Top 10 Popular Social Trading Platforms 2023
We all know about social media, where we get connected with friends and family. Social trading adopted the idea from this and made a fusion of social media with the financial trading markets. It connects the traders around the world and lets them follow each other, which is named the social trading platform.
Traders usually share their strategy within the network and let other followers apply the strategy. However, novice traders will find it very useful as they don’t require spending time finding the winning strategy. Additionally, social traders can learn many trading stuff by following the top traders.
For social trading, one needs to find out the right trading platform with the best signal providers as well as the best forex broker. Read on to know the top social trading platforms for your ultimate success.
How to Choose the Best Social Trading Platform?
Social trading would not be easy if you failed to select one of the best forex trading platforms. To identify the best platform for social trading, you have to check out some criteria. Usually, the top social trading platforms let the social traders interact between them, strictly monitors the traders, and verify the strategies if there are winning strategies.
However, many social trading platforms include copy trading features too, which also means automated trading. This could be other criteria for selecting the best forex broker in the world for social trading. Additionally, you may also look for forex broker reviews.
Top 10 Platforms for Social Trading
After doing internal research with our research team’s help, we have sorted out the 10 social trading platforms, which are regulated, have different trading concepts such as a mirror or copy trading, and have variations in minimum deposits.
1. eToro
eToro is a web-based trading platform, which was founded in 2007 in Cyprus. However, it has offices in Israel and the UK. Initially, eToro was a forex and CFD broker but introduced the social trading feature in 2010. It uses machine learning technology to provide the best service.
eToro is a broker itself, which is regulated by FCA in the UK, CySEC in Cyprus, and ASIC in Australia. However, they don’t have any parent bank and don’t show any annual reports.
The minimum deposit for eToro is $200 and have different deposit and withdrawal methods. It is available in most of the counties in the world except the USA. eToro has its own platform, which has an informative page and easy to get started. On the other hand, eToro social trading has a drawback, which is they don’t offer risk limitation.
2. ZuluTrade
ZuluTrade started their operation in 2007, aiming to provide a social copy trading platform to traders worldwide. It allows to copy other trader’s strategies, and the trading instruments include indices, stocks, commodities, and binary options.
ZuluTrade offers several unique features such as check the transaction execution, disable signal providers, customizing scripts for the auto transaction, and rank the traders to follow based on multiple factors.
ZuluTrade offers a variable minimum deposit from $1 to $300. They support MetaTrader platforms too, which is available on phone and web browsers.
3. NAGA
Naga offers 500+ instruments to a trader via its social tradingfeature. Regulated by CySEC, NAGA is a publicly listed company in Frankfurt. As a result, there should be no reasonable doubt about their transparency. Moreover, they are adopting new technologies constantly that makes traders life easier.
NAGA is a MetaTrader 4 forex broker, through which they are providing service to the registered clients. They offer transaction methods via major cards, e-wallets, and cryptocurrencies.
4. Darwinex
It was named as TradeSlide and changed to Darwinex, which is a British broker regulated by FCA in the UK. They keep the social platform named DARWIN separate from the regular platform, which provides both copy trading and mirror trading feature. They monitor all the available trader’s strategies according to that specific trader’s associated risk, experience, and performance.
The good thing about Darwinex is, they support risk limitation, and traders can set a maximum loss amount each month. However, the minimum deposit is relatively higher than its competitors, which is $500, and it is payable via cards, bank transfer, Trustly payment system in three different currencies, including USD, GBP, and EUR.
5. F.X. Junction
It is a copy trading and social trading platform that has more the 300 strategies available to copy. In F.X. Junction, traders can listen to other traders and discuss trading. Additionally, a lot of data is available to analyze and update a trading strategy. It offers a MetaTrader 4 trading platform too.
However, strategy provides charges fee, and they can set their own fees. Fees are charged a monthly subscription and commission per trader or commission per lot.
F.X. Junction offers a free trial option for the new copiers. So, traders can check out the system before going for live trading.
6. Myfxbook Autotrade
MYfxbook Autotrade is a social trade copying service from Myfxbook. However, Myfxbook is not a broker itself. To get the auto trade service, you will have to with their partner brokers among the 40 brokers, and you will find one from your region.
However, the minimum deposit for Myfxbook is $1,000, but they provide maximum security. Myfxbook usually verifies each applicant’s data manually and take around two weeks to approve an account.
7. Tradency
Tradency is considered as one of the pioneers in mirror trading. They have forex trading platforms named mirror trader, which was introduced in 2005, and work with third-party brokers. So, the minimum deposit depends on the associated broker.
The platform offers service in 7 languages. Additionally, Tradency includes the risk management strategy for each strategy.
However, before going for live trading, traders can open a demo account. The only drawback of Tradency is that each strategy works from one currency pair only.
8. Collective2
Collective2 has started the operation in 2001 and offer algorithmic social trading. However, Collective2 traders communicate with each other via forum only. Additionally, the platform helps the traders by displaying the new participants’ activity feed, subscription of traders, profit, losses, etc.
Besides, the signal providers’ profile is visible, and the trader can message them directly from the platform. Users can analyze the load of data and do extensive research on strategies, which makes it tough for the newbies. So, Collective2 is mostly feasible for advanced traders.
9. Trade 360
Trade 360 is relatively new in the industry as they have been operating since 2013. Trade 360 is a broker basically, which provides social trading features to its users. It is mostly popular for social trading services than the brokerage service as they offer a proprietary trading platform. The platform usually gathers all the trading information from its users and provides feedback on the decision-making process.
However, it also offers a MetaTrader 5 forex brokers platform. The minimum deposit is $500, and users can invest in ETFs, CFDs, commodities, metals, oils, gold, and indices.
10. iSystem
iSystem offers a wide variety of automated trading systems that get you access to the 1870 trading systems, created by 89 professional developers. The system can provide the overall performance along with the monthly profit/loss statement, relevant risk, and trade logs.
Clients can subscribe to their preferred system and start social trading. However, they don’t act as a broker. Thus you will have to open an account with a broker among the 28 of them.
Gain access to 1870 Automated Forex Trading Systems – created by 89 professional developers. So, the minimum deposit and transaction methods depend on the specific broker you are working with.
Conclusion
These top 10 forex brokers and social trading platforms should be a great choice for anyone as most of them are newbie friendly too. Additionally, social trading is an easy approach to generate profit with being put tremendous effort. But you should have the mentality of the subscriber, the signal provider, or trader who provides the winning strategies.
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