We handpick the best social forex trading platforms and apps based on our trading data and experience as a trader. Social trading primarily involves the communication between traders who are willing to share and discuss their trading strategies, thus receiving and providing tips and suggestions. Social forex trading platforms usually cut the time for fundamental and technical analysis as traders can scoop trading data-feeds of other traders from social trading platforms to make investment decisions.

The most popular form of social trading now is copy trading services. It allows one trader usually a rookie to copy trading strategy and techniques of another trader, usually an expert. Newbies can earn some profits with this when they are still learning about trading and markets. The popularity of social trading skyrocketed with the introduction of electronic trading and the rise in internet penetration. It remains very popular among retail traders. Though many brokers are developing their own social trading platforms, the industry is dominated by specialized third-party companies.

To select the best social forex trading platforms and apps, we tested and reviewed dozens of forex brokers. We opened live accounts and depositing real money with each broker. We also placed real trades in popular markets to get the real picture of the spread and commission, trading platform, deposits and withdrawals conditions, education, and customer service.

We have picked ZuluTrade as the best social forex trading platform. ZuluTrade is probably the most popular social forex trading platform. It maintains and connects a vast community of traders that ranges from novice to expert. ZuluTrade offers works as a signals provider, and newbie traders can also copy the portfolio and trading strategies of expert traders.

The platform first offered services only to forex trading, but later extended support for CFDs as well. Though it added binary options too, the services for these controversial instruments were dropped in ZuluTrade has partnered with dozens of brokers, which holds licenses around the world. It offers an easy to use social trading platform and also keeps its operations transparent.

We have picked eToro as the best copy trading platform. eToro revolutionized the copy trading space in the last decade.

The Israeli platform was founded in and now operates as a full broker. eToro is focused on novice tradersTraders can easily copy the trading strategies and techniques of expert traders. The platform also maintains a leader board of all top traders.

eToro offers trading services with forex, and CFDs of indices, commodities, stocks, and cryptocurrencies. It is regulated in the UK, the USA, Australia, and Cyprus. Hundreds of forex brokers license these industry-standard platforms to offer trading services instead of developing their native platform.

MetaTrader added signals services in and any trader using anyone of the MT platforms can either subscribe to or provide trading signals. The popularity of the platform also resulted in forming a major community of traders who can also discuss these signals.

We have picked cMirror as the best forex mirror trading platform. cMirror has been developed by Spotware Systems, the same company that built the popular trading platform cTrader. The mirror trading platform was launched in November when demand for such services was skyrocketing. cMirror allows traders to become strategy providers by broadcasting their trading signals. Other traders can search through the available signals and easily copy or mirror these trading strategies.

The signals providers, in return, can earn commissions. We have picked Myfxbook as the best social forex community forum. Myfxbook is one of the best forex community builders where traders can share signals and interact on active forums. The platform was founded in and since expanded its services in several other areas as well. Myfxbook allows traders to research and analyze markets using an excellent set of analytical tools.

Traders can also track, compare and share trading activities. The platform is currently supported by more than brokers. Here is a complete list of forex brokers that offers social trading services either natively or with third-party platforms, which we have tested and reviewed.

Traders usually have many questions related to generic trading-related queries. We tried to pick and answer some of the most important queries related to social forex trading platforms and apps. The US is one of the highly regulated markets when it comes to trading. Similar to any brokerage, social trading platforms in the country also need to register themselves with the NFA to legally offer services in the country.

Some of the regulated social trading platforms in the US are:. Though the Indian capital market is regulated by the Securities and Exchange Board of India SEBI , the regulations are loose when it comes to forex and CFDs trading. Thus, foreign platforms can easily offer services to Indian residents.

The best social trading platforms allow you to find your account with a debit or credit card, as this is usually processed instantly.

eToro and NAGA also offer e-wallets. Some social trading platforms only support bank wire deposits, so expect to wait at least a couple of working days before the funds are credited. If you've read our guide up to this point, you should now have a firm grasp of what to look for in a social trading platform. To conclude, we are now going to show you how to get started.

The walkthrough below is based on industry-leading social trading provider eToro - which offers a regulated and commission-free way of accessing this market. eToro is regulated by three financial bodies, so you'll need to go through an account opening process before you can get started.

To get the ball rolling, head over to the eToro homepage and click on the 'Join Now' button. Here, you'll be asked to enter some personal information and contact details. Additionally, you'll be asked to upload a copy of your government-issued ID and proof of address utility bill or bank account statement.

In most cases, eToro can validate your document instantly - meaning the end-to-end account opening process should take less than 10 minutes. This amount mirrors the minimum copy trading investment, so do bear this in mind. As noted above, unless you opt for a bank wire, all other deposit methods are processed instantly. Now that you have made a deposit, it's time to browse through the many verified copy traders available on eToro. To do this, you'll first need to click on the 'Copy People' button.

After that, you are best advised to select additional filters so that you can find a social trader that meets your financial goals. There are many other filters available, so spend some time exploring the platform to find a trader that meets your needs. On the respective profile page of your chosen eToro trader, you'll need to click on the 'Copy' button to proceed with an social trading investment.

Then, an order box will populate like the image below. By default, you will only be copying ongoing trades placed by the individual. But, if you want to get the full social trading experience, you might want to tick the 'Copy Open Trades' box. This means that you will also be copying the 'current' portfolio of the trader.

Don't forget, you can add and remove assets to and from your social trading portfolio on eToro, so you always maintain full control over your investment funds. Interest in social trading platforms from the casual investor is growing at a rapid pace. Crucially, the main attraction is that you can now actively trade the financial markets without needing to lift a finger.

Instead, it's just a case of selecting a trader that you like the look of, choosing how much you wish to invest, and that's it - so you can start enjoying a passive investment experience.

With that said, you need to spend some time researching a social trading platform that meets your needs. We found that eToro stands out from the crowd for several reasons. eToro is often regarded as the leading social trading platform of choice. With more than 17 million clients, investors are attracted by the platform's simple interface, commission-free offering, and support for thousands of tradable markets. This is great for those with little to no experience of trading or simply because you don't have the time to perform in-depth research.

Most social trading platforms are online brokerage firms. As such, you'll find that they are usually regulated by a reputable financial body. In the case of eToro, this social trading platform is regulated by the FCA, ASIC, and CySEC. One of the most successful copy traders on eToro is Jay Edward Smith. Although the two terms are used interchangeable, there is a slight difference in what they refer to.

Social trading refers to the 'social' side of investing, meaning you can discuss, share, and 'Like' trading ideas in a public manner. Copy trading, on the other hand, refers to the process of 'copying' a trader like-for-like. This will vary depending on your chosen social trading platform. eToro charges no additional fees to use its Copy Trading feature. Most social trading platforms have a minimum deposit in place when it comes to copying a trader. Kane Pepi is a British researcher and writer that specializes in finance, financial crime, and blockchain technology.

Now based in Malta, Kane writes for a number of platforms in the online domain. In particular, Kane is skilled at explaining complex financial subjects in a user-friendly manner. Kane has also written for websites such as MoneyCheck , InsideBitcoins , Blockonomi , Learnbonds , Buyshares and the Malta Association of Compliance Officers.

Home » social. Best Social Trading Platform — Cheapest Platform Revealed. Kane Pepi Pro Investor. Updated: 28 March Featured Broker. Visit Site. Your capital is at risk. Investing involves risk, including risk of loss.

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of Shares. of ETFs. Fixed fees per trade. Cost per Month. IC Markets clients can choose experienced traders to follow based on their Zulu Rank. Forex signal providers are ranked based on analysis of their overall performance, exposure, stability, minimum equity required, among other factors. Another valuable feature of this social trading platform includes the so-called Zulu Guard.

ZuluTrade also offers a simulative tool, with which IC Markets clients can test possible earnings or losses of particular strategies on their account without the need to go live.

Overall, IC Markets is the best fit for ZuluTrade due to low spreads, reduced slippage, fast withdrawals, superior technology, fast execution and a solid client base of , active traders.

We should also note that the ZuluTrade platform is available as an app for Android, iPhone, iPad and Windows phone. Register for a FREE demo account by clicking the button below. FP Markets was hand-picked as the best MyFxBook broker. FP Markets is one of the reputable CFD and Forex brokers under ASIC regulation with 15 years of business history and over 40 International Awards. The brokerage is also regulated in Europe by Cyprus-based CySEC.

Since the broker uses a vast pool of liquidity providers, it is able to offer spreads on major currency pairs that start from 0. In other words, perfect conditions for short-term trading systems — day trading and scalping copy trades. With AutoTrade, provided by Myfxbook.

com, clients can copy a vast selection of trading systems directly into their FP Markets MT4 account. They simply need to connect their live trading account on FP Markets MT4 platform to MyFXBook tool to begin looking for a suitable trading system to copy.

Clients do not have to rent a VPS of their own, since everything they need will be provided. Fusion Markets was selected as the best forex broker compatible with DupliTrade.

DupliTrade is a popular automated trading software that focuses entirely on copy trading features and discounts the social aspect. Founded in , Fusion Markets is a trading name of Gleneagle Asset Management Limited, an entity based in Melbourne and regulated by the Australian Securities and Investments Commission ASIC.

We should note that DupliTrade hand-picks and recommends only traders with a proven track record and considerable trading experience. Another advantage is that the platform allows clients to automate their trading with ease on their account with Fusion Markets by using trading signals from selected successful traders.

All in all, Fusion Markets offers a trading environment that is conducive to automated copy trading. Trading costs are low, the trading software infrastructure is solid, and the broker follows strict regulatory guidelines.

Similar to other Forex brokers, Fusion Markets allows clients to get a taste of copy trading on a free demo account before they start trading with real money. AvaTrade was selected for providing the best trading conditions for social trading in MetaTrader 5 — MQL5 signals.

AvaTrade is among the top CFD and Forex brokers globally, as it is regulated on five continents and has offices in nine countries. The brokerage is fully compliant with regulatory standards of some of the most reputable regulatory agencies. MQL5 is fully integrated with MT4 and MT5, thus allowing AvaTrade clients to subscribe to trading signals from a plethora of providers without leaving their trading platform. MQL5 brings a number of benefits to traders, such as no hidden fees or commissions, no minimum deposit requirement and a faster signal execution due to its global cloud infrastructure.

Additionally, since AvaTrade has no restrictions on scalping or short selling and offers competitive spreads across its list of Forex and CFD products, clients can choose from a multitude of trading systems and styles, which to copy. com is the best pick for trading signals in MetaTrader 4. Established in , Markets. com is a subsidiary of Playtech, a Fintech company listed on the London Stock Exchange. The www.

com domain is operated by Safecap Investments Limited, an entity regulated in Europe by Cyprus-based CySEC and in South Africa by the FSCA. The social trading feature along with the trading signals is powered through MQL5 signal service.

com live trading account without leaving the platform. With Markets. com, traders can test copy trading with MT4 signal service also on a free demo account. Signal providers can be selected based on their trading history, the number of subscribers, growth percentage, funds under management or maximum drawdown. Additionally, the variety of Forex and CFD products available over 2, tradable instruments coupled with a full suite of technical indicators, opens the door to countless trading systems that could be copied.

Yet, retail clients should bear in mind that the trading signals service cannot be considered as investment advice and they may act on signals at their own risk. Additionally, traders can opt for Markets. com proprietary Signals tool that covers over 8, assets.

View Market. A social trading platform is a piece of software that allows traders to interact with one another, share their trading ideas, issue trade signals, comment, automated copy trading and mirror trading in real-time. Check out a list of forex brokers that offer access to signals providers: Best Forex Signals Providers. Based on analytical tools, risk management tools, the network of professional traders, auto-copy trading feature and compatibility with the most popular trading platforms, MyFxBook AutoTrade followed by MQL5 and Duplitrade are the best forex social trading platforms.

The best forex broker for social trading is the ASIC and FCA regulated broker Pepperstone. For an in-depth review of the Australian-based broker, Pepperstone please click HERE. All reviews and ratings on Compare Forex Brokers are compiled using our proprietary scoring system. We based our selection of best forex social trading platforms based on popularity, range of tools, network of traders, copy trading features, trading costs and so much more.

Overall, Pepperstone offers a diverse list of social networks that are complemented by superior trading conditions. On the other hand, eToro has one of the largest social networks, but it comes with higher trading costs, while IC Markets is the best choice for the social trading platform ZuluTrade. Online trading with the help of social trading carries high risk. Over-leveraging, reckless trading, human factor, software errors and so much more can hinder your success. Cryptocurrency Trading Disclaimer : Due to the imposed ban on cryptocurrency trading, FCA regulated forex brokers are prohibited to offer crypto-assets to UK retail traders.

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Pepperstone Review IC Markets Review FP Markets Review CMC Markets Plus Review eToro Review IG Review FXCM Review. Home » Best Forex Trading Platform » Best Forex Social Trading Platforms. Best Forex Social Trading Platforms Good forex social trading platforms include tools that enable copy trading and to socialise and learn from and the best traders. Written by Justin Grossbard Written by Justin Grossbard Co Founder. Fact Checked We double-check broker fee details each month which is made possible through partner paid advertising.

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Social trading platforms allow you to communicate with other investors in a Facebook-style manner. The main concept is that you get to share and discuss potential investment opportunities with traders of the same platform. In this guide, we review the best social trading platforms to consider in and how to get started with an account today!

Looking to start investing with the best social trading platform of right now? If so, check out the list below to see which providers made the cut. You can scroll down to read for a full review of each social trading platform. Although social and copy trading is getting more and more popular with the average Joe investor, the number of top-rated platforms active in this space is still relatively small.

Taking all of this into account, below you will find a selection of the very best social trading platforms to consider in There really is no competition in the social trading platform space when you look at the numbers. That is to say, eToro is without a doubt the market leader in this sector — with more than 17 million clients now using the social trading platform to invest.

First and foremost, eToro, as one of the best forex brokers in the industry, is heavily regulated. This ensures that you are able to engage with its social trading tools in a safe and secure manner. eToro supports a wide variety of asset classes — which includes more than 2, stocks and ETFs from over 17 international marketplaces.

You should consider whether you can afford to take the high risk of losing your money. The platform also supports cryptocurrencies, commodities, forex, and more. With that said, the most attractive and perhaps innovative social feature offered by eToro is that of its Copy Trading tool. This takes things to the very next level, as you can copy an eToro trader like-for-like. There are thousands of verified eToro users that have joined the Copy Trading program, so you find an investor that meets your financial goals and appetite for risk.

Otherwise, there is a small 0. This includes CFDs, stocks, forex, and cryptocurrencies. In a similar nature to eToro, this top-rated social trading platform allows you to discuss and share ideas with your fellow traders. In terms of finding a trader on NAGA, you can view a full host of useful information to help you decide whether or not they are worth copying.

For example, you can view each and every trade that the individual has made since joining NAGA, and what this amounts to in terms of profitability and loss. You can also dig a little deeper to see how much risk the trader likes to take and whether they prefer short-term or long-term trading strategies. Once you have selected a trader that you like the look of, NAGA offers two options in the terms of executing your position. You can either use the proprietary NAGA Web Platform, which is simple and thus perfect for newbies.

Or, you can also connect NAGA to third-party trading platforms MT4 and MT5, which you can use on your iOS and Android devices. This option is best suited for more experienced online traders. Much like eToro, NAGA also offers a top-rated mobile social trading app, so you're never more than a click away from checking in on your copied traders. When we explored the fee department, NAGA offers commission-free trading on forex, crypto, indices, commodities, and futures.

However, there is a variable commission charged on stock CFDs and ETFs. This averages 0. There are no fees to deposit funds, which is another bonus. However, unlike eToro, NAGA charges a commission when you utilize the copy trading tool. There is, of course, no copy trading commission applicable on losing positions. Finally, NAGA is authorized and regulated by CySEC. FXTM is primarily an online trading platform that specializes in forex and CFDs.

Regarding the latter, this includes stocks, indices, commodities, and more. If, however, you're looking for a top-rated platform that also offers social trading features, FXTM has you covered.

Much like the other social platforms we have included in this social trading review thus far, FXTM allows you to select a trader based on your financial goals, according to your projected investment decisions.

For example, if you're looking to trade currencies in a completely passive nature, FXTM allows you to filter your search by the asset class - in this case, that's forex. Then, you can sort the list of suitable forex market traders by specific metrics - such as monthly average returns. When it comes to the platform itself, FXTM supports MT4 as well as its own web-trader. Either way, FXTM offers some of the best trading fees n the industry.

For example, if you opt for the Cent Account, you can trade commission-free. There are also accounts suited for large-scale traders that come with zero spreads and a low flat commission. Leverage of up to is also offered by FXTM, albeit, your personal limits will be determined by whether or you are a retail or professional trader. Finally, FXTM is heavily regulated in multiple jurisdictions, which includes a license with the FCA and CySEC.

There is no guarantee you will make money with this provider. Although eToro is the industry leader in this space by some distance, there might come a time when you come across a social trading platform that we haven't discussed today. If this is the case, you'll want to ensure that the platform is right for your trading goals before you open an account.

The most important factors that you need to explore when searching for the best social trading platform are discussed in more detail below. First and foremost, you need to check how 'social' your chosen platform is.

For example, while some online brokers simply offer a copy or mirror trading service, others go one step further by offering a complete social experience. For example, eToro allows you to see what your fellow traders are speculating on once you click on an asset.

For example, if you're thinking about trading Bitcoin, you'll find heaps of threads and discussions on the respective trading page. You can join in the conversation by replying to specific posts, 'Like' your preferred viewpoints, and even follow an eToro trader that you like the look of.

It is also important to assess whether your chosen social trading provider offers a proprietary platform. By this, we mean that you can access social and copy trading features directly from the provider's website, so there's no need to download or install any software. We usually find that this is something offered by the best social trading platforms. For those unaware, MT4 is a third-party trading platform that is particularly popular with seasoned pros that use trading signal providers.

The platform essentially sits between you and your chosen broker. In addition to advanced trading tools, MT4 also offers social trading features. At the forefront of this is the ability to copy other traders that are using the MT4 platform.

This is something that more and more brokers are starting to offer, as they understand that some individuals want to invest passively. There are a wide variety of factors that will determine whether or not the copy trading feature offered is worth considering.

We have come across social trading platforms that allow you to copy other traders using the site. But, in many cases, you only have a handful of traders to choose from. This is problematic as there is little chance that you will find a trader that directly meets your financial goals and appetite to risk. At the other end of the spectrum, eToro is home to over , verified copy traders out of 17 million social investors. This is crucial, as you can really do some deep-digging on the trader before you decide to invest.

For example, you can view the historical trading performance of the individual - in terms of average monthly returns. You can also view the average trader duration, which illustrates whether they are a day trader, swing trader, or a long-term buy and hold investor. Other important metrics that can be explored at eToro include preferred asset class, risk rating, and a full biography of the individual's experience and trading goals.

If you decide to use the copy trading feature at your chosen platform, it's important to assess what the minimum investment is. If the amount is too high, this can make it difficult to diversify. Some social trading platforms allow you to copy a trader like-for-like but offer no control over your portfolio. This means that you are unable to add or remove assets yourself. eToro not only allows you to copy your chosen trader but easily adds individual assets to your portfolio as and when you see fit.

For example, you might be copying a forex day trader but at the same time - decide to invest in some blue chips. All social trading platforms are in the business of making money. As such, you need to explore what fees you will be liable for before you open an account. Ultimately, if your chosen copy trader incorporates fees when buying and selling assets on your behalf, you should expect to pay a proportionate amount.

It is important to remember that social trading platforms are still brokerage firms. That is to say, they give you access to the financial markets, and thus - reputation and trust are crucial.

This is why the best social trading platforms are heavily regulated by reputable financial bodies. For example, eToro is licensed by the FCA, ASIC, and CySEC. This means that your funds are stored in segregated bank accounts and all users must be verified.

This also ensures that the social and copy trading features offered by eToro are monitored for fairness and transparency. We should also note that there are two types of auto trading features that you might come across. This guide has so far discussed manual copy trading, meaning that you will be investing in a trader that performs their own research and personally places buy and sell orders.

With that said, some social trading platforms also support algorithmic trading. This means that you will be installing a software file that contained pre-programmed trading conditions. The 'robot' will then buy and sell assets in an autonomous manner - with trading decisions backed by AI and machine learning. In order to benefit from this, your chosen social trading platform must be compatible with the likes of MT4, MT5, ZuluTrade, or cTrader broker platforms.

Although AI trading does come with its benefits, it's a lot more risk-averse to stick with traditional copy trading services. This is because robots are tasked only with following the underlying code of the software file based on an algorithm — meaning they are unable to assess real-time financial news feeds.

A prime example of this is a stock that releases worse-than-expected quarterly results, such as a drop in revenue or operating margin. A human copy trader would be fully aware of this and thus — this is the best way to go.

FXTM itself offers a huge number of forex pairs and there are several account types on offer. Similar to any brokerage, social trading platforms in the country also need to register themselves with the NFA to legally offer services in the country. ACCEPT Read More. Both give Pepperstone traders access to thousands of highly successful traders and trading strategies to copy. Ally Invest.

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