Visit eToro76% of retail CFD accounts lose money
Visit ZuluTrade(Your capital is at risk when trading CFDs)
Visit NAGA80.85% of retail investor accounts lose money
Visit AvaTrade76% of retail investor accounts lose money
Visit Darwinex61% of retail investor accounts lose money
Visit Roboforex61.41% of retail CFD accounts lose money
Visit HF Markets70.51% of retail investor accounts lose money
Visit Pepperstone74-89% of retail investor accounts lose money when trading CFDs
Visit OctaFX74-89% of retail CFD accounts lose money
Visit Vantage74-89% of retail CFD accounts lose money
The best copy trading platforms, according to our research, are:
- HF Markets
We have grouped not only the platforms but also the brokers that allow you to copy other traders.
To compile the ranking, we have taken the following elements into consideration:
- The general quality of the service offered
- The availability according to the country of residence
- The availability of platforms such as MT4
- The number of tradable markets and assets.
What are the best copy trading platforms?
Below our curated list and review of the best copy trading platforms and brokers, with details of features and characteristics.
Comparison of the best copy trading platforms
What is the best copy trading platform for Forex?
The best copy trading platform for Forex is eToro.
eToro offers a proprietary trading platform built with the specific purpose of copy trading on Forex and CFDs. eToro provides trading on more than 45 Forex pairs with spread starting from 1 pip. Lastly, eToro provides social trading features as well. For more options, see best Forex brokers.
What is the best copy trading platform for Crypto?
The best copy trading platform for crypto is eToro.
eToro provides copy trading on crypto both available as CFDs and as the underlying asset. eToro has over 80 cryptocurrencies available for trading with a commission set at 1%. For more options, see best Forex brokers for crypto trading.
What is the best copy trading platform with MT4?
The best copy trading platform with MT4 (MetaTrader 4) trading platform support is ZuluTrade.
ZuluTrade provides copy trading features with extensive support for MT4. Through ZuluTrade, you can link your trading account with a supported MT4 broker. ZuluTrade is then able to copy any trades through the MT4 seamlessly. For more options, see best MT4 Forex brokers.
What is the best copy trading platform with MT5?
The best copy trading platform with MT5 (MetaTrader 5) trading platform is AvaTrade.
AvaTrade stands out as the best copy trading platform with MT5 due to its user-friendly interface and a broad range of trading instruments. Additionally, AvaTrade provides trading with fixed spread from 0.9 pips on Forex. For more options, see best MT5 Forex brokers.
What is the best copy trading platform with low minimum deposit?
The best copy trading platform with low minimum deposit is HFM.
HFM provides a minimum deposit of $0 to open a copy trading account. HFM allows for copy trading through a dedicated HF copy account and HFM mobile app. For more options, see best Forex brokers with low minimum deposit.
What is the best copy trading platform with mobile app?
The best copy trading platform with mobile app is eToro.
eToro offers its mobile proprietary app for copy trading and social trading on both Android and iOS devices. eToro provides over 1000 CFDs assets via the eToro app, including more than 45 currency pairs. For more options, see best Forex trading apps.
How to choose a copy trading platform
Before considering opening a copy trading account, there are some things you should be aware of. Here are the three tips on how to choose a copy trading broker.
- Always choose a copy trading platform regulated by recognized financial authorities. The Financial Conduct Authority (FCA) in the UK, European Regulators such as the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Australian Securities and Investments Commission (ASIC) in Australia are among the top bodies that provide regulatory oversight. These regulatory bodies ensure that the platform adheres to strict financial standards, ensuring your investment is in safe hands.
- Opt for a broker with a demo account which are free trial accounts that give new users an opportunity to try out the copy trading platform without any real risk. These accounts use virtual money to execute trades, allowing you to get a feel of the platform’s interface and functionalities. Among the plethora of platforms available, eToro stands out for offering an unlimited copy trading demo account, making it an excellent choice for beginners.
- Consider your initial budget as copy trading platforms generally require a minimum investment of $200 to get started, it’s essential to consider the trader you wish to copy. Depending on their trading strategy, some traders may suggest higher investments, sometimes even up to $1000. Investing an insufficient amount while copying a trader might not adequately reflect their trading strategy, leading to subpar performance replication.
How do copy trading brokers work?
Copy trading brokers act as intermediaries that allow one trader to replicate the trades of another. When a trader decides to copy another, the broker translates the actions of the “copied” trader directly into the “copier’s” trading account.
Through this process, the copier can mirror the performances of the copied trader. However, this convenience may come at a cost. Fees might be associated with the copy process. Depending on the broker’s policy, the “copied” trader might receive all of these fees, or they might share them with the copy trading broker.
Are there alternatives to copy trading platforms?
There are two main alternatives to copy trading platforms, and these are Algo Trading Brokers and Managed Forex Brokers.
Algo trading involves using trading bots that automatically initiate and close trading orders based on pre-defined parameters. Platforms such as MT4, MT5, and cTrader support these bots. However, creating a bot requires coding knowledge, making it a more advanced trading method.
With a Managed forex Broker you entrust your capital to a professional fund manager who will trade on your behalf. Profits (or losses) from these trades are then split according to a pre-agreed ratio.
What is the difference between copy, social, and mirror trading?
The difference between copy trading, social trading and mirror trading is that Copy Trading consist in copying dynamically other traders, Mirror Trading the trader copies fixed strategies, and Social Trading does not involve copying other traders, but rather encourages trader’s interactions.
In short, copy trading allows users to replicate other traders’ strategies automatically. Should the trader you’re copying change their trading strategy, your trades will adapt to this new strategy in real-time. eToro is a popular platform that offers this feature.
Social Trading, while it primarily focuses on allowing traders to interact and share insights, also lets users copy each other directly. eToro is an example of a platform that combines both features.
In mirror trading, users can replicate fixed trading strategies, similar to algo trading. Unlike copy trading, the strategy remains constant and can’t be changed unless the strategy owner manually modifies it. Darwinex is a platform known for offering mirror trading.
Do copy trading platforms make earning money easy?
Copy trading does not make earning money easy or easier. Copy traders might require less direct market knowledge than individual professional traders. However, a rudimentary understanding about the market and about how copy trading works is essential.
While copy trading offers a more hands-off approach to trading, it’s a misconception to consider it an easy money-making scheme.
Merely copying any trader without proper research can lead to losses. It’s crucial to recognize that every investment carries a risk, and past performance is not always indicative of future results.
Pros and cons of copy trading platforms
- They are usually user friendly
- Learning opportunity for inexperienced traders
- Time-saving and reduced effort
- Can potentially be a passive income
- Risk of losses
- Limited control over investment decisions
- Dependence on the performance of others
- Potential for unscrupulous traders and scams
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