FxBrokerReviews.org – Copy trading has become a popular trading strategy in the forex market these days. It allows traders to automatically copy trades and trade portfolios of advanced traders by paying them a small fee. Copy trading is an easy way for new traders to warm profits in the forex market and diversify their portfolios.
With copy trading, a forex trader can mirror trades of various assets like stocks, indices, CFDs, currency pairs, commodities, and even cryptocurrencies. Copy trading, can either be automatic or manual, depending on the requirements of the traders.
Before, you start copy trading it is essential to note that the copy trading strategies are not exempted from the market’s volatility. It is profitable in several ways, but the capital can still be at risk if not used carefully.
Also read: Best Copy Forex Trading In 2022
Therefore, in this article, we will review a list of copy trading platforms and also determine which copy trade is best for beginner traders.
List of the best copy trading platforms 2022
Check out the 6 Best copy trading platforms and apps in 2022. The list looks at the features of these copy trading platforms which are carefully analyzed and hand-picked by us for your convenience, take a look below
- NAGA- best copy trading platform in the UK
- E-toro – best free copy trading platform
- FXMT – best copy trading platform with versatile trading options
- AvaTrade- copy trading platform with low trading fees
- Prime XTB – best top pick copy trading platform in the UK
Best copy trading platforms in 2022: detailed review
1. NAGA: best copy trading platform in the UK
NAGA has emerged as one of the best copy trading platforms in the UK. It allows clients, to copy trades of more than 9,000 advanced traders, who are 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, number of pips, 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 providers 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.
What do we like?
- NAGA has an extensive method to choose trade copiers.
- It also facilitates social trading.
- The copy trading feature also works for cryptos.
- Has a wide range of tools to monitor the copied trades.
2. E-toro – best free copy trading platform
E-toro is the best free copy trading platform in the forex market. 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 are mirrored in 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 a free copy trading feature. The traders can trade multiple assets like stocks, EFTs, indices, cryptocurrencies, and more.
What do we like?
- Free copy trading platform.
- User-friendly app.
- The demo account offers copy trading.
- Wide range of assets to trade from.
3. FXTM – best copy trading platform with versatile trading options
FXTM is a leading CFD copy trading platform. The trading app allows copy traders who are 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 profits.
The copy trading platform enables traders 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.
What do we like?
- Best CFD copy trading platform.
- More than 5000 copy traders.
- Versatile trading platform with huge asset selection.
- Multiple educational resources.
4. AvaTrade- copy trading platform with low trading fees
Avatrade is a highly secure and regulated trading platform with low trading fees. The platform directly does not support copy trading but is integrated with third-party trading platforms that support copy trading, like ZuluTrade and DupliTrade. These third-party platforms allow users to copy trades. 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 social trading that connects various copy traders 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. It is indeed the best copy trading platform with low trading charges.
What do we like?
- Allows copy trading of cryptocurrencies.
- Supports discussion groups and trading strategies.
- Offers MT4 and other third-party platforms.
5. Prime XTB – best top pick copy trading platform in the UK
PrimeXBT is one of the best copy trading platforms that allow both new as well as experienced traders to copy trades. It helps Professional traders to get extra income by allowing others to copy their strategies and paying them a fee for the same.
The platform supports a demo account that offers free copy trading. A trader can copy trade Forex, indices, commodities, cryptocurrencies, and more. Prime XTB is also known to offer excellent customer service and educational resources.
What do we like?
- Regulated by the Australians board of securities.
- The demo account supports copy trading.
- Wide asset selection.
- Pays traders who allow copying portfolios.
How does copy trading work?
Copy trading works in a relatively simple manner. First off, a trader should find an online forex broker who offers copy trading. After this, once they agree to the terms and conditions of the copy trading platform, the traders will be given access to a portal where they can choose from a list of advanced traders, who they want to copy.
Once, you choose a copier and deposit the required funds in your broker account, you can start mirroring the traders of your copier. This usually happens automatically and without the requirement for any manual interventions. If they have opened a position and their positions grow, so will yours and if the trade moves in the opposite direction, you can even incur losses.
Here, the most important point to note is that everything is proportionate. Therefore you can invest whatever amount you like depending on the broker’s rules.
Forex copy trading is a popular strategy as the constant price movements of the currency pairs requires constant monitoring. Therefore, in copy trading in forex, a trader can simply copy another trader’s positions rather than scanning the fast-moving forex markets themselves. In addition, to this, a trader can benefit from various copy trading strategies to copy portfolios of traders and get profitable returns in the market.
What are the assets that you can copy trade?
There are several assets in the financial market that you can copy trade. It is possible to copy most of these assets but it also depends on your broker. Take a look at the assets available to copy trade:
- Forex – major currency pairs like EUR/USD and GBP/USD and more can be mirrored by almost all the forex brokers. Copy trading was initially, introduced to mirror forex trades.
- Stocks – copy trading stocks, gives information about the price movements of the shares and for how long should a trader hold the position.
- Cryptocurrencies – It is possible to copy trade digital coins like Bitcoin, Ethereum, Ripple, and more. Brokers like NAGA and E-toro offer the best crypto copy trading services.
- Indices – These are financial assets that track multiple assets. For Example – Dow Jones and Nasdaq 100.
- Commodities – commodities like gold, precious metals, crude oil, copper, wheat, and more can also be mirrored easily.
What is the difference between copy trading and social trading?
Social trading:
Social trading is a suitable trading method for new traders to learn by interacting with experienced traders using various social platforms. In social trading, you need to communicate with your preferred traders by sharing trading strategies or technical analysis. It enables learning and creates an ideal investment method to get high returns.
The drawback of this trading method is that you need to constantly monitor the market’s flow and decide on individual trade trends rather than automatically copying the trades of others.
Copy-trading:
Copy Trading is a feature that enables traders in the forex and other financial markets to automatically copy positions, which are opened and managed by experienced traders. This technique allows traders to copy certain trading strategies.
It is a very effective trading strategy for individuals who don’t have the time to trade independently. Here, you just need to add funds to your brokerage account, select a strategy provider and then hope to see it grow, and monitor it, if you wish to.
Is copy trading safe?
You can copy trades automatically or manually depending on your requirements and experience. Automated trading allows you to pick a trader to copy and when they trade, you trade. You do not have to give any inputs of your own or even monitor the trades.
But in manual copy trading, it is up to you how you mimic the trades of other traders. You even have to monitor the positions and provide inputs on the trade. This can be a little risky if you are a beginner.
In both situations, if you blindly follow the copier, then you can be exposed to potential risks. Before choosing the trader and investing do your research and get some information about the market conditions. If you follow all this, then copy trading can prove to be safe and profitable also.
Is copy trading profitable for beginners?
Copy trading is profitable when a trader can accurately choose a trader whose traders will be successful and get high returns. Copy trading is also beneficial for traders who have little information about the market and want to explore more. It helps them learn trading strategies, expand their portfolios and even get successful trading results in the forex market. Therefore, it is safe to say that copy trading is profitable.
However, given that even the best traders make many mistakes, therefore carefully choose whose traders you want to mirror. Do not completely rely on copiers for all your trading needs. Some of the best copy trading platforms like NAGA, and E-toro, offer tools like stop-loss to manually monitor the trades.
Is copy trading a good strategy for the forex market?
Copy trading was initially launched to help traders in the forex market. The currency pairs are constantly fluctuating, even though they move at a slow rate. This makes it difficult for traders to constantly monitor and keep a check on the price movements.
Therefore, copy trading was introduced. Full-time traders who are well experienced in the market can efficiently monitor and predict the price fluctuations in the forex market, thus helping the new traders. Copy trading is a good strategy not just in the forex market, but also while trading several other assets like commodities, stocks, CFDs, crypto, and more!
Final thoughts
Copy trading allows traders to copy trades, some of the trading platforms even customize trades according to the preferences of the traders. To get started with a copy trading platform you just need to log in with your forex broker and avail of their copy trading feature. Brokers that do not have their copy trading feature are integrated with third-party platforms like MT4, and MT5.
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. What is copy trading?
Ans: Copy trading feature allows traders to mirror the same positions of advanced traders to get high returns.
Q2. Is copy trading risky?
Ans: It can be risky if traders blindly follow other traders. In case of any loss in the copier’s portfolio, you can also incur the same loss.
Q3. Which copy trade is the best platform?
Ans: According to our reviews, NAGA and E-toro are considered the best copy trade platform.
