Compare the 7 best social copy trading platforms in 2024

We asked our panel of trading experts to rank and review the best copy trading platforms and social networks. Read on to find out which broker came out on top.
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Updated: May 13, 2024
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Over the past decade, social copy trading platforms have emerged as game changers allowing traders of all experience levels to capitalize on the expertise of successful investors. This beginner friendly guide includes a list of the best copy trading platforms available, as selected and evaluated by our team of expert traders. 

Through an extensive review process, we have searched the market and analyzed many copy trading platforms. Taking into account factors such as quality, performance, user-friendliness, and range of available markets our team have chosen the top social copy trading platform in 2024. 

Each platform has been rigorously tested, including live trading simulations, assessing accuracy, and evaluating risk management strategies. The result is a definitive list of the best copy trading platforms available today. 

Best social trading networks for copy trading overall for 2024

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  1. TastyTrade: Best for options trading like a pro
  2. TradeStation: Best for fast & reliable trading with institutional-grade tools
  3. eToro: Best for beginners, copy-trading & demo-account
  4. Public: Best for sharing beginner trading ideas

What are the best copy trading platforms?

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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.

1
Min. Deposit
9 €
Best offer
User Score
10
Award-winning Cryptocurrency trading platform
14 Cryptoassets available to invest in
FCA & Cysec regulated
Start Trading
Payment Methods:
Bank Transfer, Debit Card, PayPal, Credit Card, Wire Transfer
Full Regulations:
CySEC, FCA

51% of retail CFD accounts lose money. Your capital is at risk.

Top 7 social copy trading platforms, reviewed

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1. TastyTrade: Best for options trading like a pro

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TastyTrade logo

...

Fees

...

Minimum deposit

20

No. assets

No

Demo/virtual account

Overview

We love TastyTrade because it’s an options trading platform built by market experts. TastyTrade is the latest piece of trading software built by the industry veterans who created thinkorswim, another hugely successful broker that made professional trading accessible to the everyday trader.

While TastyTrade offers stock and ETF trading, its core functionality lies in options and futures contracts. Notably, they recently added the ability to trade spot Bitcoin ETFs, catering to the growing interest in cryptocurrency. However, keep in mind their focus is on US markets; you won’t find international stocks or mutual funds here.

What truly sets TastyTrade apart are a competitive pricing structure and its dedication to options education. They heavily invest in educational content through their platform, tastylive, offering free webinars, tutorials, and resources specifically geared towards options trading. This focus is crucial as options involve a steeper learning curve compared to stock investing.

The fees: There are zero commissions on straight up stock & ETF trades. Stock options are charged a $1 fee to open and zero commission to close a position. Futures start from $0.25 per side. Crypto trades cost 1% of the total position on open and close.

Highlights

Visit TastyTrade TastyTrade Review

2. TradeStation: Best for fast & reliable trading with institutional-grade tools

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TradeStation_Logo

...

Fees

...

Minimum deposit

20

No. assets

No

Demo/virtual account

Overview

We love TradeStation because TradeStation it offers rapid trade execution in a simple, convenient package that’s packed with trading tools. TradeStation is a well-established online broker known for its powerful desktop platform and extensive toolkit for active investors.

Once catering primarily to professionals, TradeStation has expanded to accommodate individual investors seeking a feature-rich trading experience. It now offers a wide range of assets, including stocks, ETFs, bonds, options, and futures contracts. This variety allows users to implement diverse trading strategies. They also recently introduced commission-free trading for stocks and ETFs under a specific share threshold, making it attractive for active day traders.

The true strength of TradeStation lies in its desktop platform. It’s highly customizable, enabling users to design personalized layouts, technical indicators, and even code their own trading strategies. Another huge benefit is the fact that TradeStation offers paper trading, allowing you to test and refine your strategies before risking real capital.

The fees: Stocks & ETFs are commission free. Stock options come with a $0.60 fee per contract, while futures contracts start from $0.50 per contract, per side. Investing in bonds and mutual funds is significantly more expensive.

Highlights

Visit TradeStation TradeStation Review

3. eToro. Best for beginners, copy-trading & demo-account

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0% commission

Fees

$100

Minimum deposit

4,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Great for beginners, simple to set up and get started Competitive, industry-leading commissions Popular ‘Copy Portfolios’ function lets you follow top traders Excellent customer service, with live chat support provided
Comparatively high fees for withdrawals and account inactivity Does not integrate with the MetaTrader platform High spreads on some assets

Overview

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.

Highlights

Visit eToro eToro Review

51% of retail CFD accounts lose money. Your capital is at risk.

4. Public. Best for sharing beginner trading ideas

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public.com logo

...

Fees

...

Minimum deposit

...

No. assets

No

Demo/virtual account

Pros & Cons

Commission free stock and ETF investing Share and compare your portfolio on a social trading platform Trade crypto, fractional shares, and alternative investments
You can't trade on margin or use leverage No forex, options, funds, metals, or bonds

Overview

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.

Highlights

Visit Review
Cryptocurrency execution and custody services are provided by Apex Crypto LLC (NMLS ID 1828849) through a software licensing agreement between Apex Crypto LLC and Public Crypto LLC. Crypto trading on Public platforms is served by Public Crypto LLC and offered through APEX Crypto. Please ensure that you fully understand the risks involved before trading.

The best copy trading platforms for your needs

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What’s the best social network for traders?

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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?

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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. Thanks to its wide selection of markets, eToro is also the best crypto copy trading platform.

Which platform is best for copying forex trades?

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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?

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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?

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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?

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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.

Social trading vs Copy trading

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Social trading and copy trading share many similarities, but there are a few key differences that separate the two. Below is a brief explanation of each to help you decide which is the right option for you.

What is social trading?

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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.

What is copy trading?

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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 questions

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Is social trading the same as copy trading?

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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?

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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?

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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. You should also account for brokerage fees, which will vary depending on the copy trading platform you use. Here’s a closer look:

Fee Plus500 fees TastyTrade fees TradeStation fees
Trading fees No
Inactivity fees Yes
Rollover/overnight fees Yes
Withdrawal fees No
Spreads Yes
Conversion fees Yes
View more > Plus500 > TastyTrade > TradeStation >

Which is the best social investing network?

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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.

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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?

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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?

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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 profitable is copy trading?

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Profits from copy trading can vary greatly depending on several factors, such as the trading style and past performance of the traders or signal providers you choose to copy, the markets and trading instruments involved, and your own risk management settings.  

It’s crucial to understand that past success does not guarantee future results. Things like market conditions, average trade duration, and the risk tolerance of the copied trader can impact profitability. Copy trading can potentially provide an easier entry point for beginner traders or new investors to benefit from the expertise of seasoned traders with an established track record.

Can you copy trade in USA?

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Yes, copy trading is available to traders in the United States, but it is subject to regulatory governance by agencies like the Commodity Futures Trading Commission (CFTC). Forex copy trading and cryptocurrency copy trading are allowed, but providers must comply with relevant regulations to operate legally in the US market.

Some best copy trading platforms and forex brokers specifically cater to US-based traders, offering regulated copy trading services and ensuring compliance with CFTC rules. 

Is copy trading regulated?

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Yes, copy trading is regulated in many jurisdictions, as it falls under the broader umbrella of financial services and investment advice. Regulatory bodies aim to ensure that copy trading platforms and signal providers operate transparently and ethically, protecting the interests of retail investors.

In the United States, the Commodity Futures Trading Commission (CFTC) oversees the regulation of copy trading services, particularly in the forex market and commodity futures trading.

Other regions, like the European Union, have similar regulatory frameworks from agencies like CySEC and the FCA in place to govern copy trading activities and ensure consumer protection. Here’s a look at the regulatory status of the best copy trading platforms in 2024.

Region Plus500 regulators TastyTrade regulators TradeStation regulators
Africa FSA
Asia
Australasia ASIC, FMA
Europe FCA, CySEC
International
North America
South America
View more > Plus500 > TastyTrade > TradeStation >

What markets can I use copy trading on?

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Copy trading is available across various financial markets, allowing you to replicate the strategies of successful investors in multiple asset classes. Some of the most common markets where copy trading is offered include forex, stocks, cryptocurrencies, and commodities. Here’s a look t the available markets on the most popular copy social platforms:

Product Plus500 assets TastyTrade assets TradeStation assets
Stock CFDs 1,800+
ETF CFDs 100+
Forex CFDs 50+
Crypto CFDs 40+
Index CFDs 20+
Commodity CFDs 20+
View more > Plus500 > TastyTrade > TradeStation >

Note that all listed instruments on Plus500 are available to trade as CFDs.

How should I choose a social trading platform?

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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. 
OK, I’m ready to start social trading now

How to choose a copy trader

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Choosing a copy trader can be a time consuming task as there’s lots of information to analyse before making your decision. Use our tips in the guide below to help find the best copy trader for your needs:

Research top copy trading platforms

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Take the time to find a reputable and user-friendly copy trading platform that offers a diverse range of seasoned traders, trading instruments, and risk management tools. Look for platforms catering to your preferred markets, such as forex copy trading, stock trading, cryptocurrency copy trading, or CFD trading.

Analyse trading history and performance

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Next you should evaluate the past performance, profitable trades, average trade duration, and established track record of potential copy traders or signal providers. Check if their trading style and investment strategy align with your goals and risk tolerance. 

Many of the best copy trading platforms have leaderboards. For example, you can easily find the best traders to copy on eToro using our handy guide. 

Consider trader activity and engagement

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Assess how frequently the trader executes trades, their average trade duration, and their level of transparency in sharing trading ideas and market analysis. An active and engaged trader can provide valuable insights and help you decide if they are the right person to copy trade. 

Review risk management practices

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This is an important step so make sure you ensure the copy traders prioritize proper risk management settings and employ effective techniques to protect their trading accounts. Look for traders who demonstrate a solid understanding of risk management principles.

Test with a demo account

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Many top copy trading platforms and best forex brokers offer demo accounts for copy trading. Use this feature to evaluate a trader’s performance without risking real capital before deciding to automatically copy their trades.

Diversify your portfolio

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Consider copying multiple traders with diverse strategies and risk profiles to diversify your portfolio and potentially generate profits across different market conditions. This can help mitigate the impact of any single trader’s underperformance.

Should I use a social trading platform?

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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 trading

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Pros

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  • 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

Cons

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Register with a social trading platform

FAQs

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How do copy trading brokers make money?
Is social trading safe?
Can I make a lot of money through copy trading?
Can I copy cryptocurrency traders?
How profitable is copy trading?
Does Zerodha have copy trading?
Is copy trading legal?


Sources & references
Risk disclaimer
Prash Raval
Financial Writer
Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.
James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.