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Top 5 Brokers Providing Copy Trading for next year

Wed Sep 15 2021 17:04
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In recent years, forex copy-trading has become increasingly popular with traders of different levels of experience.

This mode of trading offers amazing opportunities to the traders lacking in-depth market knowledge or time, yet willing to use currency trading to increase their initial funds and as a form of investment.

You are probably wondering how copy trade works. Well, copy trading allows you to directly copy the moves of another experienced, successful trader and in many cases to do so with limited involvement or through automation.

When choosing a forex copy trading method, it’s important to choose a broker that you can completely trust.

If you are eager to get started right away, then here is a list of the top 5 brokers providing copy trading for 2022. 

#1 – eToro 

eToro is by far the best and biggest copy trading platform worldwide. Over 20 million traders use this broker and for good reason.

eToro offers a high level of security and safety of funds since it is regulated and authorized by the Cyprus Securities and Exchange Commission (CySEC), the UK Financial Conduct Authority (FCA), the Australian Securities and Investment Commission (ASIC).

If that is not enough, eToro copy-trading platform is also 100% free to use. All you’ve to do is to verify your account and then find the best traders by clicking on the “Copy People” tab. The section has some awesome features since it lets you view the traders’ performance and filter for the top ones according to their risk score, the market they trade, returns and more.

So if you are looking for one of the biggest and safest copy trading platforms in the industry, which is easy to get started, consider eToro. The platform is mobile-friendly and completely based.

Pros

  • Trustworthy broker
  • Free demo account that you can keep for life
  • Feature-rich, yet simple to use
  • ASIC, CySEC, FCA regulated
  • Trade on over 2, 400 markets commission-free
  • Wide selection of successful traders to copy
  • Easy to get started

Cons

  • Higher minimum deposit and low leverage

#2 – AvaTrade

AvaTrade is another top forex broker in Ireland and around the globe that you can count on for your copy trading needs.

It joined forces with FCA-regulated company, Pelican Trading, to offer investors access to the AvaSocial app. This app allows you to communicate with other traders, copy their trades and learn from them – a reason AvaTrade is also considered the best social trading platform. The AvaSocial app is available on iOS and Android operating devices and offers a high level of security and safety since it’s regulated by the FCA.

What AvaTrade offers is a very user-friendly environment where investors can engage in forex copy-trading with their full support. The whole forex copy trading operation and function of the Duplitrade trading platforms usually blend seamlessly with this broker.

Pros

  • Access over 1250 markets
  • Regulated in 6 different jurisdictions
  • CFC trading accounts or spread betting are available
  • Trade forex, commodities, stocks, cryptocurrencies etc.
  • Zero deposit & withdrawal fees

Cons

  • Offer high inactivity fees

#3 – Naga

Naga is among the top copy brokers offering copy trading for 2022 as it has over 1 million users on its copy and social trading network. It’s web-based and offers lots of features which can be a bit tricky for beginners but excellent once investors get the hang of it.

Investors can trade a variety of asset classes with this platform, covering over 950 instruments over forex, commodities, indices, stocks, crypto trading, etc. In addition, Naga is part of the Naga Group, a public firm on the Frankfurt Stock Exchange, and is fully regulated.

When using this forex broker, you can access a market page to trade yourself, a live feed for all the latest news announcements, and the best traders page where you view the top-performing traders. One slight weakness is that you’ve to pay to copy a trader.

Pros

  • Live market news feed
  • CySEC regulated
  • Trade over 950 instruments
  • Feature-rich platform, simple to use
  • Interact with other investors
  • Great customer support
  • Supported platforms: Android and iOS
  • Low forex copy trading fees

Cons

  • Overnight charges
  • Withdrawal fees

#4 – ZuluTrade

ZuluTrade is one of the copy top performing traders worldwide. It connects the most well-known trading platforms in the world, Meta Trader 5 and Meta Trader 4.

While these trading platforms are usually offered by brokers, VantageFX offers one of the top integrations to ZuluTrade for forex copy-trading signals. With the Australian-regulated VantageFX, investors can view the expert traders ranked by ZuluTrade with a feature referred to as ZuluRank.

There is an inbuilt account protection feature, which monitors performance day and night known as ZuluGuard. With this Risk Management tool, you can track the risk of every signal provider.

VantageFX is a top forex broker providing a high level of security and safety because of its regulation by VFSC, CIMA and ASIC. With it, VantageFX, traders can access a commission-free or raw spread trading account with no fees for deposits.

Pros

  • Easy to set up through MetaTrader 4 platform
  • Find the best traders using ZuluRank
  • The best risk with management with ZuluGuard
  • Access commission-free trading
  • VantageFX regulated by VFSC, CIMA, ASIC

Cons

  • Need to use 3rd party software
  • Inactivity fees

#5 – FXTM

FXTM is another top-notch broker providing copy trading that brings investors a wealth of experience.

The platform has been operating around the globe since 2011 and providing a dedicated forex copy-trading service called FXTM invest.

FXTM investment lets investors get involved in forex copy trading via the extremely popular and trusted MT4 trading platform. You can start out copying the best traders at FXTM with as little as $100.

Copy-trading with this program can be set to semi-auto, auto trade, manual, or automated depending on how much involvement an investor would love. With over 250 tradable assets to select from an extensive variety of features and guides, FXTM and their forex copy trading platform and program are popular choices for both experienced and new traders.

Pros

  • No deposit fee
  • Several account types
  • Clear fee report
  • Strong education
  • Provides global and FCA regulation
  • Digital
  • Fast account opening
  • Quick deposits & withdrawal
  • Low fees for stock index CFDs

Cons

  • Limited product portfolio
  • Doesn’t provide its trading platform

Top 4 advantages and disadvantages of copy trading

Let’s tackle the doubt that’s troubling many potential investors who, in spite of being interested, maybe afraid to leap to the new trading technology and financial management.

Advantages

  • The top 5 brokers providing copy trading make the whole process extremely user-friendly.
  • Copy trade can be an incredible way to diversify your portfolio and become invested in assets, which may not have experience in, or previously have considered.
  • You can benefit from the skills and experience of successful traders.
  • You save a good amount of time as well by not having to follow market movements.

Disadvantages

  • Copy trade can offer a little incentive for traders to do their own research and learn about the market.
  • It doesn’t eliminate the risk.
  • Even though you’ve more leverage, you’re still limited in the actions you can take once you’ve agreed to invest in a trader.
  • Traders will have unrealistic expectations.
We hope that our article on the top 5 brokers has been helpful. With less time to dedicate, but an increased curiosity about the forex market and desire to diversify, copy trade has become increasingly popular in recent years.

The top 5 brokers are accessible, user-friendly, and extremely efficient as an investment method, though you do sacrifice a degree of control and finance management, and there are still risks to factor in. 

For those reasons, it will depend on your trading style, and what you see as your trading vision whether or not you decide to take up the popular pursuit of copy trade.
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