7 BEST Copy Trading platforms & Apps [Copy Trade in 2023]
Copy Trading is a software application that enables individuals in the financial markets to automatically copy positions opened and managed by another selected expert trader. This method allows traders to copy specific strategies with the desired leverage. You could invest lower or higher than the suggested allocation recommended by the strategy owner.
Following is a handpicked list of copy trading apps and platforms with their popular features and website links. The list contains both open source (free) and commercial (paid) software. Read more…
Best Copy Trading Platform: Top Picks.
#1 Best Overall.
✔️ Securities Traded: Forex, Cryptos, Stocks, Commodities, ETF, etc.
✔️ Regulations: EU CBI, PFSA, ASIC, etc.
✔️ Demo Account: Yes.
✔️ Min. Deposit: $100.
#2 Top Pick.
✔️ Securities Traded: Crypto, CFD, Stocks, ETF.
✔️ Regulations: CIF, CySEC, FCA, MiFID, AFSL, ASIC.
✔️ Demo Account: Yes.
✔️ Min. Deposit: $50.
✔️ Securities Traded: Forex, Indices, Commodities, Cryptos, etc.
✔️ Regulations: Australian ASIC.
✔️ Demo Account: Yes.
✔️ Min. Deposit: $50.
✔️ Securities Traded: Forex, CFDs, Indices, Commodities, Cryptos, etc.
✔️ Regulations: CySEC, FCA.
✔️ Demo Account: Yes.
✔️ Min. Deposit: $0.
✔️ Securities Traded: Crypto, Forex, Commodities, Indices.
✔️ Regulations: AUSTRAC, EU CBI, MTR, FINTRAC MSB.
✔️ Demo Account: Yes.
✔️ Min. Deposit: 1 USDT.
#1) AvaTrade.
AvaTrade is one of the best forex copy trading platform based in Ireland and regulated in Europe by the Central Bank of Ireland. They are one of only a few top forex brokers to offer fixed spread forex trading. Avatrade provides an extensive range of copy trading and social platforms for you to choose from.
This is one of the best copy trading platform that allows automatic real-time copying of trading operations from one trading account to another. It is available straight from the Meta-Trader 5 platform. The service principal is simple: a trader provides public access to the deals they execute on financial markets, while it also allows other users to subscribe to this signal. It automatically does the execution on subscribers’ trading accounts.
Features:
Provide free and paid signals are featured on the Signals tab of the MetaTrader platform. Take Control From Anywhere In The World Global Regulated best forex copy trading Broker Trade Cryptos as CFDs and enjoy 24/7 trading Funding methods: Bank transfer, Credit Card, and Paypal Platforms: MT4, Mac, Mirror Trader, ZuluTrade, Web Trader, Tablet & Mobile apps.
Key Specs:
Demo Account: Yes Minimum Deposit: $100 A security traded: Forex, Cryptos, Stocks, Commodities, Futures, Indices, Bonds, ETF. Regulations: EU CBI, PFSA, ASIC, BVIFSC, FSA, FFAJ, SAFSCA Founding Year: 2006 Customer support: Live Chat, Email, Phone.
#2) Etoro.
Etoro is a copy trading platform that was established in 2006 and is used by over 12000000+ traders. This copy trading platform offers Stocks, Commodities, Forex, CFDs, Social Trading, Indices, Cryptocurrency, Index-Based Funds, Exchange Traded Funds (ETF).
The eToro is one of the best social and copy trading systems ideal for beginner users who prefer to stick to more simple usability.
Features:
Trade and invest in top stocks and ETFs. Build your crypto-based portfolio. Meet your investors Platforms: Web Trader, Tablet & Mobile apps Account Types: Micro account Standard account Islamic account VIP account.
Key Specs:
Demo Account: Yes Minimum Deposit: $50 Security traded: Crypto, CFD, Stocks, ETF Regulations: CIF, CySEC, FCA, MiFID, AFSL, ASIC Founding Year: 2007 Customer support: Live Chat, and Email support.
(Disclaimer: 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money..)
#3) PrimeXBT Copy trading.
PrimeXBT is a copy trading platform that allows traders of all experience levels; from experienced to novices alike. It helps Professional traders to monetize their skills by allowing others to copy their strategies.
Features:
Allows margin trading of cryptocurrencies and traditional assets. You can set a stop loss/take profit order. Provides access to a wide range of markets and offers 100+ trading instruments all in one platform.
Key Specs:
Demo account: Yes; demo account available in the Contest module. Minimum Deposit: No minimum deposit Securities Traded: Forex, indices, commodities, cryptocurrencies. Regulations: Australian ASIC Founding year: 2022 Customer Support: Live Chat and Email support.
#4) Naga.
Naga is a copy trading platform that automatically copies your trade. It helps you to discover other investor’s stats on the leader board and select who to copy to get the highest profit in your trade.
Features:
You will get full access to all Naga trading markets. Messenger for sharing analysis. Allows you to adjust your auto-copy ratio or set the specific investment amount You can set stop loss and take profit limits to secure your trading profits and limit your losses. It offers easy to use investors leaderboard. Supported platforms: iOS and Android.
Key Specs:
Demo Account: Yes Minimum Deposit: No, there’s no minimum amount required for first-time deposits. Security traded: Forex, CFDs, indices, shares, commodities, cryptocurrencies. Regulations: CySEC, FCA Founding Year: 2022 Customer support: Phone support, Live Chat, and Email support.
#5) BingX.
BingX is a copy trading platform with over 1 million users within 100+ regions, BingX provides over 100 cryptos ranging from Bitcoin, Ethereum, Dogecoin, Safemoon to Solana, etc. Users can use a demo account for copy trading to reduce the risks. Using key indicators like trader’s Account Assets, Cumulative P&L, 30D Profit Rate, Max. Drawdown, etc, users can study the strategies while making profit.
With the launch of the new feed feature, traders can now post their speculations on future trends and insights, thus encouraging interactions between copy traders. BingX’s copy trading system also supports DeFi, NFT, Indices, Commodities, Forex and Layer2. In order to display trader’s performance in a more comprehensive way, BingX traders now can enrich their homepage by accessing another exchange’s API.
Features:
Social trading/Copy trading & copy trading pro Auto-trading robot Demo trading Feed function to facilitate traders’ discussions 24/7 trading availability Cryptocurriences review.
Key Specs:
Platforms: Web Trader, Tablet & Mobile apps Demo Account: Yes Minimum Deposit: $0 Security traded: Crypto, Forex , commodities and indices Regulations: Australia DCE AUSTRAC, EU CBI, MTR, FINTRAC MSB Founding Year: 2022 Customer support: Live Chat and Email support.
Sign up now to enjoy exclusive rewards of $120, Guru99 users-ONLY.
#6) ZuluTrade.
ZuluTrade supports over 40 forex brokers, one of which being their integrated solution (AAAFx). It allows investors with existing brokerage accounts to link a new account via their existing broker easily.
This is one of the best copy trading platform, which helps you filter brokers based on minimum Deposit to start forex trading, mobile support, etc. ZuluTrade also allows login via Facebook, convenient for those who regularly log in to check their account.
Features:
You can download a spreadsheet of all the simulated trades. ZuluTrade is free to join, as you just need to pay the spread on trades. Allows investors to copy other investors’ portfolios, Provide an alert if a margin call occurred and even allows you to download a spreadsheet of all the simulated trades.
Key Specs:
Demo Account: Yes Minimum Deposit: $200 Security traded: Forex, Cryptos, Stocks, Commodities. Regulations: CFTC, NFA Founding Year: 2007 Customer support: Live Chat, Email, Phone.
#7) FXTM.
FXTM is another popular copy trading platform. This is an international ECN broker who is also very active, particularly in Asian and African markets. They offer an extensive range of account type choices.
This copy trading platform also offers the FXTM Invest service for a minimum deposit of $100.
You can start out copying top traders at FXTM with a minimum deposit as low as $100. This makes copy trading extremely accessible.
Features:
Access all your trading accounts from one place. Trade over 250+ financial CFD instruments on the move. Cross-device trading between desktop and phone. View real-time prices and live price updates. Access a variety of different order function Multiple regulations (FCA, CySEC, FSC). 250+ financial CFD instruments. Commission-free trading available. Wide range of research and education.
Key Specs:
#8) Meta Trader 5.
Meta Trader 5 is a powerful platform for Forex and Exchange markets. This best forex copy trade service provider uses the MQL5 language, the automated trading software that runs on your computer and trades on behalf of you. This copy trading platform allows you to open 100 currency or stock charts at a time, and the 21 timeframes enable comprehensive and detailed analysis of even minor price movements.
MetaTrader 5 offers desktop, web, and mobile versions of the platform. This one of the best social trading platforms uses the MQL5 language, the automated trading software that mostly runs on your computer and trades for you.
Features:
Best interface Improve chart and graphics It is one of the best copy trade platform that offers new quote on orders Fast, easy, and flexible Save data and manipulation of trade is simple. Very great visual display and the color and time frame.
Key Specs:
Demo Account: Yes Minimum Deposit: NA A security traded: Forex, Stocks, Cryptos. Regulations: NA Founding Year: 2000 Customer support: Phone only.
FAQS:
❓ Is Copy Trading legal?
Yes, copy trading is legal in most countries, provided that the broker itself is properly regulated. When investing in the financial markets using a regulated-broker and legalizes your account and the traders carried within them. However, all of these completely depend on your country that you are living in.
Which are the Best Copy Trading Platforms?
Here is a list of the best Copy Trade software:
⚡ How Does Copy Trading Work?
To learn about copy trading, one of the most important things to be informed about the actual process of copy trading.
Here is how it works:
In copy trading, the trader opens a trade. The investor (you) then copies that trader. This usually happens automatically and without the requirement for any manual interventions. You may profit or lose with the trader you have copied. So if their positions grow, so will yours. However, the opposite can also happen.
Here, most important point to note is that everything is proportionate. Therefore you can invest whatever amount you like depending on the broker rules.
So, by using the service of your copy trader, you will gain or lose proportionately. However, you need to remember when selecting the traders to copy, you should know your trader’s position sizes they usually open, as this can impact your investment.
Let’s take this example: Assuming that you are a trader who opens trades on multiple assets where the average profit ratio is already at +15%, you decide to invest just $100. Finally, the profit/loss moves to +20%, so you close out your position because of the trader. However, you had only earned +5% because you started copying when the trader was already at +10% profit.
❗ Why Copy Trading?
Copy-trading allows copying positions of another trader, and lately, it has become more popular. There are many traders who create ‘People-Based’ portfolios to invest in other investors instead of trading themselves.
Here are some reasons worth discussing why copy trading is becoming popular:
Time-Saving: Copy-trading saves time when compared to manual trading. Therefore, a trader who doesn’t’ have time or does not have enough knowledge should go for copy trading. Education: Copy trading is also best to approach to learn trading strategies. This platform also allows you to raise questions and read why certain trade was implemented. Access to Global Markets: Traders have limitations, so it is impossible to become an expert in all the world markets. With the help of a copy trading platform, you don’t remain betrayed by any financial market. In the copy trading method, you will also get exposure to global markets and gain a global knowledge base. Diversification: A diversification portfolio may have very little risk, and doing copy trading is one of the best ways to do so. This helps you to copy trades of several investors and earn a good income month after month. However, doing this without using the proper tool is impossible, and even an experienced trader recommends copying in today’s financial scenario.
Can you make money copying trades?
Just like any other investment, you can also make money or lose money from copy trading. The idea behind copy trading is to assess each trader’s profitability before selecting which signal provider you want to follow.
What is the difference between copy trading, social trading, and mirror trading?
Here is brief information and the main difference between all three trading platforms:
Social trading : Social trading is the easiest method for new or novice traders to learn and invest based on interacting with experienced traders using various social platforms. When in binary option social trading, you need to communicate with your preferred traders or peers, sharing strategies or technical analysis, hoping to learn and create an ideal investment method that fulfills your goal.
The biggest drawback of this trading method is that you need to constantly monitor the market’s flow and decide on individual trade trends. This is certainly a time-consuming process.
Copy-trading: Copy Trading is a software application that enables individuals in the financial markets automatically to copy positions opened and managed by another selected really. This technique allows traders to copy certain trading strategies. Copy-trading links a portion of the copying trader’s that funds to the copied investor’s account.
It’s one of the most effective trading strategy for individuals who don’t necessarily have the time to trade independently. Here, you just need to fund your account, leave it alone, and hope to see it grow, or you can monitor.
Mirrors trading: Mirror trading is mirroring the trading of a particular strategy. In these trading methods, companies combine their top traders’ strategies to produce reliable and accurate signals for their consumers. Today, it is considered an ideal method as it is much improved with big data and artificial intelligence. As a result, mirror trading is relatively accurate and predictable; they are perfect for investors who want to know all the forex trading.
The biggest drawback of this trading method is that you have to mirror everything. You can’t pick and select the signals you want to follow. Though, the whole process is fully automated.
How to choose the best Copy Trading Platform?
Selecting the best copy trading platform is not as easy as you may think. You need to consider many factors while selecting your copy trading software.
Here are some important factors that you need to remember in your section process of copy trading apps:
Regulation and security : Do top-tier institutions regulate it? Does it offer investment protection? Where is it based and operating for how long? Is it publicly listed? How is the review of their customers? Number and quality of traders to copy: Social and copy trading derive from people. Thus, one of the most important factors is the number of users and the number of strategies/traders you can copy/follow. It increases your range of choice, the chances that you will find good traders, and a way to use the wisdom of the crowd in your favor. Transparency in details about the traders you can copy. In general, you should understand, analyze, and assess their strategies, style, and track record: the more information, the better. Finding Winning Traders: Most forex social trading platforms make it simple to track which traders offer the highest ROI, which takes quite a big imagination power to decide who to copy.
Who are some good traders to copy at eToro?
Jeppe Kirk Bonde (etoro.com/people/jeppekirkbonde): Olivier Danvel (etoro.com/people/olivierdanvel) : only trade forex, only green months since Jan 2022. His goal is 1% per month, pretty consistent so far Mariano Pardo (etoro.com/people/marianopardo) : 5th year in a row with positive returns (4 out of 5 superior to 25%) BalanceAM (etoro.com/people/balanceam) : low risk score (3), very good 2022 year. Seems to be becoming very popular recently Libor Vasa (etoro.com/people/liborvasa) : yearly positive returns since 2014.
BEST Copy Trading Apps & Software.
#1 Best Overall.
✔️ Securities Traded: Forex, Cryptos, Stocks, Commodities, ETF, etc.
✔️ Regulations: EU CBI, PFSA, ASIC, etc.
✔️ Demo Account: Yes.
✔️ Min. Deposit: $100.
#2 Top Pick.
✔️ Securities Traded: Crypto, CFD, Stocks, ETF.
✔️ Regulations: CIF, CySEC, FCA, MiFID, AFSL, ASIC.
✔️ Demo Account: Yes.
✔️ Min. Deposit: $50.
✔️ Securities Traded: Forex, Indices, Commodities, Cryptos, etc.
✔️ Regulations: Australian ASIC.
✔️ Demo Account: Yes.
✔️ Min. Deposit: $50.
✔️ Securities Traded: Forex, CFDs, Indices, Commodities, Cryptos, etc.
✔️ Regulations: CySEC, FCA.
✔️ Demo Account: Yes.
✔️ Min. Deposit: $0.
✔️ Securities Traded: Crypto, Forex, Commodities, Indices.
✔️ Regulations: AUSTRAC, EU CBI, MTR, FINTRAC MSB.
✔️ Demo Account: Yes.
✔️ Min. Deposit: 1 USDT.
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