In page navigation
- 1. Compare the 7 best social copy trading platforms in 2024
- 2. Best social trading networks for copy trading overall for 2024
- 3. What are the best copy trading platforms?
- 4. Top 7 social copy trading platforms, reviewed
- 5. The best copy trading platforms for your needs
- 6. What is a social trading platform?
- 7. Quick answers to key questions
- 8. How should I choose a social trading platform?
- 9. Should I use a social trading platform?
- 10. FAQs
Compare the 7 best social copy trading platforms in 2024
Our experts ran a series of tests on all the leading social and copy trading services to put together a definitive list of the best options. We rated each trading platform according to its cost, how many other users there are, and how easy it is to verify each trader’s track record.
Best social trading networks for copy trading overall for 2024Copy link to section
What are the best copy trading platforms?Copy link to section
These platforms offer the best trading experience and you can sign up right now by following any of the links below. To find out what each platform is best for, scroll down to keep reading.
77% of retail CFD accounts lose money.
Top 7 social copy trading platforms, reviewedCopy link to section
1. eToro. Best for beginners, copy-trading & demo-account
Pros & Cons
We love eToro because you can trade more than 3,000 stocks, commission free. When you buy stocks on eToro, you’re buying the underlying asset, which means you can earn dividends. Or you can trade fractional shares, which means you can invest in even the most expensive stock from just $10.
As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see what’s trending on the stock market every day, browse the latest analyst opinion about every one of those stocks, and copy other people’s trade suggestions from your desktop or the eToro app.
The fees: Stock and ETF trades are commission free. Stock CFDs are charged a 0.15% spread and overnight fees can apply. You can deposit money for free but you have to pay $5 per withdrawal, and there’s a minimum withdrawal of $30. A $10 per month activity fee is charged if you don’t log in for a year.
77% of retail CFD accounts lose money.
2. Plus500. Best for international CFD trading*
Pros & Cons
We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you make a trade. Its technology driven platform gives access to CFDs on over 2000 stocks.
Plus500 has something for all types of stock trader, no matter what level of experience. Its zero commission and tight spreads make it a top choice for day traders and its trading academy is packed with educational content, perfect for beginners just starting.
For accurate instrument availability, visit plus500.com.
The fees: There are no commission fees on any trades with Plus500 and it makes it money through the Bid/Ask spread. Spread starts from 0.01% and varies depending on the instrument. Additional fees include overnight funding depending on trade size and guaranteed stop orders, which add a minimum of 10% to the spread. There is an inactivity charge of £10 per month for accounts not logged in for three months.
*Based on a comparison of 60+ leading brokers and trading platforms.
Buy or sell stock CFDs with Plus500. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
3. Best online broker for range of markets
Pros & Cons
We love Interactive Brokers because it has one of the widest selections of tradable assets we’ve ever seen. IBKR is one of the best-known and longest-running brokers in the world and when you create an account you’ll have access to tens of thousands of stocks, ETFs, funds, indices, currencies, bonds, and cryptocurrencies.
Besides lots of markets, Interactive Brokers also offers a good range of additional tools and features including risk management tools, cutting-edge portfolio management services, and the ability to automate your trading system through ready-made or custom-built algorithms.
The fees: Charges vary depending on the asset you’re trading. Stocks and ETFs are commission-free, as are most funds. Options fees range from $0.15 to $0.65 per option contract. Cryptocurrency fees range between 0.12% to 0.18% of the trade value. Forex trades have commissions which can be as low as a fraction of a pip.
4. Public. Best for sharing beginner trading ideas
Pros & Cons
We love Public because it’s a social platform where you can share trading tips and get ideas from other people. Public offers 9,000+ financial instruments, including cryptocurrencies and stocks from around the world.
Alongside a community of other investors all sharing their ideas, Public offers real time news and information so that you can see the full picture before you invest. And the assets don’t just include your run-of-the-mill assets; you can make alternative investments in things like handbags and comic books as well.
The fees: There are no fees for investing in stocks during regular trading hours in the US – 9.30am-4pm EST. There is a $2.99 fee for trades outside of regular hours.
5. Degiro. Best for 0% commission on US stocks
Pros & Cons
We love Degiro because it offers a simple trading platform so that you can trade quickly and easily wherever you are. Degiro offers stock trading on 50 stock exchanges in 30 countries, including the US, UK, and all leading European markets, with free stock trading on all US stocks.
Degiro has won 86 international awards and is one of the largest companies in Germany. All its services are available online or via the Degiro app. The website also boasts a huge range of educational material, including an Investor’s Academy, to help you get started.
The fees: All stock trades come with a €1 handling fee. US stock trading has no other fees, UK stock trading costs $1.75, and European stock trading costs €3.90. The rest of the world costs €5. A core selection of ETFs are free to trade, other global ETFs cost €2 plus a €1 handling fee. Derivative trading costs €0.75. There are no inactivity, deposit, or withdrawal fees.
Investing involves risk of loss
The best copy trading platforms for your needsCopy link to section
What’s the best social network for traders?Copy link to section
Zulutrade has the best social trading features. It is not a broker itself, but like a live trading feed that integrates with your brokerage account.
What is the best copy trading platform?Copy link to section
eToro, thanks to its unique CopyTrader feature. eToro’s CopyTrader is like a social media feed plugged into your trading account, where you can copy positions from your feed to your account at the touch of a button.
Which platform is best for copying forex trades?Copy link to section
AvaTrade is best for copy trading forex. You can copy trades directly or link your account to a social trading network, like Zulutrade, and add trades to your account from there.
What is the best platform for copy trading crypto?Copy link to section
eToro. It offers a wide range of cryptocurrencies along with a quality copy trading service. You can trade 70+ crypto coins, including the most popular digital assets, Bitcoin, Ethereum, and Dogecoin.
What is the best platform for copy trading stocks?Copy link to section
Zulutrade, because you can connect it to any leading stock broker and access thousands of stocks. You can find hundreds of traders to follow, all with an in-depth knowledge of the stock market.
What is a social trading platform?Copy link to section
Social trading platforms are stock brokers that allow users to take advantage of a wide range of ‘social’ features, such as viewing others trading strategies, or copying their trades. These services offer a trading experience that’s more tailored to new or casual traders, with more experienced investors offering their advice and expertise for others to follow.
What is social trading?Copy link to section
It’s a form of trading that works like a social network. Traders interact with each other, use those interactions to improve their trading strategy, and copy each other’s trades. It’s a good way for beginners to learn from more experienced users by following the thought process that makes them buy or sell an asset, or seeing a particular trading strategy in action.
If you would like to learn more and create your own trading strategies, on this site you can also find other interesting articles written by our finance experts, related to the best day-trading platforms, the top trading apps and more.
How does social trading work?Copy link to section
Social trading works by offering a platform for beginners and experienced traders to interact. Professional traders can post their trades and other users can comment on each one, or copy them to open their own position immediately.
Similar to social networks like Instagram or Twitter, users are able to gain followers by offering the best content. Traders who prove themselves with the best performance over a long period of time can end up with a large number of followers.
Often the trader can make money based on the number of people following each trade. Sometimes by charging for access to their trades, other times the platform pays them a commission based on the amount of trades that are copied.
What is copy trading?Copy link to section
It’s the act of copying another investor’s trades straight to your brokerage account. Ideally, the other investor is more experienced and successful than you in the financial markets. It’s a way for new traders to start following a profitable trading strategy without doing the research themselves.
Copy trading often goes hand in hand with social trading, as you can use one of these platforms to curate your own feed, like a social media network. Each trader posts trade ideas, with some reasoning that explains why they’ve made a particular move, and you can then copy that trade straight to your own account.
Many copy trading brokers allow you to audit each person’s track record, so you can find and follow only the most successful traders.
Quick answers to key questionsCopy link to section
Is social trading the same as copy trading?Copy link to section
They are similar but with social trading the emphasis is on the social: these platforms give you the chance to interact and share ideas with other users, like a social network. Copy trading is a more transactional form of trading where you can simply copy someone else’s trades onto your own account.
Copy trading can be manual, where you follow another trader on a social trading network and copy the positions you like. It can also turn into mirror trading, which is essentially an automated version of this process. You can set up alerts or trading signals through an algorithmic trading service and simply copy every trade it sends you to your own broker account.
Is mirror trading the same as copy trading?Copy link to section
Yes, but mirror trading is automatic while a copy trading method is manual. Mirror trading is when you set up your account to automatically follow all the trades from another trader’s account. Copy trading, meanwhile, involves more manual selection: you follow a trader and decide which trades to copy.
Mirror trading is most common in the forex markets. Some people choose to set up their account to automatically copy trade forex positions from more experienced currency trader. However, it isn’t exclusive to forex, you can also use the same method to copy trade stocks or crypto.
How much does it cost to use a copy trading broker?Copy link to section
The best copy trading platforms do not charge any fees for copying other traders. It’s normally possible to join a network for free and you can browse and copy other users without incurring a charge.
However, there may be a minimum deposit that you have to meet in order to open an account. For example, a social trading platform may allow you to copy other traders for free, as long as you deposit a minimum of $200 into your trading account.
If you want to mirror trades (mirror trading is where trades are copied automatically to your broker account) then there is sometimes a fee.
Which is the best social investing network?Copy link to section
eToro is the best social investment network. It has millions of copy traders from 140 countries around the world, which makes it a fertile ground for sharing ideas and trade suggestions.
What is the most popular copy trading platform?Copy link to section
Again, eToro is the most popular copy trading app. It gives you the chance to audit any user you want to copy trades from to check that they have a strong track record. This has helped it attract millions of new users to the platform.
Do I need any copy trading software?Copy link to section
No, the best social trading platforms do no require you to download anything. You can copy trade from web browser or mobile app, all you need to do is sign into your account.
Can I copy trade via MT4?Copy link to section
Yes, you can copy trades to your broker account through the MetaTrader 4 software. Most brokers integrate with MT4, the software simply gives you more freedom to analyse the market and learn trading strategies.
How should I choose a social trading platform?Copy link to section
The most important thing is to look for a broker with social or copy trading features. That means the ability to audit other users and their trading record so that you only follow the most successful traders.
- Fees. Pick a platform that charges the lowest trading fees. While the social network aspect is usually free, you may have to pay to place trades. This is very important if you plan to make a lot of trades.
- Choice of assets. Social trading platforms initially became popular as a way of copy trading forex markets. However, as time has progressed most copy trading software now lets you trade lots of assets and you’ll need to make sure what you want to trade is available. You can copy trade crypto, stocks, or currency markets, so there are lots of options.
- Reliability. When copying a trade there will be a slight delay before it’s executed on your platform. This could mean you get a worse price than advertised by the trader. Read customer reviews on each platform to get an idea of how reliable and fast its trading service is.
- Number of users. Platforms with the highest number of users tend to be the best and offer the widest choice of traders to copy or learn from. You’ll find it easier to search for profitable traders to copy for each specific asset class you wish to trade. Connecting with other users via the platform is also a much smoother process.
- In depth trading history and information. If you plan to use a social trading platform to copy other users, you will find it beneficial to have as much information about their trading history as possible. When choosing a copy trading service, it’s important to look out for one that offers in-depth history for all of its traders on the network.
Should I use a social trading platform?Copy link to section
Social trading platforms are great for beginners. It’s a lot easier to learn by following the decisions of more experienced traders, and you can make money along the way. Most social trading platforms offer a simple copy trading option and you can automate your trades if you want.
Experienced traders should also consider the benefits of social trading platforms. Professionals are able to earn passive income from allowing other users to copy their trades. Or they can increase their profits by copying or engaging with other traders who have a profitable track record.
All these platforms also let you track your own performance. This makes it easy to keep tabs on your copied trades and profits. It’s possible to build a diversified portfolio of the best traders on each network and copy trades from different assets. Using online copy trading brokers means you spread your money around different investments while profiting from someone else’s expertise.
Pros and cons of social tradingCopy link to section
ProsCopy link to section
- Beginners can learn faster by copying the pros
- It’s easy to set up an account and start trading
- You can copy or follow traders who focus on a range of different asset classes
- The best copy trading brokers make it easy to analyse top performing traders
FAQsCopy link to section
Most social trading platforms let you trade a range of the most common assets including stocks, forex, indices, commodities, and cryptocurrencies.
Some make money by charging a monthly fee. Although most copy trading platforms are free to use. The free platforms make money through spreads and commissions. The more trades you copy, the more money the platform will make.
Yes, although you always run the risk of copying an expert or professional who may stop being profitable. The best platforms let you limit your risk by either trading a small percentage of your total account for each trade you copy, or allocating a set amount of your copy trading account to one specific user.
For successful copy trading on the best social trading platforms you should use risk management tools for added protection.
It is possible to, although there is no guarantee. Novice traders, using a social trading platform may find it an excellent way to learn from the pros, while profiting at the same time. If you are an experienced trader, social trading features can boost your profits by either allowing others to copy your trade (for a fee), copying other professionals, or sharing your trading ideas.
Yes, It is possible to use social trading platforms to copy crypto traders who specialise in coins like bitcoin, ethereum, litecoin, and many others.
It can be, but it will all depend on who you copy. If you find a provider that is consistently profitable then the chances of you making money too are higher. Although there is always the risk of losing money when trading.
This is particularly the case when it comes to trading CFDs. The majority of retail CFD accounts lose money, so you can use copy trading as a means to reduce the risk of losing money when you first start out.
Over time, a 10-20% ROI (return on investment) is a good result. You may be able to find traders who generate greater short term returns, but that usually means they’re taking on more risk.
Yes, you can copy trade on Zerodha. You can connect your Zerodha account with social trading networks through an API and send trades directly to your account.
Yes, copy trading is completely legal. Make sure to use a regulated broker so that you benefit from investor protection, but there are no legal restrictions on social or copy trading.
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >