Copy Trading Brokers

Copy trading brokers allow investors to replicate the positions and strategies of other traders in their own accounts. The best copy trading brokers offer user-friendly platforms and apps with detailed metrics on master traders, also known as signal providers. But with a range of copy trading brokers available in 2023, which firm should you sign up with?

In this guide, we explain how to compare copy trading brokers, from fees and pricing to top trader leaderboards, portfolio diversification, minimum deposits, and risk management tools. Our experts also rank the best copy trading brokers:

How Copy Trading Brokers Work

Copy trading brokers provide a platform that connects aspiring investors with experienced traders, enabling them to mirror positions and strategies in their own accounts. As a result, beginners can generate profits with limited effort. On the downside, losing trades will also be reflected in the investor’s account.

The top copy trading brokers offer opportunities on multiple markets, from forex and cryptos to stocks and commodities. Investors can often get started with just $10 and typically pay a commission to the signal provider based on the volume traded.

Importantly, the best copy trading firms make it easy to find a master trader, providing detailed insights into their returns, strategies, and risk ratings. Leading copy trading brokerages also rank the highest-performing master traders so investors can quickly find a suitable signal provider based on their goals and risk tolerance.

Comparing Copy Trading Brokers

With a growing list of copy trading brokers in 2023, here are the key factors to weigh up when choosing a provider:

Platforms

Some copy trading companies offer their own platform or software, such as AvaTrade’s AvaSocial, while many providers use popular third-party terminals, such as ZuluTrade, DupliTrade, or Myfxbook.

Importantly, look for a copy trading platform with an intuitive interface, easy access to the broker’s highest-performing traders, and straightforward tools to compare signal providers.

Tip: check there are no monthly fees to use third-party copy trading platforms before signing up for an account.

Apps

The best copy trading brokers also offer a mobile-compatible app, available on iOS and Android devices. The top-rated copy trading apps should offer seamless integration between the desktop software and mobile/tablet solution, allowing users to follow master traders and manage their accounts while on the go.

Quality & Quantity

The best copy trading platforms have thousands of signal providers spanning multiple asset classes. Leading firms also offer detailed performance metrics so investors can analyze short, medium and long-term profits, drawdowns, risk ratings, strategies and systems, number of followers, and trade frequency.

Market Access

Top-rated copy trading brokers offer signals and opportunities on popular markets. This includes US and European stocks, global indices, major, minor and exotic forex pairs, precious metals and energies, plus cryptocurrencies like Bitcoin.

A good range of asset classes means more opportunities to build a diverse portfolio while learning about new markets.

Fees & Costs

Copy trading brokers have different pricing structures. Some will charge a flat fee based on the volume traded/copied while others only take a commission on profitable trades. Importantly, any fee owed directly to the master trader should be transparent and known upfront.

Control & Flexibility

The best copy trading firms give you the flexibility to manually adjust trades and positions. The top providers allow you to filter trades based on returns, losses and costs.

Copy Period

The top copy trading companies allow you to immediately stop following the trades of signal providers. Firms should not lock you in for a fixed period which could lead to mounting losses.

Minimum Investment

The highest-rated copy trading brokers have a low minimum investment requirement, making it easy for beginners and those on a budget to get started. This can be as low as $10 at some providers while other firms require several hundred dollars.

Demo Account

An effective way to test the quality of a copy trading broker’s signals and tools is through free demo accounts. These paper trading profiles allow you to trial a firm’s software before registering for a live account.

Investors usually need to provide basic contact details to get started.

Regulation

The top copy trading brokers and platforms are regulated by a reputable financial agency, such as the UK Financial Conduct Authority (FCA), the Cyprus Securities & Exchange Commission (CySEC), or the Australian Securities & Investments Commission (ASIC).

Signing up with a regulated copy trading broker means various customer safeguarding measures should be in place, such as the provision of negative balance protection, restrictions on excessive leverage and misleading promotions, plus access to compensation schemes should the brokerage go bankrupt.

Customer Support

The best copy trading companies have a responsive customer support team on-hand to help with any queries or issues. Leading copy trading firms offer support 24/5 via live chat, telephone, and email. A growing list of copy trading platforms also provides assistance through social media channels, such as WhatsApp and Facebook Messenger.

Bottom Line On Copy Trading Brokers

Good copy trading brokers make it easy for beginners to find and follow the strategies of experienced traders. Leading providers also offer an intuitive platform to master traders with the tools to reach a large base of potential followers and create a second revenue stream.

Use our ranking of the best copy trading brokers to find a firm that aligns with your financial goals and risk tolerance.

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