Did you know that you can engage in the currency market even without trading knowledge and experience? That is possible through copy trading, which is a good option for novice traders or a busy person with limited time to make analyses.
In terms of potential profits, the sky’s the limit. Of course, the risk of losing your capital is still there. As long as you perform due diligence when selecting traders to copy, you should be fine. Another crucial aspect is deciding which broker to use in your copy trading venture.
There are a vast number of platforms out there. While you can get suggestions from your friends about the best platforms to consider, doing your research will serve you better.
In this article, we will present the top five copy trading platforms in 2021. You will get basic information and learn each platform’s key features that set it apart from other options.
Let’s find out the best.
|Regulation||CySEC, FCA, ASIC|
|Type of broker||Market maker|
|Type of platform||WebTrader|
Why eToro is worth choosing: 3 main criteria
- As a regulated broker, eToro ensures the safety of your funds. This will give you confidence that you can get your funds whenever you want to. Of course, you need to verify your identity before you can withdraw profits, as this is required by law in observance of the KYC principle.
- Copy-trading with eToro is one of the simplest to set up. After you have created, validated, and funded an account, copying a trader’s portfolio is possible with a click of a button. Apart from the copy trades, you can also make your trades. Just be aware of the margin encumbered in the copy trades before you execute manual trades.
- If you qualify for an Islamic account, you will get several benefits if you open such an account. For example, the broker will not charge swap fees and commissions for trades you keep open for more than 24 hours.
|Type of broker||Market maker|
|Type of platform||MT4, MT5, Webtrader|
Why AvaTrade is worth choosing: 3 main criteria
- AvaTrade is a broker regulated by ASIC. Recently, AvaTrade collaborated with Pelican Trading to make the AvaSocial app available to traders. This app provides traders an opportunity to learn from each other, share ideas, and copy trades.
- This broker offers the very insightful app AvaTradeGo, which allows you to execute trades quickly and easily wherever you may be worldwide with advanced features and a user-friendly interface. Through this app, you can get real-time feed from global financial markets. You can also follow social trends to find new trading opportunities.
- When you choose AvaTrade, you will get access to the world-renowned AutoChartist technical analysis tool. You can run this tool in both the desktop and mobile versions of the MetaTrader platform. Through the use of advanced recognition algorithms, AutoChartist will attempt to find trade opportunities in a vast array of financial assets.
|Regulation||Depends on broker|
|Max leverage||Depends on broker|
|Type of Broker||Depends on broker|
|Type of platform||MT4, Webtrader|
Why ZuluTrade is worth choosing: 3 main criteria
- While other forex signal providers require monthly subscription fees, ZuluTrade offers its trading service completely free. This is because this platform works with several forex brokers and charges only a minimal commission out of the spread from each trade. It shares the commission further with signal providers who give profitable signals.
- ZuluTrade offers a flexible arrangement when setting up an account. Either you connect your existing account with ZuluTrade or register with ZuluTrade first and then create a new account in one of the brokers affiliated with the platform.
- If you are a new currency trader or you are not ready to subscribe to a signal service and trade with real money, you can use a demo account freely available at ZuluTrade. This way, you can put the platform to the test, get a feel of how the system works, and try out various signal providers.
|Regulation||CySEC, FCA, FSC, CMA|
|Type of Broker||Instant/market execution|
|Type of platform||MT4, MT5|
Why FXTM is worth choosing: 3 main criteria
- FXTM offers clients a vast array of financial assets. The assets available include currency pairs, digital currencies, commodities, indices, stocks, energies, metals, CFDs, and shares. In foreign exchange alone, you have more than 60 choices made up of major, minor, and exotic pairs. You can also trade four major digital currencies, namely Bitcoin, Litecoin, Ethereum, and Ripple.
- FXTM allows you to use its proprietary pivot points strategy with five different types of calculations you can set. This tool can help you analyze the current situation in the markets of your choice and predict potential directions.
- FXTM has its news portal, Daily Market Analysis, which provides in-depth market analysis to keep you abreast with developments in the global markets. This tool analyzes price action across a wide range of markets using fundamental and technical analyses.
|Headquarters||Saint Vincent and the Grenadines|
|Type of Broker||ECN/STP|
|Type of platform||MT4, MT5, cTrader|
Why OctaFX is worth choosing: 3 main criteria
- OctaFX is an award-winning forex broker. Since its founding, OctaFX has received close to 30 awards. The latest award it receives is a recognition of its superb trading environment. The acclaim it garnered over the years is a testament to its excellent performance, valuable platforms and features, and good standing in the industry.
- OctaFX offers a micro account that runs on MT4, which is suitable for beginners. This account allows traders to access more than 28 currency pairs, silver, gold, four indices, and two crypto assets. The broker offers up to 500 leverage for forex accounts, which is beneficial if you have a small capital. With $100, you can start trading with this account.
- You have various options when depositing and withdrawing funds. You can use a Visa credit card, bitcoin wallet, and online payment systems such as Skrill and Neteller. Another added benefit of trading with OctaFX is that deposits and withdrawals are free of charge.