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The Best Copy Trading Platforms in 2021

If you are looking for the best copy trading platform in 2021, the following section is for you. Here you will find detailed information and a comparison of the best copy trading platforms. We’ll briefly discuss how copy trading platforms work and help you so you can choose the right platform for you.

A copy-trading platform allows a trader to copy trades from professionals who make regular profits. Therefore, it is an exciting source of making money without having any practical knowledge of trading. However, it is often difficult for traders to find a reliable copy trading platform, but after reading this article, you will learn how a copy trading platform works and we will present you with a list of reliable copy trading platforms.

Our List of the Best Copy Trading Platforms

A copy trading platform connects profitable traders and investors. Therefore, people can earn money without having the exact trading knowledge, only by following them.

We have made a list of the best copy trading platforms below, based on service, trust, commission, and other factors:

1
Min. Deposit
$200
Exclusive promotion
Our score
10
Copy and Social Trading Platform open to 50 Top notch Brokers
Regulated in EU and Japan
Advanced Trading Strategies to Copy
Start Trading
Payment Methods:
Bitcoin, China UnionPay, Mastercard, QIWI, Visa, neteller, skrill
Full Regulations:
2
Min. Deposit
$50
Exclusive promotion
Our score
9.3
Award-winning Cryptocurrency trading platform
14 Cryptoassets available to invest in
FCA & Cysec regulated
Start Trading
Payment Methods:
Bank Transfer, Wire Transfer
Full Regulations:
CySEC, FCA

What is a Copy Trading Platform?

Copy trading is a practice of copying other traders’ trading positions using a platform known as a copy trading platform.

Copy trading is prevalent among forex traders. Therefore, many forex brokers allow built-in copy trading opportunities through their platforms. In the built-in copy trading platform, investors can see the traders’ list based on their performance. Therefore, investors have to fund his trading account and choose the one from whom he is willing to copy trades. 

In some cases, brokers offer social trading, another form of copy trading. In social trading, the list of copy service providers is available publicly from where an investor should choose one.

Later on, if we go beyond a single broker, we will see other platforms that offer copy trading from multiple brokers. In that case, traders from the listed brokers can follow other traders’ trade through a platform known as Social Trading Hub.

How Does a Copy Trading Platform Work?

In copy trading, investors can connect another trader’s portfolio to copy trades from him. The copy trading would be instant, and it will be executed automatically based on some conditions.

Among conditions, there is a percentage of risk per trade, fixed lot size, or proportionate lot size.

In the percentage of risk per trade, every trade is executed based on the investment and risk. For example, if you invest $5000 and set 2% risk per trade, your trades will be executed at $100 risk per trade, regardless of the size the copy service provider takes.

The most important part of the copy trading platform is the list of traders. Here, you will see the most successful traders first and the less successful traders last, chronologically. Moreover, you can see the details of trading history and trading styles to find the exact person to whom you can give access to your account.

The overall process happens within a server. Therefore, there is no risk of missing out on any trades. Moreover, some custom-made copy trading platforms use VPS to run multiple brokers at a time. 

Key Features to Look for in a Copy Trading Platform

In this section, we will see the list of factors that you should consider while choosing a copy trading platform. There are many types of copy trading platforms in the world, but not all will be perfect for you. So, you should find a copy trading platform that has features from the below-mentioned list:

Diversification

In any copy trading platform, you should consider the availability of trading assets. If the platform allows trading assets from forex, stock, indices, commodities, or cryptocurrencies, you should definitely follow it.

Profitable Traders

It is the main feature of a copy trading platform. Most of the copy trading platforms have a list of traders based on their performance so that you can directly follow trades from them in your account.

Trading Functions

The invested amount of copy trading providers and copy traders might not be the same. Therefore, you should find a copy trading platform that allows trading based on the proportionate investments. 

Pros & Cons of Using a Copy Trading Platform

Pros

A copy-trading platform works as a connector between successful traders and investors.
You can manage multiple accounts with a copy trading platform.
Profitable traders can manage your funds through the copy trading platform.
You can diversify your trading portfolio by trading in multiple sectors.

Cons

There is no alternative to making money with your own account and own strategy.
There is a risk of losing money if the copy trading providers take the wrong decision.
Copy trading platforms discourage traders to trade and influence to take service from them.

How to Choose the Best Copy Trading Platform for Me?

If you are focusing on making money online, you should find a reliable copy trading platform and successful copy trading providers. Later on, you can start making money by connecting your accounts with them.

However, the best approach is to find a copy trading platform that supports multiple brokers. In that case, you will see a pool of traders from where it will be easy to find profitable service providers. 

However, every copy trading service has some fees, and you should consider using the service at a lower cost.

How to Safely use the best Copy Trading Platform to Make Money Online Trading?

Copy-trading relies on social networks and the social trading system where one trader opens a trade, and it broadcasts through the web, and investors can copy trades directly to their accounts. If you want to remain safe, you should not rely on a single platform. You can divide your investment and allow multiple traders from any copy trading platforms. In that case, if any traders make a loss, you can make money from another trader. Moreover, you should research the functionalities of every platform to find the most reliable one. Copy-trading platforms take a fee from traders, so your aim should be finding a low-cost platform with maximum benefits.
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Conclusion

There are some risks associated with a copy trading platform that you cannot ignore. In forex trading, there is no holy grail system that can guarantee you a 100% profit. Therefore, even if you follow trades from a successful trader, you might make a loss.

Therefore, you should minimize the risk by diversifying the portfolio and make a regular withdrawal to keep funds away from the platform.

Frequently Asked Questions

  1. No, all copy trading platforms are not regulated.

  2. The best copy trading platform allows traders to copy trades from multiple brokers at a low cost.

  3. Yes, they do. Most of the copy trading platforms allow trading in stocks, commodities, indices, metals, and cryptocurrencies.

  4. You don’t have to open accounts for built-in copy trading with MT4, but you can open an account in any third-party platforms by following some easy steps.

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