10 Best Social Trading Platforms to Boost your Profit
Social trading is a new trend in the trading industry. However, a social trading platform is needed to execute trading. The working principle of social trading is just the same as the present day’s social networks. You may subscribe or follow a trader who is a pro and has proven experience in trading. Their trading information will be open, and you can adapt those to apply in your trading.
Following someone or make copy trading is not free at all. You will have to pay for subscribing to the pro trader on the best forex broker network. However, it is worth paying to follow a strategist or trader as you don’t need to put any effort except copy and paste the strategies.
Keep in mind that copying someone’s trading strategy will not eliminate your associated risk from trading. So, you will always have to prepare for the loss too. But some social trading platforms reduce the risk so that you don’t lose much of your investments.
How to find the best social trading platformsthat can get you benefits and reduce the risk at the same time. We have made a list to guide you about this. Let’s get into the list.
10 Social Trading Platform
Finding out the best platforms are an inexact science, as there are multiple things to consider. And, a positive match of all the criteria brings out the final list. We did that part carefully and brought to you the best ones, which can flood you with the profits.
eToro is overly focused on the newbie social traders. Apart from the social trading service, they are also the best forex broker in the world, which has been in the forex trading market since 2007.
For any kind of trading environment, the first thing that comes to mind that they are safe, which goes for the eToro too. The multiple regulations oversee the eToro, which strongly supports safety.
While most of the platforms don’t offer brokerage service, eToro is a broker itself, so you don’t need to worry about finding a broker. You can start social trading instantly by depositing $200. However, they don’t accept any traders or clients from the USA. With our research, we have found only one drawback of eToro, which could be challenging if you are not an expert trader. The cons or drawback is the unavailability of risk limitation, so you will always have to keep an eye on the platform to reduce any potential loss.
Among all the forex trading platforms for social trading, ZuluTrade represents the largest network. They have more investors and traders than other trading networks. However, brokerage service is not available with them. Instead, they offer an approved list of the brokers, which you can select and start trading with the ZuluTrade platform.
However, ZuluTrader’s minimum deposit is not fixed, and traders can deposit any amount starting from $1 up to $300. However, it is listed as MetaTrader 4 forex brokers too. Moreover, you can rank the strategy provider from the platform and then choose the one you find as best from their data.
NAGA rebranded themselves from SwipeStox, which took the idea from social dating apps. Formerly, they have approached copy trading just like the dating apps, which work by swiping right and left. Over the years, they bring out more professional looks with sophisticated algorithms.
You can join social trading via the NAGA trading app for mobile along with the web trading platform. Additionally, NAGA also covers the MT4 platform for its traders, in which you can deposit via crypto, e-wallets, and debit or credit cards.
After making a deposit, you will be able to follow top traders on the platform and trade more than 500 instruments worldwide.
Darwinex opened their service for the investors in 2014, which was formerly known as TradeSlide, initiated in UK and regulated by FCA. With this platform, you can make your bet on other successful traders and invest in them. However, you don’t need to copy the strategies directly; instead, you can buy DARWIN, a social trading platform for copy trading, which also offers risk limitation.
You will have to invest a high amount in starting trading, which is $500.
5. FX. Junction
FX Junction connects the MetaTrader 4 brokers and traders from different parts of the world. The platform from FX junction has a discussion page where traders can discuss and share their ideas about Social and forex trading.
However, the traders who want to serve as strategy providers can set their own services charges, which can be based on a monthly subscription or commission. For the commission-based subscription, the platform charges per lot or per trader. Additionally, they offer a free trial period the traders who are inexperienced or have little experience.
6. Myfxbook Autotrade
Myfxbook started their service as a trading network for the social trader, where a trader can share their trading signals while trading live. Additionally, traders can interact in the Myfxbook community forum. It also feeds with the market indicators as well as the real-time charts.
However, you will have to open an account from some selective broker and deposit $1,000 to begin the trading.
The only drawback of Myfxbook is, it takes a longer time to approve an account as they check each submitted data one by one.
Tradency is open for all the traders and strategy providers from all over the world. With its mirror trading automation, traders copy a strategy automatically. However, to avail of the activity of the platform, you need to have a broker account from the Tradency approved list of the brokers. Besides, you will have to follow all the terms and conditions of the associated broker. So, you will have to follow the minimum deposit amount of your broker.
While using the Tradency platform for social trading, you can select one language from 7 of them. With access to the risk management tool, you can reduce the risk while making a trading strategy.
Collective is a technology service provider that offers a social trading platform for brokers. It allows auto trading from different sources and tracks them as per your requirements.
Furthermore, they provide a community forum for traders where users can communicate and discuss trading. The signal provider can keep their strategy public so that anyone can copy their signals.
Moreover, Collective2 gets you access to the trading database, which ultimately helps you to build your strategy as well as copy someone’s strategy.
9. Trade 360
Trade 360 is a social trading provider and broker at the same time. However, traders prefer their social trading feature than the brokerage service. They usually collect trading data from all the traders and helps to make a working strategy as well as decision making.
MetaTrader 5 forex brokers platform completes Trade 360’s offerings. Whether you take the brokerage or social trading service, the universal minimum deposit is $500.
1870 trading system offering will definitely astonish you! They took help from 89 professional developers to build all those trading systems, which were created to provide social trading via some selected broker. So, you will need to open a brokerage account from the list of 28 brokers to avail of the iSystem service. As they don’t provide brokerage service, so the minimum deposits are variable, which depends on the broker, you signed up with.
The above-mentioned social trading platforms should serve your purpose perfectly. Additionally, some of these platforms work as brokers too, and you can keep them in your top 10 forex brokers list too. Find the best ecn forex brokers list 2021.
We have made this list based on a few components such as features, security, cost as a social feature. Moreover, the social trading market is evolving quickly, and new services are coming to the markets to serve the social traders. So, this list might get changed if we find any updated brokers.