Copy Trading is just a software tool that allows anyone to mechanically duplicate accounts established and maintained by some other skilled dealer in the financial system. Investors may use this strategy to mimic certain tactics with the margin they choose. Customers have the option of investing less or more than the policy’s advised proportion.
8 Best Copy Trading Platform in 2021
Here are a few of the copy trading sites available.
1. Etoro Forex Social Trading Platform
In 2021, Etoro will be one of the most popular social trading websites. It has over a trillion traders and provides traders with strict regulatory dealers, a cutting-edge trading platform, and a diverse range of commodities.
Etoro App has several features-
- The ability to purchase and buy in leading equities and exchange-traded funds (ETFs).
- You may also start putting up asymmetric encryption investment.
- You may meet with your investors in person.
- It’s accessible through an internet browser, smartphone apps, and a variety of other devices.
- It accepts a two-hundred-dollar minimum deposit.
- Crypto, CFDs, Stocks, ETFs, and other security features are available.
- One of its disadvantages is that it lacks the MetaTrader platforms.
Naga Trader is also one of the industry’s most well-known copy trading system. Along with Etoro, services are considered as being one of the leading social trading brokers.
The following are some of its characteristics:
- It is authorized by both the FCA and the CySEC, ensuring that a trader is protected to the fullest extent possible.
- They feature a wide selection of cryptocurrency assets.
- Payments in cryptocurrencies are permitted.
- It’s minimum purchase is extremely low, making it ideal for inexperienced users who want to test the waters with the broker at a minimal risk level.
FXTM is also a fantastic platform for copytrading. They provide a wide variety of account types to choose from. It requires a one-hundred-dollar minimum deposit.
It contains several well-known characteristics:
- The ability to access all of your brokerage accounts from one location.
- On the go, we may invest approximately 200 financial CFD products.
- It allows trading across desktop and mobile devices.
- We can see current price alerts and real-time pricing.
- We have access to a range of order functions.
- It is also possible to trade without paying a royalty.
- It offers a diverse range of research and educational opportunities.
ZuluTrade is among the top copy trading platforms, allowing you to select traders by minimal investment, mobile support, and other factors. It also enables users to log in via Facebook, which is useful for individuals who monitor their accounts frequently.
The following are some of its other characteristics:
- A worksheet with all of the tested transactions is available for download.
- It is completely eligible to access, and all you have to invest in the profit on your trades.
- It enables shareholders to duplicate the accounts of other investors.
- If a call option occurs, it generates a warning.
- For dealing, we must put down a deposit of at least $200.
AvaTrade, situated in Ireland, is one of the top forex mirror trading platforms. It is a great copy trading broker that is regulated all over the world. You may select from a wide variety of copy trading and social platforms at AvaTrade.
It also has the following features:
- It offers both free and paid signals, which can be found on the MetaTrader platform’s Signals tab.
- Cryptos may be traded as CFDs, and you may do so regularly.
- You may fund your trading account using a bank transfer, a credit card, or a PayPal account.
- It’s compatible with MetaTrader 4, Mac, Mirror Trader, ZuluTrade, Web Trader, Tablet, and Mobile applications.
Darwinex is possibly far more forward-thinking of the copy trade services on the list. Users can gain from the success of other merchants.
However, there are other noteworthy traits, such as:
- The information is delivered in a completely different way.
- It does not replicate other users; instead, it purchases synthesized resources known as Darwins, which are commodities whose valuation fluctuates based on the success of the trader sponsoring them.
- The higher the trader’s profit, the higher Darwin’s price rises, and the higher the return on investment in the Darwin.
FBS is yet another excellent copy trading broker.
They also have several additional characteristics, such as:
- Because of the variety of FBS merchant accounts available, they are once really one of the preferred trading platforms for beginning traders.
- The funds incorporate their Cent account, which has only a $10 security payments.
- It provides a comprehensive copy trade software.
- The service is not available to European copy merchants at this time.
- If you meet the IFSC’s eligibility requirements, you may get going with just a $100 investment.
HotForex is also a well-known copy trading platform, especially among beginning traders.
It has several features, including:
- They provide a wide selection of commodities, fair pricing, and a comprehensive free tuition component.
- Courses, seminars, and online webinars are available to assist you to improve your trading strategies.
- From $300 for copiers to $1,000 for signal providers, the HFCopy account and platform it runs are offered. Depending on where you are located, the minimum deposit amounts may vary.
What is Copy Trading Software?
Persons in the financial system can use copy trading to replicate contracts established and maintained by other people autonomously. Unlike mirror trading, which market it operates to replicate certain methods, copytrading transfers a piece of the copying trader’s money to the duplicated investment’s account.
In essence, copy trading is a sort of algorithmic trading. You may mechanically replicate other merchants with this form of trading. It implies that you would rather profit or take a loss along the same deals as these other traders. Whether you wish to copy trade currency and perhaps other sectors, copy trading is best for various traders.
How Copy Trading Works?
Copy-trading links a portion of the account to the account of a broker users select. So now, all of the broker’s recommended schedules are duplicated to the portfolio once users duplicate them. In addition, all of the future activities will be immediately copied to the profile.
They are asked to engage a particular amount in a specific trader. In most circumstances, the amount cannot exceed 20% of your whole inventory. The trades are founded on a computed proportion of the trader’s generate a profit on whether you opted to stake
Why is Copy Trading so Popular?
There are various reasons why copy trading has become so popular. Here are some of the reasons:
- Copy-trading saves a lot of time for the traders. It is considered better than manual trading. Anyone who wishes to invest little time or does not have much knowledge about trading, can always start copy trading.
- First-timers who wish to learn about trading should start copy trading as it can be a good guideline for beginners.
- People can easily access the global market using copy trading. It can increase the case strategies and benefits.
- There are rich, diverse traders in copy trading that can provide outstanding strategies for trading.
Advantages and Disadvantages of Copy Trading
The benefits and drawbacks of copy trading are numerous. The following are the details:
- It eliminates emotions from the decision-making process in trading, allowing you to develop sensible and trustworthy trading methods and investments.
- It allows you to trade at any time of day or night, making it ideal for part-timers or those not available 24 hours a day.
- It helps you to avoid spending hours each day in front of the marketplace.
- It enables you to expedite order execution, allowing you to make faster investments.
Contrary to popular belief, there are several disadvantages to using this method.
- Unless your input, there is no way to make value judgments or change the setups.
- You’re completely reliant on technology and the infrastructure you’ve built.
Is Copy Trading Legal?
In several nations, copy trading is lawful as long as the trader is legally registered. When you engage in the capital sector through a licensed broker, your accounts and the dealers inside are legalized. All of this, however, is entirely dependent on the country in which you reside.
Copy Trading App FAQ
Ques 1: How does someone choose a good copy trading software?
Ans: It is vital to ensure the software is reliable, robust, number of traders, quality, security, and many other factors before choosing a good copy trading software.
Ques 2: How does one copy best traders?
Ans: Choose the dealers whose transactions you like to imitate; select any risk assessment limitations and criteria; and, finally, determine whether you’d like to duplicate their previous transactions or just fresh transactions in the future.
Ques 3: Is copy trading profitable?
Ans: You can either gain or lose income if you duplicate trade. The concept behind copy trading is that you may evaluate every broker’s competence while deciding which signal source to emulate.
To sum it all up, we can conclude that copy trading is a good way to emulate manual trading for beginners and can give helpful advice and strategies for future investments. Therefore, it is vital to know which trader to follow for maximum profit and few downsides.