Best Forex Brokers for Mirror Trader

logomark Filippo Ucchino calendar Last Updated: November 2021 timer 16 min read
Top Rated:
Connect with us

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.

Wondering what are the best mirror trader brokers?

Don’t scratch your head, as we have done all the hard work for you.

In this guide, we are going to dig deeper into what mirror trading is and what the top 10 best forex brokers for mirror trading are.

Table of contents

What is Mirror Trader?

Tradency Inc. developed and owns the trading platform Mirror Trader. Tradency claims to be the inventor of mirror trading or social trading as it is now known. Tradency’s mirror trading service was founded in 2005, and its main product is Mirror Trader.

Mirror trading allows individuals to have accounts that look exactly like the accounts of expert traders by copying the identical trades they make. Tradency developed the Mirror Trader to make this a seamless operation.

Using Mirror Trader, Tradency’s servers analyze buy, sell signals from strategy developers, and copy them to the accounts of traders who follow them.

Top 10 Best Forex Brokers for Mirror Trader (2021)

Visit Broker
79% of retail investor accounts lose money

1. AvaTrade

AvaTrade is a forex and CFD broker that was established in 2006. AvaTrade provides a wide range of tradable assets, including forex, equities, commodities, cryptocurrencies, and indices, with lower spreads, on a wide range of trading platforms for both manual and automated trading.

AvaTrade is a top forex copy trading platform founded in Ireland and licensed by the Central Bank of Ireland in Europe. They are one of the few top forex brokers who provide fixed spread forex trading. You may choose from a vast array of copy trading and social platforms at Avatrade.

AvaTrade provides you with platforms for copy and social trading through AvaSocial, ZuluTrade, DupliTrade, and MQL5 Signal service, which provide the majority of the functionality and should meet the demands of traders who want these features. AvaTrade also teamed with Trading Central, an independent provider of trading signals and expert recommendations, in 2020.

The great thing about AvaTrade is that it enables the automatic real-time copying of trading actions from one trading account to another. So, it is accessible directly from the MetaTrader 5 platform.

AvaTrade is perfect for inexperienced traders looking to develop on minimal skill sets, with a product portfolio that offers variety, moderate spreads, and a choice of user interfaces.

82
Rated: Excellent
Security 94
Cost 78
Trading 75
Education 72

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
Visit Broker
73.57% of retail investor accounts lose money

2. XM

XM is an online broker founded in 2009 as Trading Points of Financial Instruments.

XM allows you to trade over 1,000 instruments across seven asset groups. Forex, individual stocks, precious metals, commodities, cryptocurrencies, energy, and equity indices are all included in the asset class.

There are four account types to choose from at XM; micro, ultra-low, standard, and zero accounts. All account types benefit from excellent trading conditions and unlimited access to the MT4 trading platform.

XM shines at providing demo accounts. Users can open a demo account with just a few details and begin trading with a $100,000 virtual amount. The XM demo account is unusual in that it provides identical trading circumstances to the live account.

Furthermore, there are no time constraints on how long you can use your demo account.

The copy trading service on the MT4 and MT5 platforms is a great opportunity if you are a beginner or a seasoned trader.

MQL5 by MetaQuotes, one of the world’s leading social and copy trading platforms, is XM’s signal source. This opportunity gives the broker’s clients access to the largest trading social network and the ability to replicate trades from over 1,000 signal providers.

77
Rated: Excellent
Security 94
Cost 74
Trading 65
Education 68

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, ASIC, CYSEC Minimum Deposit: 5
Visit Broker
81% of retail investor accounts lose money

3. FXTM

ForexTime is a forex broker that was created in 2011 and caters to a wide range of skill levels.

FXTM has expanded rapidly in recent years. Its corporate structure is made up of three organizations, one for each of its three operations: the United Kingdom, Cyprus, and Mauritius.

FXTM allows you to trade Forex currency pairs and crosses, exotics, precious metals like gold and silver, crude oil, and natural gas. Key equity indices and CFDs for major American stocks are also available for trading.

There are three account types to choose from at FXTM: micro, advantage, and advantage plus. The micro account has the lowest minimum deposit, which requires a $50 deposit to open.

FXTM also provides a demo account, allowing you to practice your trading skills before depositing your money.

FXTM offers both commission-free and commission-based pricing. In the micro account, the broker starts with a minimum spread of 1.5 pips for the EUR/USD.

FXTM Invest is FXTM’s copytrading or a social trading solution designed to compete with market leader eToro.

FXTM Invest is a copy trading program that allows you to effortlessly replicate the trades of specified strategy managers on your account. Strategy managers are paid a portion of the net profit on the trades you choose to copy, which is taken from the copier’s profit.

80
Rated: Excellent
Security 94
Cost 71
Trading 71
Education 80

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, Proprietary Web Platform Regulations: FCA, MIFID-ESMA, FSCA, CYSEC, FSC (Mauritius) Minimum Deposit: 10
Visit Broker
67% of retail investor accounts lose money

4. FXCM

FXCM, or Forex Capital Markets, is a forex and CFD trading firm based in the United Kingdom. Jefferies Financial Group, a New York Stock Exchange-listed business with a background in investment banking, owns FXCM. The company was launched in 1999.

Although the brokerage firm was founded in the United States, it relocated its operations out of the country in 2017.

FXCM is primarily a forex broker, offering 39 currency pairs for trading.

In addition to currency, FXCM provides thirteen index CFDs, nine commodity CFDs, and one bond CFD.

FXCM has four types of trading accounts: standard, active trader, Islamic, and spread betting.

Furthermore, FXCM provides an unlimited demo account. This implies you can keep your demo account even if you open a real trading account. This is perfect for experimenting with new approaches.

FXCM spreads and commissions are only available in floating spreads, therefore trading with set spreads is not allowed. These floating spreads on forex begin at 1.3 pip but can be reduced to 0.2 pip if you qualify for the active trader program.

FXCM’s mirror trading identifies which currency pairs are performing the best in the current market conditions and delivers signals when to enter and leave a trade. It enables traders to profit from market moves even when they are at work or sleeping.

You can use Mirror Trader to assess and develop a portfolio of back-tested techniques, or you can follow specific signals to improve your trading research.

81
Rated: Excellent
Security 94
Cost 73
Trading 73
Education 83

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

5. FBS

FBS Markets Inc. founded FBS in 2009 as a brand name. The company has come a long way since its establishment.

FBS offers 75 financial CFD instruments, including Forex, Indices, Energies, Metals, and Stocks.

FBS offers five trading accounts: cent, micro, standard, zero spread, and ECN accounts.

Each account has its own set of terms and benefits. For example, there are no commissions on the Cent, Micro, and Standard accounts. These accounts offer fixed or adjustable spreads, as well as initial deposits starting from $1 to $100.

In addition, the broker also offers a demo account, which is valid for up to 90 days.

FBS spreads vary according to account type and location. For EURUSD, the worldwide firm offers a spread of 3.0 pips on the Micro account, 1.1 pips on the Standard and Cent accounts, and zero pips on the Zero and ECN accounts.

You can use the FBS CopyTrade app if you are trading under global regulation. This allows you to replicate the trades of other traders. It also assists fund managers in sharing trades with investors in exchange for a predetermined 5% monetary compensation. This account can be managed directly through your client portal.

80
Rated: Excellent
Security 93
Cost 86
Trading 68
Education 60

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, ASIC, FSCA, CYSEC, Offshore Minimum Deposit: 1
Visit Broker
74-89% of retail CFD accounts lose money

6. IC Markets

IC Markets is a CFD broker based in Australia. It was founded in 2007. It is a good option for high-frequency traders and those who want automated trading solutions.

In line with its attraction to scalpers and automated trading solutions, IC Markets focuses on the most liquid assets and a diverse variety of seven asset types.

More than 60 currency pairs, 120 equities, 19 commodities, 17 indices, ten cryptocurrencies, eight bonds, and four futures markets are available through the broker.

IC Markets offers four different account types: cTrader raw spread, raw spread, standard, and Islamic.

Users can create and use a free IC Markets demo account. It only takes 30 seconds to set up, and you are not required to provide any personal financial information.

Trading costs at IC Markets are quite low due to varying cost structures for different account types. For instance, in the RAW spread account, the minimum spread stars at 0.1 pips for EUR/USD.

If you want to do copy trading with IC Markets, the broker offers ZuluTrade and Myfxbook.

At IC Markets, Zulutrade gives you copy and social trading. This is only available to EU traders.

You can also open an account and connect it to Myfxbook to use their trade copy (account mirroring) solution.

92
Rated: Excellent
Security 93
Cost 91
Trading 100
Education 66

Platforms: cTrader desktop, cTrader web, Mirror Trader, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web Regulations: ASIC, CYSEC, Offshore Minimum Deposit: 0
Visit Broker
73% of retail investor accounts lose money

7. XTB

X-Trade, Poland’s first leveraged foreign exchange trading business, was renamed X-Trade Brokers in 2004 to conform with new Polish rules. It was later relaunched as XTB Online Trading (XTB) in 2009 and made it public, launching on the Warsaw Stock Exchange in 2016.

XTB offers over 50 currency pairs. All major currency pairs, as well as several minors and exotics, are included. XTB also provides CFD trading in over 2000 stocks traded in the United States, the United Kingdom, Poland, and other European nations.

Besides the above-mentioned products, you can choose commodities, indices, ETFs, and cryptocurrencies at XTB.

XTB offers three types of accounts; standard, Islamic, and professional account. The professional account is only available for the UK and European traders with a financial portfolio of $500,000.

Fees and commissions vary depending on the service and type of account you want to operate. For instance, ETF trading and equities trading commissions, can be more expensive.

XTB does not provide social or copy trading, however, it does provide you with algo-trading.

82
Rated: Excellent
Security 95
Cost 76
Trading 75
Education 72

Platforms: Mirror Trader, Proprietary Desktop Platform, Proprietary Web Platform, MAC Platforms Regulations: FCA, MIFID-ESMA, FSCA, CYSEC, Offshore Minimum Deposit: 0
Visit Broker
79% of retail investor accounts lose money

8. Markets.com

Markets.com, founded in 2008, is a global CFD and forex broker. Markets.com is divided into two brands that offer services and websites. The Marketsi platform is utilized for stock trading and investing, whilst the Marketsx platform is used for contract for difference trading.

Marketsx traders have access to over 2,200 assets spread over eight asset classes. Forex traders have 67 currency pairs and 25 cryptocurrency combinations to choose from. You can also choose  28 commodities and 2,027 unique stock CFDs.

Markets.com has two account types: retail and professional. The most popular form of live trading account that new customers sign up for is retail. The retail account allows you to trade over 2200 marketable assets.

There is also an Islamic account that follows the Islamic Sharia principle of interest-free trading. In addition, Markets.com provides a demo account with no strings attached.

Markets.com clients typically pay a very low spread of 0.6 pips on the EUR/USD currency pair and 1.7 pips on the GBP/USD currency pair.

When trading commodities, the Markets.com MetaTrader platform charges a $1.40 spread, whereas the Marketsx platform charges a $0.50 spread, which is significantly less expensive.

Market.com doesn’t provide mirror trading, however, you can engage in automated trading through EAs.

90
Rated: Excellent
Security 96
Cost 71
Trading 100
Education 73

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, Proprietary Web Platform Regulations: MIFID-ESMA, ASIC, FMA, FSCA, CYSEC Minimum Deposit: 100
Visit Broker
75% of retail investor accounts lose money

9. EasyMarkets

EasyMarkets is a market maker that has been in business since 2003.

EasyMarkets provides over 191 different trading instruments, including over 135 currency pairs. Furthermore, they allow access to a variety of markets, including indices, commodities, metals, stocks, and cryptocurrencies.

At EasyMarkets, there are three account types for retail traders, standard, MT4, and VIP account. Besides these, there is an option to choose Islamic and professional accounts.

An EasyMarkets standard account is a popular option among many traders. This account type, like others, can be started with as little as a $25 deposit.

EasyMarkets also offers users a free demo account. Demo accounts include £10,000 in virtual funds, which you can trade in the same way as actual funds.

EasyMarkets’ FX commissions are reasonable, and CFD commissions are normally in line with the industry average. Trading costs vary according to the type of account used, and spreads are fixed on both the web platform and MT4.

EasyMarkets Freeze Rate allows users to freeze onscreen pricing for several seconds before trading at the frozen price. This is especially useful for day traders trading in turbulent markets, where every second count and the value of trade might alter in a matter of seconds.

DealCancellation is another effective tool at EasyMarkets. This tool allows losing deals to be canceled for up to one, three, or six hours.

EasyMarkets doesn’t provide mirror trading, but you can apply algo-trading through MetaTrader platforms.

80
Rated: Excellent
Security 93
Cost 85
Trading 68
Education 65

Platforms: Proprietary Web Platform Regulations: MIFID-ESMA, ASIC, CYSEC Minimum Deposit:
Visit Broker
68% of retail investor accounts lose money

10. eToro

eToro was founded in 2007 by three entrepreneurs who intended to make trading more accessible to regular people.

eToro started primarily as a forex broker, but has expanded since then. Traders can now trade with 53 currency pairings, 53 ETFs, 12 market indexes, 7 commodities, and over 900 stocks from all around the world.

The eToro standard account minimum deposit is $200, but if you are from the US, you can get started from $50.

There’s also an option for opening a demo account for an unlimited period.

The eToro Club is a relatively new addition to the broker and is a premium feature that grants you access to various benefits based on your account level.

eToro spreads are only available in variable form. This broker does not offer fixed spread options. Spreads on eToro may appear to be marginally higher than those of their competitors. On major currency pairs, the forex spread typically begins at one pip.

The ease with which an individual client can execute copy trading is a major feature of the eToro platform. It allows traders who want to be copied and who comply with risk-management guidelines. This accessibility, therefore, enables retail account holders to automatically replicate the deals and trading techniques of the most successful traders.

78
Rated: Excellent
Security 94
Cost 71
Trading 69
Education 63

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

Mirror Trader brokers: 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

Brokers Minimum Deposit Mirror Trading Copy Trading Unlimited Trial
AvaTrade $100 Yes Yes No
XM $5 Yes No Yes
FXTM $10 Yes Yes Yes
FXCM $50 Yes Yes Yes
FBS $1 Yes Yes No
IC Markets $0 Yes Yes Yes
XTB $0 Yes No No
Markets.com $100 Yes No Yes
EasyMarkets $25 Yes No Yes
eToro $200 No Yes Yes

Choosing your Mirror Trader Broker

If you are looking to choose your mirror trader broker, the first and foremost step is to find a regulated and licensed broker. The list of brokers we mentioned above are highly regulated and have solid repute in the industry.

Also, make sure that the broker accepts your preferred trading style. For instance, many brokers don’t allow hedging.

Finally, consider the costs and trading fees of the broker. You don’t want to pay high spreads on forex pairs or other assets.

You can look at the list of best forex brokers to help you choose the right Mirror Trader broker.

How to start with Mirror Trader

Starting with Mirror Trader is not like solving complex algebraic equations. You just have to pick a broker, go through the registration process, and after verification, you can start trading.

Using Mirror Trader, you get buy and sell signals from the market pros through Strategy Developers. These signals are automatically copied to your accounts, and then you can analyze each signal from pro traders.

Mirror Trader Features

With Mirror Trader, you can get:

  • Live charts for forex pairs
  • Auto stop-loss for risk management
  • T-Score tool to help you evaluate your potential risk from 1 to 10.
  • Smart strategy filter to help you select the right traders and strategies
  • Exposure meter to leverage your trading positions to a maximum of 100
  • A Watch list to access pre-selected strategies

Techniques comparison: Mirror trading VS Copy trading VS Social trading

Mirror Trading

Mirror Trading is based on algos, auto-trading bots, and pre-defined trading strategies. You are linked to the platform, which regroups all the strategies available.

If you still have any questions, you can take a look at our guide on what is mirror trading to get a complete idea.

Copy Trading

Copy trading allows you to replicate the performances of other traders within the same broker.

Your broker will record every piece of action you are following from the signal provider.

In copy trading, your trading account is directly linked to other traders.

Check our list of top 10 copy trading platforms, if you want to dig deeper on copy trading.

Social Trading

Social trading allows you to observe the trading actions of experts, and then take positions based on Mirror or Copy trading.

The great thing about social trading is that it allows you to interact with other traders.

Check out our list of top 10 social trading networks to find out who are some of the best in the business.

Does Mirror Trading Work?

Yes, Mirror Trading works. However, as no strategy is perfect, Mirror trading is also not an ideal system. If you are a newbie, you can lose a major portion of your account if you don’t follow the instructions properly.

On the other hand, Mirror Trading is suitable for a trader who wants to learn market strategies while trading. This is because you’ll follow the techniques of many pro traders.

Pros:

  • Mirror trading allows you to copy traders while letting you control your funds
  • You don’t have to deal with emotions while Mirror trading
  • Your trading size is based on your account funds

Cons:

  • Automatic strategies don’t follow sudden market changes

About the Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

Leave a Reply

Your email address will not be published. Required fields are marked *

Keeping you better informed

Find and compare the best
Online brokers for you

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility.
ADVERTISER DISCLOSURE: InvestinGoal is completely free to use for all. Though we may receive a commission from brokers we feature, this does not impact the results of our reviews or rankings which are conducted with complete independence and objectivity, following our own impartial methodology. Help us continue to provide the best free broker reviews by opening your account with our links. Please read our Advertiser Disclosure to learn more.
Copyright © 2021 InvestinGoal.com – All rights reserved. / Privacy and Cookie Policy / Basic Terms of Use / Sitemap