Copy trading is popular among forex traders and is widely used within popular third-party platforms, including MetaTrader 4. However, whilst there are opportunities to profit, there are also some risks to consider. There is a vast range of copy trading brokers out there, offering both proprietary and third-party copy trading platforms. Some cryptocurrency brokers and exchanges are also catching up and beginning to provide their own social and copy trading tools, including Coinbase and Binance.

Traders communicate their positions using signals via a social network or forum, where followers can copy the methods. The definition of copy trading is closely linked to mirror trading, although the difference with copy trading is that traders are blindly copying trades, rather than actually replicating top strategies. Traders can copy positions in many markets, including forex, stocks, options and CFDs.

You can also copy trades on popular crypto coins including Bitcoin BTC or major precious metals such as Gold or Platinum.

This can be a great way to diversify a portfolio, for example, a trader might consider following a long-term investor in the stock market. Followers need to choose how much to invest and can always choose to fund more or less, depending on the success of the trader. However, copy trading can involve risk, so traders should always carry out their own research and understand how it works before committing capital. Note that whilst some platforms may allow you to have some control over your funds, some may operate on a fixed system. A fixed system will allow you to stop copying a trader but it is unlikely that you have much control elsewhere.

Depending on the broker, copy trading can be offered either through a proprietary software, or through a third-party platform such as those listed below. Some brokers also offer additional research tools or networking forums, such as Telegram or TradingView. MT4 has been set up so you can mirror the trades and strategies of successful traders.

Select the Signals tab from within the platform for access to over 3, free and paid signals from top forex providers. You can then start copying trades in both live and demo settings. Similar to MT4, you can automatically replicate the trades of others on the MT5 platform.

Masters and followers do not need to be signed up with the same broker — the MT5 platform connects traders across continents and brokerages. Subscription prices are fixed in the MT5 market place and rapid data exchanges help to reduce execution delays. Another popular platform is the integrated cTrader solution. Once clients have opened an account, they can navigate to the Copy area to explore available strategies and compare the history, risk appetite and fees of providers.

Clients decide how much they want to allocate to mirror a particular trader, and are free to copy multiple providers simultaneously. DupliTrade offers leading automated copy trading technology. Users can copy trades in forex, stocks, indices and commodities markets. Those wishing to sell their trades have to pass a rigorous audit progress while clients are presented with all the facts and figures they need to make an informed decision.

Social trading focuses more on gaining ideas and insights from different websites and services in order to develop new strategies, share tips and invest in tools. Copy trading is more focused on replicating trades and profiting from the results only.

Copying trades of successful traders, or social trading

Beginners or new traders may want to start with social trading to help them understand market behaviours and trends, before committing to copy trading. Companies such as Liteforex for example, offer comprehensive networking tools which provide valuable exposure to complex strategies and market research.

Cryptocurrencies are a relatively new entrant to the financial markets, offering volatility and profit potential. Many providers are quickly working to offer copy trading on leading crypto coins, including Bitcoin, Ethereum and Litecoin. Much like you would copy forex positions, users can mirror trades on crypto only pairs plus crypto and fiat currency pairs. Leading providers, such as eToro, offer copy trading on cryptocurrencies, along with dedicated crypto platforms, such as Coinmatics and 3Commas. The latter two offer intelligent crypto copy trading robots that quickly execute market positions in real-time.

Clients benefit from a user-friendly dashboard to follow their investment. One of the benefits of copy trading is that you leave the heavy lifting and analysing of the financial markets to others. One installed, clients can compare traders, consider strategies, fund their account, and start copying trades in a few clicks.

As the name suggests, signals are essentially indicators that followers can use to take a position on the markets. Signals tend to offer more flexibility than fixed and automated copy trading. You may want to edit your trade size, stop loss and take profit levels before you execute trades. MetaTrader 4 and MetaTrader 5 are two leading signals providers, with thousands of top traders offering free and paid alerts.

Account Options

To open a copy trading account, you need to sign up for a live account with your chosen broker. Traders need to deposit funds into their account in order to invest in another account. Depending on your platform, you may need to link your copy investing system to your live account once you receive your login details. The broker will usually provide a guide on how to do this. Once your accounts are set up, you can start copying trades.

We recommend utilising any video tutorial guides beforehand; some brokers offer easy-to-follow YouTube videos, for example. The eToro copy trader guide also provides useful research and content on how to start and apply risk management tools such as Copy Stop-Loss CSL. Use this table with reviews of the top copy trading brokers to compare all the copy trading platforms we have reviewed.

Note that some of these might not accept traders from your country. There is no required any kind of action from your side, our clients team will set up all for you.

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