To become a copy trader, you need to have a trading account with a broker that offers copy trading services. Once you’ve found a trader you want to copy, you can connect your account to their account and start copying their trades. FXTM provides excellent educational resources for new traders, including live webinars, local seminars and videos, tutorials, and a demo account — all free of charge. FXTM offers clients the MetaTrader 4/5 (MT4&5) platform support.
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. In terms of supported asset classes, eToro offers thousands of markets in the shape of stocks, ETFs, cryptocurrencies, indices, forex, hard metals, energies, and agricultural products.
NAGA is a self described “stock & crypto trading social network” and boasts more than 1 million users. Easily copy other traders with a free account and access to more than 1,000 assets. Here’s my list of the 7 best copy trading platforms and brokers that will enable you to fully utilize the power of social investing. Further, the trades can be executed according to the replicated trading strategies in the real-time market. In brief, it is the easiest way to use expert traders’ knowledge with the aim of achieving the same level of profitability and make money based on their skills. Blindly following the wrong trader can result in significant losses.
Trade Brains is a Stock market analytics, financial & business news service provider and education platform in India with a mission to simplify stock market investing and trading. Ava Trade is one of the leading brokers offering copy trading services through Duplitrade, Meta Trader 4, and 5. The provides services across the world including Malaysia, Japan, South Africa, and many more.
- NAGA primarily appeals to modern, tech-savvy investors who want to apply copy trading to cryptocurrencies (you can accomplish this and more on eToro).
- It is an all-encompassing platform that can meet all your trading needs.
- You can see your balance, profit, loss, open positions, closed positions, etc.
- By using copy trading platforms, inexperienced traders or those who don’t have the time to constantly monitor market fluctuations can leverage the expertise of successful traders.
If the individual has an average trade duration of just 5 hours, then you know they are a day trader. For example, you might want your chosen trader to have made at least 30% over the past two years. In entering your requirements, eToro will only show you traders that meet this criterion. Or, maybe you want exposure to the cryptocurrency trading scene or a volatile commodity like gold? Either way, it’s best to stick with a trader that is actively involved in your preferred asset class.
Find all the investors you can copy with eToro CopyTrader here. We do not offer our services to residents of certain jurisdictions such as Canada, China, Romania, Singapore, the United States and to jurisdictions what Is a copy trading platform on the FATF and EU/UN sanctions lists. I am lucky to find such an excellent platform helping people around the globe to realise their dream of financial freedom through global financial market.
Check for platforms that have forums, chat rooms, or social media integration, where you can connect and learn from experienced traders. Another thing to consider https://www.xcritical.in/ is the copy trading features of the platform. Look for features that let you choose different traders to copy, change copy ratios, and set stop-loss limits.
If the copy trading strategy of one trader does not go well, then the other one complements the losses. EToro is one of the best copy trading platforms, and it offers a wide range of assets (Forex, crypto, commodities, stocks, ETFs, and indices). The platform is based in Tel Aviv, and it was launched in 2007 by Ronen Assia (current CEO), David Ring, and Yoni Assia. The copy trading feature was added in 2010, and it established itself as the world’s leading social trading network. They provide detailed traders’ analysis and enable futures and margin trading for markets such as forex, crypto, and stocks.
The reason such a platform can’t be built in India is again because of regulations. While you see a lot of people sharing trading ideas on Twitter, even that is grey. But it is still okay because there is no monetary consideration when you share an idea on social media. As soon as the person sharing the idea is collecting fees in some form, the Registered Investment Adviser (RIA) or Research Analyst (RA) requirements kick in.
This is when an asset smashes through a previously identified resistance level. Either way, there are heaps of strategies offered by the Mirror Trading tool. You can easily review each strategy in great detail – by looking at its average monthly gains, risk rating, return on investment, maximum drawdown, and more. With that said, Mirro Trader is a third-party add-on, so you will need to link it up with a supported online broker.
To do copy trading on BitMEX, you need to use another service that connects to BitMEX with an API. Some of the services that you can use are Zignaly, AIVIA, and WunderTrading. You can access it on Bybit’s website or mobile app with the name “Top Master Traders”. You can also do other things like spot trading, futures trading, options trading, and more.
Incentives are set so the trader you follow will profit when you profit. Therefore, the trader you follow work for themselves, so it’s a win-win situation. While the above article might sound pessimistic, we like the ideas.
Masters and followers do not need to be signed up with the same broker – the MT5 platform connects traders across continents and brokerages. Subscription prices are fixed in the MT5 market place, and rapid data exchanges help to reduce execution delays making the platform ideal for copy trading. There is a vast range of copycat trading brokers offering both proprietary and third-party copy-trading platforms. The list of copy trading brokers allows you to compare all of them on the features that are important to you. Remember that it’s always important to do your own research to find which one would be best for you.
