Copy Trading Revolution: 7 Best Platform to Start With
Copy trading is the easiest way to dive into the riskiest trading market, as you don’t need any skills or expertise to copy something. However, it is also known as mirror trading, sometimes social trading, or auto trading. The idea of copy trading is not new; it has been in the industry for years. However, with the recent boom of social media, copy trades got new attention.
Additionally, the adaption of new tech in forex trading makes the copying of a strategy easier. To achieve success, there is no alternative to finding good forex trading platforms to initiate your copy trades. So, which platform should you trade with?
Read on to get to know the answer, as we have listed 7 copy trading platforms that have been providing the best service for several years.
What Does A Forex Copy Trader Do?
A forex copy trader is someone who does copy trading in the forex market. Copy trading lets the copy trader automatically replicate the trades of another trader, called the signal provider or leader. The copy trader puts some of their money into copying the trades of the signal provider. Whenever the signal provider makes a trade, the same trade happens in the copy trader’s account.
The job of a forex copy trader is to pick a signal provider whose trading strategy and performance match their investment goals. They watch how the signal provider is doing and decide how much money to put in and how much risk to take. The copy trader can also change the settings of their copy trading account, like how much money goes into each trade and the ability to stop copying trades whenever they want.
Overall, the forex copy trader wants to benefit from the signal provider’s skills and success. This lets them potentially make money in the forex market without having to trade or analyze the market themselves.
If you are planning to start copy trading, the following platforms can be a great option for beginners as well as expert traders.
You can try to copy trading with FxPro through three different platforms, which include MetaTrader 4, MetaTrader 5, and cTrader. However, previously they had a dedicated copy trading platform name SuperTrader. But they discontinued it in 2017 as it needed a high minimum deposit; a $ 2000 deposit was required.
Now you can start to copy trade with any of the three active platforms for a $100 minimum deposit. With FxPro, you don’t need a special account to start copy trading; a regular account is good for that.
Copy Trading is not free in FxPro. If you try to copy trading with MT4 and MT5 signal providers, you will need to pay $30-$40 to the FxPro broker.
However, copy trading with cTrader is cost-effective as it doesn’t charge any monthly fee. They only charge a commission based on per million units traded. They charge $100 per million (10 USD per lot).
Starting copy trading with FxPro is really easy and only takes a few simple steps. First, you need to sign up for a real trading account and put in $100 as your starting money. Then, you can pick the trading platform you want and begin trading. But before you pick a platform, remember that if you go with cTrader, you’ll have to pay $9 for every lot of trades you make.
IC Markets has a vast range of platform options for copy trading. The copy trading platforms in IC Markets include MT4, MT5, Myfxbook, ZuluTrade, and cTrader. And you can start for just a $200 minimum deposit.
In addition, they have a cool feature called IC Social that’s designed specifically for copy trading. IC Social is a special app that lets traders easily copy the trading strategies of other traders. It’s a neat way to learn from experienced traders and make similar trades. Plus, if you have an IC Markets MetaTrader 4 account, you can even become a signal provider yourself and share your own trading strategies with others.
Among the top copy trading platforms, Zulutrade is a unique one. They have more than 100,000 signal providers for 192 countries. They use cutting-edge technology with advanced platforms. Hence, you can easily sort the best signal providers based on your requirements and factors. Also, you will get Zuluguard, which is an exclusive feature provided by Zulutrade. It makes sure that your investment remains safe while monitoring the performance all the time.
You can use Myfxbook too. It helps traders to copy any trade to the MT4 directly. The platform gives you this service without any fees based on how much you trade. It’s a good deal for traders because it saves them money. Plus, you can connect your trading account to Myfxbook easily and choose which trader you want to copy. You don’t have to install any complicated software to do it.
FBS copy trading is mainly beneficial for newbies. It makes the copy trading process simple. With this app, you can easily invest your money and keep an eye on what successful professionals are doing. You can even copy their strategies and make some impressive profits by following their lead.
Upon joining the FBS, you can access multiple beneficial features. The app has a catalog that shows the best traders in the market. You can find detailed information about each trader, like their track record and how well they’ve performed. There are also charts that show their performance in a visual way. And there’s even more useful information available too. After a recent update, you can start making profits with just a small amount of money, as low as a $1 minimum deposit. But keep in mind a fixed 5% commission will be taken from your earnings and given to the trader you choose to copy.
With FBS copy trading, you can use more than 100 payment systems to make your transaction. In addition, you can make a special list of your favorite traders, check your own investment history, and get support in your local language at any time of the day.
Combining the signal providers and your own strategy, you can easily copy any trader and boost your profit. On top of that, if you are an experienced trader, you can work as a strategy/ signal provider and earn your percentage from the traders who copy your strategy.
XM uses MQL5 signal providers to offer copy trading. MetaQuotes’ MQL5 is a special service that lets XM clients connect with a big group of traders. You can copy trades from over 1,000 experienced traders in this network. It’s actually one of the biggest platforms in the world for social and copy trading.
XM is a special broker for forex copy trading that has a lot of great benefits. They follow rules and regulations in the UK, EU, and Australia to make sure everything is done properly. You can trade more than 1,000 different things using their platform. And they make sure all your orders are done really well with the highest quality.
XM’s copy trading is all about social trading, and you can give it a try with both practice and real accounts. It’s a way for regular people to take advantage of the signals created by professional traders who know what they’re doing. You can copy those signals to your own trading account and let the MLQ5 system make trades for you automatically.
Signal providers and copy traders can open an HFcopy trading account. Further, signal providers can open an account to explain their strategy along with practical trading. When Strategy Providers (SPs) help with trading, they can charge a fee called a Performance Fee. This fee can be as much as 50%. On the other hand, Followers can open an account, put money in it, and start copying the trades made by the SPs they choose.
The HFCopy account is a good choice if you want to copy the trades of traders who are doing well. You can use this account to try and make more money but with less risk. It has a maximum leverage of 1:500, which means you can control a lot of money with just a little bit of your own. The account also makes sure your trades happen at the best price possible.
For Strategy Providers, the smallest amount of money you need to start is $100. But if you’re a Follower, you can start with just $25. The smallest trade you can make is 0.01 lot, and you can increase it by 0.01 if you want. You can make a maximum of 60 standard lots per trade and have up to 300 trades going on at the same time. They have safety measures, too, like the margin call level at 50% and the stop-out level at 20%, so your account is protected from losing too much money. The HFCopy account has lots of cool features that make it a good choice for people who want to copy successful traders.
Axi Copy Trading works together with London & Eastern LLP. They have an easy-to-use app that makes it simple to find and copy traders automatically. You don’t have to stay up late at night watching the market anymore. Search for the traders you want to copy and let the app take care of the rest for you.
If you want to copy a trader, your Axi account will copy their live trading info. This means that you’ll get the same trade entries as them based on their proven success. With just one click, the signal providers can help you to make your decision, doing the hard work for you. So you can spend less time analyzing and other experts’ knowledge to make your trading easier.
Axi copy trading offers you a special advantage without needing a managed fund. Once you choose your favorite traders using your own criteria, you can adjust the risk settings to fit what works best for you and your account. This gives you the power to make decisions that match your own comfort with risk and how you like to trade.
Pepperstone has joined hands with many social trading platforms that bring together amazing traders from all over the world. These partnerships allow Pepperstone’s users to learn from the best traders and use their strategies. If you’re a client of Pepperstone, you can take advantage of copy trading services available on platforms like Myfxbook, MetaTrader Signals, and DupliTrade. You get to choose which one you like the most based on what you prefer and what kind of trading you want to do.
Pepperstone copy trading lets you copy the trades of expert traders. It’s really handy because they offer three different platforms for copy trading, which gives you more options to choose from. But there are a few things to remember. Firstly, while copy trading is great, it’s important to know that it has some limitations too. Also, Pepperstone has three other trading platforms that you can use individually if you prefer. Another good thing is that Pepperstone has low trading commissions, which means you can save money when you trade. So, if you’re looking for a way to copy expert traders and save some money on fees, Pepperstone is a good choice to consider.
But there’s something you should keep in mind. Two of the copy trading platforms, called MyFxBook and DupliTrade, ask for a lot of money as a minimum deposit. That means some traders might not be able to use them because they don’t have enough money. However, if you’re someone who cares about paying less in fees when you trade and you like having different choices for copy trading software, then Pepperstone’s copy trading services could be a good option for you.
Myfxbook has a feature called AutoTrade that makes it easy for traders to copy trades from successful forex trading systems. It’s a helpful service because it lets traders build their own portfolios without having to pay any fees for performance or management. With AutoTrade, traders don’t have to worry about running any special software on their own computers because it works on dedicated servers. This means they can have a smooth and hassle-free trading experience.
When you hear about copy trading, it may seem easy and profitable. But, the truth is, it has some risks, too, as the price can change at any time, and a split second can burn down your portfolio. However, still, it is less risky than trading on your own if you are a newbie. In copy trades, you can protect the potential loss through a proper asset allocation strategy, which can guide you to make several investment strategies.
Any of these top forex brokers platforms can get you through excellent asset allocation. So, you won’t regret it after trying them for copy trading.
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