Are you looking for the best Social Trading network? Don’t you know which one to choose among the various possibilities?
(Or maybe you want to better understand What is Social Trading and how it works?)
There are many Social Trading sites out there, and the number continues to increase.
Here’s our TOP 10 of the best Social Trading platforms and Copy Trading platforms, with a little review in order to make you understand at a glance the main features of each one, plus some more insights for the most important ones.
There’s something to everyone’s liking.
(Want to take a look instead at some classic forex brokers? See our best forex broker ranking)
Plus, at the end of this post you will find all the free resource we have prepared to help you Social Trade like a real pro with all the Social Trading sites you’ll find just now in our Top10.
Here’s the InvestinGoal Top 10 Best Social Trading Networks in the world.
Table of contents
Top 10 best Social Trading Platforms and Networks
Here are our top 10 best Social Trading Platforms and Networks.
Best Social Trading Brokers & Platform List – Our Comparison
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. You should consider whether you can afford to take the high risk of losing your money
|Broker||Min. deposit*||ZuluTrade||Inbuilt copy-trading|
Best Social Trading Platforms
Moving to social trading platforms, these are some of the best platforms we have found that you can integrate with most of the top brokers:
ZuluTrade is a very well recognized social trading platform, and one of the best in the industry. They are also very trustworthy having established a great reputation in the sector. With ZuluTrade you can connect a supported broker account to their social trading platform where you can interact with, and copy others.
The platform also has a top range of copy trading features, and a low minimum deposit of $100 in place. Take a look at our listing of the best brokers for ZuluTrade to find out which top forex and trading brokers you can connect with your investor account here.
Kinfo Social Trading
Kinfo Social Trading is another very popular social trading platform choice which is available. This app allows you to easily track the performances of other traders as well as taking a more detailed look at their portfolios to see what they are holding.
Here you can also share your own portfolio and activities in the same manner, and receive trading signals and notifications when a trader you are following opens a position. A very convenient, and efficient social trading platform.
Myfxbook AutoTrade is another of the best known social trading platforms in the industry. They offer a comprehensive range of analytical tools for your forex trading account to help track your metrics and performance.
Beyond that, this social trading platform allows you to interact with their huge social trading community. Here you can compare and share a wide range of your trading activity and study that of other traders from around the world. They also offer comprehensive broker support, linking up with more than 100 brokers across the industry.
Again FX junction is a very well known, and reputed social trading network in the industry. In fact they are one of the most followed social trading networks you can choose from. Here, you can bank on discussion with traders from all backgrounds and expertise levels from each market.
Again with FX Junction you can easily connect your trading account to analyze your performance against the others in the community and copy them if you wish to do so.
The MQL Community is one of the longest standing in the industry, and most well developed. While MQL stands for Metaquotes language, the community is built around the popular metatrader trading platforms. This social trading platform and community can provide you with a huge range of additional tools to use in collaboration with your MT4 trading platform in particular.
Most brokers who work with Metatrader platforms will support the use of strategies or EAs from this community which is strong on algo-trading, and where you can also interact with many other traders, and download an ever increasing range of trading robots.
Fxstat is another large social trading network which has a very good standing in the sector. They have an ever increasing user base of more than 250,000 at present. Here you can follow new from the traders, markets, and see many of their portfolios.
You can also connect your trading account if your broker will facilitate you in doing so, to the Fxstat platform so you can trade directly from there.
Sirix was launched in 2014 and this social trading platform has enjoyed strong support in recent years. Here you can do all the things you would expect from a top social trading platform. This includes following and copying other traders within their large community.
Another strong plus point for Sirix is that they also support multiple languages. This means you can avail of the platform in your language from many areas of the world.
Moving down the list there is NVSTR. This is not exactly a standard social trading platform as many would think of it. Here though, you can benefit from seeing how most successful investors allocate their funds, and you may also be able to get some feedback from them in regard to what they do or how they change things based on certain market movements.
This is a great place to build your knowledge of trading and the industry without necessarily trading through the platform itself.
Scutify is a large social trading community in app format where you can find discussions and information on all types of market and trading topics. These are structured in the form of various channels and chat rooms where you can chat openly and in real time with other traders.
Hashtag Investing is another very popular social trading community that you can benefit from joining. This is particularly the case if you are interested in social trading stocks. Again, once you have joined this exclusive community, you can open chat, and discuss a variety of different trading topics with others in the community.
Copy Trading VS Social Trading vs Mirror Trading
Of course it can be confusing with many choices available to you as a trader interested in social trading. Particularly as a new trader, you may wonder what exactly are the differences between copy trading, social trading, and mirror trading. There are plenty of brokers that offer this kind of trading option, and you’ll notice it if you take a look at the article where we talked about the best forex signals app. Here then, is each one explained:
Social trading is a type of trading platform or broker which allows the traders to interact with each other. Here they can share ideas, see the statistics of other traders, trade for themselves, or choose to follow other traders who they like.
When it comes to a top social trading broker, and social investment network with all of the expected attributes, eToro leads the way in the industry by far.
Copy trading on the other hand, is a form of automated trading. It allows traders to copy the trades of others, or in many cases be copied. This can be similar to what is offered with social trading, but without the same levels of social interaction.
Basically, with copy trading, you choose your favorite traders to copy, and make an investment. You are essentially investing in the continued performance of that trader and you can gain proportionate to the amount of money you invest. Many consider this to be similar to how you can trade in ETFs.
Here again, a choice for best copy trade broker is eToro, alongside other big names such as ZuluTrade, and Naga Markets who all offer great copy trading services and investor accounts. For a wider range of brokers, we suggest you checking out our dedicated article for making the your copy trading platform choice.
Mirror Traders are slightly different again. With this type of trading, you are essentially copying exact positions based on algorithmic trading strategies which have been coded to behave in a certain way. This means you follow the strategy exactly, with the same opening and closing times, in a fully automated environment.
When it comes to the top mirror trading services, Tradency was a pioneer in this area. They have offered, and continue to offer mirror trading services after many years in the industry.
Social trading History
Mirror trading was the first of the industry and really started to take off in the early 2000s. This can be traced in line with the general trend toward social networks which also began to take off around this time. Social trading software, trading platforms, and social trading brokers like eToro first launched around 2010 with eToro leading the way here as they still do.
Brokers like eToro connected traders all over the world to share strategies, insights, and trading ideas which they could then learn from and copy within the very user friendly social trading platform. These advances have continued till today where social trading brokers such as eToro and theeToro Alternatives remain a hugely popular choice.
Social Trading Review
After getting to know the social trading sector a little better, and having a look at some of the top brokers, we will now address the key questions which many people have when it comes to this type of trading, and provide some insight.
Is Social Trading Legal?
Social trading is completely legal. There is no problem at all in discussing financial markets, ideas, and potential trades. The only area to be mindful of, is not to explicitly tell people what they should do, or make any promises of financial success. This kind of advice and guidance should always come from professionals only, but there is no problem at ann in discussing your opinions and experiences.
Does Social Trading Actually Work?
The simple answer here can be yes. Social trading can work in many instances where you perform your own sufficient research and apply your knowledge correctly to a situation. With that said, of course there are never any guarantees, and there are also always risks of losing money as in any form of trading.
Risks of social trading
As with any form of trading, while there are great benefits to be had, there are also risks with social trading. These can happen no matter the social trading platform, or how experienced you may be.
One of the key risks to avoid is being influenced by a bad trader. To avoid this though you need to be able to identify the risk first. It is also important not to get carried away by over-enthusiastic traders who make bold claims that can’t be supported. This happens in every market, from forex social trading to stocks, though there are some markets which are generally accepted as more risky for this kind of behavior, like crypto.
The important takeaway here is, the whole point of social trading is so you can share and get these trading ideas and things which may benefit you, but this does not remove the need for you to verify the information and do your own research on any information you wish to follow.
How to get the most out of Social Trading
With all things considered. There are a few ways in which you can effectively manage the risks, and ensure that you get as much benefit as you possibly can from social trading in today’s market.
Follow reputable traders only: They are usually the most balanced and expert traders you can find on the platform. Their investments, insights and trading ideas will always have a reason behind them. Take their knowledge, but, as mentioned already, make sure you do your own research.
Do not follow any trading advice: This is valid especially for over enthusiasts of “buy now or you will regret it later” type. The best thing to do here is ignore them and do your own research before investing. Even though they may be right (with the case of NIO for example, growing from $4 to almost $20 per share in the first half of 2020), do not open any position before doing your own research. If something sounds too good to be true, it very often is.
Learn how to copytrade: If you plan to do it, copy trading is harder than it seems. Following traders that have earned huge amounts of money may not always be the best idea. Check our copy trading guide for a complete lowdown on this.
Social Trading Pros and Cons
Here then, is a look at some of the pros and cons we have found when it comes to social trading that you should look out for:
- Social trading allows you to have contact with some of the best and most successful traders in the industry.
- You can benefit from some professional market insights from many other traders.
- This can be a great way to learn and quickly develop your skills as a trader.
- There is always a chance of being easily influenced, particularly for newer traders.
- The fact that even non-experts can share their thoughts means you must always conduct your own research on any information too.
Our final thoughts about Social Trading
Overall, social trading is a hugely popular segment within the industry, and whether you are trading on some of the best social trading platforms out there, or you are engaged with any social trading software, it can be a very useful system for all traders.
Social trading can be a great way to share knowledge with top class expert traders, and can really help you to gain great market insights, particularly as a newer trader.
The only caveat is that you take care to research all of the information you come across, and not to jump into any risky investments no matter how well they may be promoted, or how safe they may seem. With these ground rules in place, using a social trading platform and broker can be a great experience for both retail investors and signal providers.
Best Social Trading Networks FAQs
What is a social trading platform?
A social trading platform is a platform that allows you to interact with other traders, leaving comments and feedbacks just like a social network.
Is Social Trading legit?
Social trading is a legit way to get involved in trading, however, keep in mind that not every user is an expert. You will surely face comments and posts from users with very little market knowledge.
What is the best social trading platform?
The best social trading platform, without any doubt, is eToro. This is a broker specialized in social and copy trading features
What is the best copy trading platform?
The best copy trading platform for both copiers and signal providers is ZuluTrade.