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Compare the best social trading platforms in 2022
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Social trading platforms have grown in popularity in recent years, especially among new retail traders entering the market, and there are many to choose from. We’ve selected the best trading platforms for all levels of traders, what to look out for when choosing one, and why you should consider using one.
What are the best social trading platforms?
These platforms offer the best social 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.
Top social trading platforms
1. eToro: Best social trading platform overall
eToro is the best social trading platform because of the range of services on offer. You can trade traditional assets like stocks and forex, along with cryptocurrencies, indices, and ETFs. The interface is extremely easy to use and you can find a social trading network on the ‘Discover’ tab.
As a leading copy-trading platform, eToro’s ‘CopyTrader’ feature allows users to track the performance of top traders on the platform, see their stats, and follow their trades. The best traders explain why they make each move and are given a rating based on their success rate.
It’s free to use eToro’s social trading feature. All you have to do is register to start using it, and it’s easy to copy each trade straight to your eToro account.
- Easy to find a trader’s track record
- Copy trade in one click
- Fully regulated and available in more than 100 countries
- Lots of educational resources
- Can trade with virtual money to practice
68% 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
2. Zulutrade: Best for beginners
Zulutrade is perfect for new traders who have never used social trading before. It focuses solely on social trading and does not offer brokerage services. However, it has partnerships with many leading brokers which you can use to place your trades.
Zulutrade uses a custom algorithm to rank traders by how much profit they make. You can search for the top rated traders and analyse statistics before following or copying trades. When you have copied a trader, you are able to set risk parameters and the whole process is automatic, making it an excellent trading platform for beginners.
Zulutrade is free to use, but it does offer a profit sharing account which costs $30 per month.
- Great for beginners
- Automated trading
- Traders ranked according to performance
- Set your own risk tolerance
3. Naga: Best for experienced traders
Naga is the best social trading app for experienced users because of the wide range of assets available. With Naga you can trade forex, stocks, commodities, ETFs, indices, and cryptocurrencies.
Naga has its own social trading platform known as Autocopy. Autocopy features a leaderboard to make it easy for anyone to find the top performing traders on the network and copy their trades with just a few clicks.
Naga charges a flat fee of $0.50 for each trade copied. Experienced traders who may wish to earn money from their own trades can benefit from instant payouts when they are copied.
- Wide range of assets available
- Advanced features like leverage are available
- Copy trade from your mobile app
What is social trading?
It’s a form of trading that works like a social network. Traders interact with each other, learn strategies, and copy each other’s trades. It’s a good way for beginners to learn from experienced traders by following the thought process that makes them buy or sell an asset.
In addition, if you would like to learn more, 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?
Social trading works by offering a platform for beginners and experienced traders to interact. The professionals post their trades and other users can comment on it, or copy it 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.
How should I choose a social trading platform?
- 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. When social trading platforms initially became popular they were predominantly focused on forex trading. However, as time has progressed most platforms offer lots of assets and you’ll need to make sure what you want to trade is available.
- 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 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 platform, 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?
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 social trading 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 social trading platforms lets you spread your money around different investments while profiting from someone else’s expertise.
Pros and cons of social trading
- 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 platforms make it easy to analyse top performing traders
What are the fees for social trading?
There is no set fee and it will vary depending on the platform you use. It’s normally possible to join a network for free and you can browse and copy other users without incurring a charge. If you want to mirror trades (where trades are copied automatically to your broker account) then there is sometimes a fee.
The best platforms do not charge any fees for copying other traders. However, there are minimum requirements in terms of the size of your 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.
Most social trading platforms let you trade a range of the most common assets including stocks, forex, indices, commodities, and cryptocurrencies.
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 account to one specific user.
Overall eToro offers the best services for social trading. Further up this page we have explained what makes eToro’s platform stand out from the crowd.
It is possible to, although there is no guarantee. If you are a beginner, using a social trading platform is an excellent way to learn from the pros, while profiting at the same time. If you are an experienced trader, you can use social trading platforms to boost your profits by either allowing others to copy your trade (for a fee), or copying other professionals.
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 will vary from platform to platform, however many let you join their networks for free and you can manually copy other traders, or use the platform to connect with other users. If you want to use a mirror service (where trades are automatically copied), then there usually is a charge.
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