In investing, “copy trading” refers to mimicking the trades of a more successful trader or group of traders. Copy trading, also known as social trading, can be a valuable tool for investors who want to learn from more experienced traders or reduce the risk associated with their investment portfolio.
If you’re having trouble deciding which copy trading platform is best for you, we’ve compiled a short list of the 5 best copy trading platforms to help you narrow down your search.
- ZuluTrade was the first to offer copy trading.
- Copy trading is available via the ZuluTrade platform and MT4.
- You can link your trading account with another broker through ZuluTrade and use that broker to replicate the positions of other traders.
- ZuluTrade provides sophisticated copy trading management tools.
- ZuluTrade requires a minimum deposit of $100.
- NAGA is a copy trading platform in Germany.
- NAGA, in addition to CFDs, allows you to copy stock positions.
- A minimum deposit of $50 is required to use NAGA’s platform.
- The higher the minimum deposit, the higher the copy trading earnings for NAGA signal providers.
- NAGA creates a free demo account to test the copy trading service.
- AvaTrade is a fixed spread broker based in Ireland that offers a copy trading platform through Pelican Trading.
- The feature is unavailable to European clients and only through the broker’s BVI and FCA branches.
- On MT4, you can copy traders; on AvaSocial. You can interact with traders and choose who to copy.
- AvaSocial also allows you to share ideas, comments, and achievements with others.
- AvaTrade also provides traders with Duplitrade.
- Darwinex is a copy trading platform modeled after mirror trading services.
- Darwinex’s copy trading system is one of the most sophisticated on the market.
- Signal providers can use Darwinex to create automated trading strategies, which followers can replicate.
- Although Darwinex provides a demo account, a real account requires a minimum deposit of $500.
- HF Markets is a beginner-friendly copy-trading broker with a large selection of educational content.
- The broker has received several awards, including the Global Forex Awards for best copy trading platform in 2019.
- The required deposit to gain access to HF Copy is $300.
- On the other hand, signal providers must deposit at least $1000 to open an HF Copy account.
- HotForex allows strategy providers to earn up to 35% in performance fees.
Best Trading Platforms Australia in 2022 So Far:
If you’re one of the growing numbers of Australians who buy and sell shares online, or if you want to get started, the trading platform you use can make a big difference in how easy it is to trade, how much you pay in fees, and how easy it is to track the performance of your portfolio. Most providers also provide various research and educational tools to assist you in stock selection; check out our Best Trading Platform Australia list and decide for yourself.
- Brokerage fees are either $8.00 or 0.1%.
- CopyTrader technology enables social trading
- Broker type: only available online
- Shares on the ASX
- Support is available via the website’s help section and live chat.
- Markets available: 47 global currency pairings, index CFDs, stock CFDs, commodities, and cryptocurrency.
- The Australian Securities and Investments Commission has granted permission (ASIC)
eToro is a social trading platform for new investors with little time. With over 15 million active users in over 140 countries, it is the world’s largest social trading network, allowing you to trade above 2000 stocks, 40+ currencies, 140+ EFTs, and 90+ cryptocurrencies.
- Brokerage: 50 CFD average fees in Europe + High Forex fees
- CFD provider, only available online
- Live chat is open 24 hours a day, seven days a week.
- Australian Securities and Investments Commission-approved (ASIC)
Plus500 was founded in 2008 and quickly became prominent in the trading world. They have a well-designed platform with plenty of markets and educational resources to help investors improve their trading skills. Despite a good feature set, their portfolio is limited, and they lack critical advanced analysis features that other online brokers have.
- Brokerage: Low Forex/Equity Fees – Expensive CFD Fees (commissions are only charged on CFD Razor accounts when trading Forex and CFD Equities)
- Broker type: only available online
- Forex, CFDs on Indices, Commodities, Cryptocurrencies, and Shares are all ASX products.
- 24-hour customer service (Weekdays) Weekend hours of operation for live chat
- The following base currencies are available: AUD, USD, GBP, EUR, CHF, HKD, SGD, JPY, and NZD.
- Forex, cryptocurrencies, and equity index CFDs are all available.
Pepperstone, founded in 2010, is not as old as some other trading platforms on our list. It is, however, one of the best. They are now highly valued by both industry professionals and skilled investors. With several platforms available, including cTrader and MT5,