10 Best Copy Trading Platforms You Should Not Avoid
Copy trading is a way to replicate other trader’s strategies or positions with the use of social trading platforms, signals, and automated tools. However, copy trading got its popularity due to its ease of use. It can generate profit for you with no effort, though there are some potential risks too.
There is a wide range of best forex brokers who support copy trading features with the inclusion of third-party platforms as well as their own platforms.
Among the hundreds of copy trades platforms, which one should you sign up for?
As all the platforms don’t offer all types of excellent features at the same time, so you have to search for the one that can serve you the maximum benefits. And, if you are not well familiar with the platforms, you may end up registering with a crap one due to their lucrative offerings.
To save you from a crappy platform, we have covered 10 copy trading platforms in this article.
Best Copy Trading Platforms
The following list is a result of our extensive research; however, it is essential to do self-research too.
HotForex is committed to providing effortless copy trading services. However, they are operating in the industry for a while and getting popularity for their offerings on low to average spreads for most forex pairs.
The good news is you there are no charges for a deposit or even withdrawals, yet they have a complicated account opening process. Although it may take time for account approval, you will love their copy trading service once you get the approval.
Additionally, HotForex offers an education platform for its registered traders, which will endeavor to enrich your trading capability regardless of your trading related experience.
If you are not confident enough for copy trades and think you may need continuous support, FXTM is the platform you are looking for. FXTM came to action in 2011 with their 24/7 customer support, which makes them the top broker in forex broker reviews.
However, FXTM is one of those MetaTrader 4 forex brokers that provide customer support in a different language. With a wider range of account types, FXTM requires $100 to begin trading operations with them. However, multiple deposit and withdrawal methods make it easy for traders to complete transactions anytime.
Although in the overall ranking of social trading and copy trading platforms, ZuluTrade ranks in the second position. However, here we have placed them on the top as they offer the best platform for copy trading as well as other relevant features of copy trading.
Moreover, ZuluTrade offers technically advanced signal providers that allow traders to customize and replicate the signal simultaneously. In terms of the traders and investors, ZuluTrade should be on the top among all the best forex brokers in the world.
ZuluTrade provides a list of brokers from which you can register to get their service. However, the minimum deposits start from $1.
eToro is the largest beginners friendly copy trading platform, which has more than 13 million users worldwide. So far, they have reached 140 countries. However, eToro offers the most innovative platform for mirror trading.
eToro is a multi-asset brokerage platform regulated by CySEC with a cross border license. However, eToro is not available in the USA yet; they are working on getting a license from US Securities and Exchange commissions.
Their web-based copy trading platform provides a user-friendly interface so that anyone can initiate trading, even the new traders too. Though it is novice traders friendly, the minimum deposit is $200, which may seem higher for the budget traders.
If you want to go for a secured broker, NAGA should be the foremost priority, which is well regulated by CySEC and FCA. These regulators make sure the traders are protected, and you are getting double layer protection with two regulators. However, NAGA is best for the traders who want no binding on deposits, as they offer no limitations or no minimum deposit.
Additionally, NAGA also one of the best forex brokers who offer the most transparent service. The strategy providers list is open, so anyone can see them and can make a trading decision.
NAGA service includes copy trader MT4, which allows access to a wide range of instruments.
Darwinex has one of the most innovative platforms for copy trading, which is “Darwin.” However, the basic idea is the same as other platforms, but they have a unique feature. With Darwinex, you don’t need to actually copy another trader, but you trade Darwins instead. Darwins are assets themselves, and their prices varied as per the trader’s performance who are trading that specific Darwin. If the trader earns more, the price of that Darwins grows, and it is vice versa.
Just select the Darwin that has excellent performance to start your copy trade forex. However, if you want, you may also open a demo account and trade a variety of instruments.
AvaTrade is one of the secured forex trading platforms as 6 different regulatory authorities regulate them. With the fixed spread (starts from 1.3 pips) on forex trading, AvaTrade offers multiple trading platforms.
However, you will get access to the ranges of trading markets, and you can copy any of the instruments you want. AvaTrade provides the opportunity to deposit and withdraw for free. But, the charges for account inactivity, if the account remains inactive for three months, you will have to pay $30.
You won’t see much publicity for FBS, but they are doing their job. With availability in 190 countries worldwide, they provide service via multiple platforms, including they’re in the house-made platform. The platforms include MetaTrader 4, MetaTrader 5, and FBS Trader. However, copy trade MT4 is one of the favorites for FBS traders. However, they are also one of the top MetaTrader 5 forex brokers.
$1 minimum deposits make the platform most beneficial for the new trader who wants to step into the volatile forex trading market.
According to Tradency’s business policy, they don’t offer any brokerage service. They just supply the trading platform to the potential brokers. However, they work with very few brokers, and you will have to register with Tradency approved brokers for availing Tradecy copy trading platforms.
Apart from copy trading, they offer semi mirroring, which is another influential platform for the brokers. In addition to that, with the adoption of recent technologies, they are providing a more robust infrastructure.
Competitive low spread makes them special. However, they offer 0.4 pips on a standard account, which may be 0.2 for the pro accounts. Traders from more than 100 countries can get these offerings. Furthermore, your copy trades will get benefits from the fastest trading service too.
Unlike other trading platforms, OctaFX uses MetaTrader 5 pro as well as cTrader for their copy trading services. However, their trading instruments are limited, which may discourage you from starting trading. But, trading with OctaFX will be fun if you start things right.
After concluding our thoughts on copy trading, we would say that if you can get the things right, copy trades can be your ultimate opportunity to generate a handsome number of profits.
Usually, copy trading is highly beneficial for busy persons and new traders, as copying a strategy doesn’t require any analysis except following the right trader. However, if you are an expert trader, you may register with the top 10 forex brokers we have mentioned above and sell your trading strategy.
Whether you are a trader or strategy provider, you will be a gainer from copy trade forex.