Fortunly's Guide
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The Best Copy Trading Platforms for 2024

Written By
I. Mitic
Updated
August 17,2023
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

Once again, the world is in disarray, and as always, it’s taking financial markets along for the ride. If you’re looking for a safe way to invest your hard-earned cash, the legendary investor Warren Buffett would advise you to invest in a business, not a stock.

But what if you can’t choose a business or are not even after stocks? This is where copy trading could come in handy. It works almost like cheating in high school - you select a successful trader or group of traders and copy the trading strategies they used for a portion of funds.

In this article, we will look at how the industry greats do it. Then, after you’ve assessed all of them, you can select the best copy trading platform for your needs.

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Best Copy Trading Apps in March 2024

eToro Logo

eToro

5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

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Risk Warning: eToro USA LLC and eToro USA Securities Inc.; Investing involves risk, including loss of principal; Not a recommendation.
Min. Opening Deposit: $10
Year of Funding: 2007
Supported Social Trading Platforms: eToro CopyTrader
Key Features
Overview
Tradable Assets
  • The largest network of users
  • Easy-to-use dashboard
  • Copy trade up to 100 traders simultaneously
  • $100,000 virtual portfolio
ZuluTrade Logo

ZuluTrade

4.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

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Min. Opening Deposit: Depends on the chosen broker
Year of Funding: 2007
Supported Social Trading Platforms: ZuluTrade
Key Features
Overview
Tradable assets
  • Supports more than 70 brokers
  • Helps you create a diversified portfolio
  • 24/5 customer support
  • The oldest copy trading platform with over 2,000,000 investors globally
  • Regulated in Greece by the Hellenic Capital Market Commission (HCMC) and Japan (2014 – No. 1058 Member of Associations / General Japan Investment Advisers Association)
  • More than 90k traders from different countries for investors to choose from
  • Easy registration, free to open an account
  • Award-winning platform
Pepperstone Logo

Pepperstone

4.4 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

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Risk Warning: Between 74-89 % of retail investor accounts lose money when trading CFDs
Min. Opening Deposit: $200
Year of Funding: 2010
Supported Social Trading Platforms: MetaTrader Signals, MyFxBook, DupliTrade
Key Features
Overview
Tradable assets
  • Free demo account
  • Collaborates with top-rate copy trading platforms
  • Offers MetaTrader, TradingView, and cTrader trading platforms
AvaTrade Logo

AvaTrade

4.1 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

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Min. Opening Deposit: $100
Year of Funding: 2006
Supported Social Trading Platforms: ZuluTrade, DupliTrade, AvaSocial
Key Features
Overview
Tradable Assets
  • Automated copy trading
  • Connects you with expert brokers
  • Demo account
FXTM Logo

FXTM

4 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

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Min. Opening Deposit: $10
Year of Funding: 2011
Supported Social Trading Platforms: MT4, MT5, and FXTM Trader
Key Features
Overview
Tradable Assets
  • Manual, semi-automated, and automated copy trading
  • Over 4 million users
  • User-friendly dashboard
OctaFX Logo

OctaFX

4 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

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Minimum Deposit: $25
Year of Funding: 2011
Supported Social Trading Platforms: MetaTrader 4
Key Features
Overview
Tradable Assets
  • Real-time executions
  • Mobile app for Android
  • Copy unlimited traders
Quick Breakdown

Copy Trading Platforms and Broker Services for 2024 - Our Top Picks

  • eToro - The largest community of copy traders

  • ZuluTrade - Best for beginners

  • Pepperstone - Best selection of third-party copy trading platforms

  • AvaTrade - Best for connecting with expert brokers

  • FXTM - Best semi-automated copy trading

  • OctaFX - Best for diversified automated trading

Evaluation Criteria

How We Evaluated Copy Trading Brokers

Social forex trading doesn’t come without its own risks, so choosing a trustworthy yet easy-to-use copy trading platform is almost as essential as selecting the right bank or a dependable tax consultant.

The list we have compiled features both brokers and copy trading software providers, most of which are suitable for novice investors and seasoned traders looking to copy successful peers’ strategies. Below is an overview of the aspects we looked at.

Broker License and Regulation

To paraphrase real estate brokers: license, license, license. It should go without saying that only brokers regulated and licensed by the relevant government authorities should make it on your shortlist. Only such made ours.

User-Friendliness

Just like a good math teacher needs to be both a competent mathematician and capable of explaining math, so the best copy trading broker must offer a solid selection of traders and make it easy for less experienced traders to find them.

Therefore, we’ve selected those platforms that are easy to navigate and offer multiple search filters, such as profit, investment risk, and follower numbers. Only such platforms make it possible for users to find traders who fit their preferences and invest their money as they see fit.

Community

A copy trading system brings together traders who are willing to share their investment strategies and signals with followers seeking to copy their strategies.

It is advisable to go for a platform with a large community of expert traders, especially one that supports communication with them, so you can ask them for advice.

Customer Service

Even traders with a track record in a particular asset class sometimes explore other products and go for copy trading for, say, forex. And when something goes wrong, they need to contact support. That is even more frequent when it comes to inexperienced traders.

So, customer support is an important feature to consider, especially if you can contact agents through more than one channel (phone, email, live chat).

Mobile App

You’ll find that the top platforms have a social trading app for mobile phones. A native mobile app for iOS and Android devices allows users to trade on the go, which helps save time, and we all know time is money, sometimes quite literally, when it comes to copy trading.

Price

Copy trading itself is free, and most providers won’t charge you for this service since they earn money from the sell/buy spread. Of course, you’ll need to deposit funds to open an account and start trading.

 

 

FAQ

Is copy trading good for beginners?

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Yes, being able to copy seasoned traders’ investment strategies can help beginners effectively learn about stock or even forex trading. Top copy trading platforms link so-called copycat investors with expert traders, allowing them to copy successful strategies and signals.

Still, you should be aware of potential risks: Every time the copied investor loses money, so does the copying trader.

Is copy trading profitable?

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Whether you copy a forex trading or stock trading strategy from a successful investor, you should turn a profit yourself. Of course, even the most successful trader will occasionally lose money, and so will those copying them, so be aware that this investment strategy is not foolproof.

Is copy trading automated?

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As it is often used by novice traders, copy trading offered by top platforms can be automated, employing algorithms to select the copied investors and auto-trading to execute trades. It can also be semi-automatic or manual.

What is the best copy trading platform?

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AvaTrade, eToro, and ZuluTrade are among the best-in-class platforms for their copy trading features and the benefits they offer.