Best Forex Social And Copy Trading Platform In 2023

In this copy trading guide, we will introduce you to what we consider the best forex copy trading platforms. These have exploded in popularity among both beginner and experienced Forex traders because they facilitate passive income generation.

Through copy trading, beginner traders can earn from winning FX trade strategies copied from highly successful experts. Pro trades, on the other hand, earn a commission off the profits made from their copied trades.

Hereinbelow, we will be exploring everything you need to know about copy trading and the best social trading platforms. We will start by discussing the top Forex copy trading platforms, tell you how copy trading works, look at the difference between social and copy trading, and provide a step-by-step guide on how to copy Forex traders.

 

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Best Forex Copy Trading Platforms Reviewed

When compiling the index of top Forex and social trading platforms, we looked at such key features as their ease of use. We checked the number of supported fx pairs, the cost of trading - both spreads and commission, and also confirmed the required minimum investment.

Here is a detailed look at the 10 best copy trading platforms:

1. eToro – Overall Best Forex Copy Trading Platform in 2023

eToro runs one of the most advanced proprietary copy and social tools, which explains why it tops our list of best copy forex trading platforms today. Several factors make eToro's copy trading tool superior to others in the market today.

For starters, eToro boasts of deep liquidity – supplied by the over 30 million traders registered on the platform. The broker also has one of the largest pools of popular investors – most of whom specialize in forex trading.

Additionally, eToro's copy trading feature extends well beyond single trades. It allows for portfolio diversification by allowing you to copy smart portfolios. Additionally, the copy trader process is automated and will replicate your favourite popular investor's trade settings into your trader account immediately.

We also list eToro's tool among the best copy trading tools because of its affordability. The broker, for instance, doesn't charge extra commission for copied trades. You only have to pay the normal spreads and overnight swap fees for leveraged positions. The popular investor will be compensated by eToro in proportion to their Assets Under Copy (AUC).

To begin copy trading on eToro, however, you first need to create a trader account and verify your identity with the multi-regulated broker. Then make a deposit, keeping in mind that even though the minimum initial deposit is $10 – you will need a minimum of $200 to start copying trades.

Pros

• You still get to enjoy all the perks of an eToro trader account, including leverages of up to 1:30.
• You have access to thousands of verified and highly successful popular investors to copy from.
• eToro and its copy trading tools are heavily regulated by such bodies as FCA, SEC, CySEC, and ASIC.
• The broker doesn't charge additional commissions or fees to trade copiers.

Cons

• eToro doesn't support third-party copy trading tools/platforms like MT4.

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. Capital.com – Best 0% Commission Forex Copy Trading Platform

Capital.com is one of the most popular forex trading platforms thanks to such factors as its zero-commission and competitive spreads. It is also popular because it supports a wide range of forex pairs – up to 138 majors, minors, and exotics – and integrates the artificial intelligence (AI) trading tool.

Plus, Capital.com maintains some of the fastest transaction processing speeds with no requotes or rejects.

Even though Capital.com doesn't have a proprietary copy/social trading tool, it still makes it to our list of the best forex copy trading platforms in 2023. And it makes it here because it lets investors trade on the all-popular MT4 platform, which supports copy trading.

Here, Capital.com traders have access to thousands of traders and strategies to copy – with most of them specializing in forex trading. The majority of these are experimental and free, but the most profitable are either subscription-based or charge a one-time access fee. The North East Way strategy that has been around since 2018, for instance, costs $67 and has an ROI of 8000%+.

To start trading here, you will need to create a user account with the brokerage and deposit a minimum of $20. There are no extra commissions or fees for copying trades, and different traders/strategies have carrying recommendations on the minimum trade amounts for copied trades.

Pros

• Access a wide range of forex pairs – up to 138 – and trade with leverages of up to 1:30.
• Capital.com maintains highly competitive spreads starting from 0.6 pips and no commission.
• The broker maintains a low deposit minimum of $20.
• MT4 lets you combine the efficiency of fast transaction speeds, copy trading, and trade automation.

Cons

• Profitable copy trading strategies can be quite pricey and require high capital investment.

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

3. AvaTrade – Best Platform for Copy and Automated Trading

AvaTrade also makes it to our list of the best forex copy trading platforms today, even though it doesn't have a proprietary copy/social trading tool. Neither does it integrate social/copy trading tools into its native online trading platform. We only list it here because it lists the all-popular DupliTrade – a third-party copy trading platform.

Here, AvaTrade clients get to interact with a wide range of effective copy trading strategies. These are developed and maintained by a team of highly experienced forex traders, and they are carefully vetted and approved by the DupliTrade team. Most are massively profitable, case in point is the Legacy strategy that has earned its 1000+ copiers 523% in the year to date.

AvaTrade copy traders get to interact with 55 forex pairs – including all majors, minors, and a diverse range of exotics. But before you can start copy trading, you will need to start by creating a user account with AvaTrade, verifying your identity, and depositing a minimum of $100.

To start copy trading on DupliTrade, however, you will need to deposit a minimum of $5,000. AvaTrade will only charge competitive spreads – starting from 0.9 pips, but extra charges will apply when copy trading depending on the preferred strategy.

Pros

• Trade with leverages of up to 1:400.
• You have the option of copy trading forex via either DupliTrade or MT4.
• AvaTrade is a multi-regulated trader licensed by the likes of FCA, CySEC, ASIC, FSA, and ISA.
• AvaTrade offers negative balance protection to its platform users.

Cons

• DupliTrade maintains a prohibitive $5000 deposit minimum for copy traders.

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

4. Vantage – Top Forex Copy Trading Platform with Ultra-low Spreads

Vantage is a globally-renown CFD trading platform specializing in such assets as forex, crypto, stocks, commodities, ETFs, and indices. It is also a multi-regulated online trading platform licensed by top-tier regulatory agencies across the world.

And to start trading here, you will need to create an account and deposit a minimum of $50 if using the standard account, $200 if using the STP account, and $500 if using the ECN account.

Several factors informed our decision to include it in our basket of top forex copy trading platforms. First was its integration of a large pool of copy and social trading platforms, starting with the proprietary Vantage social trading tool, ZuluTrade, DupliTrade, MT4, and MT5 trading platforms.

In addition to the close to 100,000 users on Vantage that you can copy trade from, these third-party platforms present you with an unlimited pool of copy traders and strategies to choose from.

The broker charges competitive spreads as low as 0.0 pips for ECN accounts. Third-party platforms, however., maintain varied fees and commissions for the use of their services.

Pros

• Vantage presents you with the widest range of copy traders and strategies.
• Access leverages of up to 1:500 – especially for deeply liquid trader accounts.  
• Vantage lets you interact with 44 major, minor, and exotic forex pairs.
• Most of the third-party trading platforms supported by Vantage support trade automation.

Cons

• Some third-party copy trading platforms like DupliTrade maintain rather high minimum deposits (at $5000).

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

5. Axi - Reputable Forex Copy Trading Platform with Highly Successful Expert Traders

Axi is one the most innovative CFD trading platform around today, specializing in forex, stocks, indices, crypto, and commodious. We list it among the best forex copy trading platforms in 2023 because it runs one of the most advanced proprietary copy trading tools. It even has a leaderboard for top copy traders, and at the time of writing, the top 50 traders on this list have earned more than 263%.

Like in most other copy trading cases, Axi's copy trading tool is easy to use and automated. You only need to download the copy trader app, find the broker you wish to copy, and adjust your investment amounts and risk tolerance – after which the trader's settings will be automatically mirrored to your account. Note that Axi recommends a minimum investment of $250 before you can start copying trades.

But these aren't the only reasons why we believe Axi to be one of the best copy trading platforms. Others include the fact that it also supports such third-party copy trading and trade automation platforms as MT4 and ZuluTrade.

Pros

• Axi lets its traders interact with 70+ fx pairs at leverages of up to 1:500 (for pro traders).
• Axi trading platform integrates highly advanced technical analysis tools, including PsyQuotation and AutoChartist assist.
• Axi charges no copy trading commission, but some top investors will charge a subscription fee.
• Xi maintains a responsive and accessible support team available online and on-phone 24/5.

Cons

• Some popular investors on Axi's copy trading platform charge a subscription fee for their trade settings.

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

6. Pepperstone – Best Copy Trading Platform with High Leverage

Pepperstone is one of the most popular and highly reputable forex trading platforms. Here, you get to interact with 60+ fx pairs, including all majors and minors, as well as a diverse range of exotics.

And though it doesn't have a proprietary copy trading platform, we still Pepperstone among the best Forex copy trading platforms because it supports such third-party trading platforms as MT4 and DupliTrade.

Both give Pepperstone traders access to thousands of highly successful traders and trading strategies to copy. These include experimental and premium strategies on MT4 and broker-approved strategies on DupliTrade. On both trading platforms, copy trading is automated.

But before you can interact with these trading platforms, you need to start by creating a trader account with Pepperstone. The process is straightforward and presents you with the option of using the commission-free standard account of the low-spread ECN account that charges a $3.50 commission per side.

Pros

• If using Pepperstone's standard account, you will only have to pay the competitive spreads when trading fx.
• The ECN accounts let you trade in an ultra-fast transaction processing environment with spreads as low as 0.0 pips.
• Pepperstone lets you trade with leverages of up to 1:500.
• All the broker-supported trading platforms give you access to highly advanced trading, analysis and risk management tools.

Cons

• Some of the copy trading platforms maintain relatively high trading minimums, i.e., $5000 for DupliTrade.

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

7. XM via MT4 – Best Forex Copy Trading Platform for ECN-Like Spreads

XM presents it as a platform for users with a choice of 55 major, minor and exotic pairs. These are offered alongside 1000+ more CFD contracts in the form of commodities, ETFs, indices, and stocks.

The multi-regulated broker makes it to our list of top forex copy trading platforms even though it doesn't have a proprietary copy/social trader tool because of its support for MT4 and MT5. This helps give XM traders access to thousands of lucrative strategies – mostly forex-focused to choose from.

The majority of these strategies and traders are also free and don't charge a commission or subscription to their trade strategy copiers. This, alongside the fact that XM is commission-free, makes it possible to make money passively and affordably – only paying the competitive spreads charged by XM.

We must, however, mention that to access hugely profitable strategies on these copy trading platforms, you will have to part with a one-time access fee or a subscription charge.

Pros

• You could choose to use an XM ECN account that charges the most competitive fx trading spreads – as low as 0.0 pips.
• Both XM and MT4/5 trading platforms present users with free demo accounts.
• You only need a minimum of $5 to start trading forex on XM.
• Copy trading is automated on both MT4 and MT5 platforms.  

Cons

• Expert investors on MT4/5 will most likely call for higher trade minimums before you can start copying their trades.

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

8. FXTM – Multi-Regulated Top Forex Copy Trading Platform

FXTM is a multi-regulated and highly reputable online brokerage that has come up with a proprietary copy trading tool. The tool is availed via their Invest Account and is primarily the reason why we feature FXTM among the best forex copy trading platforms around.

By opening an Invest Account with the broker, you will have access to thousands of expert investors – known as strategy managers – whose trade settings you are free to copy.

As is the case with most other copy/social trading platforms, the copy trading process on the platform is automated. You only need to create an account, identify a strategy manager, and copy their trade settings. The broker demands that you deposit a minimum of $100 before you can start copy trading with Invest Account.

The broker doesn't charge a commission for copied trades. The strategy managers will, however, receive a commission on the profits made from the copied trades.

Pros

• No extra charges when copy trading – strategy managers are only paid for profitable trades.
• FXTM gives you access to thousands of lucrative traders and strategies to copy on both their proprietary and MT4 trading platforms.
• Trade with leverages of up to 1:30 – for retail investors.
• FXTM maintains an accessible and highly responsive customer support team online and on-phone.

Cons

• The FTM Invest Account has a comparatively smaller pool of experts.

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

9. NAGA – Proprietary Forex Copy Trading Platform with a Range of Educational Content

NAGA is an online trading platform with proprietary copy and social trading tools – much like eToro. It makes it on the list of best copy trading platforms because of its innovativeness, ease of use, and appeal to beginner traders. Traders on the platform get to interact with 48 forex pairs and more than 1000 other CFD contracts in the form of stocks, crypto, ETFs, indices, and commodities.

To start copy trading with NAGA, you first need to create a trader account and deposit a minimum of $250. This gives you access to thousands of profitable copy strategies created by expert traders on the platform.

Note that the trading platform charges a $0.99 fee per copied trade – regardless of whether it was profitable or not and maintains a commission of 5% for all profitable trades above $10.

In addition to the social trading tool, we list NAGA here because it also integrates a wide range of educational content on its website and trading platform. We also list it here because it supports margin trading with leverages of up to 1:30, and copy trading is also available on its NAGA mobile app.

Pros

• Trade forex at competitive spreads, starting from 1:2 pips with NAGA.
• NAGA maintains a highly intuitive trading platform on both its web and mobile app.
• The copy trading process on NAGA is fully automated.
• NAGA Maintains a highly accessible and responsive customer support team online.

Cons

• NAGA maintains relatively high copy trading charges comprising of both fee and commission on profit.

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

10. ZuluTrade – Best Forex Copy Trading Platform for Trader Safety

ZuluTrade is a trading platform that runs proprietary social and copy trading tools. We added it to our basket of the best copy trading platforms because it has one of the most innovative tools dedicated to the safety of trader funds.

This is made possible by the ZuluGuard option, which monitors an expert trader's behaviour and stops trades if the system detects a deviation from the expected loss profile.

The copy trading tool is also customizable and fully automated. This implies that you only have to identify a popular investor to copy and adjust the risk profile once. But perhaps more importantly, it makes it to our index of top forex copy trading platforms because of its Combos function. This allows traders to copy a combination of trade settings drawn from the trade settings of the most successful expert traders on the platform.

Note that ZuluTrade is not a brokerage. Therefore, such factors as the spreads, trading minimums, deposit amounts, and the number of forex pairs available will depend on your preferred online broker.

ZuluTrade nevertheless doesn't charge copy trader commission on the classic account but maintains a $30 monthly subscription fee for profit-sharing accounts.

Pros

• Supports a wide range of CFD contracts and online brokerages.
• ZuluTrade maintains a great social feed making it one of the best forex social trading platforms.
• ZuluTrade maintains highly competitive copy trading fees.

Cons

• Does not offer brokerage services.

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

What Is Forex Copy Trading And How Does It Work?

Forex copy trading is the art of copying the positions and trade settings of an FX pair and replicating them in your trader account. It allows virtually anyone, particularly beginners, to earn passively from forex trading.

Forex copy trading starts with the choice of a platform. This could be a proprietary copy/social trading platform like the one offered by eToro or a third-party platform like MT4 or DupliTrade. You then get to choose a successful trader in the case of eToro or trading strategy in the case of MT4 or DupliTrade – whose strategies you would like to copy. Since the copy trading process is automated, all future positions by your preferred trader will be replicated in your account in real-time.

Difference Between Social And Copy Trading

Copy trading is a passive investing tool. It refers to the art of finding successful traders and strategies, copying their trade settings, and mirroring them into your own trader account.

Social trading, on the other hand, is an interactive tool. It allows for communications between forex traders – both beginners and experts. It is a public forum where traders gather to express opinions and share insights, comment on other individuals' posts, discuss developments in the market, and collaborate on different trading ideas.

How To Copy Trade On eToro For Beginners – Step-by-Step Guide

eToro is both a copy and social trading platform, and in this section, we provide a beginner's guide on how to start copy trading on eToro. The process is straightforward, takes a few minutes, and only needs a $200 minimum deposit limit.

Step 1: Start by creating a trader account

Start by opening the official eToro website, hit the "Join Now" button and complete the user registration form that pops up here. It captures such basic information as your name, email address, password, country of residence, and phone number.

Step 2: Verify your identity

Since eToro is a multi-regulated online trading platform, it will need you to verify your identity by uploading a copy of your government-issued identity document, such as a passport or driver's license.

Step 3: Make a deposit

Log in to your approved eToro trader account and make a deposit. The minimum initial deposit is $10 or $50, depending on your country of residence, but if you wish to copy trade, you will need to deposit a minimum of $200.

Step 4: Identify the popular investor you wish to copy 

Click on the 'Discover' icon on the user dashboard, choose the "copy trader' option and tap on the 'View All' tab. This gives a list of all the verified popular investors whose trades you can copy on eToro.

Step 5: Copy and customize their trade settings

After identifying the best popular investor, click on the "Copy" button. On the 'Copy Investor" tab that pops up, customize the trade by indicating the amount you wish to allocate the trade. Hit the 'Copy' button to confirm the investment.

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Conclusion – Best Copy Trading Platforms

Forex copy trading is a popular and highly effective passive investing tool for beginners, intermediate and even experienced traders. It comes in handy for individuals who either don't know how to analyze the markets or busy professionals who don't have adequate time at hand to conduct proper research and analysis and keep monitoring the market.

In this guide, we have discussed the 10 top forex copy trading platforms. We have also discussed the difference between forex copy trading and social forex trading.

Want to start investing in forex passively via copy trading? We recommend following the step-by-step guide to copy trading on eToro that we have outlined hereinabove.

eToro – Best Copy Trading Platform

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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