Best Copy Trading Platform 2022

In this guide, we go over the best copy trading software and platforms. We base our research on a variety of factors like security, safety, fees, trading platform, mobile app, customer service, investments available, and more.

Copy trading is an innovative investing strategy where users copy the trading activity of other investors. Sometimes the term social trading is used instead of copy trading. Copy trading is a great way to get started in the markets, as it allows you to learn from and copy the trades of more experienced investors.

We’ll also look at the risks associated with copy trading investing and its benefits to investors.

Top Rated Copy Trading Software 2022

This roundup will look at the best copy trading platforms available. There are a few essential aspects you need to take into account before opening an account, such as fees and commission, regulation, depositing and withdrawing money, and more.

  1. eToro – Best Copy Trading Platform Overall
  2. AvaTrade – Best Forex Copy Trading Platform
  3. Pepperstone – Best cTrader Copy Trading Platform
  4. ZuluTrade – Best Third-Party Copy Trading Software
  5. IC Markets – cTrader Copy Trading Software
  6. Vantage FX – Forex Copy Trading With AutoTrade
  7. Octa FX – Great Copy Trading Broker

eToro – Top Rated Copy Trading Software Overall

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. eToro USA LLC does not offer CFDs, only real Crypto assets available.

eToro is the largest and most popular software for copy trading. They are our top choice, founded in 2007 and regulated by top-tier authorities. eToro pioneered copy trading and grew immensely over the past years.
They offer zero commission real stocks, and their trading fees are low overall.

The minimum deposit is $50-$200, depending on the country you are signing up from. Their demo account is excellent and comes with $100,000 in virtual funds.

The eToro CopyTrader platform is available in over 32 languages. It is available to anyone with a valid eToro account.

PROSCONS
A large variety of assets, including cryptocurrencyCustomer Service
Copy tradingSome Fees
Financial reports and news items

AvaTrade – Best Forex Copy Trading Software

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

AvaTrade is the best Forex Copy Trading Platform. Avatrade, founded in 2006, is based in Dublin, Ireland. It is a well-regulated Forex and CFD broker. They hold licenses from FCA, ASIC, FSCA, FRSA, Israel Securities Authority, Financial Services Agency, and the Financial Futures Association of Japan.

The minimum deposit is $100, trading fees are low, and they offer a demo account. AvaTrade offers CFDs on Forex, Stocks, Commodities, FXOptions, Cryptocurrencies, Indices, ETFs, and Bonds.

Avatrade has a proprietary copy trading platform called AvaSocial, which was developed for Social Copy Trading. AvaSocial allows you to copy the trades of a wide selection of traders. The mobile app is easy to use and intuitive, with an excellent user experience overall. On top of AvaSocial, they also offer DupliTrade and ZuluTrade for social trading.

PROSCONS
Well RegulatedOnly CFDs
FeesInactivity fees
Research Tools

Pepperstone – Low Spread CFD Copy Trading

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.18% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Pepperstone is an Australian-based Forex and CFD broker founded in 2010. They are regulated across the globe by ASIC, CySEC, FCA, SCB, DFSA, BaFin, and CMA.
Pepperstone offers copy trading through MyFxbook, MetaTrader Signals, and Duplitrade.

Their trading fees are low. The minimum deposit is $0, and they have no inactivity fees.

PROSCONS
Free deposits and withdrawalLimited educational tools
Negative balance protectionHigh commission on trading CFDs
Low inactivity fees

ZuluTrade – Third-Party Copy Trading Software

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

ZuluTrade is a software that allows copy trading and plugs into an existing brokerage account. They developed software and a platform where clients can register, rank, and choose a trader they wish to copy. Traders' results are verified by ZuluTrade.
The minimum deposit at ZuluTrade is based on the broker you choose. Trading fees are charged by your broker.

They offer two account types: classic with no subscription and profit sharing at $29.99/month with 1 month free.

The classic account has volume-based fees.

ZuluTrade profit sharing has a subscription fee and a transparent profit-sharing model. You pay only for successful (profitable) trades.

Up to 20% of profit goes to the trader, 5% to ZuluTrade, and investors take 75% of the profit.

PROSCONS
Works with different brokersMany Traders Lose Money
Detailed performance reports
Crypto Available

IC Markets – Mirror Trading Through cTrader

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Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.27% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

IC Market is an Australian-based broker that offers copy trading through cTrader and ZuluTrade.
IC Markets offers raw spreads from 0 pips (depending on account type) and is best for Forex CFD trading. They offer three different account types. The Minimum deposit is $200 with no inactivity fees.
During our research and testing, we found their execution speeds are fast.

IC Markets offers trading CDFs on Forex, Commodities, Indices, Bonds, Cryptocurrency, Stocks, and Futures.

PROSCONS
Low fees for Forex tradingLimited Products
3rd Party Trading PlatformsInvestor Protection outside the EU
Regulation

Vantage FX

Vantage FX is next on our list. Founded in 2009, Vantage FX is regulated by VFSC, ASIC, and CIMA. The minimum deposit is $200 with no deposit fees. They offer leverage up to 500:1 and spreads from 0.0 pips. Vantage FX platforms include MetaTrader4 and MetaTrader5. Vantage FX copy trading is through DupliTrader, ZuluTrade, and MyFXBook Autotrade.

PROSCONS
Low fees for Forex tradingLimited Products
3rd Party Trading Platforms
Regulation

OctaFX

OctaFX was founded in 2011 and is available in over 150 countries. They operate in the EU and Asia but aren't available in the US. OctaFX trading platform is well designed, intuitive, and easy to use with excellent educational materials. The company is regulated by CySEC.

The OctaFX Copytrading app is available on Android only or as a web-based platform.

You can filter and search for expert traders based on this performance, risk score, number of copiers, gain, and commissions.

OctaFX has some of the most competitive commission rates among brokers. They also guarantee zero slippage or requotes of Forex pairs.

PROSCONS
Easy to useAndroid Only
Demo AccountLimited Products
Free deposits and withdrawals

What's the difference between Copy Trading, Social Trading, and Mirror Trading?

The differences between these types of copy trading are small but essential.

Copy-trading allows users to select the specific investment strategy they wish to follow. Copy-trading platforms give their users access to the signal provider’s performance history and other crucial data so that they can choose which signal provider matches their goals.

Mirror trading is an older trading strategy that has been refined into copy trading through big data. With mirror trading, users have to mirror the portfolio of other experienced traders without any manual input. 

Platforms will conglomerate signal data from their top-performing traders, which mirror traders then follow.

Social trading is the umbrella that both copy and mirror trading fall under. Social trading combines the best aspects of social media into trading software, allowing users to chat and exchange ideas. The goal is to build a community of global traders.

Copy Trading Software

Retail brokers such as eToro and Avatrade use third-party trading platforms to execute trade orders. Various platforms utilize copy-trading software, the most popular of which is MetaTrader 4 and 5 (MT4 & MT5).

These platforms provide the fundamental features that allow users to copy trade by hosting important data on traders and market sentiments.

Before committing to a broker, it’s essential to understand what each of these potential platforms uses and what that means to the trader.

MetaTrader4

It is possible to trade directly through MT4. Retail brokers using MT4 conglomerate the many different graphs and spread them into focussed information that’s easier to digest for most users.

MT4 is the older version of MT5, but many brokers still use it. For most users, the features on MT4 are more than enough to trade accurately. One of the most significant drawbacks of this platform is the lack of an economic calendar to track important dates.

The platform has a portfolio tester but is limited to a single thread.

MetaTrader5

MT5 was released in 2010. Despite its expanded list of features, many brokers have been slow to adopt it.

It has an economic calendar that is useful for gaining a broader perspective of global trends.

One of the most critical aspects of MT5 is the embedded community chat. This allows users across all platforms to swap tips and tricks. This is useful as it massively expands the user base of any brokerage to include many traders who use different firms.

cTrader

cTrader Copy is an overhaul of a previous system known as cMirror. Although it is not as prolific as MT4 or 5, it’s used widely among more niche brokers.

They are focused on social trading and allow any traders to become signal providers, as opposed to only the highest performing. Also, each signal provider can choose how much commission to charge their followers.

This creates a competitive market where the most profitable signal providers quickly rise to the top.

DupliTrade Copy Trading

DupliTrade offers strategies in stock, CFDs, and Forex, but the vast majority focuses on Forex alone.

While it offers the least amount of instruments to trade, it provides the most in-depth analysis on traders of any platform on this list.

DupliTrade allows users to examine eleven different categories of signal providers, including entire trading history and gross profit of their portfolio.

Although their trade instruments are limited, maximized transparency gives copy traders a good chance of following a winning portfolio.

Should You Start Copy Trading?

Brokers argue that copy trading reduces the risk traders take on when they start trading. This holds some truth but isn’t entirely accurate. We’ve put together a list of the pros and cons of copy trading.

Pros

  • Follow your platform's best traders' trading strategies and earn proportional profits.
  • Auto trading limits time investment. Trades can be made while you sleep.
  • Many platforms allow you to start and stop copy trading quickly.
  • Little experience of trading is needed to start.

Cons

  • Even the most profitable traders don’t always win.
  • Copy-trading costs more in commission than manual trading.
  • You will always be slightly behind the trend if you copy other traders.

How to Pick a Copy Trading Broker?

Fees & Commissions

Brokers charge their users to make money for themselves. Some brokers, like eToro, don’t charge much for commissions on trades, but they take a cut of every trade’s profits.

Inactivity fees are also something worth considering. Brokers penalize traders who leave their accounts dormant without trading. These fees can add up if you’re not paying attention. Many signal providers charge a commission on each copied trade.

Regulation

The regulations that a broker must adhere to depends on the territories in which that broker has offices. Traders should familiarise themselves with all the regulations of a broker before trading with them.

Authorities can set rules determining any aspects of trading, including leverage amounts and tradable instruments. Leverage maximums are different all over the world. In the US, they are limited to 50:1. In the UK and EU, it is limited to 100:1

Whether your funds are kept in segregated accounts will also depend on the regulations of the area.

Customer Support

Brokers are in charge of keeping your money safe, so you need to be sure that you can get hold of them if something goes wrong. Many traders are concerned that their broker might not respond to them.

If you want to reach your broker over the phone, odds are you will only be able to during their office hours. Since you can trade with brokers from all over the planet, time zones can make communication between trader and broker difficult.

Many industry awards are given to brokers with good customer support. AvaTrade has won awards for its support many times. 

Before committing to a broker, you should check the methods you can use to contact them.

Deposit and Withdrawal Methods

Each brokerage will have its own method by which traders can deposit and withdraw money into and out of their accounts.

Some companies, such as eToro, allow users to select withdrawing money through direct bank transfers, PayPal, or credit card payments.

It is becoming increasingly common to allow traders to withdraw their funds in some form of cryptocurrencies, such as Bitcoin or Etherium. These are viable options, but we would recommend steering away from platforms where that is the only option.

Risks

Copy-trading comes with risks, like all forms of online trading.

Trades are predictions that a stock or currency will perform a certain way, either increasing or decreasing in value. As sure as a prediction may seem, no one can claim to be 100% sure how a market will behave.

New traders must be especially cautious when trading using leverage. It’s a helpful feature that brokers offer to increase your trading power using limited capital. 

While it could massively increase earnings on profitable trades, losses incurred using leverage could be more than your initial investment.

Best Copy Trading App

When it comes to mobile apps, e-Toro stands out against its competitors. It was built with user-friendliness in mind. It is the most streamlined app of all the brokers on this list. Information is easy to sort through and clearly communicated. It is one of the few apps available that has the full functionality of its desktop counterpart.

What is the Copy Trading Platform for Cryptocurrencies?

If you’re looking to get into crypto, eToro is the best platform to use.

They have a wide range of cryptocurrencies, including Bitcoin, and Ethereum. All eToro users are given access to a crypto wallet that holds and sorts whole and fractional coins.

eToro also has crypto copy-portfolios for traders looking for a more passive approach to crypto trading.

Forex Copy Trading

If you’re looking to trade Forex pairs, AvaTrade is the clear winner. Because of their regulations, they are considered low-risk forex brokers.

They have access to an impressive 55 currency pairs to trade. Additionally, they have some of the lowest commission charges of any retail Forex broker.

FAQ

Is Copy Trading Legal?

Yes, copy trading is completely legal all across the world. The most important aspect to look at concerning legality is which region a broker is regulated in and whether they adhere to those regulations.

Can you make money with Copy Trading?

Anyone can make money with copy-trading provided they copy a profitable signal provider. Traders looking to make money should do as much research as they can before copying another trader.

Not every trader will be profitable. Traders could copy signal providers who don’t make high returns. Most platforms allow users access to trade history to try and mitigate this.

How to start Copy Trading?

Provided you’ve read this guide, starting copy trading is easy. Pick out the platform that you think best suits your needs. We’ve gone over some of the most popular in this list, but there are hundreds more out there. Make sure you’ve researched commission charges and deposit amounts before you open an account anywhere. Once you’ve opened an account, find a signal provider and research their trade history. Try and find one that makes a profit on average before you copy them.

How to Find Good Traders To Copy?

One easy way to vet a trader is by looking at the amount of money other traders have invested using their strategies. Do not include demo accounts in this tally. If a trader has large amounts of capital following their trades, odds are they’re a trusted provider.

It’s also helpful to look at a trader’s returns. Negative returns should be avoided. But returns that are too high can also raise some red flags.

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Ziga Breznik

Author

About the author

Ziga Breznik is the owner and head of research at PublicFinanceInternational.org – he is an active investor in the forex, crypto and stock markets – he has seen trading platforms disappear along with his investments – especially during the “crypto boom”. Ziga learned the hard way that finding a reputable and trustworthy online brokerage is key to long-term success in the financial markets. He founded PublicFinanceInternational.org as a platform where he shares his research with one goal in mind: to provide unbiased and trustworthy online brokers reviews.