Over the past decade, forex and crypto copy trading – also referred to as social trading, mirror trading, or auto trading – has been steadily gaining adoption and popularity. Thanks to social media and an increasingly faster web experience, industry information, financial news, and market analysis now propagate at lightning speed. These factors, combined with the power of the crowd and advanced sentiment data, fuel social copy trading platforms. As investors generate trading signals and enter the market with new positions that people want to copy, the popularity of these platforms has soared.
Which Forex Brokers Are Ideal for Social Copy Trading?
After evaluating 39 forex brokers on 113 criteria, we’ve identified the top performers for social copy trading. These are the best in the field.
- eToro – MetaTrader, DupliTrade, and Myfxbook
- AvaTrade – MetaTrader suite, ZuluTrade, and DupliTrade
- Pepperstone – MetaTrader, DupliTrade, and Myfxbook
- Vantage – MetaTrader, ZuluTrade, DupliTrade, and Myfxbook
- BTCC – Best overall platform for copy trading
- Tickmill – MetaTrader, Pelican Trading, Myfxbook, and ZuluTrade
- IC Markets – Myfxbook, ZuluTrade, IC Social app
BTCC
BTCC stands out as a premier cryptocurrency trading platform, seamlessly integrating advanced features with user-friendly design. Catering to crypto novices and experts alike, BTCC offers robust security measures, around-the-clock customer support, and a comprehensive educational program through its Academy. Prioritizing user satisfaction, the platform fosters a welcoming environment for secure and informed trading across a wide range of digital assets, making it a top choice for investors. Furthermore, BTCC boasts its own copy trading system, delivering exceptional services tailored to digital currency transactions.
eToro
eToro stands out as a top choice for copy trading, thanks to its user-friendly platform. Here, traders can effortlessly replicate the moves of investors across a vast array of over 2,300 instruments, spanning from exchange-traded securities and forex to CFDs and trending cryptocurrencies. A key factor in eToro’s consistent ranking at the forefront of copy trading is its dedicated focus on this feature, unlike many other brokers who offer it as a mere add-on. This commitment ensures that copy trading is seamlessly integrated into the core eToro experience. Complementing its robust copy trading capabilities, eToro has also notably bolstered its educational resources through the Learning Academy and enhanced its research offerings. These advancements include valuable additions like TipRanks, Trading Central, and client sentiment data, all of which elevate the user experience and support informed trading decisions. eToro stands out in the forex broker world by seamlessly integrating self-directed trading with copy trading, creating a unified and unique trading experience. This winning formula remains the broker’s key focus. Within its vibrant community, eToro offers an exceptional social network experience. Traders and popular investors engage on the news feed, sharing posts and insights. Furthermore, the innovative CopyPortfolios feature lets users copy a curated selection of top investors, adding another layer of value. To elevate trading expertise, eToro’s Popular Investor program incentivizes consistent risk-adjusted returns. The program spans from the Cadet tier to the Elite, with each level offering progressively more attractive benefits like rebates. This holistic approach positions eToro as a leader in social copy trading. Despite recent cuts in spreads and zero-commission U.S. stock trading, eToro remains pricier than most competitors. Yet, I believe the cost is justified as eToro offers free copy trading services, which would otherwise be an additional expense. For a comprehensive understanding of eToro’s offerings, check out my detailed review.
AvaTrade
AvaTrade stands out as a trusted global brand, offering traders a comprehensive range of trading platforms with a focus on copy trading. The broker provides access to diverse markets, including options and recently added futures trading. My rigorous testing revealed that AvaTrade excels in copy trading, is competitive on mobile, aligns with industry averages in pricing and research, and shines in investor education. A noteworthy feature for experienced traders is the more competitive pricing available on AvaTrade’s Pro account, reserved for those designated as Professional traders. When it comes to platform selection, AvaTrade boasts a wide array of options. In addition to MetaTrader, which supports signal markets for copy trading, the broker also offers ZuluTrade, DupliTrade, and the recently launched AvaSocial, specifically designed for social copy trading. This extensive platform choice further solidifies AvaTrade’s position as a top pick for copy trading. Looking for the best Forex brokers for social copy trading? Look no further than AvaSocial, powered by Pelican. Unlike other platforms that take months or even years to build up a substantial trader network, AvaSocial gives you instant access to Pelican’s global network of expert traders. This means you can start copying the best-performing traders right away, without any wait time. And with AvaSocial’s user-friendly interface, it’s easy to find and follow the traders who suit your trading style and risk tolerance. So why wait? Sign up for AvaSocial today and start your social copy trading journey with the best Forex brokers in the market. For a complete rundown of AvaTrade and its offerings, check out my full review.
Pepperstone
Pepperstone, a longstanding provider of copy trading platforms from renowned third-party developers, has recently elevated its services with the launch of its own branded version, powered by Pelican. The broker’s excellence in copy trading is underscored by its extensive range of platforms and the flexibility to choose between a spread-only standard account or a commission-based Razor account, applicable across all platforms. This versatility, coupled with a myriad of third-party add-ons exclusive to Pepperstone, elevates its feature set above the basic offerings of its competitors. Furthermore, Pepperstone’s dual approach, offering Signal Start tailored for MetaTrader users and DupliTrade for cTrader enthusiasts, perfectly caters to both copy traders and algorithmic traders. Adding to this, cTrader boasts its own native copy trading functionality, while MetaTrader users can access the signals market, providing a comprehensive suite of options for traders seeking to emulate the success of others.
Looking to dive into social copy trading? Pepperstone’s partnership with Pelican now offers a robust Copy Trading platform, leveraging the vast Pelican network for trader analysis and copy options. This strategic move complements Pepperstone’s algorithmic trading support, solidifying its position as a top choice for traders seeking a comprehensive trading experience. In fact, Pepperstone’s excellence in MetaTrader, Algo Trading, and Copy Trading was recognized with Best-in-Class honors in our 2024 Annual Awards. However, it’s worth noting that while advanced users will appreciate the deep customizability these features provide, beginner traders might find the lack of educational resources a challenge in mastering these tools. For a detailed breakdown, check out my comprehensive Pepperstone review.
What is copy trading, and how does it work?
Harness the power of technology to mirror the forex moves of seasoned investors. Copy trading lets you duplicate the real-time trades of your chosen forex signal providers. Whenever they make a move, it’s automatically replicated in your account, simplifying the trading process.
What’s the story of copy trading?
In the realm of social trading technology, early movers like Tradency, ZuluTrade, and eToro started as third-party developers. Over time, some maintained their status as independent service providers (ISPs), while others, notably eToro, shifted gears to become brokers. Our comprehensive eToro review delves into this transition, along with their U.S. stock trading offering. Nowadays, copy trading is widely seen as self-directed by regulators, thanks to clear legal frameworks and advancing technology. Clients choose who to copy, even if the process is automated. It’s worth noting that not every platform with social elements offers copy trading.
Is Copy Trading a Legal Practice?
Ensure legal trading with a regulated broker when investing in financial markets. During account setup, there are steps to confirm legality based on your residence. Remember, copy trading is permitted in most nations, as long as your broker follows proper regulations.