Forex Copy Trading

Forex copy trading involves following one or more traders and duplicating their trading actions in your forex portfolio. It can be a great way to learn more about forex trading and benefit from the skills and know-how of more experienced traders. It is important, however, to keep in mind that both profits and losses will be mirrored. Even if you elect to follow a forex trader with amazingly good trading history, there are never any guarantees. As always, never risk money on forex trading if you can not afford to lose them.

Below we explain how forex copy trading works, and we list the best brokers and software in 2024.

Forex Copy Trading Brokers

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IC Markets

How forex copy trading works

Copy trading is considered a type of social trading, as it involves following and imitating other traders. Copy trading can be both manual and automated; when it is automated, it is commonly referred to as mirror trading or automated copy trading.

Important: It has become common to use the terms copy trading and mirror trading interchangeably.

Many online trading platforms make mirror trading easy by offering the required software and a wide range of traders to follow. These traders are known as Masters or Master Traders, although the exact terminology can vary from platform to platform.

You assign funds to copy one or more Masters; the trades are performed automatically. When the Master makes a buy order, it will be copied into your account, and so on.

With most providers, you can stop copying anytime and make close orders for any open positions immediately. Make sure you know the rules before you put any money on the line.

Important: With some providers, contracts for difference (CFDs) will be used for copy trading instead of buying and selling foreign currency, fx options, etcetera.

List of top forex copy trading apps
Oanda iPad & iPhone Forex Trading App

Tips for getting started with automated forex copy trading

Comparing brokers

The fact that a broker and platform has good support for forex copy trading is just one aspect to consider when making your choice. Below, we will look at a few more important points when comparing forex brokers.


What will it cost you to use this broker for your forex trading? Look at the whole picture. Commissions, spreads, and any additional costs associated with using the copy trading feature are all important. Keep an eye out for signal service fees, expert advisor fees, and more. Will there also be other costs on top of this, such as deposit fees and withdrawal fees?

Every dollar you spend on fees is a dollar you could have invested instead, so be strict when you compare the available offers and decide what is worth paying for and what is not.

forex copy trading broker with low fees
Choosing a forex copy trading broker with low fees allows you to maximize your gains

Ease of use

There are a lot of brokers competing for your patronage, so there is no need to stay with a broker or platform that is overly difficult for you to use. You want the platform and copy trading service to be easy to use and free of glitches.

If you want to be able to do your trading on a mobile device, try the trading app or the mobile-friendly version of the website on your device before you make any decision.

Customer support


Does this broker, platform and copy trading service have good reputation within the trading community online?


Is retail forex copy trading legal in your jurisdiction?

Does the broker have a legal presence in your country (or union of countries), and is it properly licensed there?