Best Copy Trading Platforms in 2023 For Social Investing

The best copy trading platforms enable you to replicate successful investors. This is a great way to buy and sell assets passively – especially if you have limited investing experience.

In this guide, we review the leading platforms for copy trading in 2023. Read on to discover which copy trading platforms have the largest pool of investors, the lowest fees, and the widest range of financial markets.

Top 8 Social & Copy Trading Platforms Reviewed

The best copy trading brokers will now be reviewed in full. We cover everything investors need to know when choosing a suitable platform.

1. eToro – Leading Copy and Social Trading Platform With Thousands of Assets and Low Fees 

eToro is the leading copy trading platform, with more than 30 million registered users. Launched in 2007, eToro is a regulated broker with multiple tier-one licenses. Not only is eToro licensed by FINRA but also the FCA, CySEC, and ASIC. Client funds and investments are held in segregated accounts for your safety.  It takes less than five minutes to open an account. You’ll then have access to thousands of verified copy traders.

Our eToro copy trading review found the platform offers lots of statistics and key information. You can filter traders by their average holding time, preferred markets, risk profile, and of course – past performance. You can also view the historical track record of each trader, in terms of individual positions. This gives you all of the information you need to select the best copy trader for your financial goals.

There is a minimum investment requirement of $200 per trader. eToro doesn’t charge additional fees when using the copy trading tool. Instead, you’ll indirectly cover standard trading fees and spreads whenever the trader enters a position. There are no commissions when stocks or ETFs are being traded. Forex, commodities, and indices are traded on a spread-only basis.

The eToro copy trading tool also supports the best cryptocurrencies to trade, including Bitcoin, Cardano, Solana, and Ethereum. However, cryptocurrency commissions are 1% at eToro, which is much higher than other platforms. That said, USD deposits and withdrawals are fee-free. This includes bank transfers, debit/credit cards, and selected e-wallets. Other currencies are charged an FX fee of 0.5%.

After you’ve deposited funds and chosen a trader, eToro gives you full control of your portfolio. You can add or remove assets at any time. You can also stop copying traders or reduce your position with ease. eToro also offers social trading tools, enabling users to share investment ideas and assess broader sentiment. Finally, eToro – which is rated ‘Excellent’ on TrustPilot, also offers the best copy trading app for Android and iOS.

76% of retail investor accounts lose money when trading CFDs with this provider.

2. AvaTrade – Popular Copy Trading App Supporting Leveraged Markets at 0% Commission             

AvaTrade is a popular trading platform that supports more than 1,000 leveraged CFDs (contracts-for-differences). This includes individual stocks, indices, ETFs, options, forex, commodities, and some of the best cryptocurrencies to buy. The AvaTrade copy trading tool is available on AvaSocial; a proprietary app for iOS and Android.

AvaSocial makes it simple to choose a suitable trader to copy. You can filter traders by their past performance, maximum drawdown, average trade duration, and other key metrics. You can also ask copy traders questions before proceeding. AvaTrade also offers forex social trading tools, enabling users to discover new strategies and insights.

There are no additional fees charged by AvaTrade when using its copy trading tool. Nor are there any deposit or withdrawal fees, let alone trading commissions. AvaTrade makes money from the spread, which starts from 0.9 pips when copy trading forex. AvaTrade offers leverage of up to 1:400, although limits depend on where you live. Do note that AvaTrade doesn’t accept clients from the US.

Trading CFDs and FX Options entails risk and could result in the loss of your capital.

3. ZuluTrade – Subscription-Based Copy Trading Plans Starting From $10 per Month

Founded in 2014, ZuluTrade is an established copy trading platform. It’s regulated in multiple regions, including the European Union, South Africa, and Japan. ZuluTrade recently restructured its copy trading structure; it now offers subscription-based plans. This starts from $10 per month, per trader.

There are also 3, 6, and 12-month plans, which reduce fees to $9.50, $9, and $8.30 respectively. There are many copy trading strategies to choose from. Some users follow traders based on past performance, while others focus on longevity. All trading profiles come with adequate data, including the number of followers, risk rating, and preferred markets.

ZuluTrade is also the best social trading platform for user experience. Users can post their trading ideas, ‘like’ comments, and search for trending hashtags. In terms of supported assets, ZuluTrade covers dozens of forex pairs. It also supports cryptocurrencies, indices, commodities, and stocks. All markets are backed by CFDs, meaning leverage and short-selling are available.

4. DupliTrade – Established Copy Trading Provider With 13 Pre-Vetted Strategies to Choose From 

DupliTrade is an established copy trading provider that connects with the best day trading platforms. It doesn’t offer brokerage services, so trading fees will depend on your chosen platform. Moreover, DupliTrade supports just 13 strategies. That said, all strategies have been pre-vetted and tested by the DupliTrade team.

The most popular strategy, ‘Legacy’, has been active for 677 weeks. Since then, this strategy has produced returns of 534%. Like many strategies on DupliTrade, Legacy focuses on the forex market. After choosing a strategy, you’ll need to connect DupliTrade with a suitable broker. Thereon, all buy and sell positions will be copied automatically.

The main drawback of DupliTrade is that the minimum investment requirement is $5,000. This means that DupliTrade won’t be suitable for casual traders. That said, DupliTrade doesn’t charge any fees. Its strategy providers make money from the trading commissions and spreads you pay your brokerage platform.

5. NAGA – User-Friendly Copy Trading Platform With Customized Investments and Risk Management Tools  

NAGA is a user-friendly broker that also supports copy trading tools. More than 1,000 markets are available, including forex, stocks, cryptocurrencies, ETFs, indices, futures, and commodities. According to NAGA, the average win ratio of its 10 most profitable traders is 84.7%. In addition to past performance, you can choose traders based on their preferred assets and average hold duration.

We like that NAGA offers customization settings when copying a trader. For example, you can select the investment ratio, which determines what percentage of your balance should be utilized on each position. You can also set up custom stop-loss and take-profit percentages.

This means your position might be closed before the trader, based on your risk management requirements. One of the main drawbacks of NAGA is its fee structure. You’ll pay $0.99 per buy-and-sell order, regardless of how much is being traded. This can make NAGA expensive for those trading small amounts. What’s more, there’s a 5% commission on profitable traders of $10 or more.

6. MetaTrader 4 & 5 – Industry-Leading Platforms With Over 1,800 Copy Traders 

Next up is the MetaTrader series, MT4 and MT5. Both of these automated trading platforms come packed with analysis tools, including customized charts, technical indicators, and backtesting facilities. MetaTrader also has a marketplace, MQL5, which offers access to copy trading tools. Known as ‘Signals’, there are over 1,800 copy traders to choose from.

The MetaTrader copy trading dashboard offers plenty of filters to help you select a suitable trader. This includes past performance, reliability, pricing, and whether or not leverage is utilized. You can also filter by the preferred financial instrument. Both MT4 and MT5 support multiple asset classes, including forex, stocks, and commodities.

That said, supported assets depend on your preferred MetaTrader broker. Nonetheless, copy trading fees are charged on a monthly basis, averaging $30 to $40. There are no profit-sharing agreements, so fees are paid regardless of whether or not a positive return is generated. MT4 and MT5 also support demo trading, but you’ll need to log in with a brokerage username and password.

Note: Check out our comprehensive guide on the best MT4 brokers for 2023.

7. cTrader – Equity-to-Equity Copy Trading Portfolios With STP Execution  

cTrader is another third-party trading platform supported by popular online brokers. It offers several passive investing features, including copy trading. It leverages an equity-to-equity framework, meaning copy trading positions are proportionate to the amount invested.

For example, suppose you invest $1,000 into a copy trader, and they risk 10% of their portfolio on the first trade. This means you’ll risk 10% of your investment, which is $100. Another benefit of cTrader is that it supports STP (Straight-through processing) execution.

When connected with the best STP brokers, this ensures traders avoid internal dealer desks and price manipulation. In terms of minimum investments, this is determined by each copy trader. Moreover, traders choose their own pricing structure. This can include both performance and management fees.

8. OKX – Tier-One Crypto Exchange With Copy Trading Tools and Low Commissions 

OKX – which is considered one of the best crypto exchanges, also offers copy trading tools. It supports hundreds of cryptocurrencies, ranging from large-caps like Bitcoin and Ethereum to brand-new projects. What’s more, OKX also supports leveraged derivatives, including perpetual swaps, futures, and options.

There are dozens of traders to choose from on OKX, each with their own copy trading strategy and preferred markets. You can sort traders by their past performance, assets under management, or popularity. After clicking on a trader, you can view the maximum drawdown, average hold duration, and other key stats.

Most copy traders have a profit-sharing agreement in place. This means you’ll only pay commissions if the trader is profitable. You’ll also need to cover OKX’s trading commissions. Fortunately, this never exceeds 0.1% per slide. In addition to copy trading, OKX also supports automated robots.

What is Copy Trading?

Copy trading is an investment tool that offers a passive investing experience. In simple terms, it enables investors to ‘copy’ other traders. This is usually on a proportionate basis, based on the amount being invested.

• For example, suppose you invest $2,000 into a copy trader specializing in large-cap stocks.
• The trader allocates 10% of their bankroll to Disney.
• You invested $2,000, so you automatically buy $200 worth of Disney stock.
• A few weeks later, the trader closes their Disney position – making gains of 20%.
• You replicate the exact same returns, so you make passive investment gains of $40 (20% of $200).

Crucially, copy trading allows you to mirror successful traders with a proven track record. Most copy trading platforms provide real-time data on their traders, allowing you to make an informed decision. For instance, you might decide to copy traders that have made gains of at least 25% for three consecutive years.

Or, you might focus on specific strategies, such as swing trading or long-term value investing. Either way, it’s important to remember that copy trading can yield losses. After all, you’re simply copying the performance of another trader. The best risk-management solution is to copy lots of different traders from various markets and strategies.

How Profitable is Copy Trading?

As explained by the Financial Times, copy trading can be profitable, but losses are also a possibility. Whether or not you’re able to generate a return will depend on the trader(s) you’re copying. This is much the same as investing in a managed fund; if it makes money, so will you. If it makes a loss, you will do too.

There are many successful copy traders, some with tens of thousands of followers. These have proven long-term that they can effectively navigate the markets in a risk-averse way. However, no traders are immune from losing runs. You should expect that at some point, even the best traders will have unsuccessful months.

Although this might initially result in portfolio losses, it’s important to look at the longer-term picture. This is especially the case if the trader has historically outperformed the market over several years. In other words, copy trading should be viewed as a long-term investment, as dipping in and out of the market is unlikely to be successful.

The most effective way to reduce the risk of loss is by diversifying. For example, at eToro, the minimum copy trading investment is $200. So, if you deposited $2,000, you’d be able to copy 10 different traders. Even if a few of your traders have an unsuccessful month, the others might have generated enough profit to counter any losses.

The 5 Best Investors to Copy

We have established that diversification is crucial when copying other traders. In light of this, we’ve compiled a list of the best copy traders to follow in 2023.

Note: The following traders have been selected from eToro, which has the largest and most liquid copy trading pool in the market.

Jeppe Kirk Bonde: Over 22,000 Copiers and a Proven Track Record Since 2013

With over 22,000 followers, Jeppe Kirk Bonde is the most copied trader on eToro. Bonde first joined the platform in 2013, so has over 10 years’ worth of verifiable experience. Not only is Bonde the most copied trader on eToro but also one of the most successful.

In fact, Bonde has had 48.15% profitable weeks since joining, including 11.45% returns year-to-date. Although Bonde made a 19.2% loss in 2022, the previous three years were successful. Gains of 15.8%, 36.7%, and 45.6% were made in 2021, 2020, and 2010 respectively.

Bonde is a long-term investor with an average holding time of 26 months. Almost 97% of investments are made in stocks, with the balance allocated to ETFs and cryptocurrencies. Some of Bonde’s largest portfolio holdings right now are UBS, Microsoft, Meta Platforms, and Host Hotels & Resorts.

Anders Jensen – Specialist Cryptocurrency Trader With 124% Gains YTD

One of the best cryptocurrency traders to copy is Anders Jensen. Year-to-date, Jansen has made gains of 124%. Over the same period, Like many cryptocurrency investors, Jensen made a loss in 2022.

That said, in the previous two years, Jensen made gains of 53% and 300% respectively. Jensen is a long-term investor, with an average holding time of 27.5 months. Since joining eToro in 2019, Jensen has had 55.5% profitable weeks.

Although Jensen has a risk rating of 5, this is considered low for a cryptocurrency-centric portfolio. Jensen has over 1,500 followers right now and he regularly keeps his investors updated with key market movements.

Dmytro Maksymchyn – Diversified ETF Portfolio Covering Thousands of Financial Instruments 

Dmytro Maksymchyn is one of the best copy traders for diversified portfolios. Maksymchyn focuses on ETFs from many different markets, ensuring that his followers have exposure to thousands of instruments. For example, 15.5% of the portfolio is invested in the Vanguard Total World Stock ETF.

This ETF holds over 9,700 individual stocks from around the world. This includes Europe, the Middle East, North America, and Asia-Pacific. Maksymchyn also has exposure to the Technology Select Sector SPDR. This offers exposure to 64 leading technology stocks, including Apple, Microsoft, Adobe, and Oracle.

Maksymchyn joined the eToro platform in 2019, ending the year with gains of 21.7%. 2021 saw returns of 51.7%, but 2020 resulted in a 20.2% loss. Year-to-date, Maksymchyn’s portfolio is up 16%. The average trade duration is 25 months and Maksymchyn has a risk score of just 4.

Nang Nguyen – 64% Gains YTD Across Stocks, Crypto, and ETFs

Nang Nguyen is a trending copy trader with over 127 followers gained in the prior week. Based in Vietnam, Nguyen is one of the best-performing traders in recent months. Year-to-date, his portfolio is up 64%. Over the same period, the S&P 500 has grown by just over 15%.

Nguyen has a well-diversified portfolio that covers several asset classes. 73.2% of the portfolio is held in stocks, including Microsoft, Apple, and Amazon. In addition to ETFs and indices, Nguyen also holds cryptocurrencies. This includes Bitcoin, Solana, Ethereum, and BNB.

In terms of strategy, Nguyen is a long-term value investor with a strong focus on risk management. During times of market volatility, Nguyen increases his exposure to ETFs. And when the markets are bullish, exposure to high-growth stocks and cryptocurrencies is increased.

Amit Kupfer – Popular Stock Trader With 2-Year Returns of 143%

Amit Kupfer is also worth considering when searching for the best traders to copy. Kupfer is a popular stock trader who joined eToro in 2019. Had you invested in Kupfer’s portfolio two years ago, you’d be looking at gains of over 143%. This year alone, Kupfer has generated returns of 57.7%.

According to Kupfer’s profile, four investment concepts are followed. Kupfer must understand the underlying business, be run by quality management, and sell durable products or services. Moreover, Kupfen will only invest if the stock is trading at a sensible price.

Due to increased market volatility, Kupfer’s portfolio currently holds just four stocks; Petroleo Brasileiro, Whitehaven Coal, Alpha Metallurgical Resources, and AESI Holdings.

Conclusion

We’ve ranked the best copy trading platforms for 2023 and overall, eToro is a clear winner. Not only does eToro have the largest pool of traders, but it offers direct brokerage services.

What’s more, the minimum investment per trader is just $200, and thousands of markets are supported. This includes commission-free stocks and ETFs, not to mention cryptocurrencies, forex, and commodities.

76% of retail investor accounts lose money when trading CFDs with this provider.

References

• https://brokercheck.finra.org/firm/summary/298361
• https://www.finra.org/rules-guidance/guidance/reports/2021-finras-examination-and-risk-monitoring-program/segregation
• https://www.bloomberg.com/quote/SPX:IND
• https://corporatefinanceinstitute.com/resources/management/straight-through-processing-stp/
• https://www.ft.com/content/beac06bd-61d2-4326-89f7-59a1689132a0
• https://investor.vanguard.com/investment-products/etfs/profile/vt#price
• https://www.ey.com/en_gl/news/2023/04/investor-behavior-changes-in-face-of-increasing-market-volatility-as-demand-shifts-to-active-investments-and-fintech-new-ey-report-finds

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