straight from the terminal, so they can't be faked. It is not an analytics community or a copier — it is the tool that tells you your live EAs are actually working.
All three, side by side
| Feature | MyFxbook | FXBlue | Karnek |
|---|---|---|---|
| Primary job | Analytics, publishing, community, copy | Free MT4/MT5 tools and analytics | Live monitoring and alerting |
| Price | Free | Free | Free first account, paid plans |
| Analytics / reporting | Yes, in depth | Yes | Yes, per EA and per broker |
| Verified public results | Yes | Reporting tools | Yes, read from terminal |
| Live charts | — | Yes | — |
| Copy / mirror trading | Yes, AutoTrade | Yes, trade mirror | No |
| Community | Yes, large | — | No |
| Health checks every 30–90s | Not its focus | Not its focus | Yes |
| Alerts: offline / autotrading off / EA quiet | Not its focus | Not its focus | Yes, email/Telegram |
| Drawdown-limit alerts (prop challenges) | Not its focus | Not its focus | Yes, thresholds you set |
| Figures net of commission and swap | Account-level | Reporting tools | Yes |
| One dashboard for all accounts and brokers | Per-account | Per-account/tool | Yes |
| Monthly PDF reports | Not standard | Reporting tools | Yes, automatic |
| Read-only connection, no password | Account link | Tool-dependent | Yes |
Blank cells mean the job is outside that product's focus, not a mark against it — each tool is strong where it is built to be.
Who each is for
- Pick MyFxbook if you want free, in-depth account analysis, a verified public record, a big community, or AutoTrade copy trading.
- Pick FXBlue if you want a free set of MT4/MT5 utilities — analytics, live charts and a trade copier — to support how you trade.
- Pick Karnek if you run several EAs across accounts or brokers and need real-time monitoring with alerts, plus performance net of costs that reconciles and can't be faked. Prop-challenge traders and EA portfolio managers get the most from it.
There is no rule that says pick one. A common setup is FXBlue or MyFxbook for analysis and copying, with Karnek watching the fleet. If you are running strategies across several logins, how to monitor multiple MT4 accounts shows how the monitoring fits together.
FAQ
Do MyFxbook, FXBlue and Karnek compete? Not directly. MyFxbook is analytics, publishing and copy trading; FXBlue is a free tool suite; Karnek is live monitoring and alerting. Many traders use a mix.
Which one alerts me when an EA stops trading? Karnek. Health checks run every 30–90 seconds and alerts arrive by email or Telegram when a terminal, broker link or EA goes quiet, or drawdown crosses your limit.
Are the figures comparable across tools? Karnek reports net of commission and swap per EA and per broker, so figures reconcile with your statement. What a verified track record is explains why data read from the terminal is harder to dress up.
Is Karnek safe to connect? Yes. It connects read-only — it never trades and never needs your master password. See what an MT4 investor password is.
Match the tool to the job
Analytics and community — MyFxbook. A free MT4/MT5 toolbox — FXBlue. Knowing your live EAs are still running, with alerts the moment they are not — Karnek. If that last job is yours, connect your first terminal read-only and watch the whole fleet in one place.
Written and reviewed by the Karnek Research team. Last updated August 2026.
Educational content only - not financial advice. Past performance does not predict future results. Trading carries significant risk.