Best Social Trading Platforms

Social trading platforms like eToro allow you to clone a portfolio with as little as $200. However, depending upon the available budget, you may wish to invest more or less. Regulations offer a sense of security when investing your hard-earned money with a broker.

best social trading platform

FXPIG have a range of customised trading solutions for traders of all experience levels. Primarily operating as an STP forex broker, they provide the excellent cTrader and MetaTrader platforms along with a FIX API and PAMMs.

Social Trading Fees

Users are attracted by the excellent customer service and ease of use. AvaTrade provides a range of social trading features, like the synchronised dotbig forex order executions in real-time. Perhaps the biggest feature is the AvaTradeGO mobile app, which allows you to find new trade ideas on-the-go.

  • DARWIN lets you tap into the expertise of professional traders and automatically replicate their performance.
  • Receive a Telegram message for any buy/sell order created or filled.
  • Collective2 is one of the non-brokers services to U.S based traders.
  • We also saw people recommending third-party social trading service providers like ZuluTrade, MyFxBook, etc.
  • The following are basic terms that will come up frequently in social and community trading settings.

The Forex markets enable you to engage in trading of global economies despite holding additional positions in singular markets such as American equities or derivatives. The following are basic terms that will come up frequently in social and community trading settings. These accounts allow for trading of Forex in what is dotbig referred to as lots in their ‘mini’ form; otherwise, denominations of $10,000 per lot. There is always a chance of being easily influenced, particularly for newer traders. This can be a great way to learn and quickly develop your skills as a trader. The app is available on both Android and iOS devices for Axiory traders.

Low deposit requirement

Users can find the best trading strategies to follow by viewing the historical performance, where they can then set their account to automatically copy the strategy with one click. Collective2 is a US-based automated trading system with over 78,000 members in their community. To get started, you will first need to sign-up with one of the compatible brokers . Alongside the community that offers support for any moment, there is the NAGA Trading Academy, which provides educational materials to both beginners and advanced traders. If the materials are still too advanced, then you can talk with a NAGA account manager for one-on-one lessons.

best social trading platform

One should have some strategies in mind while eyeing opportunities in social trading platforms, including scalping, swing trading, or positional trading. Having mastered one of these strategies, it would be much easier to search for professional traders in the various social trading platforms leveraging either strategy. NAGA Trader offers a social trading platform that allows traders to interact with like-minded peers and discuss current market conditions in real-time.

Step 1: Sign up to eToro

The company has partnerships with over 64 global brokerages and continues to expand globally. We gathered below some of the best options that you have and the exact set of features they provide.

Pepperstone – Best Range Of Social Trading Tools Overall

The broker doesn’t charge additional commissions or fees to trade copiers. EToro and its copy trading tools are heavily regulated by such bodies as FCA, SEC, CySEC, and ASIC. Over-leveraging, reckless trading, human factor, software errors and so much more can hinder your success.

eToro – Top Trading Platform For Social Trading

But before you can start copy trading, you will need to start by creating a user account with AvaTrade, verifying your identity, and depositing a minimum of $100. To start copy trading on DupliTrade, however, you will need to deposit a minimum of $5,000. dotbig AvaTrade will only charge competitive spreads – starting from 0.9 pips, but extra charges will apply when copy trading depending on the preferred strategy. We also list eToro’s tool among the best copy trading tools because of its affordability.

Online trading can be very complicated, especially for beginners who have no previous trading experience. Learning to trade with consistent results can take many years of studying and practice. Some aspiring traders simply do not have enough time to become a professional full-time trader and may consider using a social trading platform instead. As noted, some of the instruments traded on social trading platforms, especially contracts for differences , aren’t available in the United States.

Best Forex Copy Trading Platforms Reviewed

ZuluTrade cannot provide services to U.S. residents, who can only use free demo accounts. Not only that, but it also offers educational resources to help you get started. The tool places $0 commission on online stock trades, ETFs, and online option trades. Investors will connect their MT4 trading accounts to their ZuluTrade accounts.

The platform also supports cryptocurrencies, commodities, forex, and more. Each and every market supported by eToro has a “social element” to it. For example, if you click on Apple stocks, you’ll see a list of relevant threads that have been posted by other eToro traders. Each thread allows you to ‘Like’ and ‘Comment’, much like you would on social media!