FxBrokerReviews.org – Copy trading has emerged as a popular feature amongst all forex traders. It allows traders to copy trades and portfolios of experienced traders. Copy trading has proved beneficial for beginners who want to step carefully into the forex market. Moreover, it also allows traders to learn trading strategies relevant to the forex market and aim for successful returns.
Owing to the popularity of copy trading, numerous forex brokers have allowed their clients to avail this feature. Modern copy trading platforms let traders, buy and sell trading signals, and connect to broker platforms on which they can automate copy trading.
In this guide, we have listed the best copy trading platforms in the forex market, based on price, asset selection, regulation, and more. Read below to know all that you need to know about copy trading in the forex market. You can also review the Best Forex Trading platforms on our site
Best forex copy trading platform 2022
Through extensive market research and analysis, we have combined a list of some of the best copy trading brokers and the features they provide.
1. E-toro – overall best copy trading platform
E-toro combines a list of some of the best copy traders in the forex market. The platform is considered to be an overall performer for all traders. It allows traders to search for profiles they want to copy based on their historical trading results, preferred asset class, assigned risk, and more. Once a trader has been selected all the investments of the trader will be exactly copied into the investor’s portfolio.
In addition to the copy trading tool, the trading platform also supports social trading. traders can post their thoughts about a particular asset and Others can like or comment on the post. e-toro also allows new traders to start with a demo account that includes copy trading feature. The traders can trade multiple assets like stocks, EFTs, indices, cryptocurrencies, and more.
The best feature of the platform is that it is heavily regulated and charges low trading fees. Therefore, making it an ideal choice for beginners.
2. DupliTrade – best third-party copy trading platform
DupliTrade is the best copy trading platform for those who are looking for advanced trading strategies. It offers users access to copy advanced trading strategies that focus on a particular type of asset. The platform comes with features like an overview of statistics, historical net profit, trade frequency, suggested leverage, and more.
It is to be noted that, DulpiTrade is not a forex broker, but a third-party trading platform. To use DupliTrade you will need to register yourself with a forex broker like NAGA or E-toro.
Nonetheless, the platform allows traders to select from a list of the best copy traders that use advanced trading strategies. It supports forex and CFDs for copy trading.
3. NAGA – best forex broker with a wide range of copy traders to select from
NAGA has emerged as one of the best copy trading brokers in the UK. It allows clients, to copy trades of over 9,000 advanced traders, who are carefully selected through multiple selection stages. Once you have selected the trader, it also gives access to let you study the statistics of the trades and traders so you can determine the positions.
The parameters of selecting a profile to copy trade include profitability, whether the trader is buying or selling, the number of pips, take profit orders, stop-loss orders, and more. You can also see how many people are currently copying their profiles and the profit and loss profile.
The most impressive part of the platform is that it allows the strategy provides to earn money. Traders can choose from over 1000 financial assets with access to multiple Education and research tools and video courses on copying trades.
Also read: How secure is the NAGA trading platform?
4. AVATrade – best secure copy trading platform
In the list of best forex traders to copy also comes Avatrade; a highly secure and regulated trading platform. The platform directly does not support copy trading but is integrated with third-party trading platforms that support copy trading. Like ZuluTrade and DupliTrade. Both of these third-party platforms allow users to copy trades at the click of a button. It also supports MT4 and MT5 trading platforms.
Apart from the numerous CFDs, it allows access to Bitcoin, Bitcoin Cash, Ethereum, Ripple, Dash, Litecoin, and other cryptocurrencies. The forex broker also supports Automated social trading that connects various copy trader and brokers to discuss and share thoughts on asset profiles and trades.
Moreover, the platform also allows clients to ask experts questions, have mentors and trading groups, discover trading strategies, discover expert traders, and more.
Also read: Review AvaTrade: Key Findings for 2022
5. FXTM – best-verified forex traders to copy
FXTM is a leading forex and CFD copy trading platform. FXTM allows only the copy trader who is verified on popular forex broker platforms. The platform allows you to search and select traders that are according to your preference. You can select these copy traders based on their profitability, risk level, amount of funds, and returns and profits.
This copy trading broker enables you to choose one or more traders to copy trade. FXTM hosts more than 5000 copy traders to choose from and all of these are verified. Moreover, if you are a beginner, the platform also has access to multiple educational resources and tutorials to help you understand trading in the forex market.
Also read: FXTM Broker Review 2022
6. FBS – best copy trading app
FBS is the best copy trading platform if you are looking to trade from your android or Ios device. The platform has a web version but copy trading is only available on mobile devices. The app is known for its user-friendly and attractive features, which make it easy to use.
The platform supports copy trading for cryptocurrencies including Bitcoin, Ethereum, Litecoin, Ripple, Dash, and others. Traders can also copy trade forex, and CFDs on stocks, indices, and metals. It hosts over 600 advanced traders to copy-trade. FBS also provides guides and trading information on trading strategies, short selling, scalping, risk management, leveraging, and others
It supports third-party trading platforms like MT5 MT4 and CopyTrade. The best feature of the broker is that the copy trades are risk-free with an automatic stop loss of 10%.
Also read: FBS Broker Review 2022
What is copy trading?
Copy trading is a popular tool for beginners who are just starting to learn forex trading. Copy trading allows traders to copy the trades as well as trading portfolios of experienced traders for their benefit. For traders who have limited trading knowledge, copy trading proves to be an asset as it allows new traders to learn trading strategies in the forex market.
It allows users to actively trade in the financial market, without having to monitor trade positions, research the market or even place an order, whatever the strategy provider does is directly mirrored in the trader’s portfolio. To start with copy trading the most important part is choosing an appropriate copy trader. It can be an intimidating and time-consuming process as there are numerous copy traders on the forex platforms.
Therefore, we advise you to look at NAGA’s copy traders as it has an extensive selection process of the strategy providers.
How does copy trading work?
Now that you have understood the meaning of copy trading, let us look at how you can start copying trades from some of the best brokers to copy from :
- Copy trading relies mostly on social networks and social trading systems.
- When a trader opens a position, they inform the other traders on the forex platform, who can then decide whether they want to open the same position or not.
- If you feel like the trader matches your requirements, you can select the copy-trader
- The trade then takes place, automatically without the requirement for any manual interventions.
- You may either gain profit or loss, depending on the trader you choose to have copied. So if their positions grow, so will yours.
- You need to remember when selecting the traders to copy, you should know your trader’s position sizes.
Benefits of copy trading
Copy-trading allows copying positions of a much-experienced trader, and lately, it has become more popular. Many new traders completely rely on the portfolios of other traders to invest in instead of trading themselves.
Here are some benefits worth discussing why copy trading is so popular:
It allows investing with a limited market knowledge
Copy trading makes it easy for new traders who have no or limited knowledge about the market. It gives them a fair opportunity to invest like the other traders. Moreover, it also helps them to learn about some popular trading techniques and strategies used by experienced traders. It does not completely remove the need to research and understand the market but proves very beneficial for new traders.
Access to global markets
With the help of copy trading platforms, traders get an access to explore through multiple international markets. They can easily enter markets of different country by copying the portfolios of other advanced traders. Therefore, copy trading you get exposure an to global markets and gain a global knowledge base.
Customize trades
Most of the best Copy Trading platforms, not only allow traders to copy trades of other traders but also allow to customize certain aspects of the trade according to their own needs. They can either lower the volumes, or only copy certain portions of a trade. What and how much is copied is often flexible.
Diversify portfolio
When there is an ease of trade, traders can explore more options to trade. Copy trading gives new traders confidence to try new assets to trade, thus diversifying their portfolios. It also traders to copy multiple traders and get high returns. However, it is advised to choose the strategy provider carefully.
Extra income
Traders who allows beginners to copy their portfolios get paid for it on most of the copy trading platforms like NAGA. Each broker has its own system but the copy traders are paid a fee or percentage based on the number of follows they have. For experienced traders with strong trading strategies this can be a good opportunity to trade and earn at the same time.
Is copy trading safe?
Copy trading refers to copying the portfolios and trades of advanced traders, therefore it is completely safe. It has become one of the most popular tools used by most traders. In order to be secure you need to make sure that you copy trading platform is regulated and the forex trader that you copy is verified.
However, if you blindly follow every rule and move of the copy trader then, you might be putting yourself at risk. Even though you are not required to monitor all trade positions in copy trading, but due to the volatility of the forex market do your research before you comply with any copy trader.
Get a list of the best regulated forex brokers UK at forex broker reviews.
Is copy trading good for beginners?
Copy trading is a common feature used by new traders. The copy trading platforms help traders to learn trading strategy and get familiar with the forex market. It also helps them to diversify their portfolios. The best copy trading platform for beginners are E-toro and FXMT.
Final thoughts
Copy trading is ideal for all kinds of traders as it allows to copy trades and even allows traders to customize their trades according to their preferences. To get started with a copy trading platform you just need to login with you forex broker and avail their copy trading feature. Brokers that do not have their own copy trading feature are integrated with third-party platforms like MT4, MT5, ZULUTRADE and more.
According to our detailed reviews the best copy trading platform with a wide range of copy traders is NAGA, while overall the platform is E-toro.
FAQ’s
Q1. Which is the best copy trading platform?
Ans : E-toro and NAGA are the best copy trading platform based on easy of use and options of copy trades available.
Q2. Is copy trading safe?
Ans : Copy trading is safe to use for all traders. However, you need to carefully choose the best broker that copy trades.
Q3. Is copy trading profitable?
Ans : Copy trading allows traders to take the benefit of all the positions placed by the advanced traders. So, you can benefit generously if you choose the right trader to copy.
