Top 10 Best Social Trading Networks 2020 review

Filippo Last Updated: October 2020 18 min read
Top Rated:

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.

Let’s start.

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.

Open an account
75% of retail investor accounts lose money

1. eToro

The social trading broker eToro maybe has not been the first to delve into this new field, but for sure it has been the company that more than anyone has given shape, awareness and visibility to what we now know as Social Trading.

Today eToro, founded and still run by Yoni Assia, is a truly global investor community, where users have the opportunity to interact with each other as they would with a social network like Facebook. Thanks to news feeds, users can monitor and manually copy their favourite traders. Alternatively, the most interesting eToro‘s feature is surely the Copy Trading one, to copy them automatically in proportion, managing exposures and risk. Another bonus? A completely free and unlimited demo account.

74
Rated: Excellent
security 97
cost 56
trading 55
education 100

Platforms: Proprietary Web Platform Regulations: FCA, CFTC, MIFID-ESMA, ASIC, CYSEC Minimum Deposit: 200

2. ZuluTrade

Founded way back in 2007 by Leon Yohai, a well-known greek entrepreneur, ZuluTrade has always been at the forefront in this new sector, especially in Forex Social Trading. Recently it has also introduced the Binary Option Social Trading. Users have access to some social features to interact with Signal Providers, especially to read the comments left by other investors before them.

Where the social trading broker ZuluTrade however excels is in the Copy Trading function. You can search thousands of Signal Providers with a professional and advanced search tool, you can analyse in minute detail their strategy, and above all you can replicate their performance by totally customizing risk and money management. Not sure about it? Clarify your ideas with a free demo account.

70
Rated: Medium
security 96
cost 61
trading 49
education 69

Platforms: ZuluTrade, Proprietary Web Platform Regulations: MIFID-ESMA Minimum Deposit: $300
Open an account
76.69% of retail investor accounts lose money

3. NAGA Trader

Originally born as an App for smartphones only, SwipeStox, called the “Tinder of Trading”, soon became one of the main players in the Social Trading universe. In 2017, the leaders of the SwipeStox management team began a profound expansion and rebranding plan for all their services. SwipeStox became Naga Trader, one of the platforms of the Naga Group AG.

Naga Trader offers social networking, social trading, copy trading, as well as innovative investment services, such as the NAGA CYBO, or the NAGA Portfolios. The NAGA group is also extremely active in the universe of cryptocurrencies and blockchain, so much so that they even created their own crypto coin, the Naga Coin (NGC). NAGA Coin can even be used as the base currency of your account, with numerous economic advantages, especially at the trading level (lower commissions).

71
Rated: Excellent
security 95
cost 56
trading 53
education 79

Platforms: Proprietary Web Platform Regulations: FCA, MIFID-ESMA, CYSEC Minimum Deposit:
Open an account
61% of retail investor accounts lose money

4. Darwinex

One of the newcomers in the global landscape of Social Trading, but interesting from the outset. Darwinex is a company founded by the Spanish Juan and Javier Colón Bolea, and Miguel Angel Gonzalez.

The newness that Darwinex introduced is the fact that the traders’ strategies are not shown, but are “hidden” within what is called a Darwin. In essence, the trader’s strategy becomes a real asset that the investor can buy and include in his portfolio. Then, the asset value increases due to earnings generated from the underlying strategy managed by the trader. The Darwins are continuously monitored by Darwinex itself, and the investor has access to sophisticated and automated risk control tools. Very interesting for those who feel themselves more as investors than traders.

73
Rated: Excellent
security 96
cost 51
trading 61
education 76

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, Proprietary Desktop Platform Regulations: FCA, MIFID-ESMA Minimum Deposit: $500
Open an account
73.05% of retail investor accounts lose money

5. FXCM

FXCM is one of the best known forex brokers in the world, and a very well-respected market maker CFD broker. When it comes to social trading with FXCM, you can connect your account to the ZuluTrade social trading platform without issue.

At FXCM you can expect a $50 minimum deposit to be in place, though this does increase to €300 within the EU and UK. FXCM also keeps trading costs as low as possible with minimal fees and a good value spread that starts from 0.9 pips.

74
Rated: Excellent
security 96
cost 52
trading 58
education 100

Platforms: ZuluTrade, MT4 Dekstop, MT4 Web, Proprietary Desktop Platform, Proprietary Web Platform Regulations: FCA, ASIC, FSCA Minimum Deposit: 50
Open an account
74-89 % of retail CFD accounts lose money

6. IC Markets

Another of the very top names when it comes to brokers, IC Markets is one of the best ECN/STP brokers in the industry. Here you will be glad to find a very well-regulated, trustworthy broker from Australia who actually has no minimum deposit in place. This makes them extremely accessible.

IC Markets is also a very popular choice among scalpers thanks to their very fast execution speeds and spreads which can start from 0 pips. The broker can also connect with the ZuluTrade social trading platform without any problem.

84
Rated: Excellent
security 95
cost 86
trading 74
education 80

Platforms: cTrader desktop, cTrader web, Mirror Trader, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web Regulations: ASIC, CYSEC, Offshore Minimum Deposit: $0
Open an account
79.3% of retail investor accounts lose money

7. Pepperstone

Another top Australian choice and forex broker name which is recognized around the world, Pepperstone has been around in the industry since 2007. This experience has built a huge trust among traders with the broker, and they are an extremely popular choice with many.

Here you will be met with a $200 minimum deposit requirement, lightning fast execution speeds, and some of the lowest spreads in the industry. These features make the broker a common choice for scalpers too. Again Pepperstone and ZuluTrade can be easily linked up for your social trading needs.

83
Rated: Excellent
security 96
cost 76
trading 70
education 100

Platforms: cTrader desktop, cTrader web, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: FCA, MIFID-ESMA, ASIC, DFSA, CYSEC, Offshore Minimum Deposit:
Open an account
79% of retail investor accounts lose money

8. AvaTrade

AvaTrade are a major forex broker from Europe who are very well considered by a huge number of traders. The Irish based broker are one of the very few to offer trading with fixed spreads. These spreads start from a very competitive point at just 0.9 pips on a large range of markets.

The AvaTrade minimum deposit is only $100 so you can easily access the broker. They also keep costs and fees extremely low with the spread dropping to 0.6 pips if you are a professional trader. As with the other brokers mentioned, AvaTrade too can be connected with the ZuluTrade social trading platform.

80
Rated: Excellent
security 93
cost 74
trading 75
education 63

Platforms: Mirror Trader, ZuluTrade, MT4 Web, MT5 Web, Proprietary Web Platform, MAC Platforms Regulations: FSA, MIFID-ESMA, ASIC, IIROC, FSCA, Offshore, FSC (British) Minimum Deposit: 100
Open an account
61.14% of retail investor accounts lose money

9. Instaforex

Next on the list of brokers is Instaforex. They are an experienced broker choice with increasing popularity particularly in the Asian market. They  are particularly well regarded for the high level of customer service they provide, and the huge number of deposit methods and local currencies they cater for.

Instaforex accounts too can be conveniently connected to ZuluTrade, and the remain one of the most accessible brokers around with a minimum deposit starting at just $1.

73
Rated: Excellent
security 96
cost 59
trading 57
education 78

Platforms: Mirror Trader, ZuluTrade, MT5 Desktop, Proprietary Web Platform Regulations: MIFID-ESMA, CYSEC, FSC (British) Minimum Deposit: $1
Open an account
73.5% of retail investor accounts lose money

10. Oanda

Last on the list but certainly not least, we have a top US forex broker choice in the form of Oanda. They are another who make it very easy to get started in trading, with a minimum deposit fixed at only $1. This, along with a host of other features like providing trading in low-risk nano lots, makes them a top choice for new traders.

At Oanda you can also benefit a lot from the unlimited demo account they offer to all traders, and again you can conveniently connect your Oanda account with the ZuluTrade social trading platform.

72
Rated: Excellent
security 97
cost 53
trading 51
education 100

Platforms: Proprietary Desktop Platform, Proprietary Web Platform Regulations: FSA, MAS, FCA, CFTC, MIFID-ESMA, ASIC, IIROC Minimum Deposit: $0

Best Social Trading Brokers & Platform List – Our Comparison

WARNING

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
eToro $200 No Yes
ZuluTrade $100 Yes Yes
Naga $0 No Yes
Darwinex $500 No Yes
FXCM $50 Yes No
IC Markets $0 Yes No
Pepperstone $200 Yes No
AvaTrade $100 Yes No
Instaforex $1 Yes No
Oanda $0 Yes No
AAAFX $300 Yes No

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

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

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.

FX Junction

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.

MQL Community

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

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

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.

NVSTR

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

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

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, socal trading, and mirror trading. Here then, is each one explained:

Social Trading

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

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.

Mirror Trading

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 remains 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:

Pros

  • 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.

Cons

  • 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.


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