Copy Trading Platforms and Software 2021
As one of the most hands-off investing strategies, it’s clear why copy trading is popular – but does it work? We’ve created a comprehensive guide to copy trading in 2021. We review the pros and cons, explain how it works and the risks involved. We also share our tips to finding the best platforms and software for copy trading in the UK.
Copy Trading Brokers
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Copy Trading PlatformOne of the best proprietary platforms currently on the market is the award-winning eToro CopyTrader, which is free of charge for eToro clients. The web-based platform includes a user-friendly and interactive layout and also comes with social features, including a community chat.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Copy Trading PlatformOne of the best proprietary platforms currently on the market is the award-winning eToro CopyTrader, which is free of charge for eToro clients. The web-based platform includes a user-friendly and interactive layout and also comes with social features, including a community chat.
Leading forex and CFD broker regulated in Ireland, Australia, Canada and South Africa. Avatrade are particularly strong in integration, including MT4
Copy Trading PlatformRegulated across multiple jurisdictions, AvaTrade not only offers a proprietary platform, but also a selection of social and copy trading systems, including its own AvaSocial app, along with MetaTrader suites. There’s also the web-based platforms, DupliTrade and ZuluTrade, which are both easy-to-use and suit novices and experts alike.
Leading forex and CFD broker regulated in Ireland, Australia, Canada and South Africa. Avatrade are particularly strong in integration, including MT4
Copy Trading PlatformRegulated across multiple jurisdictions, AvaTrade not only offers a proprietary platform, but also a selection of social and copy trading systems, including its own AvaSocial app, along with MetaTrader suites. There’s also the web-based platforms, DupliTrade and ZuluTrade, which are both easy-to-use and suit novices and experts alike.
Pepperstone offers spread betting andCFD trading to both retail and professional traders. Clients can trade FX, indices, commodities and shares on MT4, MT5 and cTrader platforms.
Copy Trading PlatformPepperstone offers an impressive range of third-party platforms, including MetaTrader 4, MetaTrader 5, cTrader and DupliTrade. The broker also offers social trading and an account mirroring tool, Myfxbook. The tool offers automated analytics which allows traders to track, compare and share trading activity within a user-friendly dashboard.
Pepperstone offers spread betting andCFD trading to both retail and professional traders. Clients can trade FX, indices, commodities and shares on MT4, MT5 and cTrader platforms.
Copy Trading PlatformPepperstone offers an impressive range of third-party platforms, including MetaTrader 4, MetaTrader 5, cTrader and DupliTrade. The broker also offers social trading and an account mirroring tool, Myfxbook. The tool offers automated analytics which allows traders to track, compare and share trading activity within a user-friendly dashboard.
Trade Forex on 0.0 pip spreads with the world's leading True ECN forex broker - IC Markets.
Copy Trading PlatformBased in Australia, IC Markets, is a good all-round broker for the MetaTrader suites, cTrader, ZuluTrade and Myfxbook. IC Markets has been around for over 10 years, so clients also enjoy a comprehensive range of educational tools and research.
Trade Forex on 0.0 pip spreads with the world's leading True ECN forex broker - IC Markets.
Copy Trading PlatformBased in Australia, IC Markets, is a good all-round broker for the MetaTrader suites, cTrader, ZuluTrade and Myfxbook. IC Markets has been around for over 10 years, so clients also enjoy a comprehensive range of educational tools and research.
XM.com Offer a range of Account types and a low minimum deposit to appeal to all levels of trader. With 1000+ markets and low spreads they offer a great service.
Copy Trading PlatformXM offers over 1,000 instruments and copy trading on MT4 and MT5. Although you may not get the same interactive feel as some of the proprietary platforms, the MetaTrader platforms will not disappoint in terms of their advanced trading features and tools, including MQL5 signals.
XM.com Offer a range of Account types and a low minimum deposit to appeal to all levels of trader. With 1000+ markets and low spreads they offer a great service.
Copy Trading PlatformXM offers over 1,000 instruments and copy trading on MT4 and MT5. Although you may not get the same interactive feel as some of the proprietary platforms, the MetaTrader platforms will not disappoint in terms of their advanced trading features and tools, including MQL5 signals.
PrimeXBT is a Bitcoin-based platform offering highly leveraged trading in FX, indices, commodities, & cryptocurrencies.
Copy Trading PlatformPrimeXBT offers an excellent Covesting module where traders can follow the strategies of other users with free and paid-for signals.
PrimeXBT is a Bitcoin-based platform offering highly leveraged trading in FX, indices, commodities, & cryptocurrencies.
Copy Trading PlatformPrimeXBT offers an excellent Covesting module where traders can follow the strategies of other users with free and paid-for signals.
BDSwiss offer 250+ Shares, Indices, Forex, Commodities and Cryptocurrencies markets via CFDs. With spreads from 1 pip and an award winning app, they offer a great package.
Copy Trading PlatformForex copy trading is available with access to successful investors selling their positions and strategies to aspiring traders.
BDSwiss offer 250+ Shares, Indices, Forex, Commodities and Cryptocurrencies markets via CFDs. With spreads from 1 pip and an award winning app, they offer a great package.
Copy Trading PlatformForex copy trading is available with access to successful investors selling their positions and strategies to aspiring traders.
FXTM is a leading forex and CFD broker. Offering a huge range of markets and 6 account types, they cater to all levels of trader.
Copy Trading PlatformFXTM is a popular copy trading broker connecting clients to established investors with successful portfolios.
FXTM is a leading forex and CFD broker. Offering a huge range of markets and 6 account types, they cater to all levels of trader.
Copy Trading PlatformFXTM is a popular copy trading broker connecting clients to established investors with successful portfolios.
FXCM are an FCA regulated, London based broker. Companies under the FXCM umbrella are also regulated in Australia and South Africa.
Copy Trading PlatformFXCM offers social and copy trading on forex, CFDs and cryptos through the hugely popular ZuluTrade platform.
FXCM are an FCA regulated, London based broker. Companies under the FXCM umbrella are also regulated in Australia and South Africa.
Copy Trading PlatformFXCM offers social and copy trading on forex, CFDs and cryptos through the hugely popular ZuluTrade platform.
Trade forex CFDs from 0.0 spreads with Vantage FX. Clients can access popular forex pairs like GBP/USD, EUR/USD and AUD/USD from 0.0 spreads with a flat $2 per lot commission on our RAW account.
Copy Trading PlatformWith access to over 300 instruments, traders enjoy social and copy trading at Vantage FX with the MetaTrader packages, DupliTrade, ZuluTrade and Myfxbook. ZuluTrade is one of the largest social trading communities, which uses a sophisticated algorithm to rank top signal providers.
Trade forex CFDs from 0.0 spreads with Vantage FX. Clients can access popular forex pairs like GBP/USD, EUR/USD and AUD/USD from 0.0 spreads with a flat $2 per lot commission on our RAW account.
Copy Trading PlatformWith access to over 300 instruments, traders enjoy social and copy trading at Vantage FX with the MetaTrader packages, DupliTrade, ZuluTrade and Myfxbook. ZuluTrade is one of the largest social trading communities, which uses a sophisticated algorithm to rank top signal providers.
Quotex offers a proprietary web platform that offers digital options and copy trading.
Copy Trading PlatformClients can copy the trades of successful Quotex traders with a single click.
Quotex offers a proprietary web platform that offers digital options and copy trading.
Copy Trading PlatformClients can copy the trades of successful Quotex traders with a single click.
OctaFX offers multi-asset trading on a range of platforms and mobile solutions.
Copy Trading PlatformCopy trading in OctaFX is offered through a proprietary platform and mobile app, as well as the MetaTrader suites and cTrader. cTrader Copy is a flexible investment platform offering a smooth copy trader experience alongside advanced trading features.
OctaFX offers multi-asset trading on a range of platforms and mobile solutions.
Copy Trading PlatformCopy trading in OctaFX is offered through a proprietary platform and mobile app, as well as the MetaTrader suites and cTrader. cTrader Copy is a flexible investment platform offering a smooth copy trader experience alongside advanced trading features.
Trade on the financial markets with low cost, leveraged products at HYCM.
Copy Trading PlatformCopy the positions of experienced and profitable traders at HYCM with straightforward risk management tools.
Trade on the financial markets with low cost, leveraged products at HYCM.
Copy Trading PlatformCopy the positions of experienced and profitable traders at HYCM with straightforward risk management tools.
FP Markets is a multi-asset broker offering a choice of trading platforms.
Copy Trading PlatformFP Markets Social Trading app allows for the straightforward mirroring of established traders with an easy-to-follow ranking system.
FP Markets is a multi-asset broker offering a choice of trading platforms.
Copy Trading PlatformFP Markets Social Trading app allows for the straightforward mirroring of established traders with an easy-to-follow ranking system.
FBS is a top online broker offering MT4 & MT5 trading across a range of instruments.
Copy Trading PlatformThe CopyTrade solution from FBS lets beginners replicate the success of top traders with secure, flexible trading tools. Clients can use the user-friendly mobile app to compare traders, allocate funds and create a unique trading portfolio.
FBS is a top online broker offering MT4 & MT5 trading across a range of instruments.
Copy Trading PlatformThe CopyTrade solution from FBS lets beginners replicate the success of top traders with secure, flexible trading tools. Clients can use the user-friendly mobile app to compare traders, allocate funds and create a unique trading portfolio.
NPBFX offers trading in leading financial instruments as well as copy trading.
Copy Trading PlatformNPBFX offers social trading via the ZuluTrade solution with a long list of signal providers to follow.
NPBFX offers trading in leading financial instruments as well as copy trading.
Copy Trading PlatformNPBFX offers social trading via the ZuluTrade solution with a long list of signal providers to follow.
TP Global FX offers a long list of popular financial assets with spreads from 0.1 pips.
Copy Trading PlatformFollow and copy multiple professional traders using performance analytics and market signals at TP Global FX.
TP Global FX offers a long list of popular financial assets with spreads from 0.1 pips.
Copy Trading PlatformFollow and copy multiple professional traders using performance analytics and market signals at TP Global FX.
Forex broker Videforex accepts deposits in a range of cryptocurrencies. Payouts reach 95% per trade.
Copy Trading PlatformVideforex offers an integrated copy trading service where users can automatically or manually replicate the positions of other traders.
Forex broker Videforex accepts deposits in a range of cryptocurrencies. Payouts reach 95% per trade.
Copy Trading PlatformVideforex offers an integrated copy trading service where users can automatically or manually replicate the positions of other traders.
IFC Markets is a top broker offering the bespoke NetTradeX plus MT4 & MT5.
Copy Trading PlatformFollow and profit from top traders using IFC Market's copy solution.
IFC Markets is a top broker offering the bespoke NetTradeX plus MT4 & MT5.
Copy Trading PlatformFollow and profit from top traders using IFC Market's copy solution.
Global Prime is a multi-regulated trading broker offering 100+ markets.
Copy Trading PlatformInteract with and copy the trades of experienced investors with Global Prime's exclusive copy trading service.
Global Prime is a multi-regulated trading broker offering 100+ markets.
Copy Trading PlatformInteract with and copy the trades of experienced investors with Global Prime's exclusive copy trading service.
Global FX is an unregulated broker offering a suite of trading tools and products.
Copy Trading PlatformGlobal FX offers a CopyDeal service where clients can follow and execute the positions and strategies of top traders.
Global FX is an unregulated broker offering a suite of trading tools and products.
Copy Trading PlatformGlobal FX offers a CopyDeal service where clients can follow and execute the positions and strategies of top traders.
ICM Capitals offers ultra-low spreads on FX, CFDs and futures via the MT4 platform.
Copy Trading PlatformClients of ICM Capital can use the MetaTrader 4 platform to interact with and copy the trades of other investors. Both manual and automated copy trading is available.
ICM Capitals offers ultra-low spreads on FX, CFDs and futures via the MT4 platform.
Copy Trading PlatformClients of ICM Capital can use the MetaTrader 4 platform to interact with and copy the trades of other investors. Both manual and automated copy trading is available.
Tradeview is based in the Cayman Islands and offers four leading trading platforms and 100+ financial instruments.
Copy Trading PlatformChoose between manual and automated copy trading at with a range of leading market signals.
Tradeview is based in the Cayman Islands and offers four leading trading platforms and 100+ financial instruments.
Copy Trading PlatformChoose between manual and automated copy trading at with a range of leading market signals.
JFD Bank offers comprehensive trading services, complete with MT4 and MT5 platforms and a range of products.
Copy Trading PlatformJFD Bank offers mirror trading to retail investors with multiple providers and strategies to copy.
JFD Bank offers comprehensive trading services, complete with MT4 and MT5 platforms and a range of products.
Copy Trading PlatformJFD Bank offers mirror trading to retail investors with multiple providers and strategies to copy.
LH Crypto combines a digital alt coin exchange with a user-friendly online brokerage offering an array of tools, instruments and payment options.
Copy Trading PlatformMT5 offers market signals from established investors so clients can manually or automatically copy trading positions.
LH Crypto combines a digital alt coin exchange with a user-friendly online brokerage offering an array of tools, instruments and payment options.
Copy Trading PlatformMT5 offers market signals from established investors so clients can manually or automatically copy trading positions.
MultiBank FX is a regulated forex and CFD broker offering sign-up deposit bonuses, tight spreads and MT4 trading.
Copy Trading PlatformClients can start copy trading in three simple steps at MultiBank FX, gaining access to profitable online traders from around the world.
MultiBank FX is a regulated forex and CFD broker offering sign-up deposit bonuses, tight spreads and MT4 trading.
Copy Trading PlatformClients can start copy trading in three simple steps at MultiBank FX, gaining access to profitable online traders from around the world.
Zenfinex is a UK-headquartered broker offering social trading, low fees and MT4.
Copy Trading PlatformZenfinex offers social copy trading through the interactive iOS and Android ZenConnect mobile app. Investors can buy and sell on the financial markets using the tips and positions of other traders.
Zenfinex is a UK-headquartered broker offering social trading, low fees and MT4.
Copy Trading PlatformZenfinex offers social copy trading through the interactive iOS and Android ZenConnect mobile app. Investors can buy and sell on the financial markets using the tips and positions of other traders.
M4Markets is a forex broker offering deposit bonuses with MT4 & MT5 tools.
Copy Trading PlatformM4Markets clients can use MetaTrader signals from other traders to mirror successful trading strategies in their accounts.
M4Markets is a forex broker offering deposit bonuses with MT4 & MT5 tools.
Copy Trading PlatformM4Markets clients can use MetaTrader signals from other traders to mirror successful trading strategies in their accounts.
What Is Copy Trading?
The definition of copycat trading is simple: an investor selects an experienced trader with proven results who matches their risk profile, and copies their trades.
Trades can either be copied automatically using software from the multiple vendors on the market, or can be placed manually by communities of traders communicating their ‘signals’ via social platforms or forums.
Traders are either ‘Masters’ or ‘Followers’. Followers are essentially ‘making a copy’ of Master trading accounts.
This system requires minimal time and knowledge and could potentially bring hefty profits for those following the correct trader. This makes it great for beginners or those who are time poor. However, there is no upside without risk, meaning investors can experience losses if the Master trader is wrong.
Copy Trading Software
There are many trading platforms and applications that enable copy trading, making it an easy strategy to follow. Investors can choose between third-party software available at multiple providers and exclusive copy trading platforms.
MetaTrader 4 (MT4)
MT4 is offered by some of the best brokers in the business, including Pepperstone, AvaTrade, FXTM, XM, and Alpari. Access the MetaTrader 4 copy trading function via the ‘Signals’ tab on webtrader, desktop or mobile apps.
- Master trader rankings make it easy to choose the best performers
- Available on both live and demo accounts
- Over 3,200 free and paid signals
- Chat function
- VPS service
MetaTrader 5 (MT5)
Copy trading on the MT5 system is also available through their ‘Signals’ service on web and mobile. MT5 offers the added benefit of copying trades executed at different brokerages. This is another popular platform with top companies, including BDSwiss.
- Fully automated trades, just set your signal parameters
- Ultra-fast and secure data transmission
- Fixed signal subscription price
cTrader
The cTrader Copy function is fully integrated into the cTrader platform and offers reliable trading with a defined fees system and transparent strategy history. Popular websites that use cTrader include OctaFX.
- Copy investing account is separate from trading account
- Strong cTrader community
- Equity-to-equity ratios
ZuluTrade
ZuluTrade has become a big player on the automated trading scene since its inception in 2007. Increasingly, brokers such as VantageFX are partnering with the firm.
- Over 10,000 traders resulting in a strong choice of strategies
- Feature-rich, including ZuluScript trading bot (i.e Expert Advisors or EA)
- No limit on the number of traders you can follow, allowing for diversification
DupliTrade
DupliTrade is a leading provider of copy trading services across forex, crypto and stock markets. Clients benefit from transparent fees, easy registration and copy trading in offline mode.
- Scale up and down options
- Minimum trading deposits from $2,000
- Tough review process for Master traders
eToro
eToro is one of the biggest brokers for social and copy trading.
- Free account, zero commission on stocks and no management fees
- Education centre with PDF guides and details of how it works
- Huge social community
eToro copy trading platform
Coinbase began offering the service in 2019. And as of 2018, the nanotrading service XTrend also offers the feature. Other notable copy trading providers include MyFXBook (available on IC Markets) and FBS CopyTrade. Furthermore, Zignaly, a trading bot (EA) which specialises in crypto copy trading on notable exchanges such as Binance.
Copy Trading Vs Social Trading: What’s The difference?
Copy trading and social trading are different but closely linked. Copy trading usually refers to automated trades that are tied to a Master trader or manual trades that are made based on signals shared.
Social trading is when the trader still executes their own positions but communicates with and trusts in the signals provided by a network of more experienced traders. These interactions might be through a signals provider, the trading platform itself, or via a social network such as Telegram.
For example, eToro’s software allows you to tie your account to another trader’s (copy trading). But you can also review activity using their social news feed (social trading).
Further still, mirror trading involves the automated copying of trades, but a more complex version which lends itself to more frequent position movement. For this reason, it is mainly used by institutional investors with large capital that can take steeper losses.
Copy Trading Markets
You can copy trade on multiple popular financial markets:
- Stock and shares
- Cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC)
- Forex pairs such as USD/GBP, EUR/USD and USD/CAD
- Commodities such as gold, platinum and crude oil
- Indices such as FTSE, NASDAQ and Dow Jones
- CFDs
Note depending on your broker and the software they use, copy trading may only be available on some instruments. For example, forex signals tend to be available on most of the best platforms, but for the stock market, signals are less common.
Copy Trading Strategies
Does copy trading work? The short answer is, yes. But there are several factors that can impact the systems you use.
Risk Profile
Do your research and select a Master trader with a risk profile and strategy that you’re comfortable with. Do they pursue day trading whilst you prefer a more long-term ‘buy and hold’ method? Do you trust in big, well thought through bets rather than small scalping trades? These are crucial decisions when choosing who to copy – trust is key.
Manual Or Automatic
Automatic copy trades are the ultimate hands-off investments. But there are downsides, as you’re not able to review the trade for yourself. Losses could rack up without your knowledge if you’re not considering a trade before you place it, so many traders prefer to take a signal and place the trade themselves.
MetaTrader copy trading
Services such as NinjaTrader enable automatic trades whereas LiteForex provides networking tools for traders to exchange strategies and research. The IQ Copy trading robot also receives popular reviews and is free to download.
Broker Specific Trading
Some platforms allow you to copy trades from a different broker to that which you trade with. This enables you to select from a wider pool of Master traders and could allow better diversification of your portfolio.
Stop Losses
Automatic trades can mean automatic losses. So, consider using strategic stop losses to minimise this. On the downside, this can oust you from a trading strategy just before it starts winning, so place stops carefully.
Benefits Of Copy Trading
Beat The Fees
Investing in a hedge fund can mean costly fees and commissions. Copy trading means you can reap the rewards of profitable traders without paying through the nose. A typical hedge fund charges 2% in fees plus 20% depending on fund performance.
Check out the fees leveraged by your broker to see what you’re saving.
For Beginners
Trading successfully relies on intricate knowledge and experience. If you’re a beginner, you don’t have this edge yet. So, you may want to copy trade until you understand what it takes to successfully and consistently make profits.
Time Saving
With bots automatically executing your trades, there’s all the benefit without the time commitment.
Disadvantages Of Copy Trading
Long Haul
Even the best traders won’t make a profit 100% of the time, so you’ll need to trust in the strategy of the Master you’ve chosen. If you’re likely to pivot between traders after a couple of losses believing their strategy doesn’t work – copy trading may not be suitable for you.
Market Psychology
Trading is all about psychology. While some assets have a physical presence, like gold or crude oil, most are traded on value. And value is determined by what people will pay.
Therefore, if a large community of social traders begin unloading shares in a company, this could push the value of the stock down, regardless of the firm’s underlying profits.
In reality, professional traders exchange millions of pounds of stocks and share each day, so retail trading activity has less influence on value.
However, for this reason top traders often keep their strategy top secret. Therefore you may consider why any Master traders would let you copy their positions.
Master Profits
So, why would a Master let you copy their trades? The answer is commission. And this means there could be a conflict of interest.
If a Master is making profit from commission on copy trades, they may not need to run their portfolio at a profit for them to be winning. They just need to tempt enough followers to copy them.
Of course, this is a cynical view. And clearly Masters make more money from trading profitably as well. But, it highlights the importance of making sure those you copy have equal skin in the game. If you lose, do they lose too?
There are some signal services out there that are scams and are just looking for the commission – so it’s crucial to research where your signals are coming from and consider whether you trust the source.
How To Open A Copy Trading Account
So now we’ve explained all you need to know, you may be wondering how to start trading?
Firstly, you’ll need to open an account with a trading broker, making sure to choose one with copying trading functionality enabled software. You can copy trade on both real and demo accounts. Real accounts will require a minimum deposit to begin.
Download the trading platform and log in using the credentials required by your broker. Alternatively, select one of the mobile apps available on both Android (APK) and Apple (iOS) devices.
Wrapping Up
Copy trading has catapulted to popularity in the past 10 years. The range of software on the market makes it easy to choose a provider that suits you.
There are thousands of copy trading success stories. But, whether copy trading is good or bad for your profits depends on whose trades you copy and whether your capital allows you to follow a strategy in entirety. So, ensure you’ve done your research before you invest.
If you’re a beginner who is aware of the risks, copy trading could be a successful strategy compared to trading alone.
FAQ
Is Copy Trading Legal?
Yes, copy trading is legal and is supported by most regulatory boards including the FCA.
The European Securities and Markets Authority (ESMA) has assessed that copy trading software that automatically executes trades on behalf of an investor could be considered portfolio management and at the very least, signals can be considered investment advice and therefore such activities should be regulated.
Not all UK brokers that offer copy trading are regulated, so make sure you check before you trade.
Is Copy Trading Halal?
Copy trading can be halal as long as the trades being copied comply with Sharia law. Check with your broker whether halal copy trading is possible.
Where Can I Copy Trade?
Copy trading is available at many leading UK brokers. See our list of top apps and software for further details.
Does Copy Trading Work?
Yes, copy trading can work. But you’re only as good as your signals, so be careful to select the right source. Look for copy trading tutorial videos on YouTube or check out our guide as a starting point.
Is Copy Trading Right For Me?
Becoming a forex trading guru doesn’t happen overnight. So copy trading is great for beginners or those with little time.