Pepperstone is well-known for its competitive spreads and solid regulatory background. But what about social trading?

Most novice traders struggle to build a trading plan that actually works in the market. This is partly why copy trading is very popular these days. As the name suggests, it allows traders to automatically copy the actions of experienced traders in real time, presenting an opportunity to help them make money with less effort. Copy trading is available to anyone, regardless of trading skill or experience. Nowadays, many brokerage firms provide access to special software for copy trading, and one of them is Pepperstone.

Pepperstone Social Trading

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Social Trading in Pepperstone

Pepperstone is a reputable Australian-based broker that has been around since 2010. The broker offers various trading services and a wide range of tradable instruments, such as forex pairs, indices, cryptocurrencies, metals, commodity CFDs, and index CFDs. Traders can also benefit from fast trading execution, low spreads, a reliable customer support team, and an extensive range of analytical tools as well as advanced platforms.

Pepperstone supports a number of trading strategies, including social trading. The broker has partnered with multiple top third-party providers to help traders get access to some of the best trading strategies in the world. In particular, Pepperstone works with Myfxbook, MetaTrader Signals, and Duplitrade. Here's the complete information about each one.

More on Pepperstone:

 

Myfxbook

Myfxbook's AutoTrade offers an account mirroring service that allows you to copy trading systems without the need to run any additional software. There are more than 40 trading systems that you can choose from on the platform. All of them are hand-picked by a team of professionals and have been tested for their level of profitability with real money. You are free to arrange your own portfolio without the need to perform any trade or pay any management fees.

Essentially, here are the benefits that you can get from using Myfxbook:

  • Get access to handpicked, tested trading systems chosen by a team of professionals.
  • Get accurate statistics that allow you to quickly make market analyses and improve your trade.
  • Trade with a powerful, easy-to-use platform without additional software.
  • Get full control of your trades and access a fully customizable ecosystem, allowing you to add, pause, or remove any trading system whenever you like.
  • A trading simulator is available to simulate your trades and help you find the best setup for your portfolio.
  • Subscribe to as many trading systems as you like, but it's highly recommended to have at least a $1,000 balance per system.

 

MetaTrader Signals

If you want a practical solution, choose MetaTrader Signals. Since it's a part of MetaQuotes service, you can access the social trading feature directly from your MT4 or MT5. Like other social trading platforms, it allows you to copy trading strategies performed by other traders in real-time. What makes it great is the sheer number of trading strategies that you can choose to copy.

As the most successful trading platform in the industry, it is unsurprising that MetaTrader is able to provide thousands of promising signals that are available to copy. Many experienced traders on the platform choose to provide their trading strategies for public access, either for free or for a reasonable fee. You can simply search for the provider, subscribe to their signal, and start copying without leaving the platform.

Conveniently, the platform automatically sorts the signal providers based on their performance. This means the most successful ones are displayed on top of the list, making it easier for you to narrow down the potential candidates to copy. Once you've picked the signal, you can just sit back and let the system do all the work for you according to the parameters that you've set.

 

DupliTrade

Lastly, you can also choose to use DupliTrade for social trading in Pepperstone. It provides a relatively small number of signals, but the average level is quite high since each strategy has been carefully monitored through a strict auditing process.

With a minimum deposit of AUD5,000, you can gain access to DupliTrade's strategy providers and activate the automated trading system using your very own MT4 trading account. If you're still new to the markets, you can also practice your strategy using the Demo account.

Another advantage is that the platform has a user-friendly interface with speedy execution that allows you to copy trade in real-time. You can easily create and monitor your portfolio in just a few clicks. It also lets you observe other traders' behavior and see how they react to certain market changes. Such an opportunity is incredibly useful to develop your trading knowledge and gain a key understanding of various trading approaches.

 

How to Start Copying Trades in Pepperstone

In order to start copy trading in Pepperstone, you basically need to register both with the broker and the third-party platform that you'll use to copy trades. To make it easier for you, here are the steps that you should follow:

  1. Create a live trading account in Pepperstone. The registration procedure usually takes about 15 minutes to complete.
  2. Complete the verification process. It might take up to 48 hours to verify the documents.
  3. Decide the social trading platform: Myfxbook, MetaTrader Signals, or DupliTrade.
  4. Link your trading account to the social trading provider.
    • If you choose Myfxbook, you can go straight to the company's website and link your account.
    • If you pick MetaTrader Signals, open the platform and browse through the signal providers.
    • If you choose DupliTrade, you'll need to contact Pepperstone's customer service and request to link your account to DupliTrade.
  5. Subscribe to one or more signal providers that you'd like to copy. Make sure to check the trader's profile and past performance to find the best one.
  6. Start the automated copy trading. Don't forget to monitor your portfolio once in a while to make sure that everything's on track.

 

Bottom Line

Pepperstone supports various trading strategies, including social trading. it is worth noting that the broker does not have a proprietary platform for that matter. Instead, it partners with third-party services such as Myfxbook, MetaTrader Signals, and DupliTrade. So, you can choose the platform depending on what you prefer.

Moreover, social trading in Pepperstone can be profitable if you know how to maximize your returns. The return rate depends on a number of factors, including the signal provider you choose, your risk tolerance, trading instruments, and many more. However, it's important to understand that social trading does not guarantee 100% success as there are also risks involved. This is why it is highly advised to diversify your portfolio and prepare a good risk management strategy.

 

Pepperstone is a multi-asset brokerage that offers Cryptocurrency, indices, forex, and many more. This broker is known for a highly-rated software solution, ultra-low fees, fast execution speeds of 30ms, and innovative Crypto products.