When you use a copy trading broker, you can instantly mirror the trades of a successful trader or portfolio in your account. Social forex trading networks are the typical environment for copy trading since they provide users with easy access to market data and the ability to follow the trades of the most successful traders.
- Research copy trading on Wikipedia and verify regulatory recommendations like FCA about copy trading before making any investments.
- Several Forex brokers offer copy trading. Some rely on third-party systems like ZuluTrade or Myfxbook, and others, like eToro, develop their basis or platform specifically for copy trading (eToro Review).
- The popularity of the “copy trading” option has grown substantially as a result of its appeal to both novice and seasoned traders. The former can gain valuable insight and possibly make money from the latter’s expertise. In contrast, the latter can be rewarded for their hard work and individual trading style.
- Because the trader can retain complete authority over the replicated position by choosing between a fully automated mode and a manual mode in which they can configure risk management, take profit orders, and other parameters as needed. However, the platform is the only source of information about these constraints.
- If you copy trading, the copied trader will receive a set percentage of the profits from the closed transaction (the “Copy Trading Fee”), and the Master Trader will receive a predetermined portion of the profits from the successful trades made by his followers (the “Master Trader Reward”).
Top-Rated Brokers for Forex Copy Trading
You’ll find a list of best copy trading platform and brokers that offer copy trading on Trader’s Union. These brokers are great for new and experienced traders looking to build a following, and the list only contains reputable licensed firms.
BlackBull Markets Best for Beginners Copy Trading Platform; HotForex Best for EAs and 2022; Pepperstone Lowest Spread Copy Trading Broker; and BDSwiss Best Overall Copy Trading Broker 2022
Is it legal to engage in copy trading?
To a small extent, copy trafficking is illegal in some regions; however, this is not the case for most nations. First, be sure that the broker or platform providing copy trading services is appropriately licensed and regulated in your jurisdiction.
How do you choose a reliable copy trading platform?
If you want to mimic the trades of successful traders, you need a platform that is both easy to use and comes from a trustworthy, regulated broker. Then, make sure The key to your prospective gains is the same as that of the large number of excellent traders who exhibit exemplary performance and consistency in the technique and steady profits over time despite changes in the market.
Forex Brokers for US Clients with Copy Trading
The United States does not have a large selection of copy trading brokers; the widely used eToro is restricted to cryptocurrency trading alone.
Forex, Cryptocurrency, Indices, Stocks, Commodities, Exchange Traded Funds, and Contracts for Difference are the seven asset classes that can be traded through FXTM. Assets and products accessible through the FXTM trading platform are subject to change based on your location and account type.
If you want to open an account with FXTM, you’ll need at least $10. To test out the FXTM platform, you can open a practice account. ForexTime (FXTM) welcomes traders of all experience levels.
Do you feel secure using FXTM?
The broker’s governing body and regulatory status are crucial considerations when selecting a broker such as FXTM. Without oversight from a regulating agency, brokers make trading decisions at their discretion. Putting up money means taking on the possibility of loss. FXTM has created a complete FXTM review.
The company was founded in 2011, making its 11th year in business. The headquarters of FXTM is in London, United Kingdom.
The FXTM platform is governed. This means that FXTM is subject to oversight and regulation from the Financial Sector Conduct Authority (FSCA) of South Africa (FSP No. 46614), the Cyprus Securities and Exchange Commission (CySEC) (www.forextime.com/eu) (CIF License No. 185/12), the Financial Conduct Authority (FCA) of the United Kingdom (www.forextime.com/uk) (license No. 777911), and the Financial Conduct Authority (FCA) of the European Union.
Brokers who comply with the rules are much less likely to engage in price fixing. Your withdrawal request will be processed promptly once submitted to FXTM. FXTM risks losing its regulated status if the company is found to have violated any applicable rules.