Forex social trading networks – a new Forex trend that picked up the speed in recent years. And why not, when the idea of being connected with other Forex traders on the network benefits everyone!
Forex social trading networks is a social environment that offers interaction between active Forex traders in real time. It allows quick communication, sharing of trading signals, auto-trading and synchronization of order executions between several accounts (between a signal provider and followers) and, of course, commercialization of own trading strategy through selling signal subscriptions to traders.
Social Forex trading offers significant benefits of sharing knowledge with others. Novice traders can follow more experienced traders, while the rest can simply select and subscribe to one of hundreds of Forex signal providers (traders who’s strategies have been showing good performance) and have their own trading adjusted and improved as well (at least that’s the plan).
Social trading networks started as independent projects, but nowadays Forex brokers are more and more interested in having their own trading networks available for their clients, since it provides extra features, among which the most desirable is interaction among traders which stimulates active trading.
Brokers who offer Forex Social Trading Networks to own clients:
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|Forex Broker||Social Trading Network||Minimum account||Trading platforms||Fees|
|BlackBull Markets||Myfxbook AutoTrade||$100||MT4||free membership|
|CM Trading||Sirix CopyKat||$250||Sirix||Spreads|
|Gallant Capital Markets||Trade Copier||$250||MT4||Spreads|
|InstaForex||ForexCopy System||$1||MT4||Commission per deal or profit sharing|
|Forex-Metal||FX Replitrader||$1||MT4||Spreads + % commission set by a signal provider|
|Forex4you||Share4you||$1||MT4||Followers: Free membership. Fixed commission $8 per lot.
Providers: Free membership. Earn from $4 – $7.2 per lot (depending on performance and copied volume) from total copied volume of follower’s orders.
|FXOptimax||Myfxbook AutoTrade||$1000||MT4||free membership|
|GDMFX||Social & Autotrading||$100||MT4|
|GO Markets||GO MT4 Community||$500||MT4|
|Larson&Holz||First social trading network||$25||MT4||Copying traders – in development. Traders “talk” is available.|
|LiteForex||Social Trading Platform||$500||MT4||profit sharing (%) + commission|
|MaxFX||Myfxbook AutoTrade, cMirror||$200||MT4, cTrader|
|MFX Broker||MFX Social Trading||$1|
|MXT Global||FX Copy||$100||MT4||free membership|
|Nova FX Trading||FX Replitrader||$500||MT4||Spreads + % commission set by a signal provider|
|OneTrade||FXSTAT (TLEX)||$1||$0.55 per mini lot per side|
|TeleTrade||Synchronous Trading||$100||MT4, MT5||Spreads|
|USGFX||ZuluTrade, Myfxbook||$100||MT4||free membership|
|Vantage FX||FX Copy, Myfxbook||$100||MT4||free membership|
|Windsor Brokers||SAWA||$100||MT4, MT5||Spreads|
Independent Social Trading Networks
Independent Social Trading Networks are networks that don’t belong to any particular broker. They run independently, however allow connecting existing trading accounts from different brokers into the network. This way traders can interact not only within the limited circle of clients from 1 broker, but rather with many traders who trade with different brokers.
Independent Social Trading Networks:
|Social Trading Network||Supported platforms||Commission structure & fees|
|Collective2||MT4, Trade Station, Ninja Trader||Followers: pay % per position copied, established by the provider
Providers: pay $98 for 6 months for being a provider
|FX Copy||MT4||Followers: Free membership
Providers: Free membership
|FX Junction||MT4, MT5||Followers: 1 pip per standard lot traded
Providers: Free membership
|FXSTAT||MT4, MT5, Trading Station, Web based platforms||Followers: Fixed commission per trade ($8-10/per lot) or % for successful trades
Providers: Free membership. Earn 50% commission for each transaction.
|Liga Forex||Liga Forex||Commission structure – spreads – is set by each Forex broker, who uses the platform.|
|MyFxServices||MT4, JForex||Commission per profit sharing depending on the provider you copy.|
|Mirror Trader||Mirror Trader||Commission structure – spreads – is set by each Forex broker, who uses the platform.|
|Myfxbook||MT4, MT5, fxTrade/fxTrade Practice, FXCM Trading Station and Strategy Trader||Followers: Free membership or a markup spread (depending on a broker)
Providers: Free membership. Earn 0.5 pips per winning trade
|Tradeo||Tradeo||Commission structure – spreads – is set by each Forex broker, who uses the platform.|
|ZuluTrade||MT4, MT5||Followers: Free membership, pay spreads (depending on a broker)
Providers: Free membership. Earn 0.5 pips per lot traded
Did we miss any Forex Social Trading Network/Platform?
Please suggest by adding a comment below.
We’ve reviewed some of our favourite social trading platforms, see below:
Platforms like this make trading the Forex market a lot considerably easier, they help implement risk management by giving traders the tools to do so (normally in the form of automatic orders) and also allow you to perform technical analysis by providing charting platforms. These platforms are only benefiting the financial trading space.