If you are someone who is just getting started with copy trading, or even someone that has been helping your friends and family invest for a while, there are quite a few things that you need to keep in mind before picking out a platform. Taking the time to make sure that you have the best platform is going to ensure that you are happy with your experience and that you take full advantage of everything available online.
There are a number of copy trading platform on the market at the moment. These platforms allow you to automatically copy other traders who are doing well. This can help you to build your wealth quickly by taking the easy route, but copying someone else’s trades does come with a lot of risks
You may not realize it, but the broker you choose to trade with is one of the most important decisions you will make. It is essential that you choose a broker that has all the features and tools that your trading style needs.
If you want to use copy trading, then you will need to find a broker that offers it. Copy trading is when you automatically copy the trades of another more experienced trader. There are a lot of advantages to copying trading including:
The chance to learn from more experienced traders.
You don’t have to do any analysis or research yourself.
You can trade even if you have no experience in the markets.
What makes the ‘best’ Copy Trading Platform?
The answer will depend on your personal preferences, but some things are universal:
The platform has a good reputation and as many users as possible.
The platform offers good security for your account. This includes segregation of client funds and ideally being regulated by a relevant authority such as the FCA in the UK or CySEC in Cyprus. You can check out lite forex.
The platform has low fees and spreads.
The platform offers good customer support both via email and telephone through to live chat and social media channels like Facebook or Twitter
Best Copy Trading Platform Method
Many people have taken advantage of the forex trading opportunities that have risen up in the past decade. These people have spent a lot of time and effort learning to trade forex successfully and many have made a great deal of money. The problem is that this knowledge is not easily transferable. Your friends, relatives and co-workers probably don’t want to sit and listen to you go on about how you earned so much money in forex trading and then give them advice on how to do it too. It just doesn’t work that way.
Of course, you could try writing a book or creating an e-book. You could also create a video series or podcast, but again – who wants to watch or listen? But what if there was a way for you to share your knowledge with others in a more interactive way?
That is why copy trading platforms were created and why they are growing in popularity every year. By using these platforms, experienced traders can share their knowledge with others and make some money at the same time. So, what do these platforms look like?
A copy trading platform will usually consist of three main parts: an online learning centre where new traders can learn the basics of the forex market
The best copy trading platform
eToro
eToro is one of the largest and most popular copy trading platforms in the world. As well as offering a wide range of copy trading opportunities, it offers a number of other exceptional features, such as:
Virtual portfolio – you can use virtual money to try out strategies before risking your own capital.
CopyPortfolios – this is eToros’ managed fund service that gives traders access to professionally managed portfolios.
You can open an account with eToro in under 10 minutes and make your first trade within 20 minutes.
RoboForex CopyFx
CopyFX is a copy trading system from RoboForex. It provides two main functions:
The function of copying Forex investments to your account
The function of investing in investors’ accounts
For the convenience of its users, the CopyFX platform divides traders into 2 separate groups: Investors and Traders.
Investors are people who invest funds in other traders. They can choose specific trading strategies and subscribe to their signal providers. Investors don’t need to have any trading experience and spend a lot of time on market analysis, as they invest money into PAMM accounts that are managed by experienced traders.
AvaTrade
AvaTrade provides you with a wide range of platforms and automated copy trading options. Choose the one that suits your needs, or use multiple platforms at the same time!
MetaTrader 4
The most popular platform in the world, MetaTrader 4 is great for beginners, but also offers advanced tools to satisfy more experienced traders.
MetaTrader 5
The latest platform from MetaQuotes offers even more tools and features than MT4, so it’s a great choice for experienced traders.
DupliTrade™
Automated copy trading that lets you copy the trades of other successful traders on AvaTrade, saving you time and money.
ZuluTrade
ZuluTrade is a copy trading platform that connects traders from all over the world. It allows you to copy the trades of other people, automatically or semi-automatically. ZuluTrade is considered one of the best copy trading platforms and it is very popular among traders.
FXTM
FXTM’s innovative copy trading platform allows you to easily follow the strategies of other traders and automatically replicate their positions.
The best part? You don’t have to be a seasoned expert to get the most out of FXTM Invest. Thanks to the various risk levels available, both newbies and pros can find a strategy that suits their style.
With FXTM Invest, it’s easy to manage your account and portfolio – all from one place. Simply search for a strategy that suits your needs.
