6 Best Copy Trading Platforms for Social Investing in 2024

Finder.com compares a wide range of products, providers and services but we don’t provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. In most cases, copy trading works by using a separate piece of software alongside your existing trading platform or brokerage. However, some trading platforms now have integrated software that allows you to browse and copy other trades. The basic https://www.xcritical.com/ premise is that by copying the trades of someone with more experience, you can improve your chances of being successful, but that’s not always the case. Copy trading is a type of technology that lets ordinary investors copy the trades of other investors.

Which is the Best Copy Trading Platforms in the USA?

The FCA regulates the platform, ensuring that it adheres to strict regulatory norms. WallStreetZen does not bear any responsibility for any losses or damage that may occur as a result of reliance on this data. EToro is the best platform for forex copy trading and all other types of does copy trading work copy trading. EToro USA LLC does not offer CFDs, only real Crypto and Stocks/ ETFs assets available.

DupliTrade – The Best Automated Copy Trading Platform

Try to have a balanced portfolio by copying traders who use various strategies, are knowledgeable about many cryptocurrencies, and have different trade timeframes. Copy trading simplifies this process by allowing beginners to follow experts. This method reduces the need for extensive market analysis and provides a passive approach, minimizing emotional pitfalls that often hinder trading decisions.

Best Copy Trading Platforms and Brokers (2024*)

EToro’s users can filter traders by nationality, performance, strategy, and more to suit their goals. Additionally, its large list of established social traders and functionality make it easy to communicate with traders and copy their trades. Copy Trading, a subcategory of social trading, allows you to copy top stock traders and replicate their returns. Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.

Q: How do I choose a copy trader to follow?

The main advantage of using eToro for copy trading is its large network of users. Not only can you copy trades, but you can also connect with millions of traders and discuss stock trading strategies. Mirror Trader also allowed traders to host their own trading strategy on the system, and other users could choose to copy the trades generated by that strategy. Mirror Trading recorded and displayed the trading records of each trading strategy. This allowed traders to make an informed decision before they chose to mirror another trader’s strategy.

NAGA – The Best Copy Trading Platform for Cryptocurrencies

Unlike the other platforms on this list, Forex Copier is a software with a one-time fee that is downloaded onto your computer. With a profit sharing account, you pay a $30 monthly fee and a 25% commission on any profits which have been earned. I can’t say it has the power or sophistication of a platform like eToro, but it is “cool” – its smooth interface, social atmosphere, and gamified feel does make for an entertaining experience. It’s a great product for a select group of copy traders, but it should be used with caution and avoided altogether by novice copy traders.

Which forex brokers can I open an account with?

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. 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. Copy trading can be an effective technique for new investors to join the market, but it is not without risks. Before investing money, you should thoroughly examine the site and the chosen traders.

The primary emphasis of HFCopy is forex, with minor exposure to indexes and commodities. We have researched and tested several copy trading platforms, both third-party and those offered by reputable Forex and CFD Brokers, to find the 10 best listed. The best copy trading strategy is to find and follow a trader you like and take appropriate levels of risk. If you’re considering copy trading, be sure to perform analysis on the traders you’re thinking of copying and set trade sizes appropriate to the amount of risk you’re willing to undertake. Today, the best traders in the world can share their winning strategies and allow you to copy their moves. Find a trader with a strong track record, set up your trade sizes and other criteria, and start “outsourcing” your trading.

Best Copy Trading Platforms for 2024

When researching traders to copy, pay close attention to metrics like total return, risk-adjusted return, volatility, maximum drawdown, trading frequency, and length of trading history. Simultaneously, spend time learning about the latest market developments and news. Being knowledgeable about the market can help any trader — even those who are using copy trading — to make more informed decisions and take advantage of opportunities.

You can also copy trades on popular crypto coins, including Bitcoin (BTC) or major precious metals such as Gold or Platinum. Copy trading allows individuals to automatically copy another trader’s positions when they are opened or closed. Experienced traders communicate their positions using signals via social networks or forums, where followers can copy the methods.

• The platform makes it easy to buy, sell, and hold crypto, all with zero fees.
• In 2020 it recorded a 420% increase in new account registrations than from the same time in 2019.
• Pepperstone’s recommended minimum amount to open an account is $200, but you can start trading even if you deposit less.
• It’s important to realize, however, that no copy trading signal providers can guarantee successful returns.
• AvaTrade, eToro, and ZuluTrade are among the best-in-class platforms for their copy trading features and the benefits they offer.

Its customer service team are holders of a host of industry awards and the broker takes a very responsible approach towards regulatory compliance. It’s also worth noting that some will allow you to try copy trading in free demo accounts. This will provide you have a risk-free way of finding out if copy trading might be for you. In the same way that lead traders take some of the hard work out of trading, we’ve done the same thing in terms of selecting a broker. Our team of experts have analysed the copy trading broker sector and have come up with some names you might want to add to your shortlist. Please note that the availability of the products and services on the Crypto.com App is subject to jurisdictional limitations.

Companies such as Liteforex for example, offer comprehensive networking tools which provide valuable exposure to complex strategies and market research. Copy trading allows you to connect a part of your portfolio with someone else’s, where any opened trades and future actions are automatically copied to your account. This can be a great way to diversify your investments; for example, a trader might consider following a long-term investor in the stock market.

3Commas is a trade automation platform that operates without custody, offering ready-to-use Bitcoin and other cryptocurrency trading algorithms. It enables professional traders to engage in social trading to share their strategies with the community. It’s essential to thoroughly examine the histories of the traders you plan to copy.

Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust.

As the market adage goes, “Past performance is not indicative of future results.” As copy trading is risky (and many traders do lose money), you should only invest what you are willing to lose. Start with a small amount of capital, and do thorough research before committing to a strategy. Some investors select more than one strategy, but having enough capital and choosing the right risk parameters (if any) is crucial when you copy trade forex strategies. Many of the early pioneers in social trading technology started out as third-party platform developers, such as Tradency, ZuluTrade, and eToro. While some of these firms are still independent service providers, or (ISPs), others went in a new direction.

Additionally, traders without the time to devote to market research (i.e. those for whom trading is not their primary career) can also benefit from this efficient signal provision service. Copy trading can be a useful tool for novice traders and investors, as it allows them to learn from more experienced traders and potentially improve their own trading performance. However, it is important to note that copy trading carries its own risks and investors should thoroughly research and understand the risks before entering into any copy-trading arrangement.