Best Copy Trading Platforms in 2024 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 2024. 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 14 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 – Best Copy Trading Broker for Stocks, Forex, Crypto, and More

eToro is the best copy trading platform for traders who want to build a diversified portfolio. This brokerage offers trading on a wide variety of stocks, forex, cryptocurrencies, commodities, and options, and you can copy trades for any of these asset classes.

Regulated by leading bodies in the US, UK and Europe, eToro has a huge selection of traders available to copy. Some traders focus on actively trading a single asset class, like forex or crypto. Others focus on building diversified long-term portfolios that stay one step ahead of the market in all conditions. So, you have plenty of choices when it comes to deciding what kind of traders you want to copy.

Even better, eToro lets you copy multiple traders. This is a great way to diversify your risk. You can start copying a new trader with only $200.

There are no fees for copy trading on eToro, and this broker offers some of the lowest fees in the industry. You’ll pay 0% commission for stock and ETF copy trades. eToro charges a flat 1% fee for crypto trades, and spreads for forex trades start at only 1.0 pips.

You can copy trade on the go using eToro’s mobile app. In addition, eToro offers a free demo account with $100,000 in paper money so you can test out any copy trading portfolios before committing.

Risk disclaimer: 76% of retail CFD accounts lose money – your capital is at risk. 

2. Vantage Markets – The Best Copy Trading Platform Straight From a Mobile App             

Vantage Markets is a popular copy trading platform as it is easy to set up and has a low minimum deposit of $50. Start copy trading via the Vantage mobile app where you can search traders based on criteria that you set and select the amount you wish to use for copy trading.

But first, you have to open a live account and verify your ID. Once it’s funded, you’re good to go.

You can copy trade forex, stocks and over 1,000 other CFDs with no commission and low spreads on currencies. This is important because if the trader you copy makes frequent trades, you will save money on fees.

Vantage Markets copy trading feature could be your main investment strategy or it could be a complementary as a way to diversify your risk and investments.

If you want to trade solo, there are MT4, MT5, ProTrader and the Vantage app platforms at your disposal. There’s also demo account where you can test strategies or improve your skills with virtual money before going live.

Trading derivatives carries significant risks. It is not suitable for all investors and if you are a professional client, you could lose substantially more than your initial investment.

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

AvaTrade is a leading copy 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—making it one of the best copy trader platforms available on the market. 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.

4. Trade Nation – Popular Copy Trading Mobile App Focused on Forex

Trade Nation is a popular copy trading platform that uses TradeCopier. This is a mobile app that you download from the Google Play store or the App Store. Once you have it on your phone, connect your Trade Nation MT4 account and you’re good to go.

Search traders by past performance and strategies that fit your criteria and select the amount of money you wish to use to copy their trades. You can copy multiple strategies, which could be a solid way to diversify your portfolio and your risk. Trade Nation’s copy trading is mostly focused on forex products but with spreads from 0.0 pips and low slippage, that shouldn’t be a problem to successfully copy other traders.

Trade Nation is also a solid broker for manual trading as well. You can trade forex, indices, stocks, bonds and commodities as CFDs via MT4 or TN Trader platforms.

Trading derivatives carries significant risks. It is not suitable for all investors and if you are a professional client, you could lose substantially more than your initial investment. 

5. Pepperstone – Regulated Broker That Uses Three Copy Trading Services 

Peperstone is one of the rare brokerage platforms that lets its clients use copy trading via three providers: Signal Start, Meta Trader Signals and DupliTrade. All you have to do is integrate your account with the provider of your choice and you’re ready to go.

Most of the providers are forex-focused, but that shouldn’t be a problem with Pepperstone due to tight spreads of 0.7 pips for EUR/USD and minimal slippage. Traders who use commodities or indices could be hard to find on these platforms. However, you can diversify your risk by copying multiple traders.

Pepperstone is also an excellent choice for manual traders as well. Trade via leading platforms like TradingView, MT4, MT5 and cTrader over 1,000 CFD assets including stocks, forex, indices, commodities and even cryptocurrencies.

Between 74-89 % of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

6. Margex – Top Crypto Futures Exchange with Automated Copy Trading Features

Established in 2019, Margex is a prominent cryptocurrency exchange specializing in derivatives trading. On the platform, traders can use up to 100x leverage for Bitcoin and Ethereum perpetual futures, with an average order time of less than 8 milliseconds. 

Beyond its capabilities as a derivatives exchange, Margex offers comprehensive copy trading for users to follow, copy, and profit from proven traders. This feature is ideal for new crypto investors who want to begin earning without the need for deeper market insight.

Margex users can find the top public traders on the platform to follow and earn from. The leaderboard table on the site’s copy trading page showcases each trader’s username, return on equity (ROE), and number of followers. Profits from copy trades are split between the public traders the user copied from and the user themselves.

Other notable metrics by Margex include 500,000 registered traders, over 180k daily trades, and availability in more than 150 countries.

Between 79-83% of retail investor accounts lose money when trading derivatives with this provider.

7. Skilling – Copy Over 400 Strategies via the Leading cTrader Platform

Skilling is a trading platform that lets you copy other traders via the cTrader web application. Search for the strategy you like based on criteria like past performance and trading instruments, and protect your account by setting “Equity Stop Loss”, which lets you decide the maximum amount you’re willing to risk.

Over 1,200 CFD products are available for trade across seven asset classes, such as forex, crypto, stocks and more. Stocks have 0% commission while forex spreads start from 0.1 pips on the EUR/USD pair, making it a competitive trading platform not only for copy trading but for manual trading as well.

There are four account types depending on what you want to trade: Standard, Premium, MT4 and MT4 Premium. The account type determines commission, spread and starting deposit. Standard accounts come with a $100 minimum deposit. These could be a low entry to copy trading but may offer a slightly higher spread and slippage compared to premium accounts.

79% of retail investor accounts lose money when trading CFDs with this provider

8. Gate.io – Access More Than 57,000 Trading Strategies

Gate.io is one of the best-known exchanges for those looking to copy trade. Founded in 2013 and known for its high liquidity levels, Gate.io provides users with a wide range of cryptocurrencies alongside many popular features you would expect to find in a modern cryptocurrency exchange.

The copy trading feature is well-designed and lets you choose from over 57,000 different traders. Users can choose whether to trade with leverage or just spot. The process to start copy trading is quick and easy and within 3 steps you can be on your way.

As you would expect from a  leading exchange, fees are competitive. Using the maker taker structure, trading fees start from 0.2%. Those looking to copy trade can expect to pay between 8 and 10% to their chosen trader, if any profits are accrued.

Conversely, if you create your own copy trade strategy and other members use it to make money, you can expect to earn fees if their trades are profitable.

With more than 1,700 cryptocurrencies and 200 futures pairs, Gate.io is a firm favourite for those looking for a secure platform with high liquidity.

The platform also provides crowdfunding opportunities, NFT markets, staking services as well as the chance to speculate with crypto derivatives alongside a sleek, efficient and popular copy trading facility.

Finally, a straightforward interface aligns well with Gate.io’s reputation for hassle-free and transparent trading. As you might expect, Gate.io is well known for its strong community ethos meaning help and advice are only a click away.

Trading financial products on margin carries a high degree of risk and is not suitable for all investors. Please ensure you fully understand the risks and take appropriate care to manage your risk.

9. 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.

10. 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.

11. 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.

12. 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 2024.

13. 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.

14. Admirals – Established Broker With Copy Trading Features via MT4 and MT5 Platforms 

Admirals is a popular broker that offers its copy trading service via the MT4 and MT5 platforms. The way it works is you go to the “Signals” tab in the “Toolbox” menu in MT4 and MT5 and select the copy trading signal providers from there.

The tight spreads from 0.6 pips on EUR/USD and low slippage make it possible to successfully copy forex providers. If you’re looking to copy stocks traders, you can do so even with lower amount of money as Admirals supports fractional investing in 1/100 increments. However, signal providers on MT4 are typically focused on forex.

Admirals is also an excellent broker for manual trading. Select from over 8,000 CFD assets like stocks, forex, ETFs and more, and trade via MT4, MT5 or via the Admirals’ platform. There are premium analytics and fundamental analysis tools for Admirals clients. This can help you make the right trading decisions.

Our Methodology When Ranking the Best Copy Trading Platforms

There are many copy trading platforms to choose from and we’ve ranked the top 14 providers. Our ranking system is based on various metrics, each weighted depending on their importance.

This includes:

• Brokerage or Third-Party Integration: We first explored whether or not the copy trading platform offers direct brokerage services. This means that the trades you’ll be copying are executed directly on the platform. Conversely, some copy trading platforms – such as cTrader and MT4/5, need to be connected with a broker.
• Supported Markets: Copy trading is a broad investment tool that covers many different markets. However, you’ll need to check which markets the platform supports before proceeding.
• Copy Trading Pool: We prefer copy trading platforms with a large number of verified traders. This gives you lots of options when choosing a trader to copy. If the platform has a small pool of traders, you might be tempted to copy someone that doesn’t fully align with your financial goals and risk tolerance.
• Fees: There are various fees to assess when choosing the best copy trading platform. First, some platforms have a profit-sharing framework. This means you’ll pay the trader a percentage of any returns they make. Management fees are also possible, which need to be paid regardless of whether the trader makes a profit. Trading fees should also be considered, including spreads and commissions.
• Minimum Investment: Most copy trading platforms have a minimum investment requirement. This is usually the amount that needs to be invested per trader. Using a platform with smaller investment minimums will enable you to diversify your holdings.

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, in copy trading this is done by copying multiple traders. So, even if a few of your traders have an unsuccessful month, the others might have generated enough profit to counter any losses.

How to Choose a Copy Trader?

Choosing the right copy trader for your risk profile and financial goals is paramount.

Here’s what to look for when researching potential traders to follow:

• Past Performance Since Inception: You’ll want to focus on traders that have generated the biggest returns. However, you should also consider the performance time frame. The longer the trader has been active, the better. This adds validity to their results, which you won’t get if the trader has only been on the platform for a few months.
• Average Trade Duration: The average trade duration lets you know what investing strategy is being used. For example, if you’re looking for long-term investors, the average trade duration should be at least 12 months. Alternatively, if you’re looking to follow a day trader, the average duration will likely be hours or minutes. Choose a strategy that aligns with your goals.
• Preferred Markets: Consider what markets you want exposure to when trade copying. While some traders focus on stocks, others venture into cryptocurrencies or forex. It’s a good idea to cover multiple asset classes, as your copy trading portfolio will be more balanced.
• Number of Followers: It’s worth focusing on copy traders with a large number of followers. This is because they likely have an established track record on the platform. Be sure to compare the current number of followers with previous periods. If the number is increasing, this is a good sign.
• Risk Score: The best copy trading platforms assign traders with a risk score. This is usually generated by an algorithm and based on various metrics. For example, the type of assets being traded, how much is being risked per position, and the length of time on the platform. If you invest in traders with a high-risk score, you should expect higher returns.

Conclusion

We’ve ranked the best copy trading platforms for 2024 and overall, eToro is a clear winner. Not only does eToro have a huge pool of traders to choose from, but it also offers many ways of sorting them to find your perfect copy trading match.

What’s more, eToro provides unrivalled access to all the leading CFD products, including stocks, indices, ETFs, commodities, forex and cryptocurrencies.

Trading derivatives carries significant risks. It is not suitable for all investors and if you are a professional client, you could lose substantially more than your initial investment.

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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