7 Best Social Trading Platforms and Review 2024
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.
Top Social Trading Platforms
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.
FxPro used to offer a social trading service called SuperTrader, but they stopped it in 2017. The reason was that SuperTrader required people to deposit at least $2000 to start trading, and that was too much for many people. Now, FxPro provides social trading on three other popular platforms: MetaTrader 4, MetaTrader 5, and cTrader. These platforms don’t have such a high minimum deposit requirement, making them more accessible for traders.
This means you can copy the trades of other people who are really good at trading. These platforms have a lot of traders, around 800,000 of them, and they all can copy the trades to your regular trading account. But there’s one thing you need to know: if you want to copy trades on FxPro, it’s not free. The people who provide the trading signals on FxPro’s MT4 and MT5 platforms charge a fee of $30 to $40 every month.
In contrast, the social trading service called cTrader Mirror Trader offered by FxPro does not have a monthly fee. Instead, they charge a commission based on the number of units traded. Currently, FxPro cTrader charges $100 for every million units traded, which is equivalent to $10 for each trading lot.
IC Markets is recognized as one of the top forex brokers when it comes to social trading. They provide social trading services through various platforms like MT4, MT5, Myfxbook, ZuluTrade, and cTrader. In addition to these platforms, they offer a unique feature called IC Social, which is designed specifically for social trading. IC Social is an advanced application that allows traders to easily adopt and imitate the trading strategies of skilled signal providers. Moreover, users can even use their own IC Markets MetaTrader 4 account to become signal providers themselves, sharing their trading strategies with others.
Zulutrade is a really cool tool that lets you copy the trades of other people. It’s made by a different company, not the one you trade with directly. It gives you a huge selection of 100,000 traders from 192 different countries to choose from. Zulutrade uses a special system to carefully check and rate these traders based on important things like how well they’ve done in the past, how much risk they take, how stable they are, and how much money they need to start. It also has a special feature called Zuluguard that keeps an eye on the traders you’re copying all the time to make sure your money is safe.
Myfxbook Autotrade is another cool tool offered by IC Markets to start social trading. It’s super easy to use because it directly copies the trades from another system into your MT4 account. The best part is that there are no extra fees based on how much you trade, so it’s cost-effective for traders. You don’t need to worry about installing any complicated software either – you can simply connect your trading account to Myfxbook and choose the person you want to copy. It’s a simple way to follow the trades of successful traders.
FBS social trading is a really easy way to make money in Forex without needing to know a lot about it. It makes everything simple. You can easily invest your money, use the app to follow what successful traders are doing, and then copy their trades. By doing this, you can make some really good profits from your actions.
When you become part of the FBS social trading network, you get access to some really helpful things. There’s a list that shows the best traders in the market, and you can learn a lot about each trader from their profile. They also have charts that show how well the traders have done in the past. The good news is that now you can start making money even if you don’t have a lot to invest. Just keep in mind that a small percentage of your profit, about 5%, will go to the trader you choose to copy.
FBS CopyTrade has lots of great things to offer. You can easily use more than 100 payment systems to put in or take out your money. You can also make a special list of your favorite traders, see your own investment history, and get help whenever you need it, even in your own language and at any time of the day or night.
FBS CopyTrade has lots of great things to offer. You can easily use more than 100 payment systems to put in or take out your money. You can also make a special list of your favorite traders, see your investment history, and get help whenever you need it, even in your language and at any time of the day or night.
XM uses something MLQ5 signal providers to offer social trading. It is a kind of group of traders. These signal providers are part of a big network called MetaQuotes’ MQL5. XM clients can join this network and copy the trades of over 1,000 signal providers. It’s a big platform that connects traders worldwide and lets them learn from each other by copying trades.
They have some really good things going for copy traders. They follow rules and are regulated in the UK, EU, and Australia, which means they have to play fair. They also give you access to lots of different trading assets, over 1,000 of them. And when you make trades, they make sure to do it in the best and most reliable way possible.
XM’s copy trading is designed around the concept of social trading, which is all about sharing and learning from other traders. You can try it out with a demo account or a real account. It lets you follow the signals of professional traders who know what they’re doing. You can copy these signals and make the same trades in your own account automatically using MLQ5. It’s a way to make trading easier and learn from the experts.
The HF copy Account is available for two types of people: Strategy Providers (SPs) and Followers. SPs can open an HF copy Account to get more people to follow their trading strategies. They can charge a Performance Fee for their services, which can be as high as 50%. On the other hand, Followers can open an account, put in some money, and start copying the trades of the SPs they choose. It’s a way for both SPs and Followers to be part of this trading community.
The HF Copy account is really helpful if you want to copy the trades of traders who are doing well. You can use a maximum leverage of 1:500, which means you have the chance to make more money while keeping the risks lower. This account makes sure your trades happen at the best possible price, so you get a good deal. It’s a great way to try and make some profits in a smart and safe way.
If you want to be a Strategy Provider, you need at least $100 to start. But if you’re a Follower, you can begin with just $25. The smallest trade size you can make is 0.01 lot, and you can increase it by 0.01 if you want to trade more. The biggest trade you can make is 60 standard lots, and you can have up to 300 trades open at the same time. They also set levels to protect your account from losing too much money. If your account reaches 50% of the money you started with, they’ll let you know so you can be careful. And if it drops to 20%, they’ll close your trades to prevent even bigger losses. Overall, the HF Copy account has lots of good features that make it a great choice for people who want to copy successful traders.
Axi Social Trading is a special service that works together with London & Eastern LLP. They have an app that makes it really easy for you to find traders to copy. You don’t have to stay up late at night watching the market because the app does it for you. You just need to choose the traders you want to copy, and the app will take care of everything else.
When you choose to copy a top trader, your account will copy their trades as they make them. This means you’ll be able to make the same trades as someone who has been successful in the past. All you have to do is click a button, and the experienced traders will do the hard work for you. This way, you don’t have to spend as much time analyzing the market because you can rely on experts to help you trade better and make it easier for you.
Axi social trading has a special feature that gives you an advantage without needing a managed fund. You can choose the best traders by using filters that match what you’re looking for. Then, you can adjust the risk settings to match what feels comfortable for you and your account. This means you can make decisions that fit with how much risk you’re okay with and how you like to trade. It puts you in control and lets you trade the way you want to.
Pepperstone has made partnership with different social trading platforms. This means they can give you access to really good trading strategies made by top traders from around the world. They offer copy trading services on platforms like Myfxbook, MetaTrader Signals, and DupliTrade. You can pick whichever platform you like best and use it to copy trades from other traders. It’s all about finding what works for you and your needs.
One of the benefits of Pepperstone social trading is that they have three platforms just for copy trading, along with three other platforms for regular trading. This gives you options to choose from. Also, the fees they charge for trading are fair and can help you save money. It’s good for people who want to trade without spending too much.
However, it’s something to keep in mind that MyFxBook and DupliTrade, which are two of the social trading platforms, ask for a lot of money as a minimum deposit. This might make it hard for some traders to join. But, in general, if you want to pay less in trading fees and have different choices for copy trading software, Pepperstone’s social trading services could be a good option for you.
Myfxbook’s AutoTrade is a cool feature that lets traders easily copy trades from successful forex trading systems. It helps them build their own portfolios without having to pay any fees for performance or management. The great thing is that AutoTrade works on special servers, so traders don’t need to install any software themselves. This makes trading really easy and hassle-free.
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 .
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.