Given the financial market has continued to evolve in recent times, it is not surprising that many brokers now allow copy trading. It is in no doubt one of the recent advancements in the world of trading, and many traders are steadily utilizing copy trading to yield enormous profits for themselves.

Copy trading is indeed an attractive strategy not just for beginners alone, but even for experienced traders. It allows one trader to replicate the trades of other successful traders, making it possible for less experienced traders leverage on the strategies of more experienced traders.

In this article, we will explore the dynamic strategy of copy trading, particularly highlighting the brokers that allow this strategy. This will serve as a guide for traders who may wish to start copy trading. After reading through the information provided here, you will be better guided and equipped for making a selection.

Let us now fully delve into our main focus.

Contents
1 Brokers That Allow Copy Trading
1.1 eToro
1.2 AvaTrade
1.3 Octa
1.4 Pepperstone
1.5 IC Markets
1.6 Fp Markets
2 Choosing the Right Broker for Copy Trading
3 Frequently Asked Questions

Brokers That Allow Copy Trading 

The list below presents some of the major brokers that allow the practice of copy trading.

  • eToro
  • AvaTrade
  • Octa
  • Pepperstone
  • IC Markets
  • Fp Markets

eToro

This is a multi-asset investment company that focuses on providing financial services of different sorts. They offer a wide range of financial assets and have maintained their position as one of the most popular brokers that allows copy trading. eToro has an extensive copy trading feature which allows traders to copy  and automatically replicate the trades of more experienced traders on their platform. This broker enables its users to access a comprehensive list of experienced traders with their rankings. With this information, users can easily make evaluations and decide traders to copy. Their platform is user-friendly and facilitates interactions and sharing of ideas among users.  

AvaTrade

This is one of the highly rated brokers that allows copy trading among forex traders. Besides being one of the globally trusted  brokers known  for great delivery, AvaTrade offers users a wide range of markets, including options and futures trading. AvaTrade provides great platforms for copy trading including Zulutrade and Duplitrade and the well known MetaTrader. Their latest copy trading platform known as ‘Avasocial’ is developed to foster a massive network of copy traders from different parts of the world. 

Octa 

Octa provides a powerful copy trading tool called ‘Master Traders’. This tool allows traders to follow numerous trading experts and to create diversified and balanced portfolios. It also allows the traders the ability to exercise some level of control over their trades.  Octa uses the MT4, MT5 and Octa Trader platforms for their copy trading and also publishes the trading statistics of their master traders, as well as the commission they charge for copy traders to assess.They are often described as the commission free broker. This is as a result of the low fees they usually charge.

Pepperstone

Pepperstone offers a number of powerful copy trading services from which copy traders could make a selection based on their needs and preferences. For this reason, they remain as one of the top choices for copy traders.  This broker is also known for their very low spreads and speedy execution. They also provide access to a diverse range of traders with detailed performance metrics and risk profiles, which helps in driving more effective results in copy trading. They recently launched a package called ‘copy trading with Pepperstone’ which was in partnership with Pelican. This has become a top choice for traders due to the networking opportunities it provides copy traders.

IC Markets

This is regarded as a beginner-friendly broker and offers trading on a wide range of financial instruments which includes stocks, forex, digital currencies, futures, etc. IC Markets supports the major trading platforms and also provides a wide range of trading tools to facilitate copy trading. Their copy trading platforms allow for copy traders to select and copy the trading patterns from a wide range of expert traders from different parts of the world. It also provides a system for performance analytics so as to allow traders to monitor their performances and make informed trading decisions. IC Markets is generally a top choice broker for beginners due to the all round support they offer beginners alongside excellent educational resources.

Fp Markets

FP Markets provides a well developed proprietary copy trading solution. This affords traders the ability to effectively diversify their portfolios. The broker offers copy trading services on the major trading platforms including the MT4, MT5 and cTrader, and also provides built-in copy trading functions to cater the needs of their subscribers. The broker also offers a fee based signal start and Myfxbook autotrade services. Furthermore, Fp Markets offers traders competitive, commision based trading fees with features of raw spreads from 0.0pips for a commission of USD 6 for each standard round lot.

Choosing the Right Broker for Copy Trading

  1. Be sure that the broker is well regulated by recognized financial authorities. The broker should also have a reliable reputation for customer service and security.
  2. You should also consider comparing associated fees for copy trading charged by the broker. Also consider spreads, commissions and performance fees.
  3. Consider the platform used by the broker. You will need a platform that is user friendly and has the tools and features you require for copy trading. 
  4. You should also look out for a broker that offers a wide range of traders you can copy from. 

 

Frequently Asked Questions

What is copy trading?

  • This is a trading strategy that allows a trader to copy and replicate the traders of other more experienced traders.

How long can it take for copied trades to be executed in my account?

  • This may vary depending on certain factors (including trading platform). However, most copied trades can be executed almost instantly in the copier’s account.

Is prior trading experience a necessary requirement for engaging in copy trading?

  • It is possible for people with no prior trading experience to successfully engage in copy trading. However, it is safe to have basic understanding of forex trading before engaging.