7 Best Copy Trading Platforms & Apps

While all of the providers discussed today are worth considering – we found that the overall best copy trading platform is eToro. Many modern copy trading forex platforms contain hundreds or even thousands of signal providers. As a result, it can be difficult for traders to decide who to follow. Thus, it is always important to do research, start with a small amount, and never risk more than you are willing to lose. There are copy trading brokers who will have a minimum deposit requirement in order to be able to use their platform. Whilst some brokers have a minimum requirement of just $1, others can require $200 or more.

• Brokerage platforms are submitted to much stricter regulations than crypto exchanges, offering crypto trading features.
• After a successful account configuration, one can begin copying the trades straightaway.
• As a follower, you can choose to copy trades of one or multiple providers and also set your desired risk level.
• It’s important to note that not all trading platforms with social features provide copy trading.
• Customer service hours are also worth considering as is the brokers time zone.

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This means that if you use copy or mirror trading with AvaTrade, you are essentially gaining valuable access to the minds of seasoned traders. This allows you to copy their trades and hopefully benefit from their experience. AvaTrade offers you popular signal providers that are the best in the business. They don’t need to know how to analyse the markets or how to interpret forex signals or indicators.

That is to say, you will be ‘copying’ another trader that is actively involved in the financial investment scene. In more simplistic terms, if your chosen trader decides to go long on AUD/USD – you will do the same. On the other hand, you then have copy trading providers like MT4, MT5, and cTrader – all of which are third-party platforms as opposed to brokers.

You can copy trade a forex, CFDs or stock trader, or follow a crypto trader along his journey. If you are new to copy trading or social trading in general, it is better to start with small amounts to minimise the risk of losing money. The combination of AvaTrade’s global reputation with the best signal providers, gives traders the security in knowing that their trades are in the safe hands of some of the best traders. Enables more experienced traders to take part in the market, even when they are too busy, and not able to invest the time and research they should normally devote to trading. Copy trading is a way to automate your trading by copying the trades of other traders. It is often used by newbies that might not yet know how to trade, with the added benefit of helping to teach them on the way.

The “copy people” tab takes you to eToro’s trader page, which lists all traders. You may do a confined search by looking for traders from a certain nation or with a certain percentage. At the same time, you would hope to get some experience and expertise in a market that you wouldn’t normally get exposure to.

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In terms of account minimums, this starts at $100 at this top-rated broker. This means that you will need to link your ZuluTrade account to an online broker. Not only does the platform offer support for ZuluTrade, but it allows you to trade thousands of financial markets on a commission-free basis. You will also find that spreads are very tight at AvaTrade – especially when it comes to major forex pairs and gold. Some investors select more than one strategy, but having enough capital and choosing the right risk parameters is crucial when you copy trade forex strategies. Many companies realised the business opportunity and started to build automatic copy trading services, where users could automatically copy the traders of other successful investors.

Fees will vary from provider to provider and you might need to pay this on two fronts. For example, if opting for the mirror trading service at MT5, you need to pay a monthly subscription. Additionally, you might also need to pay trading commissions – depending on which MT5 broker you use. With that said, popular https://xcritical.com/ broker eToro not only offers this tool on a fee-free basis – but it doesn’t charge any commissions. Once you select a trader that you would like to copy, you need to decide how much you wish to invest .

The automatic system automatically copies all the open trades to your account. Then, you have to choose an amount to invest in a specific trader. However, the chosen amount should not exceed 20% of your portfolio. The guru who makes the trading decisions and the one who follows, the copy traders.

With a great reputation, the Collective2 automated trading system now has amassed over 78,000 users from around the world. US customers can get in on the act, but there are some limitations. For example, account holders on the US platform will only be able to open one pair at a time.

# Meta Trader 5

The MQL Company provides trading terminals for online forex and cryptocurrency trading. Most notably is the MetaTrader platform, which can be used to trade on any market of your choosing. There is access to more than 10,000 traders from around the world. Find them on the platform, rank them in order of performance, and then start copying those who meet your requirements. Zulu’s low minimum deposit requirements make it easy for people to explore their interest in trading. If you’re still hesitant, you can simply sign-up to their demo account, which allows you to use the features without depositing at all.

In order to avoid unexpected outcomes, make sure your provider doesn’t trade multiple trades simultaneously. Based in Greece, ZuluTrade offers copy trading to its users from 192 countries – even those in the US. You also have many options when it comes to deposits, with all of them having no fees. We want to mention the quick and helpful customer service that is willing to answer any questions you might have. The user interface is very intuitive, making it easy for even beginners to start trading in minutes.

Instead, copy trading should be thought of as a way to complement your portfolio and existing trading tool arsenal. Analyze and compare the remaining candidates and decide which to copy, , and determine how much of your balance to allocate towards copying each trader. If you want to register as a signal provider, you must first open a classic MT4 account, and then apply to OctaFX to become a signal provider. OctaFX makes available a mobile app to monitor followers and the performance of your investments. Signal providers, however, will need to deposit at least $1000 in order to open the HF Copy account.

What Is Copy Trading On Etoro?

Once your account is active, you will see a list of signal providers along with their stats. Choose a regulated broker like AvaTrade that offers you security, a wide selection of assets and customer support. Creates a community of traders, beginners and experienced alike, who can exchange ideas, strategies and endeavour to improve their trades together. Although, much like trading for yourself, here you can also incur losses too. Richard has many years of experience in broker research, testing, analysis and reviews.

The next copy trading option that you have at your disposal is to utilize an automated robot. Otherwise referred to as a ‘bot’ or ‘EA’, the best trading robots are pre-programmed by third-party developers and backed by an algorithm. To open an account with Duplitrade, on the other hand, you need at least $2000. Darwinex’s copy trading system is among the most advanced on the market. MoonXBT is known for its incredible speed of execution, according to its team.

There may be a fee to pay just for using the social trading platform although this is rare and most are provided free of charge. You will only usually pay depending on your trade activity unless using a specialist social trading platform that has advanced functionality. There can also be swap fees for holding trades overnight, inactivity fees, funding fees and other fees. As broker fees can vary and change, it is important that you check and are clear about all of the fees involved. If you are looking to save as much as possible on your trading costs, you can take a look at our best discount brokers.

Best Copy Trading Brokers

However, it is important to not just consider the quantity of traders but also the quality of their trading strategies. You can usually do this by checking the performance of the various signals offered from within the social trading platform. Some platforms will have a handful of signal providers whereas others will have hundreds or even thousands. The more signal providers there are, the more choice you will have to find trading signals to copy that fit within your preferred trading style and objectives. Just always remember that past performance is by no means any guarantee of what will happen in the future. The copying trader usually retains the ability to disconnect copied trades and manage them themselves.

Either way and much like MT4 – MT5 is a trading platform that sits between you and your chosen broker. As such, you will need to find a suitable brokerage site that is compatible with MT5. This CFD trading platform offers everything from forex, stocks, and cryptocurrencies to metals, energies, and bonds.

Many traders who seek to replicate the trades of other traders are primarily interested in their trading performance, not in the markets they trade. Of course, you may choose to copy traders who focus on crypto trading. what is copytrading Imagine what if you could open the same traders as professional investors. Replicate the trading activities of financial experts and earn a passive income without spending time researching every investment you make.

Mirror Trading Vs Copy Trading

Trading cryptocurrencies is not supervised by any EU regulatory framework. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.

Choosing A Social Trading Platform

Today, it is considered an ideal method as it is much improved with big data and artificial intelligence. As a result, mirror trading is relatively accurate and predictable; they are perfect for investors who want to know all the forex trading. AvaTrade is one of the best forex copy trading platform based in Ireland and regulated in Europe by the Central Bank of Ireland. They are one of only a few top forex brokers to offer fixed spread forex trading.

Pros And Cons Of Copy Trading

For the latter, mirror or copy trading was created and has suited many as the perfect solution. The commission you pay for your trading activity can vary from broker to broker. Some trading strategies such as scalping rely on small price movements and thus performance can be affected by commission. It is important to consider the overall costs you will incur and the affect that will have on your trading strategy.

This will, of course, be at any amount proportionate to what you have invested – and there be might some fees or commissions involved. Since the strategy was launched in late 2019, it has generated verified net profits of 207%. Another popular copy trading strategy at Duplitrade is that of the ‘Robust’ system. On top of major forex pairs, this also focuses on gold and indices.