Forex trading can be a complex process, especially when you’re trying to make every trade independently based on your own research and speculation. The practice of copy trading – also known as mirror trading, auto trading, or social trading – has become very popular in the past few years as a number of apps and online platforms have made this type of semi-automated Forex trading simple enough for most people to try. Essentially, as the name implies, you’re using tools to automatically copy the trades of other traders in real-time. If you’ve been thinking about getting into Forex using a copy trading approach, these are the best four platforms for doing that:
eToro is by far the most commonly mentioned and widely reviewed platform. Most people consider it to be the best Forex trading platform, with many sites giving it 5 stars. Their app and website provides an abundance of user-friendly options for following and copying the trades of major investors and other people in your network, so detailing all of those features would go beyond the scope of this ranking list. Thus, for more information on how eToro works and what it can do, it would be best to read a dedicated review or check out eToro copy trading.
Pepperstone is usually a close 2nd place on most curated lists and on this one it will be the same due to their commendable site design and toolset. If there’s one competitor that can be compared to eToro in most ways, it would be Pepperstone. Despite having a relatively narrow selection of native trading options, the platform offers competitive pricing, a trusted system, and one of the largest networks of third-party platforms.
Darwinex is not known specifically as a copy trading platform but it does have social trading features that let you do copy trading very easily, so it’s worthy of mention. This is an interesting site to check out because it lets traders buy and sell their strategies, so you can follow more than just the trades themselves. The platform’s logo is an owl, which is interesting because, in a way, Darwinex can be used like an auxiliary educational tool; the owl may be hinting at the academic value of the platform.
FXCM is another platform with a small selection of tradable products, but it offers access to copy trading tools that let you follow the moves of high-volume traders and pros who use advanced algorithms and charting tools. This is another site that’s useful for learning and picking up new techniques.
Copy Trading Is the Easiest Way for a Forex Trader to Swing the Odds in their Favor
Regardless of who you follow and how successful they’ve been thus far, Forex is always a numbers game. However, copy trading gives you a hack that lets you dramatically improve your odds as a Forex trader simply by choosing the right traders to emulate. While there are never any guarantees, and you shouldn’t financially over-extend yourself on any individual trade, over time you can learn a lot just by following the actions of other traders, and that’s where the real value of copy trading lies.