Top 10 Best Social Trading Networks 2019 review
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.
Here are our top 10 best Social Trading Platforms and Networks.
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 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.
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.
3. Naga Trader (former SwipeStox)
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).
In terms of Social Trading defined as the possibility for users to interact directly with each other and with the community (in constant growth), Tradeo has nothing to envy to the main and number one rival in the industry, eToro. Tradeo is a forex broker with a highly developed and full of social aspects online trading platform, such as the ability to directly see on the chart the orders and the signals of other traders.
With the Tradeo trading platform you can thus operate personally, but in a social way, or activate the Copy Trading function on your favourite trader in order to replicate their performance automatically. You can try everything with a very realistic and, above all, with no time limit demo account.
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.
Despite the relative youth of the platform, and despite the fact that the social aspect is not developed (users can’t interact nor with each other neither with the traders), the Ayondo platform earns our Top3 due to the payment system with which traders are remunerated.
Simply put, the more the traders operate safely, with precaution, and limiting risk and drawdowns, the more Ayondo rewards them by increasing the value of their commissions. It goes without saying that this system greatly stimulates the robustness of strategies and consequently the security of investors who decide to replicate them. A wide range of professional instruments to trade (including interest rates) and the ease of use of the platform make Ayondo a rising star in this sector.
7. FX Junction
FxJunction is a Social Trading platform where users can create their own profile and connect their MT4 or MT5 platforms. The primary focus of FxJuction is the traders’ community, a place where to share ideas and trading strategies.
In addition to this, FxJuction also offers a Copy Trading system through which to replicate the performance of the signal providers. FxJunction is not a broker but a cross-platform too, but its connection system is not through supported brokers, but through MT4/5. This means that you can keep your current broker, avoid having to open a new account, and simply connect your metatrader platform.
Opened in 2011, Myfxbook soon became famous as one of the best communities for professional web trader. In Myfxbook traders can link all their trading accounts under a single personal profile, and keep track of all their trading statistics in a professional and organized manner.
Myfxbook also offers an Autotrading service, called Myfxbook Autotrade. Myfxbook is not a broker, but a cross-broker platform, this means that to use the autotrading service you will have to open a new account with one of the many supported brokers. Technically speaking, Myfxbook Autotrade is more a Mirror Trading service. The strategies to copy from, in order to be admitted, must pass a list of precise requirements that increase their security.
Founded in 2010, MyDigiTrade is a platform for copy trading created by independent traders. In terms of structure it is very similar to ZuluTrade. With MyDigiTrade, in fact, you can choose to open an account with one of the several supported brokers (among the best in the world), and then connect it to the platform to take advantage of the Copy Trading service. Or otherwise, if you already own a trading account with a partner broker, you can directly connect it in and start using the service.
MyDigiTrade offers a good service for the performance analysis, and even the money management tools allow a good level of control, although at the moment the number of signal providers to copy from is only about 200, a low number, but growing over time.
One of the absolute pioneers of this world, even before ZuluTrade and eToro. Tradency has launched the world of social trading, showing everybody how it was possible for users to automatically copy the strategies of other traders, without having to personally operate in the markets.
Tradency, however, has chosen not to travel the road that saw other brokers, like eToro and ZuluTrade, becoming actual real Social Networks. Tradency focused solely on what they call Mirror Trading and the related Mirror Trader platform. With the Mirror Trader users can access several automatic strategies (based on algorithms) generated by professional traders from around the world, and can decide, after assessing the performance, to replicate the signals into their own account. The only aspect that could be considered “social” is the possibility to show and share each user’s portfolio of strategies.
Now that you know all the best Social Trading sites where you can start to Social Trade, it’s time to discover how you can best do it.
Do you want to professionally Social Trade and increase your chance of success?
Well, here’s the deal.
InvestinGoal is simply full of contents, strategies and tools to help you Social Trade like a real pro with all the Social Trading sites we mentioned above.
Here you can find:
- an eToro guide
- a ZuluTrade guide
- an Ayondo guide
- a list of the best Social Traders
- other guides in the Learn Section that will help you really make the best out of Social Trading
- a Social Trading blog to really go beyond the Social Trading meaning
- an in-depth Social Trading review section
- …and much more, like our SlideShare for example 😉