Best Copy Trade Forex Brokers

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Contributor, Benzinga
May 23, 2024

Over the past decade, forex copy trading—also known as social trading, mirror trading, or auto trading—has seen a steady rise in popularity. This growth has been significantly bolstered by the rapid spread of industry information, financial news and market analysis.

The success of social copy trading platforms is mainly driven by these factors. The increasing popularity of these platforms is fueled by investors creating trading signals and initiating new positions that others are eager to copy. If you want to make money trading forex but don’t have the skills or want to improve your chances at success, copying the trades of a professional is something you can consider.

Quick Look: Best Forex Brokers for Copy Trading

Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Copy and Social Trading Forex Brokers

Benzinga has researched and reviewed the best copy trading forex brokers available today. Use any of these platforms as a starting point for your research, but remember, not every trader has the same needs.

1. Best Overall for Copy Trading: eToro

  • eToro Forex
    Best For:
    Copy Trading
    securely through eToro Forex's website

    CFD trading is not available to U.S. users. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Touting itself as the largest social trading platform on the planet, eToro is the giant in the space with clients in 140 different countries. eToro has a firm handle on the stock, ETF, commodity, currency and cryptocurrency markets.

Major forex pairs are limited to 30:1 leverage, while minors get 20:1, commodity CFDs get 10:1 and you can also get 5:1 on stock CFDs or 2:1 on crypto CFDs. (Note: U.S. traders only have access to cryptocurrencies.)You’ll need $200 to open a copy trading account.

Social trading takes shape in a couple of ways on eToro. First, there’s the manual option. Simply search through the vast collection of trader profiles and sift through their stats. If you want to copy entire accounts, you might like CopyPortfolios. CopyPortfolios lets you mimic the portfolios of top traders or create a basket of different securities under one trading strategy. eToro’s social network provides every member with a newsfeed, which also allows you to chat with other users. Few brokers provide a network of experts as large as eToro’s.

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Pros

  • Substantial range of markets available to trade
  • Extensive number of investors to copy
  • User-friendly platforms and app

Cons

  • Stops and limits are mandatory on trades
  • No automated trading strategies available

2. Best for Non US Copy Trading: AvaTrade

AvaTrade offers up to $100,000 to practice in a demo account, but they also allow you to copy trade. Using the AvaSocial app, you can join a community of traders who share trading ideas so that you know where to start and how to make the most of your investments. This service cuts down on research time and helps connect you with investors who are in the same position as you while also giving you access to trusted traders who can show you how to improve and make money.

Pros

  • You can combine your research with copy trading to enhance your results
  • Social trading allows you to see more good ideas and diversify your thinking on the topic
  • You can try the things you learn through social trading in a demo account on the platform

Cons

  • The social app doesn’t necessarily have big-name experts on the line to help you
  • Not available to U.S. traders

3. Best for Low Fees: RoboForex

RoboForex is based in Belize City, Belize and has a lot of benefits for the traders who use it. In fact, more than one million traders make use of the platform in more than 169 countries. The platform has low fees and supports multiple trading platforms.

For instance, traders can use the MetaTrader 4 and 5 platforms as they trade forex and CFDs. Unfortunately, U.S. traders cannot use this platform.

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Pros

  • $1 minimum deposit
  • No deposit fees
  • No inactivity fees
  • Negative balance protection

Cons

  • Not Available to U.S. traders

4. Best for Low Deposit Requirement: Tickmill

Tickmill's copy trading feature is unique in that you can learn how to invest from other traders regarding forex currency pairs, commodities, and indices. At Tickmill, you can learn from those who are sharing their trading activity, or you can become an expert and make more money by sharing your own trading activity.

You can choose from a list of preferred social traders on the site right now, grow your portfolio and learn as you invest.

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Pros

  • Strongly regulated broker
  • Swap-free accounts available
  • Enables access to various markets and asset classes
  • Fast execution speed in milliseconds

Cons

  • Live chat is unavailable on weekends
  • Not available to U.S. traders

5. Best for Multiple Platforms: BlackBull Markets

If you want a variety of trading platforms, BlackBull Markets is a good bet. The platform offers seven trading platforms including MetaTrader 4 and 5. It also offers educational resources for every level of trader. If you're a beginner trader you will find educational resources and tools to help you get in the game, and if you're an advanced trader, you will find what you need to up your game.

BlackBull Markets also offers 0.0 pips, 500:1 leverage, and an average execution speed of 20 ms.

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Pros

  • fast execution speed
  • 0.0 pips
  • extensive education resources

Cons

  • Not available to U.S. traders

6. Best for MetaTrader Users: Vantage Markets

Vantage FX is an Australian-based ECN forex broker which offers deep liquidity and lightning-fast trade executions. ECN stands for electronic communications network and it’s a series of interconnected banks and liquidity providers that match buyers and sellers of different currencies.

Unlike a market maker, an ECN broker doesn’t act as a counterparty to your trades, it finds a suitable seller on its complex network. ECNs are more transparent, have lower spreads and execute trades far more quickly than market maker brokers.

Vantage FX uses ZuluTrade and MyFXBook Autotrade for its social trading functions. Using ZuluTrade, clients have access to 120 different forex pairs and CFDs with leverage up to 500:1. It costs $200 to fund a social trading bankroll, but you can access ZuluTrader right from your MetaTrader 4 platform and choose from over 10,000 traders to follow.

MyFXBook Autotrade is a program for mirroring different traders’ portfolios based on strategies. Low-performing accounts are screened out of the platform so only traders with repeated success can be copied. As an added bonus, no extra download is required; you can trade right on your browser.

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Pros

  • Ranked highly among MetaTrader brokers
  • There are various copy trading platforms available.

Cons

  • Lack of educational resources
  • Trails industry leaders in apps and research

Copy Trading and Forex: The Basics

Copy trading is considered an offshoot of social trading. Social trading is a concept in which novice traders quickly increase their forex or stock market earnings by imitating seasoned traders. To do it, you might seek out a few experts whose trading style or strategy you want to copy. From there, you can use one of two methods:

Copy Trading

When you copy trade forex, you set up your account to copy certain orders from one or many expert traders. Copy trading actually involves linking part of your account to the account of the expert you want to imitate.

Mirror Trading

Mirror trading does not involve linking your account to an expert’s account. Instead, you set up your account to completely copy (or “mirror”) all trades from an expert.

To better explain how copy trading works, let’s invent an expert trader — Frank Forex. Frank Forex has a solid history of great returns in currency trading. Frank’s strategies are complex, so instead of learning them yourself, you hitch your wagon to Frank’s cart.

To copy trade with Frank Forex, you’ll link a portion of your account (minimum and maximum amount will differ by broker) to Frank’s account. When Frank makes a trade, your account makes the same trade in proportion. Most brokers have the option of copying certain types of trades or all the trades made in the linked portfolio. You should carefully review the rules for copy trading before proceeding as unsuspecting traders could get into trouble when they do not filter their settings properly.

If Frank Forex has a down year, you can choose to unlink your account with his and move on to Cindy Currency, the next high-rising trader you’d like to emulate. You should think of copy trading just like shopping for a renewable household item—when a better deal comes along, you should switch.

What to Look for in a Copy Trade Forex Broker

Copy trading works differently depending on the broker you choose, so make sure you do your research. The platforms vary, but the best copy trade brokers do have a few things in common. Look for the following features when making your choice:

Low Minimums

Low minimums are always a good feature to have in a forex broker, but we aren’t talking about minimums to open an account or execute a trade. Each broker has a minimum amount that must be put into an expert’s portfolio in order to copy their trades. Make sure your broker doesn’t have minimums that force you into copying only one or two other traders.

Easy-to-Use Platform

One of the appeals of copy trading is you don’t need to do the research yourself. So why would you want to spend a lot of time troubleshooting trading software? Pick a broker with a simple interface and fast trade execution.

Diverse Network of Traders

Diversification isn’t just for your 401(k). Social trading is a brewing phenomenon and a strong user base is the key to any social network. This is even more critical when you copy trade forex. Anyone can scroll through a list and copy the traders with 90% win rates in the current month. You want to be able to tap into a diverse network of traders who are practicing different strategies in different markets.

Remember that copy trading doesn’t just net you free money. Even the best traders go through long, cold streaks and they might have more capital to burn than you do. Copy trading is a way to avoid the nuts and bolts of the forex market, but it’s not an excuse to be ignorant. Try to learn why the traders you copy make their moves.

Copy Trade Forex to Start Trading Like the Pros

If you’re new to the currency trading game, it might be hard not to feel like you’re at a disadvantage. If you can’t beat ’em, why not join them? Copy trading allows you to do just that.

Remember, though, that copy trading isn’t a shortcut to riches. You’ll still need to pick the right broker and understand the concepts at play when trades are posted to your account, otherwise you’ll likely get burned. If you want to get started copy trading, first open a demo account at one of the brokers listed above. You won’t risk any money and you’ll learn what types of trades you want to emulate.

Frequently Asked Questions

Q

Is copy trading legal in the U.S.?

A

Yes, copy trading is legal in the U.S. Be sure you are working with a properly regulated forex broker.

Q

Is forex copy trading profitable?

A

Forex copy trading can be profitable, yes. To see success copy trading, you need a firm understanding of how the forex market works,

Q

Is copy trading easy?

A

Copy trading can be one of the easier ways to learn how to trade the forex market from other experienced traders.

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Dan Schmidt

About Dan Schmidt

Dan has written about a wide range of topics including stocks and investing, cryptocurrencies, banking, student loans, and credit cards.