Trading is nothing new these days and anyone and everyone know about trading and many indulge into it actively. Copy trading is a famous trading strategy where the forex traders copy the trades of an experienced and successful trader directly into their trading platform. Majorly this copying is done using a social trading platform through which the traders can assess the strategies and performance of their favourite traders and take decisions about which traders to copy. Generally copy trading is different to mirror trading as in mirror trading traders copy specific trade strategies rather than just specific traders. Thus in copy trading traders get an advantage of having the freedom to decide to include stop loss or to manually adjust the trade to increase the results or to mitigate risks. Copy trading allows you to follow the trades of more successful and experienced traders which come with a reduced risk. Many social trading platforms allow you to do extra analysis in order to spend your money to venture in a better manner into the trading world. This is the reason social trading is famous among the traders. Out of numerous copy trading platforms we have compiled a list of few famous copy trading platforms which are:
eToro
eToro is an online trading platforms founded in 2007 which was earlier known as RetailFX. eToro is the pioneer online broker in social trading and their open book social trading platform changed the way for beginner online traders on how to trade the financial markets. eToro’s remarkable product is certainly Copy Trading product which allows you to copy trades of other experienced traders or have them copy your trade.
Pros:
eToro is a highly regulated broker (FCA, CySEC and ASIC)
Innovative and trustworthy trading platform
Wide range of assets to trade with
Cons:
Spreads are higher
Does not have the MetaTrader platform
ZuluTrade
ZuluTrade allows you to choose among the talented traders from 192 countries and follow their trading signals in your account. You can join the rapidly growing market by following experienced Crypto traders from anywhere in the world. You can diversify your portfolio and optimise your performance by choosing among diversified strategies built from combination of best traders.
Pros:
Licensed and regulated in EU, USA and Japan
High security and privacy standards
Provides multiple brokers trading platform
Best customer service in the industry
OctaFX
OctaFX was founded in 2011 and provides Forex ECN trading, CFD trading on Indices, Metals and Crypto currencies across the MetaTrader and cTrader suite of trading platforms for Windows Desktop, Web(Windows and Mac) and Mobile(Android and iOS) and also at its own OctaFX Trading App.
Pros:
Wide range of trading accounts (Micro, ECN, Pro, Sharia) for both beginners and advanced traders
Can access Forex ECN with 1:500 leverage
Access copy trading, bonus promotions and other research tools
Cons:
Limited commodity markets, no individual stock CFDs
Limited deposit and withdrawal options – limited to Neteler, Skrill or Bitcoin
Then there are many other social trading platforms which have names like Trade360, CMS Trader, FxPro and many more through which you may indulge in successful copy trading.
