At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. Learn more about our review process and methodology.
The InvestinGoal Team has reviewed some of the best social trading networks.
Several factors were taken into consideration while creating this list:
- Name of the social platform
- Top features of the social platform
- Minimum deposit requested
- Number of assets provided
- If Demo accounts could be opened
- Top features of the broker
Table of Content
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
|Trader Name||Social trading platform||Copy trading available|
|AvaTrade||AvaSocial and ZuluTrade||Yes|
|IC Markets||DupliTrade and ZuluTrade||Yes|
|Axiory||Axiory Copytrading App||Yes|
- eToro offers a proprietary platform which is top-notch in the copy and social trading area.
- Within the eToro platform, clients can fully engage with other traders, as well as like, comment on and follow other clients.
- eToro offers a news feed feature that allows traders to stay fully updated and follow their favorite traders.
- The eToro social platform does not need to be downloaded.
- eToro provides 1000+ assets, both CFD and real with a minimum deposit requested from $10 to $200 depending on your location in order to start.
- An unlimited demo account to try out the platform is made available by eToro.
- One of the best perks of eToro are the zero commissions on real stocks and ETFs as well as a good crypto investing service, which includes a crypto wallet.
(79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money)
- ZuluTrade is a platform that specializes in copy and social trading.
- Being a platform, the number of the assets depends on the broker chosen and are not provided directly by ZuluTrade.
- With ZuluTrade, users have access to some social features to interact with signal providers, by commenting and leaving feedback on trading strategies.
- Zulutrade also provides the ZuluRank feature, which ranks the best traders to copy.
- The platform is highly customizable and excels in both connecting clients and giving them the best tools to find and copy more expert clients.
- ZuluTrade requests a $100 minimum deposit.
- A ZuluTrade risk-free demo account is available and unlimited.
(Your capital is at risk when trading CFDs)
- NAGA Proprietary platform offers social networking, social trading, and copy trading, as well as innovative investment services, such as the NAGA Portfolios.
- NAGA Proprietary platform enables social trading, with professional trading tools, the possibility to auto copy other traders and engage with a community of social traders.
- The platform also accepts multiple funding methods, with a Personal IBAN and NAGA Card.
- NAGA has a range of over 1000+ assets with a $50 minimum deposit
- There is the possibility to open a NAGA demo account to test the platform.
- The NAGA group is also extremely active in cryptocurrencies and the blockchain.
(80.85% of retail CFD accounts lose money)
- Darwinex allows social trading through the webtrader platform.
- Clients can interact with other Darwinex community members and follow other traders.
- For those who want to engage in copy trading with Darwinex, this can be done with the help of MT4 EAs, MQL, and APIs where clients can copy strategies and trading robots to reinforce their strategies.
- Darwinex is better suited for professional traders who are willing to use high-level professional trading tools, also enjoying their overall low trading costs.
- 300+ Darwinex assets can be traded with a $500 minimum deposit requirement.
- A Darwinex demo account is indeed available for every client.
61% of retail CFD accounts lose money
- AvaTrade’s copy and social trading are offered with 2 platforms: ZuluTrade and AvaSocial
- With ZuluTrade, you can link your AvaTrade account to the platform and copy more expert traders’ positions.
- AvaSocial is their proprietary trading app and has a partnership with the FCA-regulated Pelican Trading.
- AvaSocial allows users to engage in copy trading as well as interact with other traders and even earn virtual trophies for reaching particular trading achievements.
- AvaTrade offers a range of 1000+ CFD with a $100 minimum deposit to start trading.
- An AvaTrade 21 days Demo account is available for clients.
- AvaTrade is one of the few brokers which offers fixed spreads from 0.9 pips on forex.
(79% of retail CFD accounts lose money)
- Social trading at Vantage is carried out through Vantage AutoTrade, which is supported by Myfxbook.
- Through this Vantage platform, users can interact with more than 90,000 other traders.
- The entire Vantage platform is accessible online in browser.
- Several Analysis tools with accurate statistics and figures are at the disposal of Vantage clients.
- Vantage provides 400+ assets with a minimum deposit starting from $200.
- A demo account is available.
- Vantage provides low spreads from 0 pips on forexb and an efficient ECN execution.
74-89% of retail CFD accounts lose money
7. IC Markets
- IC Markets facilitates social trading through Myfxbook and ZuluTrade.
- ZuluTrade has more social trading capabilities, allowing investors to check, rate, and interact with other traders.
- IC has partnered with Myfxbook to offer Autotrade, which enables clients to copy strategies offered by signal providers on Myfxbook directly into their IC Markets trading account
- MT4 is also made available.
- IC Markets has a range of 1700+ CFD to choose from, and a $200 minimum deposit.
- IC Markets also allows the use of a risk-free demo account.
- IC Markets provides low spreads from 0 pips on forex and supports algo trading.
Visit IC Markets
(74-89% of retail CFD accounts lose money)
- Those looking for copy and social trading through Pepperstone can connect their account to DupliTrade depending on the location.
- DupliTrade works with Pepperstone’s MT4 to facilitate both copy and social trading.
- Pepperstone clients find a customizable platform, with many ways to connect to other traders.
- Connecting with DupliTrade through Pepperstone requires a high minimum deposit of $5,000.
- Pepperstone offers more than 200 CFDs, including 60+ forex pairs
- New Pepperstone clients can benefit from a risk-free demo account.
- Pepperstone’s main strengths are the lightning-fast trade execution, low spreads from 0 pips on forex, and trading through MT4, MT5, and cTrader.
(75.9% of retail CFD accounts lose money)
- Axiory CopyTrading App is the platform that enables social trading and it is handled by Axiory’s affiliated partner Pelican Trading.
- The Axiory platform cannot be used by European clients.
- Users can engage in copy and social trading only with an Axiory MAX account. This account type has an accessible minimum deposit of $10 and spreads that start from 1.8 pips.
- Performance data, the possibility to interact with other traders, and safety are all ensured by Axiory CopyTrading App.
- The app is available on both Android and iOS devices for Axiory traders.
- Axiory provides more than 150 CFD assets alongside a minimum deposit of $10.
- An unlimited demo account is also available.
Your capital is at risk
- TickMill has 2 social platforms through third-parties. These are TickMill CopyTrading, myfxbook, and for an increased focus on social trading, Pelican Trading.
- Pelican Trading is an FCA-regulated service where traders can chat, share news, provide and sell trading signals, and engage in copy trading.
- TickMill clients will find no additional software needs to be installed.
- TickMill provides 80 CFDs with just a $100 minimum deposit.
- A very useful demo account is available for TickMIll traders.
- TickMill offers a good trading environment, with competitive spreads and several trading and educational tools.
79% of retail CFD accounts lose money
Alternative social trading services
Moving to social trading platforms, here are some platforms we have found that you can integrate with most of the top brokers:
Kinfo Social Trading
Kinfo Social Trading allows you to easily track the performances of other traders as well as take a more detailed look at their portfolios to see what they are holding.
Kinfo allows you to 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. In all, Kinfo is a very convenient, and efficient social trading platform.
Myfxbook AutoTrade offers 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 is a very well-known social trading network in the industry. In fact, they are one of the most followed social trading networks around. FX Junction facilitates discussion between traders at all levels.
FX Junction allows you to easily connect your trading account and analyze your performance against 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 a huge range of additional tools to use in collaboration with the 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 has a growing user base of more than 250,000 at present. The service allows you to follow news from the traders, markets, and see many of their portfolios.
You can also connect your trading account to the Fxstat platform so you can trade directly from there if your broker is an Fxstat partner.
Sirix was launched in 2014 and 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 support multiple languages which allow for global accessibility.
Tornado 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 hosts a large trading community in app format where you can find discussions and information on all types of markets 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 a popular choice 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.
What is social trading?
Social trading is a type of trading that allows 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 popular with traders, eToro leads the way in the industry.
(79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money)
Social trading vs copy 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 these kinds of trading options. Our expert team has put together a selection of the best forex signals apps which also looks in more detail at each type of trading. Below you will also find a detailed explanation of each.
Copy trading 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.
Copy trading allows you to choose your favorite traders to copy and make an investment. You are essentially investing in the continued performance of that trader. Many consider this to be similar to how you can invest in ETFs.
Here again, a popular choice for copy traders is eToro, alongside other big names such as ZuluTrade, and Naga who all offer extensive copy trading services and investor accounts. For details on these brokers and more, the InvestinGoal team has curated a selection of the best copy trading platform choices in the industry.
Mirror Trading is 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 mirror trading services for 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 the eToro Alternatives remain a hugely popular choice.
How to get the most out of social trading
Here are a few tips on how to get the most out of social trading.
Follow reputable traders only: They are usually the most balanced and experienced traders you can find on a platform. Their investments, insights, and trading ideas can be well-reasoned. Take their knowledge, but as mentioned already, make sure you do your own research.
Do not follow any trading advice: do not open any position before doing your own research. If something sounds too good to be true, it very often is.
Check our copy trading guide for more information on this form of trading from our professional team which can be helpful.
Risks of social trading
As with any form of trading, there is risk involved.
One of the key risks is being influenced by a bad trader. To avoid this, 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.
The key benefit of social trading is being able to share ideas and knowledge. This does not remove the need for you to verify the information and do your own research on any information you wish to follow.
Social trading pros and cons
Here then, is a look at some of the pros and cons of social trading we have found:
- 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.
About The Author