Copy trading is an online trading method that enables investors to follow and automatically replicate the trades of successful and experienced traders. Instead of creating their own trading strategies, a forex auto trader can save time and effort by relying on the strategies created by professional traders.
Through this article we will delve into some of the top copy trading platforms currently available. Stay tuned!
ZuluTrade
Zulutrade is a social trading platform with a solid reputation in the market since 2007, the year when it was established. It features a user-friendly interface which most investors found to be extremely appealing.
More than 40 forex brokers are supported by this copy trading platform, and there are several traders with solid track records whose trades can be copied. This platform allows you to access a wealth of data about each trader’s performance, such as, the amount of money they have made available for copy trading, the amount of money held by their followers, and the annual return on investment for individuals who are interested in copy trading.
Seasoned traders can also use the platform to share their strategies with other traders. Zulutrade’s model for trader compensation is quite transparent and reliable.
Moreover, the platform has unique tools, like the Automator, which is a trading automation software that allows users to set stop-loss and take-profit orders on replicated trades. This makes sure that the user’s individual objectives and risk tolerance are satisfied. Another appreciated feature is Zuluguard, which protects the investors account in case the loss starts exceeding their risk tolerance.
The fact that Zulutrade has made it simple for investors to link copy trading accounts to their existing brokerage accounts and participate in trading without prior knowledge has made it one of the most-liked copy trading platforms.
eToro
eToro is another best copy trading platform in the market that lets investors copy experienced traders across more than 2300 assets, including forex, ETFs, well-known cryptocurrencies, and CFDs.
Using the platform’s different filters, you may identify traders that meet your needs based on criteria including past trading performance, favourite asset class, risk rating, maximum drawdown, and more. With a minimum investment of only $200, you can effortlessly copy thousands of verified traders without paying additional fees or entering into a profit-sharing arrangement.
All subsequent investments from a trader’s account will be replicated in your eToro portfolio once you have chosen a trader for copy trading. You have the freedom to change the assets in your portfolio at any moment, as well as stop mimicking the trader.
The main innovation of eToro is the combining of self-directed trading and copy trading into one trading experience, which is also quite advantageous for traders.
eToro also supports trading and investing in cryptocurrency. You can trade over 20 cryptocurrencies for fiat currency and can use various payment methods to buy, sell, or withdraw, including debit and credit cards, bank accounts, PayPal, Rapid Transfer, Skrill, Wire Transfer, and Neteller.
Naga
Naga is a licensed forex broker that also supports copy trading. It debuted in the year 2015. The platform offers access to over 950 assets, and is used by more than 500,000 active and passive traders. You can start with a minimum investment of $250 only and utilise social trading to generate passive revenue.
The strategy providers on Naga are chosen after going through a number of steps to make sure they meet tight requirements. You can view the most popular financial instruments on the platform under the “Most Traded” category and mark them as favourites by clicking a star.
The website offers statistics of traders to assist users in choosing who to imitate while copy trading. The trader’s profitability, buying or selling tendencies, pip totals, take profit and stop-loss orders, and other statistics are included in these statistics. The amount of followers the trader has, their win rate, who they follow, their profile and loss profile, visitors to their profile, and who they are copying are also visible to users.
AvaTrade
AvaTrade is a reputable international brokerage company known for offering a wide selection of trading platforms. It has a global presence with offices located in various countries. The fact that it is governed by a number of jurisdictions adds to its credibility. It provides a number of proprietary and social copy trading platforms, such as MetaTrader, ZuluTrade, and DupliTrade, making it competitive in this market. The broker’s pricing is also generally in line with the industry standard which makes it a good choice for copy trading. The broker is also a pioneer in investor education and offers research and investor education in addition to copy trading services. Using CFDs, or contracts for differences, AvaTrade enables users to trade cryptocurrencies and other assets.
Users of CFDs can make predictions about future market price changes without having to purchase, retain, or actively manage a cryptocurrency or portfolio. Users can instead make money by speculating on price changes in the future.
AvaTrade also has a mobile app for iOS and Android that allows users to monitor their copy trading positions and place new orders. Overall, AvaTrade is a globally renowned platform known for offering traders various options in trading platforms, making it an excellent choice for copy trading.
PrimeXBT
With PrimeXBT’s Copy Trading tool, you can learn from and follow successful traders while also gaining experience. No prior trading expertise is necessary, and the procedure is simple and quick. For copy trading, PrimeXBT provides access to a number of markets, including those for cryptocurrencies, forex, commodities, and stock indexes. The PrimeXBT mobile app allows you to manage your trading account and keep track of your trades whenever and wherever you are.
Users can mimic and duplicate the activities of experienced traders using copy trading. Followers who would rather have someone else handle their trading might pay to subscribe to a strategy and make money from it.
DupliTrade
DupliTrade is a reputable platform that’s highly regarded for its copy trading features. The platform has 12 partner brokers and you can choose any one of them after considering your requirements. Once you set up an account with one of their affiliated brokers, you will get access to traders who have made their strategies available for copy trading on Duplitrade.
The platform gives customers access to sophisticated trading strategies that may be replicated. Each strategy is targeted at a certain market and has a unique amount of risk and potential advantages. Each technique contains comprehensive data on past net profit, trading frequency, suggested leverage, and other significant facts.
Regardless of the third-party broker selected, a minimum deposit of $5,000 is necessary to get started with DupliTrade which can put potential clients off. But it’s advantageous that DupliTrade offers a trading simulator that enables customers to test a strategy without putting actual trading money at risk.
DupliTrade also allows the automatic replication of trades for cryptocurrencies including Bitcoin, Bitcoin Cash, Litecoin, Ethereum, EOS, Dash, and Ripple.
cTrader
cTrader is an advanced trading platform that is made with an intention to enhance trading experience for beginner as well as seasoned traders. It provides a range of features, including the ability to copy trading positions from professional traders.
cTrader also offers a free demo trading account that enables users to evaluate the profitability of the trading strategies over a long period of time.
The trading strategies that are available for copy trading can also be customized by tweaking certain parameters like the risk tolerance, invested amount, stop loss and take profit orders. This is quite helpful in ensuring that the strategy resonates with unique goals of each individual.
Just like MetaTrader 4 and MetaTrader 5, cTrader does not offer direct brokerage services. Instead, it is social trading software that should be linked with a brokerage account to execute orders in the live market. There, anyone who wants to utilise copy trading on cTrader must create a trading account with a broker that supports the platform. It should be noted that the trading fees and commissions will, as a result, depend upon the broker and not cTrader.
A Quick Rewind of Our Best Copy Trading Platforms
To round out the article, here’s a quick glance at the seven best copy automated trading platforms we discussed in this article!
Zulutrade
- Minimum initial deposit: Depends upon the broker but you should maintain a balance of $100 in your Zulutrade account
- Demo account: Yes
- Markets for trading: Forex, Stocks, Commodities, Cryptocurrencies
- Regulation: HCMC
eToro
- Minimum initial deposit: $10
- Demo account: Yes
- Markets for trading: Forex, Stocks, Commodities and Cryptocurrencies
- Regulation: CySEC, FCA, ASIC
Naga
- Minimum initial deposit: $250
- Demo account: Yes
- Markets for trading: Forex, Stock, Crypto, Indices, Futures, ETFs,
- Regulation: CySEC
AvaTrade
- Minimum initial deposit: $100
- Demo account: Yes
- Markets for trading: Forex, Commodities, Indices, Stocks, ETFs
- Regulation: ASIC, FRSA, ADGM
PrimeXBT
- Minimum initial deposit: 0.01BTC
- Demo account: Yes
- Markets for trading: Cryptocurrencies, Indices, Forex, Commodities
- Regulation: No
DupliTrade
- Minimum initial deposit: $5000
- Demo account: Yes
- Markets for trading: Forex, Stocks, Commodities, Options, Indices
- Regulation: CySEC
cTrader
- Minimum initial deposit: Depends upon the broker
- Demo account: Yes
- Markets for trading: Stocks, Forex, Commodities, Cryptocurrencies
- Regulation: NA
These were some of the best copy trading platforms that we picked for you but the final call should be none other than yours. Let us know which copy trading platform you like the most!
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
