Social Trading Platforms

Top 7 Popular Social Trading Platforms 2024

We all know about social media, where we connect with friends and family. Social trading adopted this idea and made a fusion of social media with the financial trading markets. It connects traders worldwide and lets them follow each other, which is 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 learn 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 platformsTo 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 monitor 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 another criterion for selecting the best forex broker in the world for social tradingAdditionally, you may also look for forex broker reviews.

Top 7 Platforms for Social Trading

After doing internal research with our research team’s help, we have sorted out the 7 social trading platforms, which are regulated, have different trading concepts such as mirror or copy tradingand have variations in minimum deposits.

FxPro

FXPro

open an account

FxPro used to have a service called SuperTrader where people could do social trading, which meant following and copying other traders. However, they stopped offering it in 2017 because it required at least $2000 to start trading, and that was too expensive for many people. Now, FxPro has three other platforms called MetaTrader 4, MetaTrader 5, and cTrader, where you can also do social trading. The good thing is that these platforms don’t need as much money to start, so more people can use them and give social trading a try.

This means you have the chance to follow and copy the trading moves made by skilled traders. These platforms have a big community of traders, with around 800,000 of them. The cool part is that all these traders can share their trades with you, and you can copy those trades into your own trading account. However, it’s important to know that this service is not free on FxPro. The traders who share their trading signals on FxPro’s MT4 and MT5 platforms charge a monthly fee between $30 and $40. So, if you decide to copy their trades, you will need to pay this fee every month.

On the other hand, FxPro has another social trading service called cTrader Mirror Trader, which works differently compared to the other platforms. The great thing about cTrader Mirror Trader is that there is no monthly fee like the others. Instead, you will need to pay some commission based on how much you trade. Currently, you will need to pay $100 for every million units you trade. To make it easier to understand, this means they charge $10 for each trading lot you do. So, if you decide to use cTrader Mirror Trader, you don’t have to worry about a monthly fee, but you will need to pay a commission based on your trading activities.

IC Markets

IC Markets

open an account

IC Markets have different platforms like MT4, MT5, Myfxbook, ZuluTrade, and cTrader, where they offer social trading services. On top of these platforms, they also have something special called IC Social. It’s a special application made just for social trading. With IC Social, traders can easily learn and copy the strategies of experienced signal providers. And here’s something cool: users can even become signal providers themselves using their own IC Markets MetaTrader 4 account. They can share their own trading strategies with others and help them trade better.

Zulutrade is a fantastic tool for copy trading. The great thing about Zulutrade is that it offers you many options to choose from. You can select from a whopping 100,000 traders who come from 192 different countries. Zulutrade has a clever system that checks and rates these traders based on important factors like their past performance, how much risk they take, how reliable they are, and how much money they need to start trading. This is really helpful because it allows you to make smart choices. Zulutrade also has a special feature called Zuluguard. It constantly monitors the traders you’re copying to ensure the safety of your money. So with Zulutrade, you can explore and copy the trades of talented traders while feeling confident and secure about it.

FBS

FBS

open an account

FBS social trading makes it really easy to make money in Forex, even if you don’t know a lot about it. They have a simple and hassle-free system that anyone can use. You can invest your money and use their app to follow skilled traders who have been successful. The cool part is that you can just copy the trades they make. This means you have the chance to earn a lot of money without having to figure everything out on your own. It’s a smart and convenient way to join Forex trading and have a better chance of making money.

FBS social trading network can get you access to a bunch of helpful stuff. One cool thing is a list of the best traders. FBS also provides charts about the trader’s history, so you can see if they’re good at what they do. However, this service is not free, and around 5% of the money you make will go to the trader you’re copying. FBS CopyTrade gives you lots of benefits, like using over 100 different ways to deposit and withdraw money. Additionally, you list out the top traders, look back at your own investments, and get help in your language anytime, day or night. FBS CopyTrade has an easy-to-use platform with lots of features to help you with your social trading journey.

XM

open an account

XM offers a special feature called MLQ5 signal providers that allows you to do social trading. These signal providers are a group of traders who are part of a big network called MetaQuotes’ MQL5. When you become an XM client, you can join this network and copy the trades of more than 1,000 skilled signal providers. It’s like being part of a big trading community where people from all over the world can learn from each other by copying successful trades. With XM’s social trading, you can benefit from the knowledge and expertise of many different traders, which can make your trading experience better and increase your chances of success.

XM offers a special feature called MLQ5 signal providers that allows you to do social trading. These signal providers are a group of traders who are part of a big network called MetaQuotes’ MQL5. When you become an XM client, you can join this network and copy the trades of more than 1,000 skilled signal providers. It’s like being part of a big trading community where people from all over the world can learn from each other by copying successful trades. With XM’s social trading, you can benefit from the knowledge and expertise of many different traders, which can make your trading experience better and increase your chances of success.

HFM

HF Markets

open an account

The HFcopy Account offers an opportunity for two distinct groups of individuals: Strategy Providers (SPs) and Followers. Strategy Providers can open an HFcopy Account to showcase their trading strategies and attract a larger following. In return for their expertise, SPs have the option to charge a Performance Fee, which can range up to 50% of the profits generated. On the other hand, Followers have the ability to create an account, deposit funds, and begin copying the trades of their selected SPs. This platform enables both Strategy Providers and Followers to actively participate in a thriving trading community, fostering a mutually beneficial environment where knowledge and success are shared.

The HFCopy account is a great option if you want to copy the trades of successful traders. One cool thing about this account is that it lets you potentially boost profit keeping your risks low. It’s designed to make sure your trades are done at the best prices available. With the HFCopy account, you can confidently explore opportunities to make money in a safe and smart way, increasing your chances of financial success.

Axi

Axi Broker

open an account

Axi Social Trading is an exceptional service provided in collaboration with London & Eastern LLP. Their user-friendly app simplifies the process of finding traders to copy, making it effortless for you. With this service, you no longer have to stay awake late at night monitoring the market because the app handles that task on your behalf. All you need to do is select the traders you wish to replicate, and the app will take care of all the necessary steps, ensuring a seamless trading experience. With Axi Social Trading, you can confidently engage in copy trading without the stress of constant monitoring, allowing you to focus on other aspects of your life while still benefiting from the expertise of skilled traders.

Once you select a trader to copy, your trading account will automatically make the same trades as that successful trader. This means you get to make the same trades as someone who knows what they’re doing and has been successful. Once you approve the copy, the experienced traders will take care of the hard parts of trading for you. By learning from experienced traders, you can improve your own trading, save time, and navigate the markets more easily. This makes your trading journey easier and more rewarding.

Pepperstone

Pepperstone

open an account

Pepperstone social trading has many advantages. They offer three platforms specifically for copy trading, as well as three other platforms for regular trading. This means you have a lot of options to choose from based on what you prefer. Another great thing about Pepperstone is that their trading fees are fair and reasonable, so you can save money when you trade. This is really helpful if you want to get into trading without spending too much. With Pepperstone, you have the freedom to choose and trade at a lower cost, which is perfect for beginners who want to start trading without spending a lot of money.

But you need to know that MyFxBook and DupliTrade, two of the social trading platforms offered by Pepperstone, ask for a high minimum deposit. However, some traders may think of it as an inconvenience. But, overall, Pepperstone’s social trading can reduce trading fees. It gives you flexibility, helps you save money, and offers various software options, making it a great option for people who want to make the most of their trading experience.

Final Words

These top 7 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 generating profit with being put tremendous effort. But you should have the mentality aligned with the subscriber, the signal provider, or the trader who provides the winning strategies.

Best Forex Brokers Comparison

Top Rated Online Best Forex Brokers 2024

FP Markets Review
5.0 rating
Best Forex & CFD Trading Provider
Location: Australia
Best Forex, CFDs & Commodities Provider
Location: Auckland, New Zealand
Eigthcap Review
5.0 rating
Trade Smarter with Eightcap
Location: Melbourne, Australia
Top Forex Brokers Review
Top Forex Brokers Review