Copy Trading Platform: Top 5 Tips to Choose : Guard Invest

You are effectively relying on a third party for trading decisions but absorbing full liability and responsibility in the case something was to go wrong. When you are ready to begin copying trades, you need to follow a specific method to make sure that you are going to be successful with your trades in general. There’s nothing wrong with a smaller trader’s network, but it just means that it probably hasn’t been around for a long time. If the trader’s network is big, this obviously indicates that the software is effective, and a lot of people have benefitted from it.

When you consistently make profits from copy trading, you gain a level of confidence and you think you can carry out those trades yourself from now on. Top traders are willing to take big risks, but as a new trader, you should not indulge in big risks when starting out. To copy trade, all you need to do is sign up with any of the popular copy trading apps that are available and make an initial deposit. If you have been wondering if these top traders help other traders for free or money, it’s the latter. The learning process became much quicker as traders learned on the go. Even when choosing brokers, there are certain things you have to check before you invest your money.

What is forex copy trading?

A good provider will set you up for a decent income for a lifetime. EToro is a free social trading service with millions of investors in 100+ countries. You can automatically copy the moves of other investors with eToro’s CopyTrader and follow their actions in real-time. Multiple filters are available to scan out the best professional traders. With the current boom in crypto and other instruments, the financial markets have seen increasing investments from retail traders.

Choosing Copy Trading Platform

Check the previous history of copy trading mastersUnderstanding the motive of the developers and the future possibilities of the project will be easier with this knowledge. For example, an active trader with many followers on social media might indicate a good model to follow. Even if the same approach is utilized, the drop is likely to happen again. A trader’s portfolio description in CopyPip displays the trader’s greatest drawdown. In FX market, a drawdown occurs when the equity balance is less than the account balance and vice versa.

What Is Bid And Ask Price? – Bid Ask Spread Definition

Copy trading lets you duplicate the trades of other forex traders onto your own forex account. This can be a good solution for those of you who might not have the skills required to trade manually or if you just don’t have the time to learn how to trade by yourself. There are many forex brokers that support copy trading which give you plenty of choice, but it is important to know what to look for in a copy trading broker.

  • All of Trality’s automated crypto trading plans have two things in common.
  • There are a few different types of copy trading services to choose from.
  • This is a win-win situation, as newbies get to trade in a fully automated manner while the strategy broadcaster will earn a commission.
  • Investors can choose and copy automated crypto trading signals using WunderTrading’s cutting-edge AI software.
  • This is because they can only follow pre-programmed code – so have no understanding or knowledge of financial news or fundamental analysis.
  • If you are looking to save as much as possible on your trading costs, you can take a look at our best discount brokers.
  • Just by following the top traders, you can’t guarantee profits every time.

EToro started operating in 2007 with the mission to provide fee-free trading services to people without trading experience. Nowadays, eToro is one of the leading platforms for forex trading, allowing users to trade various assets, including commodities, stocks, cryptocurrencies, and more. This guide has covered our expert analysis of the best crypto auto trading platforms. To offer investors the full scope of what’s out there, we’ve covered platforms that offer fully automated bots, as well as those with semi-passive signals. Copy trading is a practice of copying other traders’ trades, and a copy-trading platform is where you do it. Copy trading is popular among forex traders, therefore many forex brokers have built copy-trading features into their platforms.


That is to say, your chosen trader will continue to buy and sell assets – and any profits or losses will be reflected in your own account. Perhaps the main drawback with ZuluTrade’s copy trading tool is that you will need to pay a profit-based commission to the platform. The investment process is also similar to eToro, insofar that you will need to spend some time finding an experienced trader that aligns with your financial goals. There are more than 10,000 investors part of the ZuluTrade copy trading program – so you have plenty of choices.

Copy trading continues until the copied user closes the copied position or closes it on their own. Selecting the best copy trading platform is not as easy as you may think. You need to consider many factors while selecting your copy trading software. Provides access to a wide range of markets Copy Trading and offers 100 trading instruments all in one platform. It is critical to evaluate how similar your trading strategy is to the strategies of the service providers you want to imitate. This will assist in ensuring that there is no significant difference in risk tolerance, for example.

Choosing Copy Trading Platform

Top copy trading platforms allow them to copy trade strategies and signals used by the best forex traders. Others feel that copy trading can be risky because you don’t have full control over your portfolio. The best automated crypto trading platform for those who still want to make the final choice when investing is Dash 2 Trade. This is because the platform sends out signals based on automated trading bots that scan the markets. The investor then places the order themselves at a reputable brokerage.

Which crypto exchanges it supports

Track record – It’s always a good idea to check the track record of any copy trading platform that you’re considering using. Whilst many services are genuine, there are a few scam platforms out there which are unlikely to offer the returns you’re looking for. Unfortunately, there are many traders out there who are regularly making a loss. If you choose to follow one of these traders and you’ll also replicate their losses.

MetaTrader 4 was designed to enable investors to replicate the trades and techniques of experienced traders. From inside the site, choose the Signals option to get access to free and paid forex signals from leading forex suppliers. Copy trading can be extremely beneficial for those making their way into the financial markets. There is no need for any market experience, and it saves novice investors from the initial losing curve.

If you are careful to select the best traders to copy, and you choose the right copy trading settings, then it definitely as possible to earn a profit. Another thing that you need to think about is how much it is going to cost you to make the most of crypto copy trading software. Before you make a decision on the right crypto copy trading software for your needs, you need to think about what your goals are, and what you’re hoping to achieve with it. This makes it easy for beginner traders to profit from increases in price, while they copy the trades executed by traders that are more experienced.

How to Choose the Best Copy Trading Platform for Me?

This can include Forex, Commodities, Cryptocurrency, Stocks, Indices, Options, ETFs, CFDs and Futures. When it comes to choosing a forex broker for copy trading, there are a few big names in the industry that stand out from others in eToro and AvaTrade. You can see a selection of our best forex copy trading brokers in the table below. The key component that brings the signal provider and signal followers together, is the copy trading platform. This is where the providers can share their trading signals and where the followers can find traders to copy. Some copy trading platforms will have a handful of signal providers and others may have thousands.

Why OctaFX is worth choosing: 3 main criteria

This is because they buy and sell assets in accordance with the guidelines initially outlined to try to capitalize on profitable opportunities. The platform includes a strategy builder which allows newbie, intermediate, and advanced investors alike to create their own plan of action using Dash 2 Trade metrics. A feature that will appeal to many traders is the ability to backtest strategies using real-time crypto market conditions. The best crypto auto trading platforms are reviewed in the sections below. You will need to make sure that the social trading platform will run on your computer, VPS or mobile device by checking the specification requirements.

Clients choose how much money to devote to mirroring a specific trader and have the option of copying several providers at the same time. Traders must first deposit money into their account before they can make an investment in another account. Depending on your platform, after you get your login credentials, you may need to connect your copy investing system to your real account.

Unlike some other platforms, OctaFX does not use a third-party system. Despite the fact that it is an unlicensed broker, a growing number of people have confidence in it. On OctaFX, market leader MT4, MT5, and ECN favorite cTrader are all available to traders.

This method of copy trading is the closest to normal trading, with the addition of access to the knowledge and strategies of other traders. You can analyse their previous trading experience and get some insight in to what factors prompted them to enter or exit trade positions. You can then decide who you would like to manually follow and which of their trades you would like to copy for yourself. In copy trading platforms, the top traders are displayedaccording to their performancei.e. Most copy trading platforms don’t allow you to allocate above a certain percentage of your investment at the hands of a single trader.

This is an international ECN broker who is also very active, particularly in Asian and African markets. Naga is a copy trading platform that automatically copies your trade. It helps you to discover other investor’s stats on the leader board and select who to copy to get the highest profit in your trade. Futures and Options trading carries high risks as well as high rewards. You must be aware and willing to accept the risks to invest in the markets. Past performance of any results does not guarantee future performance.

How many assets are in their asset index determines diversity and opportunities to trade. Generally, you should go for the platform that has a larger trader base so there are diversity and choices for you to explore. The forex market dominates over all other markets with over $5 trillion in daily transaction volume.

BingX’s copy trading system also supports DeFi, NFT, Indices, Commodities, Forex and Layer2. In order to display trader’s performance in a more comprehensive way, BingX traders now can enrich their homepage by accessing another exchange’s API. PrimeXBT is a copy trading platform that allows traders of all experience levels to novices alike. It helps Professional traders to monetize their skills by allowing others to copy their strategies.

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