7 Best Copy Trading Platforms & Apps

Still, even among FX trading platforms, there will be variations in the number and types of trading pairs available. If you’re interested in solely the majors like EUR/USD, any platform will do. However, if you want more obscure pairs, you might have to search around. These transaction fees can vary widely, so it’s a good idea to compare prices before depositing your money.

Also, don’t forget to look for other hidden fees that some brokers tack on, including fees for inactivity or making withdrawals. Perhaps one of the coolest options is a price projection tool, which is part of the pattern recognition suite. There’s also the option to view client sentiment to see how other traders feel about an asset in real-time. The platform includes a front-facing client portal that gives a trader insights into their portfolio at a glance.

Best Copy Trading Platforms & Apps

With brand name recognition , Forex.com is a popular choice and often one of the first forex trading platforms that investors look to. As an online broker that’s publicly traded on the NASDAQ, Forex.com is highly trusted in the industry. They’re also the most regulated, with four tier-one jurisdictions under their belt.

Depending on where you are in the world, CMC Markets is regulated by either Bundesanstalt fur Finanzdienstleistungsaufsicht or the Financial Conduct Authority . To keep your money secure, the company segregates funds and abides by strict custody requirements. Your funds will be kept secure in distinct money accounts that have been separated from CMC’s assets. MetaTrader 4 is a third-party trade platform that offers access to a range of tools and features to help you customize your trading experience. You can use these tools to help build your own trading algorithms, which may help automate your trading. As one of the largest forex brokers in the world, XTB has a stellar reputation for providing a best-in-class trading experience.

With low 0.8 pips for forex pairs like EUR/USD and an intuitive trading platform, IG is one of the leading forex brokers in the industry. The trick to being a skilled forex trader is being able to time these transactions precisely while also having access to the right online trading platform to make your exchanges. As long as you have an Internet connection, you can theoretically access most forex brokers and trade from anywhere, potentially making money on your terms.

Best Copy Trading Platform: Top Picks

MetaTrader 4 also comes with 18 free add-ons and indicators that you can use, as well as thousands more that are available for purchase. XStation 5 is XTB’s proprietary trading app, and it’s comparable in design and functionality to MetaTrader4. However, it does lack the ability to create custom indicators, which is a base feature in MT4 and a staple in currency trading. This copy trading platform also offers the FXTM Invest service for a minimum deposit of $100.

With an intuitive interface, the eToro platform can be easy to use for forex traders of all levels. You can view an asset’s performance at a glance, and there’s even an app to trade forex from a mobile device. The platform is accessible from 140 countries, though the exact features and available markets will vary based on your location. Launched in 2007, eToro focuses on the cryptocurrency markets, but that doesn’t mean forex traders can’t use it. Though most of the features are comparable to the best forex brokers, where eToro shines is with its copy trading feature. Whether you’re a beginner or a pro, IG has plenty of support available.

An unscrupulous broker may only make trades that suit their best interests, not yours. If they’re overseas, they might not have customer service hours that are compatible with yours. All of these features platform as a service are available on any device, including iPhone and Android devices. To run Plus500’s Windows 10 Trader platform natively, you’ll need a device that runs Windows 10 or higher or an Xbox One.

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Using CFDs and spread betting, forex, indices, cryptocurrencies, commodities, shares, share baskets, and treasuries can all be traded. There are also fees involved if you’re not an active trader or your account doesn’t incur any commissions. For this reason, IBKR is recommended for those committed to trading regularly and with decent volume. This is especially true given the minimum deposit requirement of $10,000. There are exceptions to this $10,000 rule depending on where you reside and how old you are.

As a publicly traded company with the most name recognition, Forex.com is a great place to begin your trading journey and hone your skills. Just make sure that the tools and trades you want to use are available in your region. Copy-trading allows copying positions of another trader, and lately, it has become more popular.

For example, let’s say you buy €1,000 worth of Euros with U.S. dollars, and you’d like to profit from this purchase. You would hold your Euros and watch as the exchange rate goes either up or down. When the value of the Euro goes up, you can exchange the Euros back to dollars, making a profit in the process.

Who Is The Best Broker For U S Traders?

Though there’s not a single best forex broker that will suit everyone equally, you can choose the best forex broker that’s right for you if you know what to look for. There are also some clear red flags that will help you avoid problematic forex platforms that are rife with scams. MetaTrader 5 offers desktop, web, and mobile versions of the platform. This one of the best social trading platforms uses the MQL5 language, the automated trading software that mostly runs on your computer and trades for you. Meta Trader 5 is a powerful platform for Forex and Exchange markets. This best forex copy trade service provider uses the MQL5 language, the automated trading software that runs on your computer and trades on behalf of you.

From a regulation perspective, the company is both authorized and regulated by the Financial Conduct Authority for offering CFDs . Selecting the best copy trading platform is not as easy as you may think. You need to consider many factors while selecting your copy trading software.

AvaTrade is one of the best forex copy trading platform based in Ireland and regulated in Europe by the Central Bank of Ireland. They are one of only a few top forex brokers to offer fixed spread forex trading. Avatrade provides an extensive range of copy trading and social platforms for you to choose from. U.S.- and UK-based forex brokers tend to be the most regulated, particularly when it comes to limiting the amount of leverage a trader can use.

No Advisory Fee For Three Months3

Copy Trading is a software application that enables individuals in the financial markets automatically to copy positions opened and managed by another selected really. This technique allows traders to copy certain trading strategies. Copy-trading links a portion of the copying trader’s that funds to the copied investor’s account.

• As a refresher, a pip is a “percentage in point,” and one pip is one one-hundredth of a percent.
• Further, the interface can be accessed via both mobile and desktop.
• Though there’s not a single best forex broker that will suit everyone equally, you can choose the best forex broker that’s right for you if you know what to look for.
• You’ll also find that a broker may give you access to different platforms, and some have developed their own proprietary systems.
• The difference, however, is that with a spread, the broker adds a small margin to the price to compensate them for their risk and the liquidity they’re providing you.
• With low 0.8 pips for forex pairs like EUR/USD and an intuitive trading platform, IG is one of the leading forex brokers in the industry.

As a reminder, with CFDs, you don’t actually own the stock, commodity, or currency. Instead, you’re betting on the direction that the price of the asset will move and collecting a profit or sustaining a loss based on the accuracy of your prediction. Plus500 is one of the UK’s top trading platforms, and it is the largest CFD provider across Europe, particularly in the UK, Germany, and Spain.

There are free online courses, and you can also attend on-demand webinars and seminars. In addition to having access to multiple trading platforms, you can access one of the largest selections of FX pairs for U.S. traders through IG and trade on leverage. Instead, you pay a small percentage of the asset price , and you can make a profit depending on the asset’s price direction. This strategy is how experienced traders can make massive gains by taking advantage of leverage.

In order to display trader’s performance in a more comprehensive way, BingX traders now can enrich their homepage by accessing another exchange’s API. System response and account access times may vary due to a variety of factors, including trading volumes, market conditions, system performance, and other factors. The main difference between a forex broker and a market maker has to do with their role. Their role is to connect you with a buyer or seller to execute a trade. Mobile trading can be massively convenient, so make sure that if mobile access is important, your preferred platform offers it. Keep in mind, though, that the features offered on mobile tend to be less robust than desktop access.

Just like any other investment, you can also make money or lose money from copy trading. The idea behind copy trading is to assess each trader’s profitability before selecting which signal provider you want to follow. Naga is a copy trading platform that automatically copies your trade. It helps you to discover other investor’s stats on the leader board and select who to copy to get the highest profit in your trade.

The market maker evaluates how many people are trying to buy and sell positions and at what price. The market maker helps balance and match these different positions so that the trade can be executed. However, market makers may also buy and sell securities, which could be a conflict because they are the ones setting the bid-ask spread. Though there are relatively high minimum deposits, Denmark and Norway residents can create an account with no money down. In addition to using Saxo Bank’s trading platform, you can also expand your trading options by adding third-party tools and their API. This forex broker is fully licensed and regulated as a European bank and supervised by the Danish FSA. They’ve been under this directive since 1996 and maintain good standing.

Though Forex.com doesn’t boast the lowest prices, they do offer flexible and competitive fees, based on five different levels, ranging from standard to pro. A typical spread for most forex pairs is 1.3 pips and sometimes higher than 2, though one-pip trades are available for some pairings. In ultra-favorable conditions, the spread can be as low as 0.77 pips. U.S.-based users also flock to Forex.com for its longevity and the high number of currency pairs available. They also offer the ability to trade gold and silver, as well as futures and futures options.