AuthorBy Jeffrey CammackAuthor InformationUpdated: October 28, 2020

There are select brokers who either have social trading features or have a platform that is entirely built around the idea of social trading.  While some brokers offer you access to detailed information about the other traders and their strategies, others only give limited information about how successful other traders are.

Best Social Trading Broker


Best Copy Trading Forex Brokers

Last updated on 28 Oct 2020
Updated 28 Oct 2020
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
FP Markets
Min. Deposit
AUD 100
Min. Spread
0.0 pips
Trading Platforms
Deposit & Withdrawal Methods
Overall Rating
11110.54.07/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

FP Markets is a leading ASIC-regulated STP broker, providing tight spreads on their RAW account, coupled with the choice of MT4, MT5 and IRESS trading platforms. A standard commission-free account is available for entry-level traders looking for a lower minimum deposit.

Relative to other Forex brokers, FP Markets has made a serious investment in new traders with award-winning customer service and a lightweight education section, which includes daily email updates of the latest financial news impacting the currency markets.

  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
  • Expensive withdrawals
Read More About FP Markets
Min. Deposit
AUD 50
Min. Spread
1.0 pips
Trading Platforms
Deposit & Withdrawal Methods
Overall Rating
1110.503.33/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

eToro is one of the largest brokers in the world and is well-known as the pioneer, and industry leader, in social trading. Also ASIC-regulated, eToro’s spreads are on par with other market maker brokers and the minimum deposit is only 50 USD for Australian traders.

The social trading experience is quite different from traditional Forex trading and eToro offers an unlimited demo account for traders to try the platform and social trading concept; setting up a live account is a simple instant process.

  • Well regulated
  • Good for beginners
  • Innovative trading tools
  • Limited education
  • Wide spreads
Read More About eToro
Min. Deposit
AUD 200
Min. Spread
0.9 pips
Trading Platforms
Deposit & Withdrawal Methods
Overall Rating
11110.54.24/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

EasyMarkets offers three simple account types, a 50% deposit bonus for new accounts up to $2000, and offers MT4 alongside its proprietary platform. EasyMarkets is fully regulated by CySEC, FSA and ASIC in Australia, ensuring compliance with the highest client protection standards. With a minimum deposit of $200, you can trade Forex, commodities, agriculture, metals and other stocks allowing a diversified portfolio of investments.

Customer accounts have a dedicated account manager, 24/5 customer support from their offices around the world, fast withdrawals and a stacked learning centre. EasyMarkets is one of our favourite online Forex brokers.

  • Well regulated
  • Wide range of assets
  • Innovative trading tools
  • Limited platform choice
  • Limited account options
Read More About easyMarkets
Min. Deposit
Min. Spread
1.0 pips
Trading Platforms
Deposit & Withdrawal Methods
Overall Rating
11110.54.38/ 5
AlertLeverage limitations apply to all the EU regulated entities of the group.
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XM Group lets traders deposit as little as $5 to open an account; offers 500:1 leverage, and has a generous bonus scheme for new accounts.  Fully regulated by ASIC, CySEC and the FCA, XM Group offers accounts to suit most traders including those interested in tight spreads and automated trading.

XM Group partners with investment-grade banks and uses segregated accounts to ensure security, your personal account manager ensures your satisfaction, and customer service is available 24/5, via live chat, email and in 30 languages.

  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
  • Dealing desk
Read More About XM

What is Social Trading?

Social trading is the idea that traders are part of a community and can copy trades that other members are making in real time.  This is not typical on a traditional platform where traders are kept in silos with no contact with other participants.

Social Forex Trading

Social trading platforms also give users the chance to connect and discuss markets and trading strategies. This aspect allows investors to form groups that focus on their needs and grows an online knowledge base that makes learning much easier.

Proponents of social trading say that it is an excellent place to learn how to trade, and it makes it more fun, but critics of the practice are quick to point out that social trading is primarily done on market maker platforms where broker stand to gain when traders copy each other and lose trades.

Advantages Of Social Trading

There are several benefits to social trading, but there are downsides to copying a trade in real time without having done any independent analysis.

Instead of paying an investment manager to gain targeted exposure to a specific market, social trading networks have created a forum for people to learn how to manage their own money.

The ease of sharing information makes getting up to speed on how markets move simple. This makes sense for short-term traders, but it also opens up the world of derivatives to people who want to hedge their positions in other markets.

Also, it lets people better understand the way that professional traders operate, so they can decide if active money management makes sense to them. Because social trading platforms offer real-life feedback on how a trader performs, it is easy for other people on the network to decide whether or not their track record merits attention.

Disadvantages Of Social Trading

There is a risk that new traders may have unrealistic expectations of veteran traders who have a winning record.

Just because a person has made some winning trades, it doesn’t mean they will continue to do so. A high ranking trader isn’t going to make money every time they put on a position, and new traders shouldn’t mistake a solid record with a guaranteed payout.

Social trading lets people learn from experienced traders, but these platforms run the risk of enticing inexperienced members into trading more than they can afford to lose. People still need to make their own decisions when it comes to risk and loss, no matter how much information they have access to.

Popular Social Trading Platforms


ZuluTrade is one of the oldest social trading platforms there is. They have traditionally focused on Forex, but recently social trading in all other CFDs has become popular too.

ZuluTrade gives investors access to detailed information about trading strategy and let people connect with advanced traders.


  • Good for beginner traders
  • Easy to learn
  • Large trading community
  • Transparent historical data of member traders
  • Good mobile trading app
  • Cryptocurrencies are included


  • Limited functionality with other brokers
  • Requires monitoring for first months
  • The system can promote members with bad records


A newcomer to the social trading scene. Although it is popular, their platform doesn’t allow direct communication.

They are known for their payment scheme that rewards success, which attracts some great talent. This may not be the perfect platform for investors that want a lot of conversation, but if you want to trade with a high probability of success, it makes sense to check out.


If you are looking for access to detailed trading strategies, Darwinex isn’t the platform for you.

But if you want to trade with investors that have advanced trading strategies they are rewarded for, this is an incredible platform. They also offer risk assessment tools that can be very handy for new traders and could save you from some major headaches.


Sometimes called, ‘The Tinder of Trading’, SwipeStox offers direct connections like nothing else. For an app-based platform, they offer a lot of options, like copy trading and access to trading plans.

Much like Tinder, they use a ‘swipe right’ feature to connect you with successful trading plans. For traders that are looking for a robust platform, SwipeStox might leave them looking for another toolkit to complement its functionality.


For investors that want a wide variety of markets, and the ability to decide who they want to pay for trading ideas, PeepTrade is the right choice.

Designed to help investors and traders alike, PeepTrade lets its users connect to pretty much anyone on the platform. They can also look though successful portfolios for a fee that is decided by the author of the portfolio, and trade based on what they learn.

Sharing And Learning With Social Trading

One of the biggest advantages that social trading offers over other forms of an investment education is the ability for users to connect with other people on the platform.

This is a big change from the highly secretive world of professional trading at money centre banks and hedge funds. In addition to being able to have conversations with like-minded investors, social trading networks give innovators a way to monetise their algorithms or trading systems.

Ultimately this form of learning easily justifies its cost to its users, though new traders should proceed with caution. This point is sure to come up on the social trading platforms, which are a big positive overall.

Social Trading vs. Copy Trading

Some of the brokerages that provide social trading tools go a step further and let their users copy the trades of a successful trader.  This is known as ‘copy trading’.

In most cases, clients can designate a portion of their accounts to copy the trades of a selected trader. This trading method has been met with some criticism, as new investors may not be able to understand the risks they are assuming fully.

Regulators have also expressed concern that copy trading is a form of investment planning, which falls into another category of regulatory requirements. If small amounts of a trader’s funds are designated to copy trades any risks are minimised, as they aren’t likely to take significant losses.

Both copy trading and social trading are gaining in popularity all the time. Given the amount of money they save people, and the incredible amount of information they deliver, they are both probably going to continue to grow for the foreseeable future.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers


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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.