Best Copy Trading Platforms

People are becoming increasingly interested in finding the best copy trading platforms. Copy trading itself has become a very viable option for traders lacking the expertise to scale through the forex market. Also, those traders who have very limited time to constantly monitor and analyze market trends.

Via copy trading, can easily coper and replicate the positions and strategies of another trader. This can either be automated or done manually. The trader whose positions are being copied is referred to as a signal provider while the one who follows and copies his positions is referred to as copier. This works by relying on social networks and social trading systems, such that when a signal provider opens a position, he can broadcast his position for other traders on the network (usually the copiers) who may decide if they want to open the same position. There are lots of benefits copy trading can afford traders.

This strategy however has certain limitations. It is usually advisable for the copier to have carried out an analysis on a position or particular market before committing capitals to it. 

The purpose of this article is to give a rundown of some of the best copy trading platforms. But before we delve into the focus of the article, let’s look at some of the key features to look out for while selecting platform. 

Key Features to Look for in a Copy Trading Platform

1. When selecting a copy trading platform, it is important to select a platform with that has a user friendly interface, as this is crucial for both beginners and even other experienced traders. A good platform should be intuitive and should allow users the ability to easily navigate through different sections. This can further enhance the overall trading experience for traders.

2. Another key feature to look out for in a copy trading platform is a variety of traders to copy.               Having a diverse range of traders to copy is crucial. A platform that offers  a wide range of                 traders with their different trading styles and strategies allows for copy traders to choose                   traders that best align with their investment goals and risk tolerance, which further helps them           in making informed decisions.

3. A good platform should provide a clear system for tracking the performance of                traders that are being copied, including their historical returns, draw downs and their win rates.          The platform should provide advanced analytics features like charts and graphs which can help          traders visualize performance trends overtime and enable them make adjustments when                    necessary.

  4. Traders should also consider and understand the fee structure of a copy trading platform                    before making a selection. This is crucial for evaluating the cost effectiveness of the platform. Be        sure to understand the fees and commissions charged by the platform can impact your returns.          It is advisable to choose a platform with transparent fee structure.

 5.  It is also important to look out for platforms that offer effective risk management tools as these          can be crucial for protecting one’s capital and minimizing potential loses.

 6. Another important feature to look out for when selecting a copy trading platform is reliable                 customer support, especially for new traders who are likely going to be needing relatively more         guidance and support to settle in properly.

Best Copy Trading Platform

Haven gotten a fair understanding of what it entails, let’s now delve into the focus of this article. Some of the best copy trading platforms include the following:   

• eToro
• Meta Trader
• cTrader 
• Zulu Trade

1. eToro

eToro is globally considered one of the premier trading platforms. Some of the features that stands it out among the best copy trading platforms include the following: the platform is designed with user friendly interface which gives users easy accessibility and pleasant experience during trading. The platform also provides detailed performance metrics of each trader. This includes the trader’s risk score, portfolio compositions and historical performance, all of which really aids copy traders to be able to assess the performance of these traders and decide whose style to copy and replicate while on the platform.

2. Meta Trader

The Meta Trader platform comprising the Meta Trader 4 (MT4) and Meta Trader 5 (MT5) is globally acceptable as one of the best trading platforms, and with powerful capabilities that addresses the needs of different traders of different levels. The platform is supported by a wide range of brokers. Additionally, the platform’s built-in signals allows for copy traders to be able subscribe and replicate the trades of more experienced traders automatically. This feature makes the whole copy trading experience even easier for users. The Meta Trader platform also provides an amazing customization option to traders which enables them streamline their trading experiences to meet their specific needs.

3. cTrader

cTrader has a special feature known as cTrader copy. This is particularly designed to facilitate the copy trading experience for different users on the platform. The platform is preferred for its user friendly interface which gives a great trading experience to various class of traders. The cTrader platform also provides a powerful performance analytics. This enables copy traders assess the overall performance of top traders so as to be able decide which trader’s style is most suitable for them to copy.

4. Zulu Trade

Zulu trade is a powerful copy trading platform that connects its users with a broad network of experienced traders from different parts of the world. The platform offers traders a high level of customization. This allows for adjustment of various settings including stop-loss limits, trade sizes and number of to copy simultaneously. The zulu trade copy platform also provides in-depth performance analytics. This enables copy traders to make informed decision on which trader to copy.  

Frequently Asked Questions

Which broker has copy trading?

• Octa FX, HFM, AVA Trade, Pepperstone are examples of some of the popular forex brokers that have copy trading.

  Does MT4 allow copy trading?

• The MT4 platform is one of the most used platforms for copy trading, so yes, it allows it.

Is copy trading good for beginners?

• With proper guidance, it can is ideal way for beginners to learn trading and minimize adverse market conditions.