Forex trading is not only about placing trades, as traders can find easier solution from copy trading platform. What is it and which brokers to choose if you want to copy trade?

Lots of traders were passionate to learn about trading in the forex market by a technique of copy trade. In line with sophisticated technology that grew up significantly over the past few years, many applications facilitated forex trading tools which are very useful and making it easy. Like professional forex traders, we can trade right in the forex market from the palm of our hand. Thanks to social media and increasingly faster web access, financial news, and market analysis propagating at lightning speed.

Nonetheless, there are still many people who don't get what copy trading is and how copy trading works. Through this article, We want to explain what copy trading is, how copy trading works, and what are the top forex brokers for copy trading.

Top Forex Brokers for Copy Trading

Essentially, copy trading is one of the forex trading tools to help traders to automatically copy positions opened and managed by other selected traders. Unlike mirror trading, a method that allows forex traders to copy specific strategies, any trading action made by the copied forex trader, such as opening a position, assigning Stop Loss and Take Profit orders, or closing a position, those are executed according to the proportion between the copied forex trader's account and the copying forex trader's allotted copy trading funds.

See also: Forex Brokers with the Lowest Deposit

Copy trading was first developed from automated trading, also known as algorithmic trading around 2005. It was an automated trading system where forex traders were sharing their own trading history that others could follow. Tradency was one of the first companies to propose an auto-trading system in 2005 called "Mirror Trader".

It initially worked like this:

A forex trader apply their own trading strategy and register it in the systems with records showing the performance of said strategy. Other traders who are interested could decide to mirror the strategy on their account, so all the transactions are generated from that strategy.

Since 2010, it has become an increasingly popular feature among online financial trading brokers as a way to enable less experienced forex traders to benefit from the trading decisions of forex traders whom they deem successful. On the other hand, the copied forex traders could gain from commissions usually applied to returns made from profitable trades.

 

Best Forex Brokers For Copy Trading

Below is the list of top 5 forex brokers for copy trading:

eToro

Spread
Fixed
Regulation
ASIC, 491139
Min Deposit
$200
Established
2007

Trading contests
Free education
Personal manager
Segregated accounts
Affiliate program
Islamic accounts available
US traders are welcome
Payment
Credit/debit cards
Neteller
PayPal
Skrill
UnionPay
WebMoney
Wire transfer
YooMoney

eToro established in early 2007, with a mission to make trading accessible to anyone, anywhere, and reduce dependency on traditional financial institutions. The company has head offices in the United Kingdom, Cyprus, USA, and Australia.

eToro (Europe) Ltd operates as a Financial Services Company authorized and regulated by the Cyprus Securities Exchange Commission (CySEC) under license no. #109/10. Meanwhile, eToro (UK) Ltd is authorized and regulated by the Financial Conduct Authority (FCA) under the license FRN 583263.

As for eToro AUS Capital Pty Ltd, the legal standing is acknowledged by the Australian Securities and Investments Commission (ASIC) to provide financial services under Australian Financial Services License 491139.

A broker that belongs to the 4-digit type, eToro offers both short-term options for day traders and long-term options for investors, such as their innovative CopyPortfoliosTM, a fully managed thematic portfolio.

Since 2007, eToro has been at the forefront of the Fintech revolution. The most recent was launched in 2017, which is CopyPortfolios powered by Machine learning Al. Beyond developing CopyPortfolios, the company integrated Microsoft's machine learning technology into Momentum DD.

The new CopyPortfolio investment strategy uses artificial intelligence to find the steadiest traders who are most likely to generate a double-digit return and bundle traders into one fully-managed portfolio. eToro has hundreds of financial assets for trading across several categories including stocks, commodities, crypto assets, currencies, indices, and ETFs. Each asset class has characteristics and can be traded using a variety of investment strategies.

Some positions on eToro involve ownership of underlying assets, such as non-leveraged positions on stocks and cryptos. Employing CFDs will enable a variety of options, such as leveraged trades, short (sell) positions, fractional ownership, and more. For example, traders can invest as little as USD100 in gold, even if a single unit of gold cost USD1,000. Some of eToro's most popular CFD commodities include gold, oil, natural gas, silver, and platinum.

Currencies are traded on eToro only as CFDs. Also, CFDs enable Sell (short) positions and leveraged trade, even for assets that don't offer the option in traditional trading. Some of the popular currencies include EUR/USD, GBP/USD, AUD/USD, USD/JPY, and USD/CAD.

Furthermore, An Exchange-Traded Fund (ETF) is a financial instrument comprising several assets grouped to serve as one tradable fund. After opening an account in eToro, traders can invest as little as USD250 in an ETF that costs USD500. Some of the popular ETFs on eToro include SPY, VXXB, TLT, and HMMJ.

However, eToro also offers additional functions using CFD trading. All leveraged ETF positions in the UK are under FCA regulations. Meanwhile, all CFD positions executed by eToro Australia are under ASIC regulations.

The company has other advantages. In all financial assets that can be traded, eToro does not charge any deposit or trading frees other than spreads.

eToro charges a USD25 fee for withdrawals and the minimum withdrawal amount is USD50. Long (Buy), non-leveraged crypto, stock, and ETF positions are not executed as CFDs and do not incur any fees. eToro does charge overnight or weekend fees for CFDs positions, such as leveraged positions and short (sell) orders.

Fee updates always apply to open positions. Fees are subject to change at any given time and could change daily, without prior notice, depending on market conditions.

As a beginner, trader can use CopyTrading eToro. Different from the features of other brokers, traders can copy the strategies of professional traders without fee or profit-sharing. Therefore, 100% profit is fully owned by traders. For example, while trader A who is copied by trader B, produces a profit of 10% this month, then trader B also gets a profit of 10%.

The company is the world's leading social trading network. Since eToro operates in complete transparency, each trader has valuable information on their eToro profiles, so other traders that are interested to copy their trades can have assistance in creating their best portfolios.

Another feature that is unique to eToro is the personalized, social News Feed. Just like on any social media, traders can post their updates on feed, comment on other's posts, and gradually create a feed that is tailor-fitted to trader's trading and investing interests. On eToro social trading platform, traders will also get notifications when a trader writes a new post and many other important updates.

eToro is a social trading and multi-asset brokerage company that focuses on providing financial and copy trading services. The company has registered offices in Cyprus, Israel, the United Kingdom, the United States, and Australia. In 2018, the company's value was $800 million. It has continued to update its cutting-edge platform with the next-generation "eToro platform". It delivers an astonishing user experience in a modern web-based user interface. It continues to lead the industry forward and almost exclusively focuses on social copy trading. Furthermore, this platform is well-known for stock copy trading as well as cryptocurrency advancements in social trading.

 

Pepperstone

Spread
Variable
Regulation
ASIC, 414530
Min Deposit
$200
Established
2010

Free education
Trading by telephone
PAMM accounts
MAM accounts
Segregated accounts
Affiliate program
Islamic accounts available
Payment
Credit/debit cards
PayPal
UnionPay
Wire transfer

FXCM (Forex Capital Markets) is a brand name of a retail broker for trading on the financial market, especially the foreign exchange market. The broker was founded in 1999 and was originally headquartered in the United States. After a series of lawsuits from customers and case settlements by the US regulator (CFTC), FXCM moved from the US and became a UK-based broker, authorized and regulated by the Financial Conduct Authority (registration number 217689).

During 20 years of experience in the forex industry, there are about 2 million traders choosing Alpari as the broker to trade with. Alpari has a head office on the 5th Floor, 355 NEX Tower, Rue du Savoir, Cybercity, Ebene 72201, Mauritius. The company is regulated in St.Vincent and the Grenadines (the licensed number is 20389 IBC 2012), IFSC Belize (the licensed number is IFSC/60/301/TS/18).

This broker uses MetaTrader 4 and MetaTrader 5, both of which offer great flexibility, charting tools, and an easy-to-use interface. For higher volumes, the company also provides the Alpari International Direct platform which offers enhanced features for advanced investors.

The company offers an array of live trading accounts to choose from. Each one offers different opportunities and allows traders to trade in different ways. All of their accounts use USD, EUR, GBP, and NGN as the options for base currency. But, NGN accounts are only available to clients in Nigeria.

Each kind of account has a different spread. At Standard Account provides spreads from 1.2, the spread of Micro Accounts is from 1.7, and ECN Account and Pro Account have spread from 0.4. A trader can open an account in Alpari and opt to trade currencies (FX majors, FX minors, FX exotics, and FX RUB), spot metals, spot commodities, stock trading, spot indices, and crypto-currencies.

A trader can find out what the minimum spreads, pip value, swaps, and trading session times are for each instrument before start trading. If the trader is still not sure where to begin, they can found the answer in a guide provided by Alpari on their official website.

Their guide to trading is designed to break down the terminologies and answer the most frequently asked questions by traders. A trader will be trading more quickly and with more confidence in no time.

Besides, Alpari offers PAMM (Percent Allocation Management Module) which allows a trader to choose their desirable Account Manager. This allows traders to have a chance in gaining more profit without advanced knowledge of forex trading. These managers usually have a wealth of experience in the markets, with tried-and-tested strategic trading decisions.

This program also gives opportunities for well-seasoned traders to become Strategy Managers. As Strategy Managers, they can use their trading experience and earn more from profitable trades. They have privileged access to Alpari's advanced programs and all the tools they need to cultivate a massive following of investors. The investors then will help Strategy Managers to earn more through commission fees up to 40%.

Their website also provides various Forex Trading Strategies. Because to increase the chance to profit, it's important to know as much about the markets and the trading strategies behind them as possible. Alpari believes that strategies provide traders with a roadmap for trading, reducing panicked decision-making that can occur in the heat of the moment. In other words, trading in Alpari allows traders to learn about any kind of forex trading strategy.

For educational purposes, the company provides Trading Webinars, one of the variants of technology that allows users to hold seminars, talk shows, and discussions online, without having to communicate face to face.

Alpari creates a very convenient funding and withdrawal experience for each trader. A trader can transfer with any kind of methods, such as e-payment (example: FasaPay, Local Transfer, TC Payment, etc), credit cards (Visa, Mastercard, and Maestro), E-Wallet (Neteller, Skrill, VLOAD, TC Pay Wallet, WebMoney, Perfectmoney, Bitcoin), and bank transfer. If there's been no trading activity on the trader account for at least 6 months, an inactivity fee of 5 EUR/USD/GBP will be applied.

All Back office transfers are processed during standard business hours, 03:00-19:00 GMT+2 (GMT+3 during DST), Monday-Friday. If traders still feel confused, they can contact Alpari's team by any method, such as Live Chat, Telegram, or email.

Pepperstone is headquartered in Melbourne, Australia, and a broker specializing in financial markets access. The company provides access to more than 150 instruments including Forex, Indices, Shares, Commodities, Cryptocurrencies, and Currency Index CFDs. What makes it a competitive forex broker for copy trading is the comprehensive range of third-party social copy-trading platforms that it offers, in addition to the native forex signals market available in MetaTrader 4 (MT4) and cMirror platforms. Another noteworthy service for copy trading is the company's connection to the ZuluTrade platform, AutoTrade by Myfxbook, Tradency’s MirrorTrader platform, in addition to the developer's RoboX solution.

Pepperstone is also well-known for its launch of EDGE FX trading platform as an alternative to MT. It offers a standard account type, oriented towards smaller accounts, and a Razor account with tighter spreads for more advanced and Expert Advisor (EA) algorithmic traders.

 

FXCM

Website
www.fxcm.com
Spread
Fixed
Regulation
ASIC, 309763
Min Deposit
$1
Established
1999

Interest rate on funds
Free education
Trading by telephone
PAMM accounts
LAMM accounts
Segregated accounts
Managed accounts
Requires sending documents via postal mail
Payment
Credit/debit cards
Neteller
Skrill
Wire transfer

Alpari International is one of the largest forex brands. They always try to work hard to make sure traders make the best trading and investment decisions. Established on 24th December 1998, Alpari has started from a small group of men who are looking to start a business in finance in one of the most economically precarious years in Russia's history.

During 20 years of experience in the forex industry, there are about 2 million traders choosing Alpari as the broker to trade with. Alpari has a head office on the 5th Floor, 355 NEX Tower, Rue du Savoir, Cybercity, Ebene 72201, Mauritius. The company is regulated in St.Vincent and the Grenadines (the licensed number is 20389 IBC 2012), IFSC Belize (the licensed number is IFSC/60/301/TS/18).

This broker uses MetaTrader 4 and MetaTrader 5, both of which offer great flexibility, charting tools, and an easy-to-use interface. For higher volumes, the company also provides the Alpari International Direct platform which offers enhanced features for advanced investors.

The company offers an array of live trading accounts to choose from. Each one offers different opportunities and allows traders to trade in different ways. All of their accounts use USD, EUR, GBP, and NGN as the options for base currency. But, NGN accounts are only available to clients in Nigeria.

Each kind of account has a different spread. At Standard Account provides spreads from 1.2, the spread of Micro Accounts is from 1.7, and ECN Account and Pro Account have spread from 0.4. A trader can open an account in Alpari and opt to trade currencies (FX majors, FX minors, FX exotics, and FX RUB), spot metals, spot commodities, stock trading, spot indices, and crypto-currencies.

A trader can find out what the minimum spreads, pip value, swaps, and trading session times are for each instrument before start trading. If the trader is still not sure where to begin, they can found the answer in a guide provided by Alpari on their official website.

Their guide to trading is designed to break down the terminologies and answer the most frequently asked questions by traders. A trader will be trading more quickly and with more confidence in no time.

Besides, Alpari offers PAMM (Percent Allocation Management Module) which allows a trader to choose their desirable Account Manager. This allows traders to have a chance in gaining more profit without advanced knowledge of forex trading. These managers usually have a wealth of experience in the markets, with tried-and-tested strategic trading decisions.

This program also gives opportunities for well-seasoned traders to become Strategy Managers. As Strategy Managers, they can use their trading experience and earn more from profitable trades. They have privileged access to Alpari's advanced programs and all the tools they need to cultivate a massive following of investors. The investors then will help Strategy Managers to earn more through commission fees up to 40%.

Their website also provides various Forex Trading Strategies. Because to increase the chance to profit, it's important to know as much about the markets and the trading strategies behind them as possible. Alpari believes that strategies provide traders with a roadmap for trading, reducing panicked decision-making that can occur in the heat of the moment. In other words, trading in Alpari allows traders to learn about any kind of forex trading strategy.

For educational purposes, the company provides Trading Webinars, one of the variants of technology that allows users to hold seminars, talk shows, and discussions online, without having to communicate face to face.

Alpari creates a very convenient funding and withdrawal experience for each trader. A trader can transfer with any kind of methods, such as e-payment (example: FasaPay, Local Transfer, TC Payment, etc), credit cards (Visa, Mastercard, and Maestro), E-Wallet (Neteller, Skrill, VLOAD, TC Pay Wallet, WebMoney, Perfectmoney, Bitcoin), and bank transfer. If there's been no trading activity on the trader account for at least 6 months, an inactivity fee of 5 EUR/USD/GBP will be applied.

All Back office transfers are processed during standard business hours, 03:00-19:00 GMT+2 (GMT+3 during DST), Monday-Friday. If traders still feel confused, they can contact Alpari's team by any method, such as Live Chat, Telegram, or email.

Also known as Forex Capital Markets, FXCM is one of the major retail brokers for trading on the forex market. The company hosts several options for copy trading, including the web-based ZuluTrade platform and the signals from the MT4 platform. Originally famous as a US-based broker, FXCM has come such a long way and is now a subsidiary company of Jefferies Financial Group. With more than 20 years of experience since its foundation, FXCM has proven to be one of the most experienced brokers in the forex trading industry.

 

Darwinex

Spread
Variable
Regulation
FCA (UK), 586466
Min Deposit
$10000
Established
2012

Free education
Segregated accounts
Managed accounts
Affiliate program
Payment
Credit/debit cards
Skrill
UnionPay
Wire transfer

Darwinex provides technology to help traders developing their skills and build verifiable track records. The company was founded in 2012 and employed more than 40 across London headquarters. It serves access to almost 1,200 strategies developed by traders, which are traded like securities (ticker symbols) on the Darwinex platform. There is a competition system in which the best performing strategies on the platform would receive funding from the broker. The allocation for the reward amounts to $4.5 million during each competition period.

 

AvaTrade

Spread
Fixed and Variable
Regulation
ASIC, 406668
Min Deposit
$100
Established
2006

Bonus offers
Trading contests
Free education
Personal manager
PAMM accounts
Segregated accounts
Managed accounts
Islamic accounts available
Requires sending documents via postal mail
Payment
Credit/debit cards
Neteller
Skrill
UnionPay
WebMoney
Wire transfer

Avatrade can be called one of the most well-rounded brokers that support almost all trading styles. Not only allowing hedging, scalping, and expert advisor (EA), Avatrade also completes their service with One-cancels-the-other order (OCO) and AutoTrading in many variants of automated trading systems.

AvaTrade was founded in 2006, with the primary mission to empower people to trade with confidence. If traders are still confused about what is the best broker for supporting trader's trading, AvaTrade perchance option of traders, because it has been evaluated and honored for some of the industry's most remarkable financial and technological achievements that it provided to clients.

In 2019, the Dublin-based broker got achievement from Daytrading.com as The Best Forex Broker 2019. Besides, the company is honored as Best Forex Broker, Best Bitcoin CFD Trading Provider of the year, and Best Affiliation Programme in the European area.

Furthermore, for traders who have high mobility, AvaTrade provides many platforms that allow traders to trade using laptops and mobile phones. The availability of the free Autochartist tool in the platforms is the best support for both novice and experienced traders because it makes it easier for them to find trading opportunities without the need to glance at charts all day.

The Autochartist free signal is provided in Gold Account, Platinum Account, and AVA Select. By opening an account in AvaTrade, traders don't have to pay for getting a full Autochartist service. Autochartist itself is a market scanner tool that can detect trading signals from various technical perspectives.

Traders can access AvaTrade in many variants of platforms, such as AvaTradeGO, MetaTrader 4, MetaTrader 5, Automated Trading, Mac Trading, Web Trading, Mobile Trading, and AvaOptions.

In terms of regulation, AvaTrade is regarded as a superior broker because it has a lot of credible licenses. That way, even with deposits of up to ten thousand dollars, security can be guaranteed. Applying the Segregated Account system, AvaTrade is regulated by the Central Bank of Ireland (No.C53877), ASIC Australia (No.406684), JFSA Japan (No.1662), and South Africa (FSP 45984).

Can traders lose more than their deposit abruptly in the event of high volatility? AvaTrade explicitly answers no, as traders have negative balance protection.

With a minimum deposit of USD100, AvaTrade offers various leverage depending on the trading instruments; whether it is forex (starts from 30:1), indices (starts from 20:1), commodities (starts from 5:1), ETFs (starts from 5:1), or cryptocurrencies (starts from 2:1).

AvaTrade has committed to a set of values in relation to customers. Therefore, the company provides the best trading experience, offering multilingual customer service and the most sophisticated and user-friendly trading platform.

New traders can also learn forex trading in the Education tab on AvaTrade's official website. Traders will find a wide collection of articles, video tutorials, and more tools that will assist them every step of the way. It is an important requirement as the forex market might be a bit overwhelming and even scary at times, so traders need to make sure that they are fully prepared to begin trading in the real account.

There are many types of account types provided by AvaTrade. There is also an Islamic Trading Account, which is uniquely provided for Muslim Traders. Islamic account type is similar to a regular one with one key difference; it is not subject to any special fees or interests (swap-free), which sits well with the finance principles of Sharia Law.

If traders have felt confident for forex trading, traders can choose AvaTrade as an ideal choice. The minimum deposit and various platforms offered to make it a suitable destination for even beginners who would like to try forex trading for the first time.

Avatrade was founded in 2011. The company serves multiple platforms for algorithmic and social copy-trading. It also provides multiple online forex trading platforms including MT4, MT5, DupliTrade, WebTrader, AvaOptions, and the AvaTradeGO mobile app – there’s something for everyone. Forex traders can also enjoy real-time updates to stay on top of the market.

 

Another way to select the best brokers for copy trading is to compare them side by side. Here is an example of the comparison between three of the forex brokers above:

Feature Go to eToro Go to Pepperstone Go to FXCM

Rating

General Rating 3.87/5
3.41/5
1.00/5
Trustpilot 2.2/5

rated by 2 users
4.7/5

rated by 1367 users
2.7/5

rated by 44 users

General Information

Office(s) China, Cyprus and United Kingdom Australia, UK, Kenya, The Bahamas, Cyprus, Dubai and Germany Australia, Canada, Chile, France, Germany, Hong Kong, Israel, Italy, Japan, South Africa, United Kingdom and United States
Regulation ASIC 491139
CySEC, 109/10
FCA (UK), FRN 583263
FINRA, 298361/SEC#: 8-70212
ASIC, 414530
BaFin 151148
Capital Markets Authority of Kenya, 128
CySEC, 388/20
DFSA (Dubai), F004356
FCA 684312
SCB SIA-F217
ASIC, 309763
CONSOB (Italy) 76
CySEC, 392/20
DMCC (Dubai), 31171
FCA (UK), 217689
ISA (Israel), 2
SFC (Hong Kong), AIM232
ESMA
Established 2007 2010 1999
Minimum Deposit $200 $200 $1
Maximum Leverage 1:400 1:30 1:400
Spread Fixed Variable Fixed
Commissions $7 $4
Minimum Position 0.1 lot 0.01 lot 0.01 lot
Payment Credit/debit cards, Neteller, PayPal, Skrill, UnionPay, WebMoney, Wire transfer and YooMoney Credit/debit cards, PayPal, UnionPay and Wire transfer Credit/debit cards, Neteller, Skrill and Wire transfer
Official Website Visit eToro Visit Pepperstone Visit FXCM

Account Variations

Segregated Account
Islamic Account
PAMM Account
Managed Account
LAMM Account
MAM Account
Forex Demo Account

Trading Requirements

Hedging
US traders are welcome
Requires sending documents via postal mail
Overnight interest rates (swaps)
Trading by telephone

Trading Features

Trading contests
Automated trading
Interest rate on funds
Bonus offers
Free education
Personal manager
Affiliate program

Trading Platforms and Complements

Mobile trading
Browser-based platform
Trading via API
One-click trading
Trailing stop
Pending orders
One-Cancels-Other (OCO) orders

Instruments Traded

Forex
CFD
Indexes
Spread betting
Gold & silver
Cryptocurrencies
Stocks
Binary options
Oil
Metals
Energies
Futures
ETF
Soft commodities
Options
Agriculture
Soft Commodities
Spread Betting
Bonds

Customer Support

Website Languages Arabic, Chinese, Dutch, English, Finnish, French, German, Hungarian, Italian, Norwegian, Polish, Portuguese, Romanian, Russian, Spanish, Swedish Chinese, English, Russian Arabic, Chinese, English, French, German, Greek, Hebrew, Italian, Portuguese, Spanish, Swedish
Email Support
Call Support
Chat Support

Reviews

Traders Reviews

Rivka Schilling

Feb 9 2018

I keep having problems with them. My withdrawal has been canceled and I can't withdraw, no refund was made, and despite follow-up inquiries from me, no one has replied to me. In my opinion, whoever handles the customer service training is doing a pretty bad job. I can understand if there are some technical problems but it doesn't seem to be the case.

Tera Schulz

Feb 9 2022

I think that eToro has one of the best educational materials out of every broker I have ever been with. However, there are some tips for you before you choose any of their classes. First ask them about the course program, how long it will last, and who will teach it. Most importantly, check the history of the real account of this super, who will lead this training. The best part, the educational materials were all available for free. This is a really great support for new traders.

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Alannah

May 9 2022

I've just opened a live account with this broker. Very happy so far, tight spreads and great service. I am trading a standard account.

Love Cinninati Love

May 9 2022

I've been with Pepperstone for one year. They've had their ups and downs but currently they are the best broker I use.

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Khaerul Anshar

Apr 9 2021

nice broker

Yutian Hao

Sep 8 2020

I wonder how I got so many phone call after registering woth FXCM. Seems like they are selling customer personal details. Beware guys.

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