Top 10 Best Social Trading Platform and Network
Social trading combines social networks and online trading in terms of 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 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 platform always lets the 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 trading networks. You can choose any of them, even blindfolded. Let’s check out all the best platforms for copy trading.
Briefly Explaining Social Trading
Before we dive into the list, it would be nice if we could get the facts straight on what social trading means. Social trading is like a social network. Instead of selfies and lunch photos, the trading network is all about sharing ideas.
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 trader who seem to hit the jackpot reasonably regularly. Beginners to the market get many benefits when they learn how to trade by copying successful traders.
So, let’s get started and see what we find here.
They may not have been the first company to venture out as a social trading platform, but they sure did a lot to give shape, visibility and awareness to what we know as social trading. They brought it to the limelight, as one of the best forex broker companies.
Yoni Assia founded and still runs the company. With it, he formed a global investor community where users get the opportunity to interact with each other like in a Facebook social network.
There are news feeds, a way for users to monitor and copy their favorite traders, for the best results. One of the other exciting features you will find here is the Copy Trading one. With it, you can copy the favorite traders automatically with proportion, exposure management and risk.
Even better, they give you a free and unlimited demo account to test this out.
- Regulator: eToro is regulated and authorized by CySEC in Europe (# 109/10); Toro (U.K.) Ltd authorized & regulated by the FCA (583263); eToro AUS Capital Pty Ltd. authorized by ASIC (491139).
Note- You do not own or have any rights to the underlying assets. Please look at the Disclosure documents available on the eToro website.
- Platforms: Webtrader, social trading apps for both iOS and Android.
- Minimum deposit: it ranges from $200 and $10,000 depending on where you come from.
- Type: Market Maker
- Headquarters at: eToro Europe has headquarters in Limassol, Cyprus.
- Instruments: CFDs on indices, commodities, cryptocurrency, bonds, ETFs and stocks
Note- U.S. citizens can apply as well but they might have significant limitations.
Leon Yohani, a prominent Greek entrepreneur, founded ZuluTrade in 2007. In this new sector of social trading platforms, ZuluTrade has always been at the forefront, especially when it comes to forex social trading.
They have recently introduced Binary Option social trading. The users of ZuluTrade get access to some of the social features to allow interaction with the signal providers and read comments left by other investors before them.
With this kind of information, you can do so much more than you would, if you were flying solo and trying to figure this out on your own. As our forex broker review show, you need all the advantages you can get.
Where they excel is Copy Trading. With their social trading platform, you can search thousands of signal providers with a very professional tool and analyze all the details so you can replicate the performance of pros.
With it, you can customize risk and money management. If you are not sure about this, why not try the free demo account and see what they have on there?
- Regulator: Triple A Experts Investment Services S.A. regulated by the HCMC(no. 2/540/17.2.2010).
Note- You do not own or have any rights to the underlying assets. Please look at the Disclosure documents available on the ZuluTrade website.
- Platforms: Webtrader platforms, apps for both iOS and Android.
- Minimum deposit: the deposit depends on the broker you use.
- Type: Copy trading and social trading
- Headquarters at: Triple A Experts Investment Services S.A. is headquartered in Piraeus, Greece
- Instruments: They depend on the broker you use
U.S. citizens can apply without limitations.
3. Naga Trader
What started as an app for smartphones only, is now something vastly different. It was called SwipeStox and was regarded as the Tinder of Trading. It is now one of the leading players in the Social trading platforms circles. In 2017, SwipeStox owners began to expand and rebrand to become something more significant.
That is how SwipeStox became Naga Trader, one of the platforms under the Naga Group AG. Naga Trader is a social trading platform that offers you social trading, copy trading and innovative investment services like NAGA CYBO and NAGA Portfolios.
The NAGA group also has a presence in the cryptocurrency space and blockchain. So much so that they have created their coin called the Naga Coin (NGC). You can even use this coin as the base currency of your account with many economic advantages, especially at the trading level, because of lower commissions.
You can use their demo platform to see what they can offer you when you use their social trading services. As our forex broker reviews show, demos tell you a lot about a broker before you join.
Naga Trader Details
- Regulator: NAGA Markets Ltd is regulated & authorized by CySEC (204/13).
Note- You do not own or have any rights to the underlying assets. Please look at the Disclosure documents available on the Naga Markets website.
- Platforms: MT4, web platforms, social trading apps for iOS and Android
- Minimum Deposit: None
- Type: Market maker
- Headquarters at: Limassol, Cyprus
- Instruments: Gaming items, CFDs on Stocks, Indices, ETFs, commodities, futures and cryptocurrency.
U.S. Citizens cannot apply to use the services provided by Naga Trader.
As one of the newcomers in the global world of social trading, they have had to prove themselves and make it the top 5 of our list. Dawrwinex was founded by the Spanish Juan and Javier Colón Bolea, and Miguel Angel Gonzalez.
From the beginning, they have proven to be an exciting company. On this social trading platform, they do not show traders' strategies. They are hidden in something that they call a 'Darwin.' This is something that they introduced, which was not there in other social trading platform.
The trader’s strategy becomes the real asset that an investor can buy and include in their portfolio. Then, the asset value increases because of the earnings generated from the underlying strategy managed by the trader.
Darwinex continuously monitors the Darwins, and the investors have access to the risk control tools. The tools are sophisticated to make sure that the real assets are safe. If you feel like an investor rather than a trader, it would seem that this is the social trading platform for you.
- Regulator: Tradeslide Trading Tech Limited authorized & regulated by the FCA (586466)
Note- You do not own or have any rights to the underlying assets. Please look at the Disclosure documents available on the Darwinex website.
- Platforms: MT4, MT5 (these are available for both Mac, Windows, Linux, and social trading apps for iOS and Android)
- Minimum deposit: € 500 or $ 500
- Leverage: 1:200
- Type: STP
- Headquarters at: London, U.K.
- Instruments: CFDs on stock, commodities, indices, cryptocurrency.
U.S. customers cannot use the services provided by Darwinex.
5. F.X. Junction
This one is a little different from the rest. Here, users can create their own profiles and then connect them with their MT4 and MT5 platforms. The main focus of F.X. Junction is to generate a traders' community where they can share ideas and trading strategies.
As social trading goes, that is the central premise. In addition to this, they have a copy trading system that will replicate the performance of proficient signal providers. F.X. Junction is not a broker, but a cross-platform way to enable social trading.
The connection used is not through the supported brokers but rather, through MT4 and MT5. That means you can keep the broker you have, not have to open a new account to use this particular social trading platform and simply connect it with MetaTrader.
Where you would find yourself forced to apply with a specific broker so that you can use their services, it must be an inconvenience. With FX Junction, you can stay with your broker and just integrate with their service seamlessly.
F.X. Junction Details
- Regulator: X. Junction is not a broker and regulations are not necessary.
Note- You do not own or have any rights to the underlying assets. Please look at the Disclosure documents available on the F.X. Junction website.
- Platforms: MT4 and MT5
- Minimum Deposit: It depends on the broker you employ.
- Leverage: The leverage depends on your broker.
- Type: Copy trading and social trading
- Headquarters at: New York, United States of America
- Instruments: The instruments will depend on the broker you use.
U.S. customers can use the services provided by F.X. Junction.
6. Myfxbook Autotrade
Started in 2011, Myfxbook quickly became one of the best social trading sites on the internet. They managed to create a community for professional web traders. As a social trading platform, Myfxbook allows the users to link all of their trading accounts under one profile and then keep track of all of their trading stats in an organized and professional way.
With them, you also get an auto-trading service that they call Myfxbook Autotrade. Since Myfxbook is not a broker, but a cross-broker social trading platform, it means that to use their services, you will need to open a new account with the supported brokers recommended by the company.
What they are is a mirror trading service. They have a condition where the strategies to copy from, to be admitted, must pass a precise requirements list that increases their security.
They care about what you do with your time, money and strategy and want to increase your chances to make returns.
- Regulator: Because it is not a broker, Myfxbook is not regulated.
Note- You do not own or have any rights to the underlying assets. Please look at the Disclosure documents available on the Myfxbook website.
- Platforms: MT4, Autotrade web platform, mobile apps for both Android and iOS.
- Minimum deposit: $1000
- Leverage: Leverage depends on the broker you use.
- Type: market maker, ECN and STP
- Headquarters at: Ashdod, Israel
- Instruments: They will depend on the brokers you use.
U.S. citizens are not allowed to use the services of Myfxbook.
This is the real O.G. of them all. It came before eToro and ZuluTrader. Tradency is the one responsible for launching the world of social trading. They showed everyone how to do it and made it possible to automatically copy the strategies of other traders without having to operate the markets personally.
What makes them come in seventh on this list is because they chose not to go down the road that made social trading platforms like eToro and other, social networks. Tradency is focused solely on what we call Mirror Trading.
They use the Mirror Trader platform. With it, you can access many automatic strategies that are based on algorithms generated by pros from all over the world. You can look at this and decide if you want to replicate it into your account.
The only part of all this that is considered social trading is the part where they show and can allow user portfolio strategies to be seen.
- Regulator: the Japanese FSA regulates Tradency Inc.
Note- You do not own or have any rights to the underlying assets. Please look at the Disclosure documents available on the Tradency website.
- Platforms: Mirror Trader, Smart Investor, and Smart Investor CFD.
- Minimum Deposit: This will depend on the broker you use.
- Leverage: Leverage depends on the broker you use.
- Type: Social trading
- Headquarters at: British Virgin Islands
- Instruments: They will depend on the broker you use.
U.S. Citizens can use the services provided by Tradency.
Collective2 happens to be one off the best forex brokers for social trading ever. They are the best choice for people living in the United States. If you are a U.S. citizen interested in social trading, this may be the best place to go for that.
As for regulation, you can rest easy because the NFA in the United States oversees Collective2. The social trading platform is different from many others in the sector because they do not charge a fee for forex trading.
Instead, traders get to choose from one of four monthly plans. The prices for these plans range from $49 to $299 a month. If you go for the annual plan, you can save as much as 15%. Within each of the tiers, the higher the investment, the more forex trading strategies will be available to you.
These strategies originate from the trading platform where traders review them as opposed to just copying directly from your favorites. This increases the accuracy of the information you get.
- Regulator: The Collective2 LLC is a member of the National Futures Association (NFA)
Note- You do not own or have any rights to the underlying assets. Please look at the Disclosure documents available on the Collective2 website.
- Platforms: Webtrader
- Minimum deposit: $49 billed monthly or $390 billed annually.
- Leverage: N/A
- Type: Social trading platform.
- Headquarters at: New York, USA
- Instruments: Strategies
U.S. customers can use the services offered by Collective2.
9. Trade 360
Trade 360 is one of the top social trading brokers in the market. They are fully regulated and ESMA complaints, with headquarters in Cyprus. They are one of the social trading platforms that offer a range of accounts for you to choose from, as a forex trader.
They have a total of 6 different account types. Included here, we have account types that re specifically designed to facilitate trading in gold. With their social trading platform, you will find the minimum deposit, ranges from $500 to $50,000 depending on the type of account you would like.
Forex trading spreads at Trade 360, start from 3 pips for many of the forex currency pairs you will find, and there are many choices for CFDs. With social trading, you can trade all these instruments with more than 100 CFDs open to trade. Trading with Trade 360, happens on MT5 or WebTrader platforms.
Trade 360 Details
- Regulator: Crowd Tech Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 202/13
Note- You do not own or have any rights to the underlying assets. Please look at the Disclosure documents available on the Trade 360 website.
- Platforms: MT5 and WebTrader
- Minimum deposit: $500
- Leverage: 1:400
- Type: Copy and Social trading
- Headquarters at: Limassol, Cyprus.
- Instruments: CFDs on stocks, metals, indices and ETFs, among others.
U.S. customers cannot use Trade 360.
With the iSystem social trading platform, you get to focus on trading in futures and stocks. That makes it featured among brokers who offer trading in the futures and stocks market, most of the time.
The company has gained a lot of traction and become popular in the industry. If you are a trader, you can utilize the social trading available on iSystems, the technology or any of the 30 top stock brokers they have available to you.
The significant brokers here include companies like Ninja Trader and Halifax, among others. If you trade in futures and stocks, there is a very high likelihood that you will come across the iSystems platform at some point.
- Regulator: Since it is not a broker, iSystems is not regulated.
Note- You do not own or have any rights to the underlying assets. Please look at the Disclosure documents available on the iSystems website.
- Platforms: MT4, web platform and social trading apps for both iOS and Android.
- Minimum Deposit: It depends on the broker you choose.
- Leverage: Leverage depends on the broker you use.
- Type: social trading and copy trading.
- Headquarters at: iBroker Global Markets S.V. S.A. is headquartered in Madrid, Spain
- Instruments: They depend on the broker you choose.
U.S. traders cannot use the services provided by iSystems.
To Wrap Up…
Picking the best social trading platform is not an easy thing to do. Most of the people who claim to be doing social trading are there to cheat you out of your money because they know people want the easy way out.
With this list of social trading firms where you can take your business, you can avoid all the risks that come with doing the wrong thing, just because you did not have the information about what was right.
As the forex market expands and grows to include more and more trader, you will find that the number of scams is also going up. 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 sites 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 platform 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 provides the capability to synchronize orders between different trading accounts.