We would like to dedicate this review to the best trading platforms that allow their clients to make passive income through advanced solutions for copy trading. To estimate the companies correctly, we considered their fees, trading instruments, regulations, and other essential characteristics. We hope that this guide will be useful for both beginners and experienced traders.
What are Copy Trading Brokers?
Before we get down to the list of the 5 best copy trading platforms, we need to answer a couple of basic questions. The first thing to specify is the concept of copy trading platforms. These are companies that offer special solutions, by using which, traders can copy the deals of other participants. Copy trading isn’t the same as social trading. In the second case, you can decide whether you want to copy a certain trade, while in copy trading, you don’t learn from the trader – just study the performance and set a copy trading tool to follow the deal automatically.
How to choose a good trading platform with the copy trade feature?
There’s a common misconception that the best copy trade platform should have the most profitable deals. In fact, you should choose the ones that meet your level of risk tolerance. If you are a conservative investor and want to minimize losses, look for systems with low losses per trade. If you prefer a more aggressive style, you might copy strategies that deal with highly-volatile instruments that are more likely to cause losses but also provide better rewards.
The diversity of copy trade platforms is wide enough. Many of them have thousands of signal providers with different styles. You can experiment with approaches and then choose which one suits you better. Nevertheless, research is necessary. That’s why we prepared this list of the 5 best copy trading platforms.
How to copy trades
- Look through the available signal providers and compare their performances and statistics.
- Determine your trading style and narrow down the list of traders in accordance with this trading style.
- Compare the statistics and the performances of the traders that use the trading style you like and choose the ones you are willing to copy.
- Set up risk/reward parameters.
- Copy the traders you’ve chosen and keep track of your account to ensure that your strategy’s performance dynamics are satisfying.
Remember that different copy trading solutions have different interface parameters and features that might be adjusted. Don’t be in a hurry. Take your time to study the chosen platform to understand how to benefit from all the available solutions.
Now, when you know these basic recommendations, we can get down to the list of the best trading platforms that enable copy trading.
PrimeXBT is a trading platform, oriented primarily toward cryptocurrency traders. Nonetheless, other financial markets are also available here. You can copy other traders through the Covesting solutions available on the PrimeXBT platform. In their reviews, users of this solution say that they like the diversity of available signal providers and the number of tradable products, including cryptocurrencies, forex pairs, stock products, and commodities.
PrimeXBT accepts deposits in cryptocurrencies. The minimum required amount starts from 0.001 BTC. If you trade cryptocurrencies, the trading fees won’t exceed 0.05%, while for other instruments, this percentage is 0.0001%. These are quite low fees, compared to other trading platforms.
If you want to learn more about how copy-trading works on PrimeXBT, proceed to this page – https://primexbt.com/for-traders/what-is-copy-trading/.
eToro is one of the most popular crypto copy trading platforms. The biggest non-trading advantage of this broker is the official license provided by the tier-1 regulator FCA. This boosts the platform’s reputation among international traders and investors.
The minimum deposit on the eToro platform is $200. Unlike the previous option, eToro accepts various payment methods, including alternative electronic wallets such as PayPal, NETELLER, and Skrill. eToro doesn’t suit passive users because it charges them with inactivity fee of $10 per month after a year of being inactive on the platform.
BDSwiss is one more reputable broker licensed by a top-level regulator CySEC. BDSwiss is comfortable for traders who are keen on CFD trading. Although this is risky, it might be quite profitable if you find an experienced CFD trader to copy.
To start trading, you should fund your account with at least $100. Funding and withdrawing operations can be processed through the following payment methods:
- bank wire transfers
- debit/credit cards
CopyFX is a copy-trading platform available at the RoboForex brokers. On the one hand, CopyFX displays a huge diversity of traders with different styles to follow. On the other hand, the broker might charge up to 40% commission from profitable copied trades.
RoborForex suits beginners with a low starting capital. To begin trading here, the need only $10 for a minimum required deposit. RoboForex also has a lot of trading software solutions and accepts a great diversity of payment methods, including cards, e-wallets, cryptocurrencies, and bank transfers. FSC regulates the company.
This institution is based in Australia and regulated by the local supervisor ASIC. The company requires a minimum deposit of $20 to allow trading. You can use credit & debit cards, bank wire transfers, Skrill, Neteller, or Bitcoin (BTC), Tether (USDT), USD Coin (USDC), and Ethereum (ETH).
Copy trading services are provided through the TradeCopier solution. This is a good platform for signal providers because they can determine the number of performance fees for the strategies they will offer. Thus, your earnings aren’t limited by the conditions of the copy trade broker.
The final thought
These are the 5 best copy trade platforms. Each company has its own advantages and disadvantages. PrimeXBT is great because of the selection of traders to copy, eToro has advanced trading tools, BDSwiss provides a lot of CFD instruments, RoboForex is a great low-cost broker, and IronFX is profitable for signal providers. Choose the one you like the most and start earning real money!