Over the past decade, Forex copy trading, also known as social trading, mirror trading, or auto trading, has been rapidly growing in adoption and popularity. This surge is partly due to the lightning-fast dissemination of industry information, financial news, and market analysis, fueled by social media and an increasingly swift web experience. These factors, combined with the power of the crowd and advanced sentiment data, have propelled social copy trading platforms to new heights. As investors generate trading signals and enter the market with new positions that people want to copy, the popularity of these platforms has soared.
Top Forex Brokers Offering Social Copy Trading? Find Out!
Based on our comprehensive testing of 113 variables across 39 brokers, here are the top forex brokers for copy trading that emerged victorious.
- 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, a top-tier cryptocurrency trading platform, stands out for its seamless integration of advanced functionality and user-friendliness. Catering to both beginners and experts, BTCC offers robust security measures, around-the-clock customer support, and a comprehensive educational program via the BTCC Academy. Prioritizing user happiness, BTCC fosters a welcoming environment for secure and educated trading across multiple cryptocurrencies, positioning it as an exceptional choice for digital asset investors. Furthermore, BTCC boasts its own copy trading system, providing excellent copy trading services for digital currency transactions.
eToro
When it comes to social copy trading, eToro stands out as my top choice. Its user-friendly platform allows traders to effortlessly replicate the trades of investors across a vast array of over 2,300 instruments, spanning from exchange-traded securities and forex to CFDs and trending cryptocurrencies. What’s more, eToro has recently bolstered its educational resources through its Learning Academy and enriched its research capabilities, integrating TipRanks, Trading Central, and client sentiment data. These enhancements not only complement its copy trading services but also elevate the overall client experience. Unlike most brokers who offer copy trading as a secondary feature, eToro’s primary focus lies in this domain, making it a leader in the field and ensuring that copy trading is seamlessly integrated into every aspect of the platform. eToro stands out in the finance world by seamlessly integrating self-directed trading and copy trading, creating a unified trading experience. Traders and popular investors on eToro enjoy a vibrant social network where they can engage with the community, sharing and commenting on posts. A notable feature is the CopyPortfolios tool, which lets users copy a curated selection of top investors, marking a significant innovation compared to other platforms. Furthermore, eToro’s Popular Investor program incentivizes traders with consistent risk-adjusted returns, offering rewards and perks that increase as they progress from the Cadet tier to the Elite level. This strategic approach not only crowdsources the best trading strategies but also fosters a community of successful investors. Looking for top-notch social copy trading in Forex? eToro stands out, even with slightly higher costs than some rivals. Recently, they’ve reduced spreads and offered zero commissions on U.S. stock trades. What’s more, their marked-up spreads are balanced out by the complimentary copy trading services. Normally, you’d pay extra for this feature. Want the full scoop? Check out my comprehensive eToro 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. In my evaluation, AvaTrade excelled in copy trading capabilities, delivered a competitive mobile experience, and aligned with industry averages in pricing and research. Notably, it shines as an exceptional choice for investor education. Active traders seeking more competitive pricing will find AvaTrade’s Pro account tailored to their needs, exclusively for those designated as Professional traders. The broker’s platform selection for copy trading is impressive, featuring MetaTrader supporting signal markets, ZuluTrade, DupliTrade, and the recently launched AvaSocial for social copy trading. This extensive array of platform options underscores why AvaTrade is a top choice for copy trading. Looking for a copy trading platform that offers a vast network of expert traders? Look no further than AvaSocial, powered by Pelican. With AvaSocial, you can easily scan through Pelican’s entire trader network to find the best performers to copy. This unique partnership gives AvaSocial a significant advantage over other platforms that may take years to build up a substantial trader network and trading history. At AvaSocial, you’ll have access to a wealth of trading expertise from around the globe, all in one convenient platform. Plus, with AvaTrade’s full support, you can trust that you’re getting a reliable and secure trading experience. Check out my comprehensive AvaTrade review for more details on this game-changing copy trading platform.
Pepperstone
Pepperstone, a longstanding provider of copy trading platforms from renowned third-party developers, has recently unveiled its own branded version, powered by Pelican. What sets Pepperstone apart in the copy trading realm is its pricing versatility and an array of add-ons. Traders have the freedom to choose between a spread-only standard account or a commission-based Razor account, which are both compatible with all of Pepperstone’s platforms. This flexibility, coupled with a wealth of third-party enhancements, elevates Pepperstone’s offerings beyond the basic features found with many other brokers. Furthermore, Pepperstone’s dual platform approach, offering Signal Start for MetaTrader users and DupliTrade for cTrader enthusiasts, perfectly caters to both copy traders and those favoring algorithmic strategies. While cTrader boasts its own native copy trading functionality, and MetaTrader features a signals market, Pepperstone’s comprehensive suite of tools and platforms ensures a seamless trading experience for all types of traders.
Looking to embark on social copy trading? Pepperstone, in partnership with Pelican, recently rolled out its Copy Trading feature, making it a standout option. With access to Pelican’s vast network for trader analysis, Pepperstone’s Copy Trading emerges as a frontrunner for those seeking to mirror expert trades. This, coupled with support for algorithmic trading, positions Pepperstone favorably in the market. In fact, our 2024 Annual Awards recognized Pepperstone as Best-in-Class for MetaTrader, Algo Trading, and Copy Trading, highlighting its excellence in these areas. However, it’s worth noting that while advanced users will appreciate the deep customization and flexibility, the broker’s educational resources might not be as comprehensive for trading newcomers.
Is Copy Trading Allowed Under U.S. Law?
Copy trading is legal in the U.S., provided that your broker is properly regulated. For forex, this means being overseen by the Commodity Futures Trading Commission (CFTC), while stock brokers are regulated by the Securities and Exchange Commission (SEC). When it comes to cryptocurrency copy trading, your broker must be registered as a Money Services Business (MSB) and licensed by FinCEN. Legally, copy trading is often considered a self-directed account. Before copy trading existed, investors had to grant power of attorney to a fund manager to trade on their behalf. Nowadays, individual investors agree to a Letter of Direction (LoD), authorizing the broker to automatically copy trades of other traders based on explicit instructions.
Copy trading, largely indistinguishable from regular self-directed brokerage, was legalized in the U.S. thanks to the crucial innovation of the LoD, now a standard in platform terms. However, some countries still impose restrictions. For instance, in the U.K., copy trading demands extra money-management licenses, highlighting the varying legal landscapes for this trading practice.
Which U.S. Brokers Provide Copy Trading Services?
Discover U.S. brokers who provide copy trading, either through their own platforms or within MetaTrader’s Signals market. These brokers, regulated in the States, let you mirror expert trades with ease.
- eToro
- com
- IG
- OANDA
Which copy trading platform stands out as the best?
Looking for the best copy trading platform in 2024? After testing various options, eToro emerged as the clear winner. When compared to other platforms like ZuluTrade, cTrader, MetaTrader Signals, DupliTrade, and Myfxbook, eToro stood out for its ease of use and robust features. Watch my mobile walkthrough of eToro’s CopyTrade to see how simple it is to find and select a signal provider. In the video, I showcase the trader’s Overview, Stats, Portfolio, and Charts, making it easy to decide how much to allocate for copying. Whether you’re a casual investor or a beginner, eToro’s user-friendly web platform and well-designed mobile app are great choices. That’s why eToro is my top pick for social copy trading and cryptocurrency trading this year. Check out my full eToro review for more insights.
