Forex copy trading has become quite popular over the years. This is essentially a type of trading that allows you to replicate the performance of successful traders at a small fee. This way, you can make profits without having any pertinent skills or experience in the Forex market.
There are a lot of forex brokers that offer copy trading platforms. Below are 7 of the most preferred platforms:
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eToro is arguably one of the best trading platforms in the forex market. It has firmly positioned itself as an unrivaled leader, especially in the Social Trading space. The quality of its services, coupled with credibility earned from many years of operation enables it to outshine the competition.
For novice traders looking to venture into copy trading, eToro makes for the perfect platform to start with. Its simplicity makes it easy for beginners to thrive without having to grasp all the jargon that comes with forex trading. The platform offers those looking to start a copy trading top-notch analysis of the best performing traders. This way you won’t risk copying sketchy traders who deliver nothing but loses.
Although its withdrawal fee is a bit discouraging, eToro’s credibility, simple design, helpful stats on traders and a wide range of markets to choose from makes it one of the best copy trading platforms.
With operations spanning more than 190 countries, FBS is undeniably one of the largest forex platforms globally. It has largely thrived on ensuring that its users are presented with a boatload of educational resources to help them navigate the forex trading market. They have comprehensive training programs that are custom designed to address the individual needs and skill levels of newbies.
Its copy trading platform is one of the most advanced. They capitalize on high-end software to make it easy for traders to track and copy the performance of top investors.
FBS’ CopyTrade platform comes with outstanding user experience to make sure that novice traders are not put off. All the complexity that other copy trading platforms employ has been stripped off and replaced with simple design without sacrificing quality. Veteran traders can also earn by sharing the knowledge and secrets they use to be successful. This is the perfect platform for both newbies and veteran investors who don’t have the time to do all the research and collect statistics that will help them earn more.
Octa Forex launched their copy trading platform on September 2018. Being an internationally recognized broker, the platform has already shown a lot of potential by allowing master traders to earn from their skills, knowledge, and expertise.
Octa Forex’s platform provides one of the most transparent social trading services that not only present veteran traders with opportunities to maximize their profits, but also enables novice traders to significantly benefit from the expertise of OctaForex’s most successful investors. Traders who wish to be copied are required to create a Master Profile, publicly outline their strategies and set their own commissions. If you have multiple trading strategies that help you make more profits, you are allowed to create an account for each of them, keeping in mind that the accounts will be ranked separately.
Master accounts are analyzed and their trading history laid bare for the consumption of those who wish to invest in them. Their activities can be monitored live and easily compared with others to enable new traders to choose wisely and quickly.
Founded back in 2007 by the Insta Trade Corporation, InstaForex has consistently proved to be credible and worthwhile. The platform has attracted many awards, including the “Best Broker in Asia” Award. Their copy trading platform, The ForexCopy, enables budding traders using their services to replicate the success of the more experienced traders. To start copy trading, you need a minimum of only $10 in your account.
Experienced traders can earn extra income by registering with the ForexCopy platform and set their own terms of remuneration. You can charge traders who copy you by utilizing various commission models. These include commission per profitable model, commission per lots traded and commission per subscription day. The Forex Copy Monitoring List provides a list of the most successful investors that others can copy.
If you are an established trader, however, its basic functionality might put you off. In this case, it is recommended to find a more satisfying alternative.
Although Darwinex operates on the same basic principle of copy trading, it has tweaked its service a bit to make it more interesting. You still get to reap from the skills and expertise of top performing traders, but instead of directly copying their current positions in the market, you buy synthetic assets, famously known as Darwins on the platform. The value of these assets varies depending on how the traders you are buying from performing. That is, if the trader earns more, the price of their Darwins rises and the more likely your investment is to become profitable.
On the other hand, if the trader performs dismally, the value of their Darwins drops and your investment may begin attracting losses.
On many occasions, ZuluTrade is at par with eToro when you focus on the aspect of copy trading. It has positioned itself as a favorite of many traders looking to reap maximum gains from the efforts of other traders. Its copy trading platform utilizes state of the art technology to offer traders with incredible experience and maximize profits.
ZuluTrade provides a wide range of functionalities to enable traders to seamlessly navigate the platform. There are valuable stats on traders you choose to copy plus easy portfolio management to make trading painless. New traders are exposed to many features that make it easy to replicate the performance of other traders and enjoy maximum profits. The platform has been around for a long time and has proved to be highly credible and worth giving a shot.
Ayondo is another perfect option for beginner traders. The platform is among the few that offers purely copy trading services. It has grown over the years to secure itself a place in the hearts of those just getting their feet wet with forex trading. Although Ayondo may be a bit limiting for veteran traders due to its simplicity, it is the perfect platform to familiarize yourself with the basics of copy trading.
One of the reasons why it has become so popular is because of its remuneration system for top performing traders. This means that if a trader maintains a low-risk profile, they stand to make more profits and enjoying higher visibility. When you perform maximally, your account is more likely to be replicated by other traders which means more profits and credibility on your part.
If you are new to Forex Trading, Copy trading will set you on the right path to success even without gaining the necessary skills and experience. To start you off, test each of the above-listed copy trading platforms and choose one that best suits your needs.
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