Top 10 Best Social Trading Platform and Network
Social trading combines social networks and online trading in the financial market. Social Trading is a platform for investing that allows investors to observe their peers trading behavior and expert traders by using copy trading or mirror trading to follow their investment strategies. In other words, it is one kind of copy trading, as traders don’t need to have sophisticated decision-making skills. However, there is some risk associated too. But, the forex social trading platform can provide a gateway to omit those risks.
The most challenging part of the trading type is choosing the right signal provider to follow. Although selecting the right platform and signal providers can raise profit and work as loss prevention. The best social trading platforms lets traders interact and monitor each other. Which helps deciding trade is worth copying. Besides, it also helps to learn trading strategies for new traders. Newbies can easily decide which one will work and which one will not.
Many top trading platform offer copy trading, which is also known as auto trading. In copy trading, traders can automatically copy other traders in their network. However, the trader himself will have to take the responsibilities of any risk.
Now, the question is which trading platform you should choose. Like regular brokers, the social broker also has many varieties and types. With that in mind, we eliminated your researching time and efforts as we have picked some of the best social trading networks. You can choose any of them, even blindfolded. Let’s check out all the best platforms for copy trading.
What is Social Trading?
Social trading refers to a type of forex trading where traders can interact with each other, share information, and copy the trades of successful traders. It's a form of online trading that enables individuals to follow and replicate the trading strategies of experienced traders, often using a dedicated social trading platform.
Traders get to interact, watch the trading results of other pros and then do brainstorming sessions on market situations in real-time, as a way to boost the accuracy of their predictions, as they move into position. You will need to do more than work with the best forex broker.
You copy trades of successful traders who seem to regularly hit the jackpot. Beginners to the market get many benefits when they learn how to trade by copying successful traders.
1. FP Markets
FP Markets social trading platform works like a social media platform, where a trader can follow other traders or a list of traders. Afterwards, traders can copy or replicate those traders strategies to initiate a similar forex trading.
Therefore, you don’t need to waste any time creating your strategy. Make the copy trading, and you are good to go. However, if you copy the traders you are following, you will be considered one of the social traders at FP Markets.
However, you don’t need to put much effort into completing the social trading as the whole process can be done automatically. On top of that, the trending live data will also help you modify your strategies, and you may combine your own too.
FP Markets Details
• Regulator: Australian Securities and Investment Commission (ASIC) regulates the FP Markets according to the terms and conditons. Their registration number is HE 372179.
Note- Please look at the Disclosure documents available on the FP Markets website.
• Platforms: MT4, Iress, MT5, Mobile Trade, WebTrader
• Minimum deposit: MT4/MT5 platform needs AUD 100, while Iress needs 1000 AUD
• Type: Social Trading and Copy Trading
• Headquarters at: FP Markets head office is situated at Level 5, Exchange House,10 Bridge St, Sydney NSW 2000.
• Instruments: Cryptocurrencies CFDs, Index-based ETFs, Forex Futures
Note- U.S. citizens, Japanese, and New Zealand residents cannot apply to open FP Markets accounts.
FxPro social trading offers you the best strategies from the top traders. As a result, you can follow them to apply to your forex trading strategy. On top of that, FxPro can get you the historical performance analysis on the social traders so that you can select them with no effort.
Besides, the risk management system helps the traders to understand the underlying risk via SuperTrader’s risk control.
Nevertheless, it works through an automated system that can also monitor your strategies and indicate the winning one by eliminating the failed strategies. As a result, you can track the winner at the end of the day.
• Regulator: Cyprus Securities and Exchange Commission regulates the FxPro, which bear the license number 078/07. Its UK branch is regulated by the Financial Conduct Authority (registration no. 509956).
Note- You do not own or have any rights to the underlying assets. Please look at the Disclosure documents available on the FxPro website.
• Platforms: cTrader, MetaTrader4, FxPro Edge and MetaTrader5
• Minimum deposit: $100
• Type: Market Maker
• Headquarters at: the location of the FxPro UK Ltd. is at 13/14 Basinghall Street, City of London, EC2V 5BQ, UK.
• Instruments: Metals, Futures, Forex, Shares, Indices, Cryptos, and Spot Energies.
Note- Americans, Canadians, and Iranians cannot apply for the FxPro account.
3. IC Markets
IC Markets provide their social trading service via Myfxbook, which is completely different from the conventional forex trading copying system. The good thing about IC Market trading is that it can limit your trading risk, and eventually, you can maximize your earnings through the profitable trade.
Furthermore, IC Markets don’t include the demo traders in their social trading. So, all the signal providers need to have a live account and possess some trading activities before they can offer signals. Besides, the statistics features make the trading activity transparent. The social traders at IC Markets can make unlimited demo accounts to sharpen up their trading.
IC Markets Details
• Regulator: Australian Securities and Investments Commission regulates the International Capital Markets Pty Ltd. (registration number 123 289 109 and License No. 335692). Cyprus Securities and Exchange Commission regulates the European IC markets (License No. 362/18).
Note- Please look at the Disclosure documents available on the IC Markets website.
• Platforms: MT4 and MT5, cTrader
• Minimum deposit: $2000
• Type: No Dealing Desk, ECN/STP,
• Headquarters at: Level 4, 50 Carrington Street Sydney, NSW 2000. AUSTRALIA
• Instruments: Forex, Commodities, Indices, Bonds, Digital currencies, and Stocks.
FBS has a dedicated platform for the social trading. The broker use FBS CopyTrade. It is widely recognized as one of the most user-friendly social trading applications available. It features an intuitive interface and a comprehensive range of investment tools, resulting in a seamless workflow that simplifies the process of forex trading.
FBS CopyTrade provides you with everything necessary to perform the task at hand. It gives you access to all the essential information on a chosen trader, such as Balance and Equity, enabling you to determine if their achievements align with your needs. The Account Details and Info screens help you understand the trader's metrics.
Moreover, visual charts display the trader's progress, allowing you to evaluate their Return rate and Risk level and make hypotheses for future actions.
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
Currently, XM does not offer any direct social or copy trading options. However, traders can access automated trade copying through the MetaTrader signals market. XM also allows social copy trading through expert advisors that are compatible with its platform.
XM clients have access to a vast social network of traders and can replicate trades from over 1,000 signal providers through MetaQuotes' MQL5 signal provider. Moreover, MetaQuotes' MQL5 is one of the world's largest social and copy trading platforms.
There are several advantages to using XM's copy trading service. Firstly, they have formed a partnership with a significant signal provider and require only a minimum deposit of $5, making it accessible to all. Additionally, they offer an extensive selection of trading instruments and are regulated in the UK, EU, and Australia, boosting their credibility.
However, there are also some drawbacks to consider. XM charges a monthly subscription fee of approximately $50, which can accumulate over time. Moreover, the spreads offered by XM vary from average to high, which may not be as appealing to traders searching for the lowest spreads available.
Despite these drawbacks, XM's copy trading service remains a competitive option in the market, offering various benefits.
- 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 offer BlackBull Social platform for the social traders. BlackBull Social provides a robust platform that enables you to execute trades based on the strategies of master traders from any MT4 or MT5 based broker. This implies that you can learn and replicate trades of master traders worldwide, without being restricted to professionals at a particular broker.
As BlackBull Social is a distinctive ultra-low latency trading ecosystem, copy-trades are executed with extremely low latency to ensure that they closely mirror the actions of the master traders.
With BlackBull Social, users have the opportunity to review the trade history of all master traders while setting advanced trade parameters. In addition to that, you can also apply risk management systems through the BlackBull Social platform. In addition, the platform grants access to dedicated 24/7 customer support and provides real-time reporting on all investments. Users can also connect with other traders through exclusive social features and diversify their portfolios across forex, commodities, indices, and stocks. With all of these features, BlackBull Social offers investors a powerful tool to learn from and follow the strategies of experienced traders.
- 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
In terms of the social trading platform, HotForex is considered to be the leading in the industry. Hence, without a doubt, you can follow any top trader and just copy their strategy to earn some quick money. On top of that, they can match you with the perfect trader you are looking for based on your criteria.
HF social trader offers you the automatic feature, which evidently reduces your work. Moreover, you take a position on different currencies via copying different strategies. But, taking more positions will require more investment.
Regulator: HF Markets (UK) Ltd is authorized and regulated by the Financial Conduct Authority (FCA) under firm reference number 801701. HF Markets (SV) Ltd is registered in St. Vincent & the Grenadine with the registration number 22747 IBC 2015.
Note- Please look at the Disclosure documents available on the HotForex website.
• Platforms: MT5, MT4
• Minimum deposit: Varies from $5-$250
• Type: ECN and STP
• Headquarters at: Located at Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, St. Vincent, and the Grenadines.
• Instruments: Forex, share, bonds, metals, indices, energy, bonds, ETFs, and cryptos.
Note- US, Sudan Canada, Syria, Iraq, North Korea, Iraq, Afghanistan, Mauritius, Myanmar, Yemen, Vanuatu, and EEA countries cannot open an HotForex account.
Axi social trading provides the opportunity to trade through other expert traders. On top of that, the use of MetaTrader 4 forex trading platforms gives ease of access.
Axi always takes steps to adopt the new technologies whenever possible. That being said, Axi started using Artificial Intelligence (AI), and with the help of AI, it offers a data-driven analytical feature that can get you a proper understanding of incorporated trading strategy. In one sentence, with Axi social trading platform, it can boost your profit if you follow other top performers and apply their strategy.
Regulator: Australian Securities & Investments Commission (ASIC) thoroughly regulates the Axi, AFSL number 318232. However, Axi UK is registered in both England as well as Wales under registered number 06378544.
Note- Please look at the Disclosure documents available on the Axi website.
• Platforms: MT4 only
• Minimum deposit: Any deposit will work
• Type: ECN
• Headquarters at: Axi has a permanent office in London, UK and Sydney, Australia.
• Instruments: Forex, Cryptos, Indices, CFDs, Metals, futures.
Note- U.S. citizens are strictly prohibited to open an Axi account.
Pepperstone has partnered with several social trading platforms, granting traders access to top strategies from around the world. Among the copy trading services available to users are Myfxbook, MetaTrader Signals, and DupliTrade, allowing traders to select the service that best suits their needs.
But among the three, Myfxbook is one of the best social trading platforms.
Pepperstone offers a range of forex social trading tools that come with several advantages and limitations worth considering. One of the benefits is that traders have access to three different social trading platforms in addition to three individual trading platforms. Moreover, the broker's low trading commissions are a cost-effective option for traders. However, it is important to note that the high minimum deposit required for social trading on MyFxBook and DupliTrade may restrict access for some traders. Pepperstone's social trading services may be an attractive choice for traders who prioritize low trading commissions and multiple software options for copy trading.
Traders can use AutoTrade by Myfxbook to duplicate trades from profitable forex trading systems. This service for social accounts lets traders make their own portfolios without paying performance or management fees. AutoTrade runs on dedicated servers, which means traders do not have to run any software on their end, resulting in a seamless and convenient 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's ForexCopy for social trading has revolutionized the world of Forex trading by enabling successful traders to offer their trades to followers for a fee. Traders who provide access to their trades earn a commission per copied trade or per day of subscription. To become a ForexCopy Trader, interested individuals must first open a live account on any of InstaForex's servers and register as a trader with the ForexCopy social trading system.
The ForexCopy system offers a lots of benefits to traders, including the opportunity for novice traders to make money on forex by copying trades of successful traders. The system provides a vast selection of the best-performing traders' projects with complete and transparent statistics. With a minimum deposit of only $10, traders enjoy full control over their trading accounts. They can also choose from flexible payment options for copying trades, some of which may even be covered by the company. Moreover, traders can mitigate risks by copying positions of multiple traders, another advantage of the ForexCopy system.
On the other hand, followers of the ForexCopy system also stand to gain various benefits. They can use it as an additional source of income from a profitable strategy. Followers have the freedom to set any payment method for copying trades, and their accounts are publicly monitored, making them 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
To Wrap Up
Selecting the best social trading platforms can be a daunting task, as some people may be looking to scam you by offering false promises of easy profits. However, by considering reputable social trading platforms from this social trading review, you can avoid such risks and make informed decisions about your investments. With this information at hand, you can check out the forex social trading world with confidence and minimize any potential losses.
As the forex market expands and grows to include more traders, you will find that the number of scams is also increasing. Be safe and check out any of our forex broker reviews 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. Now that you know where all the right social trading brokers are, you can get started whenever you're ready.
For novice traders, social trading comes handy and allows traders to follow a master trader. A master trader is someone who is successful in trading and has a long list of copiers. When a master trader opens a position, followers tend to copy that position right away. That is how social trading helps new traders.
The social trading guide is based on the capability to follow and copy another; it is essential to choose the right platform. The best platform will have the largest and most active trading community. Those platforms also include the forex brokers who offer the most efficient copying features. As a result, they can attract more active investors. An excellent social trading platform also allows synchronizing orders between different trading accounts.
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