The Best Copy Trading Platform - Fortunly’s Picks for 2022:
Copy trading is a type of investment strategy that allows investors to mirror the trading activity of another investor or group of investors. Also known as social trading, copy trading can be a helpful tool for investors who are looking to learn from more experienced traders or those who want to reduce the risk associated with their investment portfolio.
Choosing the best copy trading platform based on the features that suit your needs can be a daunting task, so we’ve made a list with the final candidates to help you find the right solution.
Stocks, forex, cryptocurrencies, ETFs, and more
Forex, commodities, indices, stocks
Forex, shares, commodities, cryptocurrencies, indices, ETFs (offered as CFDs only)
Forex, indices, commodities, stocks, cryptocurrencies
Stocks, forex, commodities, indices, and cryptos
Forex, CFDs, commodities, and cryptos
How We Evaluated the Best Copy Trading Brokers
When entering the world of social forex trading, it’s crucial to have a good platform for copy trading to help you figure out how everything works. Our list of trading platforms features both brokers and copy trading software providers, so you’ll have plenty of options to choose from.
Almost all trading solutions are suitable for beginners but can also be used by experienced forex traders who want to replicate other traders' strategies. Here’s what we looked for:
License and Regulation
The most important aspect when choosing a brokerage company is whether it’s licensed. Our list consists solely of those brokers that are fully regulated and licensed by reputable government organizations.
The next thing to check out when choosing the best forex copy trading broker is user-friendliness. As copy trading is a strategy typically used by less experienced traders to mimic the investment strategies of experts, finding a platform that’s easy to navigate with multiple search filters is mandatory.
We picked platforms with filters that will help you find the traders that perfectly fit your needs. You can search traders by profits, investment risk, number of followers, and other criteria. The platform should allow you to choose as many traders as you want to copy and allocate your funds the way you want.
The next thing worth considering is whether a particular platform has a community of expert traders. Every copy trading system connects traders who share their strategies and signals with followers or traders who copy them.
It’s advisable to select a platform with a large community of reputable experts. Most platforms support communication between traders, meaning that you’ll be able to ask experienced traders for advice.
Although copy trading forex is excellent for novices as it doesn’t require trading skills, it’s still good to rely on support when a problem arises. Customer support is another thing to consider when choosing a platform for copy trading.
Usually, there are several ways to get in touch with the agents, including phone support, email, and live chat.
Not all providers have a social trading app for mobile phones, but the best ones do. Many providers offer native mobile apps for iOS and Android devices, allowing users to trade while on the go.
Finally, you should consider the price before you start trading. Copy trading itself is free, and most providers won’t charge you additional fees for this service. Do keep in mind that you’ll need to deposit funds to open an account and start trading.
Copy Trading Platforms and Broker Services for 2022 - Our Top Picks
eToro - The largest community of copy traders
FXTM - The best semi-automated copy trading
Pepperstone - The best selection of third-party copy trading platforms
AvaTrade - Best for connecting with expert brokers
ZuluTrade - The best for beginners
OctaFX - The best for diversified automated trading
Is copy trading good for beginners?
Some people believe that it’s a great way for beginners to get started in the world of forex because they can follow the strategies of experienced traders. Top copy trading platforms allow them to copy trade strategies and signals used by the best forex traders. Others feel that copy trading can be risky because you don’t have full control over your portfolio.
Ultimately, if you’re comfortable following someone else’s trades, then copy trading may be your best option. However, if you prefer to make your own decisions, forex trading may not be the right choice.
Is copy trading profitable?
Copy forex trading can be profitable if you find reliable and successful traders to copy. However, it’s important to do your research before selecting these traders and make sure that you fully understand the risks involved.
There is no guarantee that the traders you copy will be successful in the future, so it’s essential to weigh your options carefully.
Is copy trading automated?
In general, copy trading is an automated process. Many platforms use algorithms to automatically select the best traders to copy, but you can also do that manually.
Additionally, platforms offer auto-trading features, which allow you to execute the trades of the traders you are copying automatically. This is beneficial for less experienced traders or those who don’t want to monitor market analysis constantly.
What is the best copy trading platform?
There is no definitive answer, as everyone's needs and preferences will be different. However, some of the more popular platforms are AvaTrade, eToro, and ZuluTrade. Each of these platforms has its unique features and benefits, so it's important to do your research before deciding which one is right for you.