Copy trading is an option that enables you to automate your trading, saving you time and effort. Each social and copy trading platform has its own set of features, but all of them provide the potential to duplicate expert traders’ CFD and forex deals.
Instead of completing your own technical analysis and research, you can follow and mimic the trading tactics of established, successful traders, referred to as Signal Providers. Beginner traders and those who are short on time, for example, can tremendously profit from copy trading. If you are new to forex trading, algorithmic trading, which involves developing trading robots (also known as Expert Advisors), may be too complicated. All levels of experience can benefit from copy trading.
About Copy Trading
Many regulators regard copy trading as self-directed due to specific legal terminology and ever-evolving trading technologies. Copy-trading is self-directed in practically every jurisdiction since the client must choose who to copy, even if it is done automatically for each signal. It’s vital to keep in mind that not all social trading platforms offer copy trading. Many early pioneers in social trading technologies, such as Tradency, ZuluTrade, and eToro, began as third-party platform developers. While some of these companies remain independent service providers (ISPs), some have evolved into forex brokers. Read on to learn about some of the best copy trading brokers.
Pepperstone
With tight spreads, cheap fees, and a wide selection of trading tools, Pepperstone is one of the top global brokers. Many forex traders use Pepperstone because of the broker’s excellent trading conditions. Pepperstone, like an ECN broker, fills orders using external liquidity sources without using a dealing desk. This means you will be able to trade with institutional-grade spreads as low as 0.0 pips, and orders will be filled fast and with minimal slippage. When trading forex and CFDs with Pepperstone, you may select between two primary account types. Spreads and commission fees are the most significant differences between trading accounts.
AvaTrade
Avatrade is a leading FX broker headquartered in Ireland and licensed by the Central Bank of Ireland in Europe. Only a handful of major forex brokers offer fixed spread FX trading. AvaTrade is a leading forex broker that offers a variety of trading platforms and financial markets. A small minimum deposit is required to open a trading account, making the broker accessible to traders of all experience levels.
MetaTrader 4, MetaTrader 5, and the broker’s trading platform AvaTrade are available to CFD and forex traders. MT4 is recommended for getting the most out of the MLQ5 trading signals service. Negative balance protection and the use of segregated accounts are also available at AvaTrade, ensuring that your cash is always safe. They are a highly regarded broker with many services, including broad markets, copy trading, and spread betting. AvaTrade allows you to trade the following financial instruments in terms of market access: Forex, Indices, Commodities, ETFs, Stocks, Cryptocurrencies, Bonds, and FX Options.
NAGA
NAGA is yet another newcomer to the copy trading arena. They must be doing something right because their social and copy trading network has over 1 million users. The platform is web-based and has several features that can be overwhelming for newcomers, but it’s fantastic once you get the feel of it. With NAGA, you can trade a wide range of asset classes, including FX, cryptocurrencies, indices, stocks, commodities. Additionally, NAGA is wholly regulated and is a subsidiary of the NAGA Group, a Frankfurt Stock Exchange-listed company.
A live feed is accessible for current news announcements, a markets page to trade yourself, and a top traders page to see the best performing traders on the NAGA platform. You may also use the filters in the top menu to locate them. The performance search and filtering method aren’t as rigorous as some other sites, but starting copy trading is relatively straightforward. Other valuable features include the NAGA Crypto Wallet, which may be used to trade crypto signals, and an Academy.
For more information about these online forex brokers, visit our broker reviews section. For more helpful articles, visit our blog.
