7 Best Copy Trading Platforms and Review 2024

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 top 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.

FxPro

FxPro

open account

FxPro offers copy trading through three major forex trading platforms MetaTrader 4, MetaTrader 5, and cTrader. However, they used to provide copy trading services with another platform named SuperTrader. But, they stopped this in 2017 due to a high minimum deposit. SuperTrader required a $2000 minimum deposit to initiate.

Now you can do copy trading with the other three platforms. And all of their 800,000 traders can copy trading from the regular account. However, copy trading with FxPro is not free. The MT4 and MT5 signal providers in FxPro charge $30-$40 per month.

On the other hand, cTrader Mirror Trader doesn’t charge any monthly fee. Instead, they charge an amount of commission per million units traded. Currently, FxPro cTrader charges $100 per million (10 USD per lot).

Starting a copy trading with FxPro is simple and follows a few easy steps. You can just sign up for a real trading account and deposit $100 to start. Next, you can choose your desired trading platform and start trading. However, before choosing the platform, keep in mind that cTrader offers raw trades, and you will have to pay a $9 commission per traded lot.

  • Minimum Deposit: $100
  • Copy Trading Platforms: MT4, MT5 and cTrader
  • Regulations: FCA, CySEC, FSCA, and SCB
  • Instruments: Forex, Cryptocurrencies, Bonds, Commodities, Stock CFDs, Futures and Indices

IC Markets

IC Markets

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IC Markets is one of the best forex brokers for copy trading. They offer copy trading through MT4, MT5, Myfxbook, ZuluTrade, and cTrader. Additionally, they also offer IC Social feature specialized for copy trading. IC Social is an innovative social trading application that enables traders to effortlessly adopt and replicate the trading strategies of signal providers. Additionally, users can leverage their IC Markets MetaTrader 4 account to become signal providers themselves.

Zulutrade is an exceptional copy trading tool provided by a third party. It offers traders a vast selection of 100,000 signal providers spanning 192 countries. With its advanced algorithm, Zulutrade precisely evaluates signal providers based on key factors such as their overall performance, exposure, stability, and minimum equity requirements. Additionally, Zulutrade provides an exclusive feature called Zuluguard, which ensures the protection of copy traders’ invested capital by continuously monitoring traders’ performance round the clock.

Myfxbook Autotrade in IC Markets is another remarkable copy trading tool that enables traders to effortlessly replicate trades from any system directly into their MT4 account. The platform offers this service without any volume-based fees and provides a cost-effective solution for traders. Furthermore, users can easily connect their trading account to Myfxbook and select the desired provider to copy without installing any kind of complex software.

  • Minimum Deposit: $200
  • Copy Trading Platforms: MT4, MT5, cTrader, Myfxbook Auto Trade and ZuluTrade
  • Regulations: ASIC, CySEC
  • Instruments: Forex, Cryptocurrencies, Bonds, Commodities, Stock CFDs, Futures and Indices

FBS

FBS Markets

open account

With FBS copy trading, you don’t require extensive knowledge of Forex to generate profits. It simplifies the process significantly. You can effortlessly invest, track the strategies of chosen professionals within the app, copy successful traders, and achieve remarkable profits through your actions.

After joining the FBS trading network, you gain access to a range of beneficial features. These include a catalog showcasing the top market performers, comprehensive information on each trader, statistical charts illustrating traders’ performance, and more. Following a recent update, you can now begin earning profits with minimal investments. Additionally, a fixed 5% commission is deducted from your profit and allocated to the chosen trader.

FBS CopyTrade offers a diverse range of benefits. Users can conveniently utilize over 100 payment systems to deposit and withdraw funds. Additionally, you have the option to create a personalized list of favorite traders, access your individual investment history, and receive round-the-clock support in your local language.

By leveraging FBS’ carefully selected professional strategies, you can effortlessly replicate the trading actions of top traders within their community and achieve substantial gains. Moreover, if you possess exceptional trading skills, you have the opportunity to share your expertise on the platform and receive compensation for your valuable contributions.

  • Minimum Deposit: $1 for Global, 10 EUR for EU
  • Copy Trading Platforms: MT4 and MT5
  • Regulations: CySEC
  • Instruments: Forex, Metals, Indices, Energies, Stocks, Forex Exotic, Crypto

XM

XM

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XM mainly provide copy trading service via the MLQ5 signal providers. MetaQuotes’ MQL5, the signal provider, provides XM clients with an extensive social network of traders and the capability to replicate trades from a pool of over 1,000 signal providers. Notably, it stands as one of the largest global platforms for social and copy trading.

As a forex copy trading broker, XM offers several significant advantages. It is regulated in the UK, EU, and Australia, provides access to a wide range of over 1,000 trading instruments, and ensures the highest quality of order execution.

XM’s copy trading is designed around the concept of social trading; you can try it for both demo and real accounts. It empowers investors to swiftly capitalize on the buying and selling signals generated by professional traders. Users can easily mirror these signals to their own trading accounts and execute trades automatically through the MLQ5.

  • Minimum Deposit: $5
  • Copy Trading Platforms: MT4 and MT5
  • Regulations: ESMA, CySEC, ASIC, FSC, and DFSA
  • Instruments: Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs, and Energies CFDs.

HFM

HF-Markets

open account

The HFcopy Account is accessible to both Strategy Providers (SPs) and Followers who have joined HFcopy. SPs have the option to open an HFcopy Account with the objective of expanding their base of Followers. In return for their trading services, SPs can charge a Performance Fee, which can reach as high as 50%. On the other hand, Followers can open an account, deposit funds, and begin replicating the trades of their chosen SPs.

HFCopy account is a great option for those who want to copy the trades of successful traders. With a maximum leverage of 1:500, this account allows you to potentially increase your profits while minimizing your risks. The account uses market execution, ensuring that your trades are executed at the best available price.

The minimum opening deposit for Strategy Providers is $100, while Followers can start with as little as $25. The minimum trade size is 0.01 lot, with a trade size increment of 0.01. The maximum total trade size is 60 standard lots per position, and you can have up to 300 simultaneous open orders. The margin call and stop-out levels are set at 50% and 20%, respectively, helping to protect your account from excessive losses. Overall, the HFCopy account offers a range of features that make it an attractive option for those looking to copy the trades of successful traders.

  • Minimum Deposit: $5
  • Copy Trading Platforms: HFcopy, MT4, and MT5
  • Regulations: CySEC, FCA, DFSA, FSCA
  • Instruments: Forex, Metals, Energies, Indices, Stocks, Commodities, Bonds, ETFs, and Cryptos

Axi

axi

open account

Axi Copy Trading is offered in collaboration with London & Eastern LLP. It offers a user-friendly app that simplifies the process of identifying and automatically replicating traders. So, you don’t need to wake up late at night to monitor the market. All you have to do is find the traders you wish to copy and let the app handle the rest.

By selecting to copy a top trader, your account will mirror their trades in real-time. This implies that you will benefit from calculated trade entries derived from a verified track record of success. With just a simple click, allowing experienced traders to guide your trading decisions, taking on the heavy lifting for you. This way, you can devote less time to analysis and rely on the expertise of others to streamline your trading process.

Axi copy trading gives you an extra benefit without involving the managed fund. After filtering top traders based on your preferred criteria, you have the freedom to customize your personal risk settings according to what is most suitable for you and your account. This empowers you to make decisions aligned with your individual risk tolerance and trading preferences.

  • Minimum Deposit: $1
  • Copy Trading Platforms: MT4, Zulutrade and Duplitrade
  • Regulations: FCA, ASIC
  • Instruments: Forex, Shares, Indices, Commodities, Cryptocurrencies

Pepperstone

pepperstone

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Pepperstone has formed partnerships with several social trading platforms, granting users access to strategies crafted by some of the finest traders globally. They offer copy trading services through renowned platforms such as Myfxbook, MetaTrader Signals, and DupliTrade. Traders have the freedom to choose any of these copy trading services based on their preferences and requirements.

Pepperstone offers copy trading services with several noteworthy advantages and certain limitations to keep in mind. One of the key benefits is the availability of three copy trading platforms in addition to three individual trading platforms. Moreover, the broker provides competitive trading commissions, which can be advantageous for traders seeking cost efficiency.

However, it’s important to consider that MyFxBook and DupliTrade, two of the copy trading platforms, have a high minimum deposit requirement, potentially restricting access for some traders. Overall, Pepperstone’s copy trading services can be a suitable choice for individuals who prioritize low trading commissions and value the availability of multiple copy trading software options.

AutoTrade, offered by Myfxbook, allows traders to effortlessly replicate trades from profitable forex trading systems. This service enables traders to build their portfolios without being subjected to any performance or management fees. With AutoTrade operating on dedicated servers, traders are relieved from the need to run any software on their own end, ensuring a hassle-free trading experience.

  • Minimum Deposit: $200
  • Copy Trading Platforms: TradingView, MT4, MT5, cTrader, Myfxbook, Duplitrade
  • Regulations: FCA, ASIC, CySEC, SCB, DFSA, BaFin, and CMA
  • Instruments: Forex, Index CFDs, Commodities, Cryptocurrencies, Shares, and Currency Indices

Is Copy Trading Legal?

Copy trading is legal in many countries. However, it is subject to stricter regulations in the US compared to most other countries. It is important to check your local laws and regulations before engaging in copy trading to ensure compliance. Keep in mind that regulations can vary between countries and may change over time. So it’s always a good idea to stay informed about the current legal landscape in your jurisdiction.

How Profitable Is Copy Trading?

The profitability of copy trading depends on various factors, including the performance of the traders you choose to copy, your investment strategy, and market conditions. Some investors have achieved significant profits through copy trading, while others have experienced losses.

Keep in mind that there are no guarantees in trading or investing, and profitability is not assured. Copy trading can be a useful tool for investors, but it’s essential to approach it with a well-researched strategy and realistic expectations.

Final Words

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.

Top Forex Brokers Review
Top Forex Brokers Review