AuthorBy Jeffrey Cammack
Updated: March 24, 2021

Copy trading, also known as social trading, enables individual traders to invest their trading funds with other successful traders and copy their trading strategies, usually for a small fee or a cut of the investing trader’s profit. Copy trading platforms can either be automated, semi-automated or manual, which gives the trader varying levels of overall control.

To test these brokers, we signed up and verified a copy trading account and checked the broker regulation. After we installed the trading platform where newcomers discover experienced traders to follow, we tested the different copy trading tools available to make manual trade adjustments, as traders should have the opportunity to maintain full control of trades in line with a long-term plan and risk management strategy. These are the best copy trading brokers for 2021, according to our testing and our research.

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Best Copy Trading Forex Brokers

Last updated on 24 Mar 2021
Updated 24 Mar 2021
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
FP Markets
Min. Deposit
USD 100
4.174.17
Copy Tradng
Min. Spread
0 pips
Trading Platforms
Overall Rating
11110.54.17/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.
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FP Markets is a leading ASIC-regulated 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.

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
Read More About FP Markets
2
Black Bull Markets
Min. Deposit
USD 200
3.423.42
Copy Tradng
Min. Spread
0.20 pips
Trading Platforms
Overall Rating
1110.503.42/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Blackbull Markets is regulated by the FMA & the FSA-Seychelles.
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Founded in New Zealand in 2014, BlackBull Markets is an ECN-only broker providing direct market access on the MT4 platform. Average spreads are unpublished, though start at 0.1 pips on the commission-based account. The commission-based accounts have high minimum deposits and educational material and market analysis are weak compared to similar brokers. BlackBull are well regulated by the New Zealand FMA and professional traders will be interested in the free VPS and FIX API service.

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
  • Limited market analysis
Read More About Black Bull Markets
3
eToro
Min. Deposit
USD 200
3.693.69
Copy Tradng
Min. Spread
1 pips
Trading Platforms
Overall Rating
1110.503.69/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC.
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eToro is a world-famous internationally and ASIC-regulated CFD broker offering clients a unique experience trading Forex, stocks, commodities, cryptocurrencies, ETFs and indices. While eToro’s main attraction is a bespoke crowd trading platform built to encourage clients to follow expert traders or select market strategies, their trader community is continually let down by inadequate disinterested customer support and tortuously long response times.

eToro has a reduced minimum deposit to 50 USD for all Australian clients, making the platform more appealing to entry level traders. Upon sign up, eToro’s clients become part of a massive community of traders all following expert traders or professional traders contributing to their social trading platform. 

For the most part, the trading conditions at eToro align with other market makers with a unique platform offering, but in contrast, eToro has numerous non-trading fees on both deposits and withdrawals. All in all, a trader who is looking for a traditional trading environment eToro won’t find a fit. Still, for those looking for a strong copy trading platform, eToro wrote the book on copy trading and still stands out as the leader.

Pros
  • Well regulated
  • Good for beginners
  • Innovative trading tools
Cons
  • Limited education
  • Wide spreads
Read More About eToro
4
AvaTrade
Min. Deposit
USD 100
4.184.18
Copy Tradng
Min. Spread
0.90 pips
Trading Platforms
Overall Rating
11110.54.18/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.90 pips. Minimum initial deposit 100 USD. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
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Hugely respected worldwide, AvaTrade is one of the largest and best value brokers in the Forex industry. AvaTrade has built its reputation on providing a secure and innovative trading environment for beginner traders; it continues to add to that reputation with the recent addition of AvaProtect – an automated loss-protection tool – to its product lineup.

With support for the leading trading platforms and top-quality multilingual support, AvaTrade offers trading in Forex, commodities, cryptocurrencies, exchange-traded funds, options, bonds, and equities.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited education
Read More About AvaTrade
5
Axitrader
Min. Deposit
USD 5
4.344.34
Copy Tradng
Min. Spread
0 pips
Trading Platforms
Overall Rating
11110.54.34/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA
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Founded in 2008 in Sydney, AxiTrader is an ASIC and FCA regulated ECN broker for serious traders. While trading platform choice is limited to MT4, Axitrader’s platform setup and support have received multiple awards including Best MT4 Broker 2018 (Compare Forex Brokers Australia) and Best MT4 Provider 2018 (UK Forex Awards).

Neither account at AxiTrader requires a minimum deposit, spreads are tight and all clients receive AutoChartist for free; as an ECN broker all trades are posted directly to market and educational and analytical support is good for beginners.

Pros
  • Low minimum deposit
  • Wide range of assets
  • Well regulated
  • Tight spreads
Cons
  • Poor customer service
  • Limited demo account
Read More About Axitrader
6
XM
Min. Deposit
USD 5
4.384.38
Copy Tradng
Min. Spread
0.60 pips
Trading Platforms
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.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
Read More About XM
7
IC Markets
Min. Deposit
USD 200
4.464.46
Copy Tradng
Min. Spread
0.10 pips
Trading Platforms
Overall Rating
11110.54.46/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.00 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.
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IC Markets presents itself as the best and largest true ECN broker. ASIC regulated and with support for MT4, MT5 and cTrader, IC Markets is highly recommended to both new and experienced traders looking for faster execution and tighter spreads.

Beginner traders will find the IC Markets account structure uncomplicated and the company understands customer retention involves a combination of tighter spreads, cutting edge technology, fast trade execution and top quality customer service.

Headquartered in downtown Sydney, IC Markets represents the best of highly-reputable and competitive Australian brokers.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
Read More About IC Markets
8
Pepperstone
Min. Deposit
USD 200
4.514.51
Copy Tradng
Min. Spread
0 pips
Trading Platforms
Overall Rating
11110.54.51/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.09 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.
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Pepperstone is a renowned Australian Forex broker, fully-regulated by ASIC and popular worldwide for its fast ECN execution of trades, tight spreads and a wide choice of trading platforms. Award-winning 24-hour support anchors their customer support, where a personalised service for individual customers is available through numerous channels.

Founded in 2010, Pepperstone won the fastest-growing company award (2014) in Australia, from BRW Magazine and emerged as the 2014 Winner of the Governor of Victoria Export Awards cementing their reputation as a strong newcomer with well-appreciated trading conditions.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • High minimum deposit
  • Limited market analysis
Read More About Pepperstone

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

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.

Pros

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

Cons

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

Ayondo

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.

Darwinex

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.

SwipeStox

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.

PeepTrade

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

References

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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.

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