Copy Trading – Top 10 Best Copy Trade Platforms and Review 2023
Are you fascinated by the world of foreign exchange trading but feel overwhelmed by the complexity and risk involved? If so, you may be interested in a popular alternative known as forex copy trading. This innovative approach allows you to automatically replicate the trades of successful and experienced traders. And the end result is to gain the rewards of their expertise without having to do all the research and analysis yourself. With the power of technology and the wisdom of seasoned traders at your fingertips, copy trading is a compelling option for anyone seeking to enter the exciting forex trading world.
However, copy trade forex is a sub-category of social trading as a whole. While ranking the best social trading networks, you will find the best copy trading companies there as well, as long as they offer social trading in a specific way.
This article will cover the ten best copy trading platforms so that you can easily implement your copy trading strategy according to your needs.
What is Copy Trading?
Copy trading is a type of trading strategy where traders can automatically copy the trades of other experienced traders. In other words, it allows inexperienced or newbie traders to copy the trading strategies and positions of successful and seasoned traders. You can do this using the social trading platform. Using the copy trading software, traders can view the trading history and performance of other traders and choose to automatically replicate their trades.
Although you are copying other traders, you must need your own live forex trading account. The trader can adjust the copied trades based on their preferences, including the amount invested and the maximum amount of risk that they can take.
Is Copy Trading Legal?
Yes, copy trading is normally legal. However, the legality may vary depending on the country or jurisdiction. It is important to note that copy trading platforms and brokers must comply with relevant laws and regulations in their respective jurisdictions. Traders should also ensure that they understand the terms and conditions of the forex copy trading platform or broker they are using, as well as any applicable laws and regulations.
Is Copy Trading Profitable?
Whether copy trading is profitable or not depends on various factors, such as the performance of the selected trader, the amount of investment, and the fees charged by the copy trading software or broker.
However, it is important to note that the past performance of a trader doesn’t guarantee future results. There is always a risk. Traders should carefully assess the risks and potential rewards before deciding to participate in copy trading. In addition, experts recommend diversifying investments by copying multiple traders with different trading strategies and risk profiles to reduce overall risk.
With copy trading, you are not handing over your funds to a fund manager. You will be handling them yourself. The only thing you will be getting is the information about a trader of your choice and what they do. Then, you just copy what they do.
So, we have:
- The market
- The broker
- The trader (he who has the best trade decisions)
- The investor (that would be you. Also called a follower)
Let’s find out the top copy trading platforms.
1. FP Markets
FP Markets copy trading feature allows the trader to replicated someone else’s trading strategy. Besides, it also provides the opportunity to modify your copy trade forex instead of blindly copying a trader.
While using the FP Markets copy trades, you don’t need to waste your valuable time searching for the winning strategy. With the copy trade MT4 technology, you can easily add or even remove anything from your strategy.
However, copy trading at FP Markets is completely automated alongside the unconventional risk management system. Nevertheless, you will get to access the real data with precise statistics, and obviously, you don’t need any extra software for that.
Regulation: FP Markets forex broker is regulated by the Australian Securities and Investment Commission (ASIC). Reg. No. HE 372179.
Please read the Disclosure documents provided on the FP Markets website before registering.
• Type: Copy trading and Social trading
• Leverage: up to 30:1
• Minimum Deposit: 100 AUD for the MT4/MT5, 1000 AUD for Iress
• Platforms: MetaTrader 4 and MT5, Mobile Trading as well as Web Trading, and Iress
• Headquarters: FP Markets headquarter is located at the level 5, Exchange House, 10 Bridge St, Sydney NSW 2000.
• Instruments: Futures, Forex, CFDs, Index-based ETFs and Cryptocurrencies.
FP Markets does not allow any applications from America, New Zealand or Japan.
As an investor, FxPro copy trading features allow you to get access to the list of the approved strategies, which you can copy. Besides, it analyzes the historical performance data of a trader so that you can choose a copy trading strategy wisely.
FxPro copy trade forex provides the risk management analysis through the SuperTrader’s risk management control. It evidently gets you the independence to choose from a wide variety of winning traders.
The best feature of FxPro copy trading is that it works automatically with the monitoring features of the strategies. Additionally, the automatic system has the ability to remove a strategy if the trading performance falls down.
Regulation: FxPro Financial Services Ltd is regulated as well as authorized by the Cyprus Securities and Exchange Commission (CSEC) and the bearing license number is 078/07. On the other hand, FxPro UK Limited is regulated and approved by the Financial Conduct Authority, which holds the registration no. 509956.
You have rights or even own any underlying assets. Please read the Disclosure documents provided on the FxPro website.
• Type: Market maker
• Leverage: 1:10-1:50 up to 1:200
• Minimum Deposit: $100
• Platforms: FxPro Edge, MT4, cTrader and MT5.
• Headquarters: FxPro UK Ltd is addressed at 13/14 Basinghall Street, City of London, EC2V 5BQ, UK.
• Instruments: FxPro offers CFDs on Forex, Futures, Metals, Spot Indices, Shares, Cryptos, and Spot Energies.
FxPro does not accept applications from the USA, Canada, and Iran.
3. IC Markets
IC Markets partnered with Myfxbook to offer copy trading to its users. However, this copy trade forex is different than the traditional copy trading system. It allows copy traders to limit the risk automatically, and signal provides can earn money from the profitable trades only.
So, your profitability percentage increase significantly. Moreover, the signal providers bear the original account, so you will get the signal based on real trading. IC Markets copy trades provide transparent and precise statistics. Furthermore, the traders also get to access the unlimited demo accounts to practice their copied strategies.
Regulation: International Capital Markets Pty Ltd holds the reg. no. of 123 289 109 and it is regulated by the Australian Securities and Investments Commission (ASIC) with License No. 335692. IC Markets (EU) Ltd. is thoroughly regulated by Cyprus Securities and Exchange Commission and it contains the license No. of 362/18. However, IC Markets Ltd is also operated in the Bahamas through the registration number 76823 C. In Bahamas it is regulated by the Securities Commission of The Bahamas via the bearing license No. SIA-F214.
Please read the Disclosure documents provided on the IC Markets website.
• Type: ECN/STP, No Dealing Desk
• Leverage: Flexible leverage 1:1 to 1:500
• Minimum Deposit: $200
• Platforms: MetaTrader 4&5 cTrader
• Headquarters: Level 4, 50 Carrington Street Sydney, NSW 2000. AUSTRALIA
• Instruments: Forex, Commodities, Indices, Bonds, Digital currencies, and Stocks.
U.S., Canada, Israel, New Zealand, Japan, and Iran cannot use IC Markets.
FBS stands out as one of the best copy trading brokers you will find in the world. They are a good choice for new traders who want to do forex trading in general. They have a wide range if FBS account types available to anyone who needs them.
FBS copy trade is easy when you have an account with them.
Among the accounts you can get before you start your copy trading, you will find options like the Cent account which requires a minimum deposit of only $10. FBS has a very extensive copy trading service.
The only downside here is that the platform used for copy trading on FBS is unavailable to European copy trading customers. If you are eligible to register under the rules set by IFSC, you can get started on copy forex trade with FBS, using just a minimum deposit of $100.
With their selected professional strategies, you can automatically copy the leading traders of their community and have good gains. If you are an awesome trader in your own right, you can share your skills here and get paid for it.
Regulation: Tradestone Limited authorized & regulated by the by CySEC (331/17); FBS Markets Inc. regulated by IFSC (IFSC/60/230/TS/18).
You do not own or have rights to the underlying assets. Please read the Disclosure documents provided on the FBS website.
- Type: Market Maker and ECN.
- Leverage: 1:3000
- Minimum Deposit: $1
- Platforms: Web platforms and apps for iOS and Android and MT4
- Headquarters: FBS Markets Inc. is headquartered in Belmopan, Belize
- Instruments: CFDs on metals, energies, indices, commodities, bonds, shares, ETFs, cryptocurrencies
U.S. Customers cannot use the services offered by FBS.
With a presence in 190 countries and serving tens of thousands of accounts, XM is among the largest Forex and CFD brokers worldwide. The copy trading service on the MT4 and MT5 platforms is the primary source of passive income on the broker's platform.
The signal provider, MetaQuotes' MQL5, offers XM's clients access to a vast social network of traders and the ability to replicate trades from over 1,000 signal providers. Additionally, it ranks among the largest social and copy trading platforms worldwide.
As a broker for forex copy trading, XM boasts several notable advantages. These include its regulation in the UK, EU, and Australia, its offering of over 1,000 trading instruments, and its highest order execution quality.
On the positive side, they have partnered with a major signal provider, and their minimum deposit is only $5, making it easy for anyone to get started. Additionally, they offer a wide selection of trading instruments and are regulated in the UK, EU, and Australia, which adds to their credibility. However, there are some downsides to consider as well. There is a subscription fee of around $50 per month, which can add up over time. Additionally, the spreads offered by XM vary from average to high, which may not be as attractive for traders who are looking for the lowest spreads available. Despite the cons, XM's copy trading service offers a range of benefits that make it a competitive option in the market.
- Type: Market Maker
• Minimum Deposit:$5
• Platforms: MetaTrader 4, MetaTrader 5
• Headquarters: Belize City, Belize, Belize
• Instruments: Forex, Crypto, Stocks, Commodities, Indices, Metals, Energies, Shares
U.S. Customers cannot open an account with XM.
6. BlackBull Markets
Blackbull Markets, based in New Zealand, announced its partnership with HokoCloud, the copy-trading platform, in 2022. This latest collaboration allows Blackbull's clients to access HokoCloud's services at no extra charge. In addition to that BlackBull also has its own BlackBull Social platforms for copy traders.
The BlackBull Social platform enables traders to execute trades by following the strategies of master traders from any MT4 or MT5 based broker. Traders can learn and replicate the trades of master traders worldwide without being limited to professionals at a specific broker. Additionally, the platform provides a unique ultra-low latency trading ecosystem that ensures copy trades are executed with super-low latency. This feature allows for copy trades to be executed as close to the master trades as possible.
- Type: ECN
- Minimum Deposit:$0
- Platforms: MetaTrader 4, MetaTrader 5, TradingView
- Headquarters: Auckland, New Zealand
- Instruments: forex, commodities, index and share CFDs, precious metal, and energy.
BlackBull Markets does not allow traders from Canada and the United States.
7. HF Markets
HF Markets copy is one of the leading communities of traders through which you can start your copy trading. With the HFcopy, you can mirror trade the real-time trading from the top-performing traders. Besides, you can search for the traders whose strategy matches your style or strategy and copy them.
HF copy trades allow you to initiate the copy automatically, which eventually saves your time and energy. Furthermore, you can copy different strategies simultaneously if you have enough investments, and you can develop an exclusive people-based portfolio.
Regulation: HF Markets (SV) Ltd is registered and authorized in St. Vincent & the Grenadine (22747 IBC 2015, registration no.). HF Markets Ltd is also operated in the United Kingdom, which has the reference number 801701. However HF markets in the UK are regulated and authorized by the Financial Conduct Authority (FCA).
Please read the Disclosure documents provided on the HotForex website.
- Type:STP and ECN
• Leverage:up to 1:500
• Minimum Deposit: $5 to $250
• Platforms: MT4 and MT5
• Headquarters: HF Markets headquarter is situated at Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, St. Vincent, and the Grenadines.
• Instruments: Forex, metal, share, indices, energy, bonds commodities, crypto, and ETFs.
HF Markets (SV) Ltd does not operate in the USA, Canada, Syria, Sudan, Iran, North Korea, Iraq, Mauritius, Vanuatu, Yemen, Myanmar, Afghanistan, and EEA countries. Therefore you cannot open an account from those countries.
Axi has some top-quality signal providers who can provide excellent copy trading opportunities. Besides, they use MT4 forex trading platforms to offer their service.
Moreover, Axi comes with AI-driven analytical power, which eventually helps you to understand the signal before you select that to copy the underlying trading strategy. In short, Axi has everything you require to raise your profitability from copying the signal provider.
Regulation: Axi is regulated and also authorized by the Australian Securities & Investments Commission (ASIC), with the AFSL number 318232. On the other hand, Axi’s UK branch is registered in England and Wales with the reg. no. 06378544.
Please read the Disclosure documents provided on the Axi website.
• Leverage:Flexible leverage up to 400:1
• Minimum Deposit: No minimum deposit.
• Platforms: MetaTrader 4
• Headquarters: Axi’s head office is situated in Sydney, Australia, and London, UK.
• Instruments: Forex, CFDs, Futures, Indices, Metals, Cryptos
U.S. Customers cannot open an account with Axi.
Pepperstone has collaborated with various social trading platforms, providing access to strategies from some of the best traders in the world. They have Myfxbook, MetaTrader Signals, and DupliTrade for copy traders. And traders can choose from any of these copy trading services.
But among the three, Myfxbook is the best copy trading platform.
Pepperstone provides copy trading services with several notable advantages and some limitations to consider. Among the benefits is the availability of three copy trading platforms, along with three trading platforms for individual trading. Additionally, the broker offers low trading commissions, which can be beneficial for traders looking to reduce costs. However, it is essential to note that there is a high minimum deposit required for copy trading on MyFxBook and DupliTrade, which could limit access for some traders. Overall, Pepperstone's copy trading services may be a suitable option for those who value low trading commissions and multiple copy trading software options.
AutoTrade by Myfxbook permits traders to replicate trades from successful forex trading systems. This account mirroring service enables traders to create their own portfolios without incurring any performance or management fees. AutoTrade operates on its own dedicated servers, so traders don't need to run any software on their end, making it a hassle-free trading experience.
• Leverage:Flexible leverage up to 200:1
• Minimum Deposit: No minimum deposit.
• Platforms: MetaTrader 4, MetaTrader 5, cTrader
• Headquarters: Axi’s head office is situated in Melbourne , Australia
- Instruments:forex, index CFDs, commodities, cryptos and currency indices.
People form the US, Canada, Japan and New Zealand cannot open an account with Pepperstone.
InstaForex has introduced an innovative system called ForexCopy, which enables successful Forex traders to offer their trades to followers for a fee. Traders who offer access to their trades earn a commission per copied trade or per day of subscription.
To become a ForexCopy Trader, you must first open a live account on any of InstaForex's servers and then register as a trader with the ForexCopy system.
InstaForex's ForexCopy system is packed with benefits for traders, including the chance for novice traders to make money on Forex by copying trades of successful traders. The system also provides a wide selection of the best-performing traders' projects with complete and transparent statistics. With a minimum deposit of only $10, traders have full control over their trading accounts. They can also opt for flexible payment options for copying, some of which may even be covered by the company. Furthermore, traders can mitigate risks by copying positions of multiple traders, another advantage of the ForexCopy system.
On the other hand, followers also enjoy numerous advantages with the ForexCopy system by InstaForex. For starters, it can serve as an additional source of income from a profitable strategy. Followers can set any payment method for copying trades, and their accounts are publicly monitored, accessible to over 7 million InstaForex clients. There is no limit to the number of followers, and unlimited profit can be made from copying trades. The system offers over 400 trading instruments, including currencies, stocks, metals, and cryptocurrencies. Lastly, followers who refer other followers can receive double profit, which is an added incentive to use the ForexCopy system.
• Leverage:Flexible leverage up to 500:1
• Minimum Deposit: $1
• Platforms: MetaTrader 4, MetaTrader 5, Web Trader
• Headquarters: Mesa Geitonia, Cyprus
- Instruments:forex, indices, CFDs, and cryptocurrencies
Copy trading's popularity has surged because it offers inexperienced traders the chance to access markets and profit from the knowledge and experience of successful traders without needing a lot of knowledge themselves. However, it is crucial to note that copy trading involves risks, and traders should diligently research the traders they are replicating and the platform they are using before making any investment decisions.
With this list of copy trading forex brokers you can avoid all the risks of doing the wrong thing.
As the forex market expands and grows to include more and more traders, you will find that the number of scams is also going up. Be safe and check out any of our forex broker reviews along with this copy trading review to find all the information you need.
Use their demo accounts to make sure that they can provide what you need before you pay any money to sign up. The best forex brokers will give you this opportunity. Now that you know where all the right copy trading platforms are, you can get started whenever you're ready.
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