Forex social trading offers ultimate benefits to beginners and experience traders alike. The ability to find, compare, follow and copy traders with proven winning strategy is a dream-come-true feature, especially for newbies. Today the best social trading platforms bring you outstanding selection and analysis of the experienced traders and their historical performance, along with the profit outcome.
Social trading has become one of the most-wanted feature in forex brokers, attracting traders to interact and follow savvy investors, stay connected with forex network and share your own forex results with others.
Before the social trading era, traders had to learn all about fundamental and technical analysis of the market. Since this is rather complicated field, many were getting discouraged and flunk out of forex trading within the first couple of months.
Today, Forex Social Trading makes the trading experience so much easier with a simple follow-copy approach, where your decision is based on the skills and professionalism of other, more advanced traders.
The best social trading platforms brings you a vast network of traders worth following and duplicating. While copying others, newbies can learn the strategies and understand fundamental and technical analysis much better.
Social trading platforms brings you the ability to mirror the trades from other traders into your own account. Forex social trading brokers review top traders’ strategies and results within the given time frame (at times, it is possible to check out the trader’s performance within the last two years).
In order to choose the right social trading platform, it is important to see the number of traders involved in the network. The larger the community -the better chance to find someone truly awesome to follow and copy.
Below is the list of Brokers that offer Social Trading Platforms
|Social Trading Broker||Rating||Demo||Leverage||Bonus||Platforms||Min Deposit||Payments|
|OctaFX review||9||yes||1:500||up to 50%||MetaTrader 4, Metatrader 5, cTrader||50||Neteller, Skrill, Fasapay, Visa, Mastercard, Malaysian, Vietnamese, Indian, Indonesian, Bangladeshi local banks, Bitcoin, Unionpay|
|LiteForex review||8||yes||1:500||30% + 15%||Metatrader 4, Metatrader 5, WebTerminal||10||credit cards, wire transfer, litecoin, bitcoin, skrill, neteller, perfect money, ok pay, qiwi, wallet one|
|AvaTrade review||7||yes||1:400||100%||AvaTrader, MetaTrader 4, MetaTrader Floating Spread, Mac Trading, Web Trading, Mobile Trading, Automatic Trading, AvaOptions||100||Credit Cards, Debit Cards, Skrill, Wire Transfer, PayPal, Neteller, WebMoney|
|InstaForex review||7||yes||1:1,000||$100 No Deposit Bonus||MetaTrader 4, Metatrader 5, Webtrader||1||Bitcoin, CashU, credit cards, EgoPay, Neteller, Skrill, Ukash, UnionPay, WebMoney, wire transfer|
|PrimeXBT review||7||yes||1:1000||PrimeXBT, Turbo||1||Credit Cards|
|IronFX review||5||yes||1:500||40%||Metatrader 4||100||credit cards, Fasapay, neteller, qiwi, skrill, webmoney, wire transfer|
|Priorfx review||4||yes||1:200||Metatrader 4, Webtrader, Autotrade||250||wire transfer, credit cards, Skrill, Neteller, PriorFX prepaid card, Yandex, Webmoney, Qiwi, UnionPay|
|FP Markets review||3||yes||1:500||10% credit bonus||MetaTrader 4 (MT4), IRESS, Mobile trading||200||credit cards, UnionPay, Neteller, Skrill (3% fee), Wire transfer, BPay and broker-to-broker transfer|
|Tickmill review||3||yes||1:500||-||MetaTrader 4, Webtrader||100||wire transfer (commission are charged), credit/debit cards, Skrill, Neteller, FasaPay, UnionPay and WebMoney|
|Pepperstone review||3||yes||1:500||100% Match Bonus||Metatrader 4, Metatrader 5, cTrader, cAlgo, cMirror||200||bPay, credit cards, Paypal|
|FinPro Trading review||2||yes||1:200||100%||Metatrader 4, zulutrade, Finopro station||5||credit cards, paypal, skrill, wire transfer|
|AAAfx review||2||yes||1:200||up to 30%||ZTP, MetaTrader 4, Binary options webtrader, Zulutrade||300||Wire, Credit Card, Skrill, Neteller, giropay, EPS, directpay24, teleingreso, ideal, qiwi|
|eToro review||1||yes||1:400; 1:1 for Crypto Currencies||-||eToro Platform||200||Credit Cards, Debit Cards, Paypal, Neteller, Skrill, Webmoney, Wire Transfer|
|Tifia review||1||yes||1:1,000||Metatrader 4, webtrader||10||wire transfer, credit cards, skrill, neteller, perfect money, fasapay, okpay|
|Synergy FX review||1||yes||1:500||MetaTrader 4||500||credit cards, skrill, wire transfer|
|FCI Markets review||1||yes||1:100||Currenex, FCI NetStation, MetaTrader 4||250||credit cards, neteller, skrill, wire transfer|
|FXlider review||1||yes||1:200||MetaTrader 4, Sirix, ZuluTrade, FXlider mobile, FXlider Copy Trader, FXlider Trader||100||wire transfer, credit cards, neteller, skrill|
|Rallytade review||1||yes||1;1,000||Metatrader 4, xStation (web-based), xSocial, xOptions||100||credit cards, neteller, skrill, Interswitch, Pocketmoni, etraszact, perfectMoney, WebMoney, VoguePay|
|Tradeo review||1||yes||credit cards, wire transfer, Skrill and Neteller||20%||Tradeo webtrader, Metatrader 4||250|
|TurnkeyForex review||1||yes||1:200||00% deposit bonus; 30 days of commission-free trading; 30% rescue bonus||MetaTrader 4, Trade Station||5||credit cards, wire transfer, neteller|
|Freshforex review||1||yes||1:1000||SIGN-UP BONUS ¢100!||Metatrader 4||1||Debit/credit cards, Neteller, OKPAY, W1, QIWI, Webmoney, Skrill, FasaPay, Contact, Wire transfer|
|Oinvest review||0||yes||1:200||Samsung Galaxy, iPhone||Metatrader 4||200||Skrill, Neteller, Credit Cards|
|TrioMarkets review||0||yes||1:300||-||MetaTrader 4, Sirix Webtrader||100||Credit Card, Wire, Skrill, Neteller, Paypal and CashU|
|CMS Trader review||0||yes||1:200||Sirix||500||credit cards|
|Darwinex review||0||yes||1:200||MetaTrader 4, cTrader||500||Bank Wire, Credit Cards, UnionPay|
|LH-Crypto review||0||yes||1:500||Metatrader 4, Metatrader 5||10||Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Monero, DASH, Ripple, NEO, Visa, MasterCard, Web Money, QIWI, wire transfer|
Social trading History
Mirror trading was the first of the industry and really started to take off in the early 2000s. This can be traced in line with the general trend toward social networks which also began to take off around this time. Social trading software, trading platforms, and social trading brokers like eToro first launched around 2010 with eToro leading the way here as they still do.
Brokers like eToro connected traders all over the world to share strategies, insights, and trading ideas which they could then learn from and copy within the very user friendly social trading platform. These advances have continued till today where social trading remains a hugely popular choice.
If you’re willing to invest your time and money in the financial markets, but aren’t sure you have the skill or experience, copy trading is the perfect solution. Some brokers enable you to access the opportunities of trading without any technical skills, and the minimum of time. All you have to do is to choose a broker that has copy-trading (or social trading) function available and select from various available master traders to follow. Social trading opens trading and investing up to everyone. Social platforms (and brokers) allow traders to copy more experienced investors who share their trading information.
Copy trading is when users follow real traders who share signals via a trading platform that logs all transactions. An investor views it and chooses to repeat whichever action. A trader sending signals is called a signal provider, though he can use an auto-trading bot as well. Transactions take place on a trader’s device. Since social trading platforms are based on the ability to follow and copy as many traders as possible worldwide, the best social trading platforms would be those that offer the largest and most active social trading community of Forex traders.
How we reviewed the best social trading networks & platforms
We based our list on four key components: Features, Traders, Costs and Support/Social:
- Features: Rates the amount & quality of the data and features available on the site to analyse the traders to copy, as well as the platform capabilities for investors to manage risk and open trades. We are very much in favour of complete transparency with regards to the historical and open trade data. Therefore, we penalise networks which don’t do so.
- Traders: The choice and quality of the traders available on the social trading platform for investors to follow and copy. Availability of traders who risk there own money and have long positive trade history data will rate higher. The choice is important too since not everyone wants to copy the same type of trader or strategy.
- Costs: This rates not only the cost of using the platform (subscription, management and/or performance fees), but also takes into account other factors which have an impact on the overall cost to you. E.g. account deposit and withdrawal fees, average spreads and slippage (i.e. the difference between the price you get as an investor and the price the trader got – high slippage means less profit or more loss for you and hence is a cost too).
- Support/Social: By this, we take into account not just the customer support offered by the network, but also the user guides, FAQs and other support documentation available on the sites. Social refers to the interaction possibilities offered between investors themselves as well as between the investors and the traders/strategy providers (often this is in the form of forums, comments or ratings).