Copy trading is a method that allows you to imitate the strategies of experienced traders. Since there are countless strategies at your disposal, you can use various combinations that you find most effective for you.
There are many copy trading platforms available in the market, but be reminded that they’re not all the same. In this article, we list 5 Forex brokers with copy trading platforms that you might want to check out.
Arguably the largest social trading platform with clients from 140 countries, eToro handles stock, ETF, commodity, currency and cryptocurrency markets.
eToro’s manual option allows you to search a wide array of trader profiles and check their stats. After choosing a trader to copy, you can use the company’s CopyPortfolios to copy your chosen trader’s trades.
On top of that, eToro has a newsfeed service that enables members to connect with each other through chat. Another edge eToro possesses is that it has the largest network of experts who can provide the best trading experience to their clients.
By signing up for an HFcopy account, you can trade Forex and bitcoins. The account is accessible through MetaTrader 4, WebTrader, and HotForex’s very own mobile trading app. This broker will allow you to copy up to 300 open orders at once. You can enjoy these features for just $100 (or $500 dollars if you want to be a strategy provider).
Vantage FX, an Australian ECN broker, is known for its deep liquidity and fast executions. ECN is a series of interconnected banks and liquidity providers that match buyers and sellers of currencies.
Since it’s an ECN broker, it has various advantages under its belt like having lower spreads, more transparency, and fast execution of trades.
To allow traders to copy trades, Vantage FX uses ZuluTrade, enabling you to have access to 120 different Forex pairs and CFDs.
MyFXBook is another program utilized by Vantage FX. The best thing about MyFXBook is it tosses out low-performing accounts so you can only copy from the best players.
To meet the demands of its growing client base, Fullerton Markets has come up with its own copy trading platform called CopyPip.
CopyPip provides an opportunity for new traders to start earning in the Forex scene by copying the strategies of more skilled traders. Through the platform, they gain instant access to a wide network of strategy providers.
CopyPip also offers convenience with its automatic fee calculation, which allows traders to focus more on their trading. Cashing out from your account is also fuss-free.
Aside from the famous Metatrader 4 and 5 trading platforms, Pepperstone also allows its clients to use the high-performance cTrader trading platform.
Pepperstone utilizes different programs such as ZuluTrade, MetaTrader 4 Signals, Mirror Trader, MyFXBook and Robox. Through these programs, you have the option to automate your trade or do it in real-time. Also, options for spread-only (standard) or commission (Razor) account are provided.
Also read: Forex Copy Trading: Benefits and Risks