Best Forex Copy Trading Platforms in 2024
Copy trading allows traders to duplicate successful strategies that are gaining popularity in the financial market. This trend reflects investors' desire to maximize returns using proven methods and approaches from experienced market participants. In a continuously changing market and a constant flow of information, the speed of decision-making plays a critical role. Copy trading platforms offer a unique opportunity to learn from the best and automate the trading process, making it accessible even for novice investors. In our ranking, we have compiled the best social and copy trading platforms to help you choose the most suitable tool to achieve your investment goals.
List of the Best Copy Trading Platforms
№ | Service | Minimum Deposit | Cost of copying | Trading platform | Signal providers |
1 | $200 | free | eToro | >20 mln | |
2 | $100 | 25% of trader's profit or $20 per lot | MetaTrader 4 MetaTrader 5 | >2 mln | |
3 | $50 | $0.99 and an additional 5% if the profit from the copied transaction exceeds $10 | NAGA | >1 mln | |
4 | $200 | up to 50% of profits | MetaTrader 4 MetaTrader 5 | >50 000 | |
5 | $30 | from $30 a month | MetaTrader 4 MetaTrader 5 | >4 000 | |
6 | $100 | up to 50% of profits or up to $10 per lot | MetaTrader 4 | >1 000 | |
7 | $100 | up to 50% of profits | MetaTrader 4 MetaTrader 5 | >600 | |
8 | $10 | up to 50% of profit or commission per lot or subscription payment | MetaTrader 4 MetaTrader 5 | >100 000 | |
9 | $1 | up to 50% of profit or up to $8 per lot | Forex4you | >150 | |
10 | $1 000 | depends on the broker - free of charge or with a markup on the spread | MetaTrader 4 MetaTrader 5 | >50 |
We have thoroughly researched and evaluated various services to provide an unbiased ranking of the current best copy and social trading platforms. Next, we will delve into each service in detail, highlighting their key features, advantages, and potential drawbacks. This will enable you to make an informed choice and find a social trading platform that perfectly meets your requirements and trading goals on Forex.
1. CopyTrader by eToro
eToro is the best copy trading platform in the Forex market. This popular copy trading tool allows traders to follow successful market participants' actions and automatically copy their trading operations in real-time. It features an intuitive interface and transparency of the complete trading history of successful traders, making CopyTrader particularly appealing to novice investors.
eToro users can choose whom to copy based on detailed trader profiles, including risk levels, profit history, and trading style. This system makes it easier for beginners to learn and allows them to gain more trading experience and expand their strategies by analyzing the actions of other market participants.
In addition, eToro offers the CopyPortfolios feature, which allows investors to invest in pre-assembled investment portfolios or portfolios compiled based on the platform's most successful systems and traders. This further simplifies the investment process and enhances the potential for diversification of trading instruments.
2. ZuluTrade
ZuluTrade is a pioneer in social trading and copy trading. This platform allows users to subscribe to signals from experienced traders worldwide and automatically copy their trades into their trading accounts. A distinctive feature of ZuluTrade is its deep integration with various brokerage firms, which ensures wide availability and flexibility when choosing trading conditions. ZuluTrade offers a variety of asset classes, including Forex, cryptocurrencies, and CFDs on stocks and commodities.
One of ZuluTrade's key features is its trader rating system, which analyzes traders' risk, profitability, stability, and many other indicators. This enables investors to make informed choices based on detailed statistics and each trader's history. Additionally, the platform offers risk management settings that can be customized to suit individual preferences and goals.
ZuluTrade also stands out for its social features, such as real-time comments and discussions about trading systems, making the automated trading process more interactive and informative. Users can communicate with other investors, discuss and share trading ideas, and share experiences, contributing to a better understanding of the market and developing effective trading systems.
Best Copy Trading Forex Brokers with ZuluTrade Support
If you already have an account with one of these brokers or a platform like MT4/MT5, connect it to the ZuluTrade system.
3. NAGA Autocopy
NAGA Autocopy is a cutting-edge automatic copy trading platform allowing users to replicate other traders' trades instantly. The platform is designed to democratize trading, making it accessible to investors of all experience levels. With NAGA Autocopy, investors can select traders based on their performance, trading style, and historical profitability, enabling them to easily customize and optimize their portfolios to meet individual investment goals.
One of NAGA Autocopy's key advantages is its integrated social network, which allows users to exchange information and strategies, discuss market trends, and receive real-time feedback on traders' actions. This social dimension adds interaction and collaboration among users, fostering a better understanding of the markets and improving trading outcomes. The platform also offers advanced analytics and risk management tools that help users monitor and minimize potential losses.
4. Pelican Trading
Pelican Trading is an innovative platform specializing in social trading and the exchange of trading strategies among traders. This service combines the functionality of traditional trading with the interactive elements of social networks, allowing copy traders to communicate and copy each other's trades in real-time.
One of Pelican Trading's main features is its support for integrated trading rooms, where users can create or join groups to discuss systems, analyze the market, and trade collectively. These rooms provide additional interaction and collaboration among participants, which is a significant advantage for novice and experienced traders.
Pelican Trading also offers risk management tools, including customizable trade copying settings, which allow users to precisely determine how trades will be replicated in their trading accounts. This enables investors to maintain control over their funds and tailor copy trading strategies to their individual risk preferences.
Best Copy Trading Brokers with Pelican Trading Support
5. Trading Signals from MetaQuotes
Trading signals from MetaQuotes are an integrated feature in the popular MetaTrader 4 and MetaTrader 5 trading platforms that allow traders to copy the trades of other users directly into their trading accounts. This service facilitates access to social trading by enabling subscriptions to signals from successful copy traders and automatically replicating their operations.
The main advantage of MetaQuotes Trading Signals lies in their integration with the core trading platform, which ensures high stability and promptness in signal transmission. Users can easily view detailed profiles of signal provider traders, including trading history, risks, profitability, and other key metrics, which aids in making an informed decision before subscribing.
Trading signals from MetaQuotes also offer various customization options. Traders can choose the number of trades to copy, set stop-loss and take-profit limits, and adjust the capital use and leverage level. This flexibility makes the service attractive to a broad spectrum of investors, including novice and experienced traders.
Additionally, MetaQuotes provides extensive analytical tools and statistical data, which are accessible directly through the trading platforms. This includes performance charts, investment distribution analysis, and much more.
The Best Forex Brokers with Signal Support from MetaQuotes
We recommend visiting the pages for the Best Forex Brokers with MetaTrader 5 and Best Forex Brokers with MetaTrader 4, where you will find detailed information about brokers offering integration with these popular trading platforms.
6. CopyFX by Roboforex
CopyFX is an investment platform owned by the RoboForex group of companies and has been successfully operating since 2011.
This service integrates with the RoboForex trading system and offers flexible copy settings, making it suitable for novice and experienced investors.
A key feature of CopyFX is the ability to choose between two copy modes: "Commission-Based" and "Profit-Based". The first option involves paying a fixed commission for each successfully copied trade. At the same time, the second allows the copier trader to share a percentage of their profit with the signal provider trader. This flexibility in compensation models appeals to a wide range of users, each of whom can choose the option that best suits their needs.
Users of the CopyFX platform can evaluate potential traders to copy based on various criteria, including overall profitability, risk profile, number of subscribers, and other important indicators. This information is readily available in the user interface and helps decide the best candidate for copying trades.
7. Copy Trading by AMarkets
Copy trading from AMarkets is a modern investment service that allows investors to earn money in financial markets by copying the strategies of experienced traders. This service is ideal for those who want to copy and achieve returns comparable to those of professional traders without the need to delve deeply into the intricacies of trading. Investors select strategies from a ranking presented on the platform, which reflects the profitability, number of subscribers, and duration of each strategy's existence.
Thanks to an intuitive online platform, duplicating trades is greatly simplified. Investors do not require specialized knowledge; all operations are performed automatically, and users can pause trading anytime. Additionally, AMarkets can use multipliers to increase potential profits or reduce losses depending on risk settings.
8. ForexCopy by InstaForex
Broker InstaForex has developed its own ForexCopy system. Working with the platform is very similar to investing in PAMM accounts. Many traders offer both options: entrust your money to a manager or start copying Forex trades.
The advantage of ForexCopy is that subscribers can view complete profiles and statistics of all trader signal providers. This includes information on overall profitability, the number of copying subscribers, and trade history, making the selection more conscious and justified. Additionally, the system offers the ability to adjust the impact of selected systems on the trading account, thereby allowing manipulation of potential risk and return.
9. Share4you
Share4you is a copy trading service offered by Forex4you that allows users to easily subscribe to the operations of successful traders and automatically copy them into their trading accounts. This platform is ideal for both novices, who are not yet ready to make complex trading decisions independently, and more experienced traders looking to expand their investment strategies. Users can choose leaders to copy based on various criteria, including overall profitability, risk level, number of subscribers, and other essential parameters, all displayed in a user-friendly and understandable format.
A key advantage of Share4you is its flexibility and user adaptability: the service offers many copy settings options, including the ability to set a fixed amount per trade or copy with proportional volume distribution. Such settings allow users to control the level of risk taken and potential profitability more precisely. Moreover, the platform provides a high level of transparency. It gives access to detailed statistics and the trading history of each leader, making the selection more informed and reducing the risks of undesirable outcomes.
10. SignalStart
SignalStart (formerly known as AutoTrade) from Myfxbook is a professional platform designed for investors who wish to replicate experienced traders' operations automatically. The platform integrates with your trading account and allows you to choose from a wide range of traders based on a detailed analysis of their past performance, including profitability, maximum drawdown, result stability, and other key indicators. Subscribers can customize trade copying to match their risk profiles and investment objectives.
A distinctive feature of SignalStart is its high level of user customization. Investors can manage parameters such as the size of copied stakes, the selection of currency pairs, and the timing of entry into or exit from trades. The option is also to set stop-loss and take-profit levels for each copied strategy. These functions help control the risks taken and potential profitability, making investing more predictable and secure.
Best Online Brokers with SignalStart Support
How Copy and Social Trading Works
Copy trading is part of what is known as social trading.
This concept allows novice traders to quickly increase their profits in Forex, CFDs, or stock market trading by copying the trades of successful traders.
To start, one must find several experts whose trades the trader will copy. Next, the following options can be utilized:
Forex Copy Trading
In copy trading, you configure your account to replicate specific orders from one or more experts.
Copy trading services typically involve linking your account to the accounts of experts whose trades you intend to copy. All activity usually takes place on the MT4 platform or in specialized terminals.
Mirror Trading
This type of trading does not involve linking your account directly to an expert's account. Instead, you need to set up your account to entirely replicate all transactions from the experts to your account.
Let's consider one of the leading experts – Frank Forex. He has a long history of trading with significant profits.
This trader employs complex strategies. You can attach your account to his, instead of delving into the nuances of his trading system.
To automatically copy Frank's trades, you must allocate a portion of your account (the minimum and maximum typically vary and depend on the broker) to Frank's account.
When the trader executes a trade, a corresponding trade is also opened on your account in a specific proportion.
Many Forex brokers can copy all or part of the transactions from linked traders.
If Frank has a bad year, you can detach from him anytime and switch to Cindy Currency, another experienced trader whose trades you wish to copy.
How to Choose a Top Forex Copy Trading Platform
If you want to start copy trading, your first step will be to choose a copy trading platform. Depending on the brokers, copy trading services can vary in terms of their conditions and operations.
Despite the platform differences, most top Forex brokers share some common features. Let’s highlight them:
Low Minimum Entry Threshold
This parameter is very important. It refers to the minimum deposit and the minimum amount of funds a copy trader invests in an expert.
Therefore, before starting, ensure you have enough funds to work with multiple experts for diversification.
Simple and User-Friendly Platform
One of the attractive aspects of this type of trading is that you do not need to analyze the market yourself.
Therefore, it is advisable to choose a company with a platform that is as simple and user-friendly as possible and offers fast order execution. To do this, you might consider reading reviews, for example.
Wide Network of Experts
Diversification plays a crucial role in trading, including social trading. Accordingly, the more experts a broker has, the better.
This is beneficial because you can choose more successful experts, and traders will employ various systems.
It is important to remember that any trader can occasionally go through a period of losses.
Therefore, studying the specific systems each expert uses to understand the motivations behind their decisions is recommended.
How to Start Copy Trading Forex Traders
To begin copy trading, you must register with a broker and fund your account. Let's see how to do this using the broker AMarkets as an example.
Registration
Visit the official AMarkets broker website and fill out the registration form.
Provide your information, agree to the data processing, and click "Open Account."
Verification
We strongly recommend completing full verification with AMarkets. Verification is the process of confirming your identity and contact details. Failure to do so can lead to future withdrawal issues: AMarkets adheres to anti-money laundering regulations and is cautious with anonymous accounts.
Verification consists of three stages:
Email Confirmation: Check your email and follow the link in the message from AMarkets.
Phone Confirmation: At this stage, AMarkets will send an SMS code to the number provided during registration. Enter this code in your account.
Identity Verification: This will require a clear national or international passport photograph. If possible, send your international passport.
Your account's top menu contains links to each stage of verification. Start with email confirmation, then phone, and finally, passport. After verification, you can proceed with depositing and investing.
Funding Account
Select "Deposit/Withdraw" from the top menu to deposit funds and click "Deposit Funds."
The minimum deposit is $100. You can deposit funds using a card, electronic money, or online banking. Funds are credited without any commission.
To ensure the funds go directly to Copy Trading, select it in the form before depositing. Choose your payment method and enter the amount. Click "Deposit". Typically, funds are credited to your account instantly, but sometimes it may take a few minutes.
Copy Trading in AMarkets
Now, let’s move on to the most exciting stage—copy trading. Return to your account, and from the sidebar menu, select "Copy Trading" -> "Investor". On the page that opens, click "Go to Platform."
To access the list of strategies, select "Leaderboard."
Next, invest funds in the strategies that suit you. Click the "Invest" button next to your chosen strategy to do this.
When copying trades from a trader, you can adjust the copy multiplier. This allows you to decrease or increase the volume of each trade.
For example, if a trader trades with a risk of 2% and your deposit is $100, then the risk per trade will be $2. However, if you set the multiplier to 3, each position will open at triple the amount—thus, the potential profit will be three times higher. The risk per trade will also increase to 6% ($6).
If you set the copy multiplier to less than one, the volume of trades will decrease. In our example, a multiplier of 0.5 results in a trade risk of 1% ($1), but the potential profit will also be halved.
By default, the multiplier is set to one, meaning that trades are copied exactly as the trader intended.
That's it—now you can set all parameters and click the "Invest" button. After this, the copying of trades will begin automatically, without your direct involvement. Investors only need to check their accounts periodically to monitor changes to their balances.
How to Choose Traders to Follow
In theory, copy trading seems straightforward. However, the question arises: How can we select the best trading strategies for copying to avoid losing money and secure a good profit? Let’s discuss this now.
Hundreds of traders offer copy trading, and many of them demonstrate positive returns. The investor's task is to select the best and discard the dubious options. Let’s use the AMarkets broker service as an example to show how to do this.
Preliminary Selection of Traders
Let’s return to the consolidated ranking of traders in the AMarkets personal account. We will look at several key parameters displayed in the consolidated ranking during the preliminary selection.
Strategy Age
The trader should have been trading for at least 6 months (27 weeks). The ideal is a system that has been aged for 1 year. If a trader has recently started, the statistics will not provide an accurate picture so that further analysis will be useless.
Chart
The general list only shows a thumbnail of the chart, but even this can help eliminate suspicious options.
If the chart shows a smooth rising line without significant corrections, it's better to avoid replicating such trades. This type of chart indicates the use of strategies that increase the stake (Martingale method), which sooner or later will lead to the complete loss of the deposit.
Viewing the full version of this chart may reveal deep drawdowns in the form of characteristic notches. At such times, the trader significantly increases the trade volume to compensate for previous losses. But the law of probability cannot be fooled: at some point, the trader will inevitably face an even deeper drawdown that will wipe out the entire deposit in hours.
A very jagged chart with deep drawdowns also does not bode well. Sharp rises and falls indicate that the trader does not adhere to capital management rules and regularly finds themselves on the verge of bankruptcy.
Overall Profitability
Pay attention not only to the profit percentage but also to the age of the account. If a trader has earned 300% in a few months, they adhere to an extremely risky strategy. In theory, an experienced investor might profit from such an account, but high risk is contraindicated for beginners.
These criteria will allow for a preliminary selection. The next step is to decide on the number of traders to copy and choose the best strategies.
How to Distribute Funds Between Traders
Suppose you have funded your account with $500. How should you allocate these funds among traders to achieve an optimal balance of risk and reward?
The answer to this question depends on your investment strategy:
Maximum Risk: You could allocate all your capital to replicate the trades of a single trader—the best one you can find. However, such a strategy carries an unjustified risk even for a professional. We recommend distributing capital among several traders.
Moderate Risk: Distribute funds equally among 4-6 traders. While some trades may be quite risky, this approach offers the investor a high potential profit.
Minimal Risk: Funds are again distributed among several traders, but preference is given to the safest options. You can replicate as many as 10-15 strategies if desired—the more, the safer.
Funds can be allocated among traders not only equally but also in specific proportions. For example, investors often allocate 75-80% of the capital to low-risk trades, while the remaining 20-25% is spent on speculative trades with higher expected profits.
How to Choose the Best Trader for Copy
We have compiled a list of options for further study and considered the capital distribution. Select the best strategies for auto-copying trades and press the "Invest" button.
Let's visit each trader's page and examine the detailed statistics.
First, let’s focus on the profitability chart.
We are interested in the overall character of the movement, which breaks down into two components:
Depth of Drawdowns: Traders trade dangerously and aggressively if they allow drawdowns over 20%.
Deposit Growth: This is not a good sign if the movements are too sharp. Such spikes are typical for trading with a large part of the capital, which is an unjustified risk.
On the provided chart, we see both issues at once. On one hand, the trader achieves instant profits of tens of percent (which is a lot). On the other hand, we see a massive drawdown of the deposit.
Notably, the trader went into the red in the early stages. This is not alarming—drawdowns happen, and one must be prepared for such scenarios. The main thing is that the losses are not too large.
The main parameters of the strategy and offer are to the right of the chart. Besides profitability, we are also interested in Compensation—the percentage of the profit the investor will pay the trader.
The standard size of the compensation ranges from 25 to 40%. However, if a trader consistently trades in profit, one can tolerate a high percentage.
The profitability of the strategy is stated, excluding the compensation.
Example: If the trader's profitability is 5% per month, and the compensation is 25%, then the investor will receive 0.05 * (1 - 0.25) = 0.0375 (i.e., 3.75% per month).
This concludes the strategy analysis. The only remaining task is to compile a full list of strategies for copying and investing the funds.
Start Social and Copy Trading on Forex
If you are starting to trade on Forex and CFD and not everything is going smoothly, don’t despair. You can connect to copy trading services of successful traders.
Remember that copy and social trading are not quick paths to riches. You need to choose the right broker and understand the game's rules.
To begin with, you should open a demo account with one of the brokers. This way, you won’t risk your money and can take your first steps.
Thus, you can practice duplicating trades and learn to choose between experts.
FAQ
What Is Copy Trading?
Copy trading is an investment strategy where investors copy the trades of experienced traders. Trades are automatically replicated in the investor's trading account, allowing them to benefit from the knowledge and strategy of seasoned traders without having to manage their trades actively.
Is Copy Trading Legal?
Yes, copy trading is legal in most countries, provided the service's platform adheres to the local financial regulatory standards. However, it is essential to check the regulations applicable in your jurisdiction as the legal status can vary.
What Are the Risks of Copy Trading?
Copy trading involves several risks:
Market Risk: The trades you copy could result in losses due to market volatility.
Trader Risk: If the trader whose trades you are copying makes poor decisions, it could negatively impact your investment.
Systemic Risk: Technical issues with the copy trading platform could result in missed or incorrect trades.
Liquidity Risk: There might be difficulties in executing trades at desired prices if market conditions change suddenly.
Can You Make Money from Copy Trading?
Yes, copy trading can be profitable if you choose the right traders to copy and the market conditions are favorable. However, like all investment opportunities, it comes with risks, and profit is not guaranteed.
How to Start Copy Trading with a Demo Account?
Choose a Platform: Select a copy trading platform that offers a demo account and competitive trading fees.
Register: Sign up for an account and opt for a demo or practice account.
Select Traders: Choose one or more experienced traders to copy based on their performance history.
Monitor: Use the demo account to monitor the performance of your chosen strategies without risking real money.
Evaluate: Assess the success of your strategies and make adjustments as needed.
How Much Money Is Needed to Start Copy Trading?
The minimum amount required to start successful copy trading can vary widely depending on the platform and the traders you choose to copy. Some platforms allow you to start with as little as $200, while others might require larger initial investments.
How to Manage Risks in Copy Trading?
It's important to note that copy trading still requires active account management. Managing risks in copy trading involves:
Diversification: Copying trades from multiple traders across different markets can reduce risk.
Setting Limits: Use risk management tools such as stop-loss orders and limit the amount invested per trade.
Regular Monitoring: Continuously monitor the performance and adjust your strategies as necessary.
Choosing Experienced Traders: Select traders with a proven track record and consistent performance.
What Happens If the Trader I Copy Stops Trading?
If the trader you copy stops trading, any active copied trades will remain open until you close them or trigger a close condition like a stop loss or take profit. You must select new traders to copy or reallocate your funds based on your investment strategy. It is advisable to have a contingency plan in case a trader discontinues their activity.
