5 Best Social Trading Platform In 2023

FxBrokerReviews.org – Researchers went ahead and conducted the research for everyone in order to assist in locating the top social trading platforms in 2023. Firstly, we chose 102 reputable firms that offer social trading. Then, we looked into and contrasted almost every area of their product line, including costs, markets, products shown, trading platforms, deposit and withdrawal choices, and many more. Service providers had to demonstrate their expertise across various domains to be chosen as one of the best social trading platforms. You won’t need to dig as far as we did.

The Top 5 Picks For The Best Social Trading Platform In 2023:

  1. eToro – In 2023, eToro will be the top social trading platform. Free trading of stocks and ETFs. Effortless account creation trading online.
  2. TD Ameritrade – TD Ameritrade comes in second—with low transaction costs (free stock and ETF trading). Fantastic desktop trading platform. Excellent customer service.
  3. Tastyworks – tastyworks completes the top three. Small trading costs. Excellent instructional resources with social trader tools.
  4. AvaTrade – AvaTrade, position four. Quick and straightforward account opening Options for free deposits and withdrawals. Superb research resources.
  5. Vantage – Vantage is now ranked fifth on the list. Low costs. Rapid account opening. Direct deposit and withdrawal.

Why A Trading Platform Is Suitable For Social Trading

Since you are already aware of the top 5, you undoubtedly want to know how we came up with this list. Let’s quickly go over a few points. What is social trading in forex? Why do we believe that these brokers are secure? What elements are most crucial while choosing the most refined social trading platform?

Also read: Forex Social Trading: All That You Need To Know

An Explanation Of Social Trading Platforms

In social trading, you imitate other investors’ investment techniques through free copy trading or mirror trading. It’s ideal, particularly for those who don’t want to waste too much time looking for good trading possibilities or methods. A social trading platform is a service that provides both standard trading and the ability to imitate other users’ moves.

Also read: Best Copy Forex Trading In 2022

The Safety Of These Brokers?

Every broker on our list is regarded as secure. You can be confident that none of them are frauds. They are all governed by at least one prestigious financial organization.

Nevertheless, even legitimate or otherwise safe brokerage firms can fail. Do you recall when Lehman Brothers failed? Understanding what happens to your money and assets in such circumstances is crucial. Your money is typically kept in separate accounts, so even if your broker files for bankruptcy, your money is still secure.

The compensation fund of the nation where the broker is licensed will be your final resort if everything goes wrong and a scenario emerges where the broker cannot refund your money.

How Did NAGA Decide Which Social Trading Sites Were The Best?

At NAGA, we analyze online brokers using existing accounts and actual money based on almost 500 factors. We’ll present the top five criteria because we don’t want to overload you.

The Top 5 Requirements For 2023’s Leading Social Trading Platforms

  1. Fees – A typical US equity trade can have trading costs that are up to 50 times greater at one broker than another. It is certainly worthwhile to review these prices.
  2. Account opening Some brokers need a minimum deposit before you can begin investing, while others don’t. Always look over these requirements before choosing a social trading platform.
  3. Making and withdrawing money – Depositing and withdrawing money from some brokers can take five times longer and cost substantially more than other brokers.
  4. Trading platform – Your trading comfort can be significantly increased by a user-friendly and well-equipped trading platform.
  5. Products and markets – Want to social trade Bitcoin or invest in Amazon? All brokers might not offer them. Before creating an account, look over the product lineup.

Also read: Searching for The Best Bitcoin Brokers? Here is All That You Want

And now, let’s look at each of the top social trading platforms for 2023 individually.

1. eToro

eToro is a well-known social trading firm from Israel that was founded in 2007.

An entity serves Australians under the Australian Securities and Investment Commission (ASIC) regulation, and UK clients are operated by a division under the Financial Conduct Authority (FCA) regulation. A Cypriot division, under the supervision of the Cyprus Securities and Exchange Commission, provides services to all other clients (CySEC).

No stock exchange lists eToro, the company doesn’t publish its annual report online, and it doesn’t have a parent bank. Being governed by the elite FCA and ASIC is a positive indicator of eToro’s security.

Free trading of stocks and ETFsExorbitant non-trade fees
Simple account creationOnly one base currency per account
Trading onlineCustomer service needs to be enhanced


eToro provides low-cost forex and CFD trading and free stock and ETF trading. On the downside, there are substantial non-trading fees, like a $5 withdrawal fee.

Account Opening

At eToro, opening an account is simple and quick, and the minimum deposit is minimal compared to most other sites.

Deposit And Withdrawal

Although there is a $5 withdrawal fee, depositing money is simple, and several options are available. Because only USD accounts are offered, making a deposit or withdrawal in another currency, such as EUR or GBP, may result in significant conversion fees.

Markets And Products

You can trade fundamental equities, ETFs, various cryptocurrencies, CFDs, and currencies with eToro. There are also offered cutting-edge features like social trading and intelligent portfolios.

Trading Platform

The web trading interface provided by eToro is user-friendly and well designed and supports social trading. The platform can only be somewhat customized, though.


How is eToro structured? Zero commission stock trading is available on eToro. The process of creating an account is quick and easy. Numerous cutting-edge elements exist, including social trading and emulating other (successful) traders. A lot of different cryptocurrencies can be traded on eToro, too.

However, it has some shortcomings. Due to the $5 withdrawal fee and eToro only accepting USD accounts, there may be significant conversion fees for deposits and withdrawals if your financing currency is not USD. Customer service is challenging to reach, and their teaching resources should be improved.

2. TD Ameritrade

We strongly suggest TD Ameritrade if you are a social trader seeking reliable research and a feature-rich desktop trading platform.

One of the largest stockbrokers in the US, TD was founded in 1975, and it is overseen by prestigious agencies, including the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and Commodity Futures Trading Commission (CFTC).

This online broker is secure due to its established track record, stock market listing, banking history, disclosure of its financials, and supervision by critical regulators.

Low transaction costs (free stock and ETF trading)You may only transact on US markets
Excellent desktop trading environmentMost accounts are only available to US citizens
Excellent customer serviceNo use of electronic wallets or credit/debit cards for money transfers


With cheap fees for FX, bonds, and options trading, TD Ameritrade also provides free stock and ETF trading. However, it will have expensive costs in the future.

Account Opening

There is no minimum deposit requirement for US people at TD Ameritrade, which offers various account kinds.

Deposit And Withdrawal

The account financing process is simple and there are no deposit fees, but the only base currency offered is USD, and money transfers have a significant price.

Markets And Products

Several asset classes, including stocks, futures, and currency, are available for trading, and attractive extras like social trading and robo-advisory. However, only the US market is serviced.

Trading Platform

TD Ameritrade provides a reliable and attractive web trading platform. On the other hand, the platform cannot be customized.


TD is a principal US online broker that doesn’t charge commissions on stock and ETF trades. Its desktop platform is among the best available, and the research and education are excellent. The customer support is also excellent.

3. Tastyworks

US broker tastyworks is a newcomer with a concentration on options trading. For Australian customers, it is overseen by the prestigious Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and Australian Securities and Investments Commission (ASIC).

The professionals who created the thinkorswim trading platform, which TD Ameritrade currently runs, are the same behind tastyworks. tastyworks, a privately held company with its headquarters in Chicago, was founded in 2017.

Low transaction costsLimited range of goods
Excellent educational resourcesFew possibilities for deposits and withdrawals
Top research resourcesNo demo account


There are no inactivity fees and reasonable trading fees at tastyworks. On the other side, wire transfers carry a hefty withdrawal fee, and margin rates are also relatively expensive.

Account Opening

Opening an account with tastyworks is simple, quick, entirely digital, and has no minimum deposit.

Deposit And Withdrawal

Although tastyworks deposit and withdrawal processes are simple to use and have no fees for deposits, only bank transfers are supported, and withdrawal costs can be high, especially for customers outside the US.

Markets And Products

You can trade US equities, ETFs, options, and futures at tastyworks. International assets, as well as other standard asset classes like securities or mutual funds, are absent.

Trading Platform

The tastyworks web interface is excellent for seasoned traders, especially for options trading. Nevertheless, learning how to use its features requires some effort, and there are few customization options.


Although tastyworks is a great broker for trading options, it can be a little challenging if you only want to trade equities.

Low trading costs are offered by tastyworks, including free stock and ETF trading. Its trading interface can be daunting for novices because it is designed for seasoned options traders. Nevertheless, its learning resources—both educational and research—are excellent. Procedures for deposits and withdrawals might be improved, and a demo account would be ideal for testing new strategies.

4. AvaTrade

AvaTrade was established in 2006 as a global CFD and forex broker. Several prestigious financial regulators oversee it, notably the Central Bank of Ireland.

Quick and simple account creationOffer limited to CFDs, FX, and cryptocurrencies
Free alternatives for deposits and withdrawalsExorbitant late fees
Great research resourcesCommon forex charges


AvaTrade offers low CFD fees and average FX fees. Although withdrawals and deposits are free, there are substantial inactivity fees.

Account Opening

At AvaTrade, opening an account is simple and entirely digital. Trading can be initiated in a matter of minutes.

Deposit And Withdrawal

AvaTrade provides several free deposit and withdrawal methods. The drawback was that withdrawal took three business days.

Markets And Products

Only FX and CFDs, including stock, index, currency, and commodities CFDs, are available with AvaTrade. Other well-liked asset classes, including actual equities, are not offered.

Trading Platform

The user-friendly, well-designed web platform of AvaTrade features a particular order type to shield you from losses. Customization, two-step login, and price notifications are all missing, though.


AvaTrade is regarded as secure because it is governed by numerous organizations on a global scale, including the esteemed Central Bank of Ireland and the Australian Securities and Investments Commission (ASIC).

Also read: AvaTrade Broker Review

5. Vantage

Vantage is an international FX and CFD broker established in Australia. It was established in 2009 and is governed by the Vanuatu Financial Services Commission, the UK’s Financial Conduct Authority, and the Australian Securities and Investments Commission (ASIC) (VFSC).

Being governed by a top-tier agency (ASIC, FCA) is a positive indicator of Vantage’s security.

Low costsLimited range of goods
Opening an account very quicklyCustomer support might be improved
Simple deposit and withdrawal processesOnly the UK provides investor protection


Vantage does not impose an inactivity fee and has reasonable forex trading and non-trading fees. The finance charges and share CFD fees are pretty high, which is a drawback.

Account Opening

Vantage’s account opening process is entirely digital, quick, and accessible. You can open an account with the brokerage in less than five minutes. Thus it lives up to its pledge.

Deposit And Withdrawal

Vantage offers a wide range of quick, simple, and primarily free deposit and withdrawal methods. Cost savings are considerable if you utilize an overseas bank withdrawal more than once per month.

Markets And Products

You can only trade forex and CFDs at Vantage (commodities, stock indices, shares, cryptos). This implies that many standard asset classes, including actual stocks and ETFs, are unavailable.

Trading Platform

MetaTrader provides a web trading platform for Vantage. It offers a transparent fee report, is multilingual, and is highly customizable. Yet, it doesn’t have a two-step login process, and the look is antiquated.


Vantage is a forex and CFD broker overseen by the FCA in the UK and Australia’s top regulator, ASIC.


Fxbrokerreviews.org has shown all the details, and it will be helpful for anyone to choose between the best social trading in forex for the year and ahead.

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