A forex trade copier uses copy trading software or copy trading platforms to copy signals of other traders. Forex copy trading software is often part of social trading platforms. See our best forex copy trading software and brokers.
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Forex Copy Trading Software
Here are the forex brokers with the best copy trading platforms:
| Broker | Our Rating | Regulation | Standard EUR/USD Spread |
Standard GBP/USD Spread |
Standard AUD/USD Spread |
Raw EUR/USD Spread |
Raw GBP/USD Spread |
Raw AUD/USD Spread |
Commissions (USD Base) |
MetaTrader 4 | MetaTrader 5 | cTrader | Execution Speed | Minimum Deposit | Currency Pairs | Crypto CFDs | Retail Leverage | Prof. Leverage | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
9.33 |
SCG, ASIC FCA, CySEC |
1.10 | 1.40 | 1.20 | 0.1 | 0.6 | 0.3 | $3.50 |
|
|
|
77ms | $0 | 62+ | 12+ | 30:1 | 500:1 |
|
|
7.17 |
ASIC, CySEC, MFSA FCA, FSA, FINRA GFSC |
1.0 | 2.0 | 1.0 | - | - | - | - |
|
|
|
130ms | $200 (Australia), $50-$100 (EU) | 49+ | 46+ | 30:1 | 400:1 |
|
|
8.50 |
ASIC, FSA-S CySEC |
0.62 | 0.83 | 0.77 | 0.02 | 0.23 | 0.17 | $3.50 |
|
|
|
134ms | $0 | 61+ | 18+ | 30:1 | 500:1 |
|
|
8.17 |
ASIC,CySEC FSCA,FSA-S,FSC-M |
1.1 | 1.3 | 1.3 | 0.10 | 0.20 | 0.20 | $3.00 |
|
|
|
225ms | $100 | 63+ | 4+ | 30:1 | 500:1 |
|
|
8.17 | ASIC, VFSA | 0.93 | 1.08 | 0.92 | 0.13 | 0.21 | 0.12 | $2.25 |
|
|
|
79ms | $0 | 90+ | 10+ | 500:1 | 500:1 |
|
In 2023, we determined the best forex broker list for UAE traders. The criteria were generalised, but copy traders have specific requirements for the forex trading platform, popularity and social functionality. To accommodate, the team re-weighted the criteria and determined the top forex broker for copy traders in the UAE.
Forex Panel Score
Average Spread
EUR/USD = 1.12
GBP/USD = 1.69
AUD/USD = 1.22
Trading Platforms
MT4, MT5, cTrader,
TradingView, Capitalise.ai
Minimum Deposit
$0
Why We Recommend Pepperstone
We liked what Pepperstone offers for traders with a range of copy trading tools, such as MetaTrader Signals, DupliTrade, Pelican, and MyFxBook AutoTrade, tailored to your location. This allows you to mirror seasoned traders’ strategies and boost your returns. A free demo account is also available, letting you test-drive the right account type and copy trading program for your forex trading needs.
Pros & Cons
Broker Details
Pepperstone Has A Good Selection Of Mirror Trading Platforms To Choose From
We’ve had the opportunity to trade with Pepperstone, a broker that originated in Melbourne, Australia, in 2010 and has since made quite a name for itself in the forex trading space. Boasting tier-1 regulation and offering a host of trading platforms and tools along with tight spreads and low fees, Pepperstone undoubtedly ranks among the top-notch forex brokerage services available today.
Forex Spreads & Trading Accounts
At Pepperstone, traders can opt for one of two account types, which will influence the CFD and forex spreads available to you—the Razor Account and the Standard Account. While it’s not mandatory, the broker does suggest a minimum initial deposit of $200.
If you want to manage the high risk of forex and CFD trading, Pepperstone offers flexible lot sizes. Both Razor and Standard account types are able to trade standard, mini, and micro lot sizes.
Standard Account: Commission-Free Forex Trading
The broker’s standard account is ideal for beginner traders, as you pay no commission fees on top of the spread. Minimum spreads are competitive for major currencies like the EUR/USD, starting from 1.0 pip.
As shown in the table below, Pepperstone offers the lowest no-commission spreads for the majority of currency pairs. The broker provides average spreads of 1.34 and 1.35 pips for the EUR/GBP and EUR/JPY, respectively, while FXTM’s (ForexTime) spreads are more than an entire pip wider, averaging 2.40 pips for the same fx pairs.
|
Pepperstone Standard Account: Average Spreads
|
|||||
|---|---|---|---|---|---|
|
1.10 | 1.40 | 1.60 | 1.40 | 2.00 |
|
1.70 | 1.60 | 1.40 | 1.70 | 2.50 |
|
1.20 | 1.60 | 2.80 | 1.90 | 2.30 |
|
1.32 | 1.40 | 3.19 | 1.37 | 1.87 |
|
1.20 | 1.20 | 2.70 | 1.50 | 1.70 |
|
2.10 | 2.50 | 2.10 | 2.10 | 2.50 |
|
1.20 | 1.50 | 2.30 | 1.50 | 2.80 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
Razor Account: ECN-Style Forex Trading
For more seasoned traders, the Razor Account offers an ECN-like environment with razor-thin spreads that can go as low as 0.0 pips.
When comparing top brokers’ average spreads, Pepperstone offers a significantly tighter spread than competing brokers. Forex traders are provided average spreads of 0.16 pips for the EUR/USD and 0.27 pips for the AUD/USD. This account is perfect for more experienced professional traders because they can take advantage of the low spreads to make better margins.
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Pepperstone Razor Account: Average Spreads
|
|||||
|---|---|---|---|---|---|
|
|
0.12 | 0.22 | 0.69 | 0.47 | 0.50 |
|
0.30 | 0.50 | 0.60 | 0.50 | 0.60 |
|
0.50 | 0.70 | 0.50 | 0.50 | 0.80 |
|
0.44 | 1.23 | 1.08 | 0.77 | 1.41 |
|
0.20 | 0.40 | 0.60 | 0.30 | 0.70 |
|
|
0.52 | 0.80 | 0.65 | 0.70 | 1.13 |
|
|
n/a | 0.50 | 0.20 | n/a | 0.30 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
As you are trading institutional-grade spreads, Razor account holders pay a flat-rate commission fee that varies between trading platforms:
All of Pepperstone’s trading platforms offer an excellent range of CFDs and trading tools for strategy development and risk management:
Pepperstone’s Copy Trading Platforms
Regardless of your level of experience, copy trading strategies can reduce the time you spend conducting analysis, monitoring markets, and placing orders. The platforms available to copy trade with Pepperstone depend on where you live.
In the UK and Europe, you can use MetaTrader’s proprietary mirror trading service (Trading Signals) or third-party copy/social trading platforms:
If you live outside of the UK and Europe, you can use these third-party mirror trading providers:
*Those residing outside the UK and Europe gain access to the same MetaTrader Signals and DupliTrade offering explained above.
*Although the broker offered Mirror Trader in the past, it is no longer an option for copy trading via Pepperstone.
Regulation
As Pepperstone is regulated by various major financial authorities around the globe, investor protections and tools to copy trade vary between jurisdictions, yet spreads and fees are the same worldwide. Depending on where you reside, you will be able to sign up to one of four Pepperstone subsidiaries and be able to trade forex with the following maximum leverage:
Pepperstone – Overall Best Copy Trading Options
Pepperstone is one of the best brokers worldwide for trading CFDs and forex. As a customer, you gain access to ultra-tight spreads, low fees, an excellent range of financial instruments, and a selection of different copy trading software. Depending on where you reside, Pepperstone offers MetaTrader Signals, DupliTrade, Pelican or MyFxBook AutoTrade to copy the trading strategies of proven, successful traders. As one of the leading brokers in customer service, Pepperstone includes a detailed FAQ section on their website if you are ever confused about which platform best suits you.
The broker offers a free demo account if you are unsure which social-copy trading software or Pepperstone account type you should use to trade forex. After signing up for a demo account, you are provided with a virtual balance where you can practise forex and copy trading against real-time market conditions in a risk-free environment with no chance of losing real money.
Forex Panel Score
Average Spread
EUR/USD = 1.0
GBP/USD = 2.0
AUD/USD = 1.0
Trading Platforms
eToro Trading Platform
Minimum Deposit
$50
Why We Recommend eToro
We found eToro top-notch in social and copy trading, especially in the forex arena. The platform hosts a thriving trading community, making it a magnet for thousands of users keen to engage in CFD and physical asset trading. What sets it apart is the feature that allows you to mimic the strategies of successful traders, termed ‘popular investors’, effectively adding another layer to your trading game. The breadth of financial instruments available also means you’re not restricted; you can diversify your strategies and even look into long-term portfolio investments.
Pros & Cons
Broker Details
eToro’s Mirroring Service Is Its Most Popular Feature
eToro is one of the largest social trading communities worldwide, with millions of traders from over 140 countries.
As the broker offers a combination of social and copy trading features, CFD and stock trading plus managed portfolios, eToro is well-suited to those wanting to fully automate trading while engaging in an established forex community.
As traders who love to expand our knowledge, we found eToro’s vast educational resources handy. They offer everything from video tutorials, platform guides, and webinars to a trading school and free podcasts.
Plus, if you’re new to the scene, you can kick things off with their free demo account where you can practise with a ‘virtual portfolio’.
CopyTrader
CopyTrader is the broker’s account mirroring service and most popular feature. It allowed us to effortlessly mirror seasoned traders’ trading strategies, whom eToro labels as ‘Popular Investors’.
eToro’s Copy Trading Platform
eToro built its proprietary platform around the idea of trade copying, but you are also able to manually input trades if you choose. Key features of the software include:
Beyond the copy trading aspect, we found value in eToro’s social network, where you can engage with other traders, comment on posts, follow your peers, and keep yourself updated through the platform’s newsfeed.
Market Access
As an eToro customer, it is important to note how different assets are traded. With certain financial instruments, you can trade CFDs as well as purchase physical assets.
Forex, Indices And Commodities
Stocks
Cryptocurrencies
Exchange-Traded Funds (ETFs)
Long-Term Copy Trading Strategies
The broker also offers longer-term investments through its CopyPortfolios. CopyPortfolios can be a good approach to diversifying and minimising risk or a way to supplement forex copy trading with a long-term investment.
After you invest in a CopyPortfolio, eToro manages your capital with assets re-picked and portfolios rebalanced as needed. As opposed to traditional managed funds or stockbrokers, eToro charges no management fees, but a $5,000 minimum deposit is required initially. EToro offers two types of portfolios:
eToro – Overall
eToro is a popular choice for social-copy trading, thanks to its well-established forex trading community with thousands of members.
Aside from copying the strategies of successful traders (popular investors), you can trade both CFDs and physical assets (depending on the financial instrument) and invest in long-term portfolio investments.
Forex Panel Score
Average Spread
EUR/USD = 0.62
GBP/USD = 0.83
AUD/USD = 0.77
Trading Platforms
MT4, MT5, cTrader
Minimum Deposit
$0
Why We Recommend IC Markets
We found IC Markets to be the go-to broker for anyone keen on using ZuluTrade for forex trading. First, the platform options are top-tier, providing traders with low spreads and excellent market access, essentials for anyone serious about trading. The broker’s reputation is solidified by its regulation from major financial bodies such as ASIC, FCA, and CySEC, lending an added layer of credibility and trustworthiness. Combining these features makes IC Markets a reliable choice and an exceptional one for those specifically interested in ZuluTrade.
Pros & Cons
Broker Details
IC Markets Connects You With Other Traders Through ZuluTrade
We’ve had a good experience trading with IC Markets, a broker that’s garnered a lot of respect for its top trading platforms, ultra-low spreads, and solid market access. Being regulated by several top-tier financial authorities such as ASIC, FCA, and CySEC adds to its credibility.
When trading forex and CFDs with IC Markets, you can choose from three different trading platforms – MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader.
If you want to incorporate copy trading into your strategies, the broker provides access to four different account mirroring services, with MT4, MT5, and cTrader options.
Trading Accounts And Forex Spreads
IC Markets follow a no-dealing desk (NDD) execution model, which allowed us to access ECN-style spreads as low as 0.0 pips. This is facilitated through 25 top-tier liquidity providers, giving traders like us access to spreads typically reserved for institutional players.
IC Markets offers two main types of forex and CFD trading accounts:
To open either account type, a $200 minimum deposit is required. Islamic accounts can be established with both Raw and Standard pricing if you are looking for a swap-free account.
Financial Markets And CFDs
IC Markets offers an excellent range of forex and CFD products.
ZuluTrade
ZuluTrade provides access to a huge forex community with 100,000 traders from 192 countries.
You can access the platform via a range of devices, including desktop apps and Windows, Android, iPhone, and iPad devices.
Unique ZuluTrade risk management features include:
Other Options For Copy Trading
IC Markets – Overall
IC Markets provided us with a comprehensive set of copy trading tools that can be integrated into various trading platforms or used independently. In terms of spreads, we found them to be some of the most competitive in the industry, rivalled only by Pepperstone.
Forex Panel Score
Average Spread
EUR/USD = 1.1
GBP/USD = 1.3
AUD/USD = 1.3
Trading Platforms
MT4, MT5
Minimum Deposit
$100
Why We Recommend FP Markets
We’ve found FP Markets to be a strong contender for anyone seeking to utilise Myfxbook AutoTrade for their forex activities. The broker offers excellent platform options like MetaTrader 4, MetaTrader 5, and Iress, integrating Myfxbook AutoTrade seamlessly across these platforms. This enables you to automate your trading while enjoying low-spread benefits. With top-notch market access to boot, FP Markets offers a compelling package for Myfxbook AutoTrade users.
Pros & Cons
Broker Details
FP Markets Offers Effective Copy Trading With Myfxbook AutoTrade
We’ve had the chance to trade with FP Markets, a tier-1 regulated broker renowned for its ultra-tight, ECN-style spreads. You can execute trading strategies on three different trading platforms – MetaTrader 4, MetaTrader 5, and Iress.
Key FP Markets features:
Myfxbook AutoTrade
If you’re keen on automating your trading, FP Markets integrates smoothly with Myfxbook AutoTrade, a third-party copy trading provider accessible through the MT4 platform.
The account mirroring service offers safeguards to ensure you are selecting the most successful systems to copy:
FP Markets – Overall
If you want to use Myfxbook’s AutoTrade feature, FP Markets is a great choice for a broker. You can fully automate trading while enjoying low spreads and great market access.
Forex Panel Score
Average Spread
EUR/USD = 0.93
GBP/USD = 1.08
AUD/USD = 0.92
Trading Platforms
MT4, MT5, cTrader
Minimum Deposit
$0
Why We Recommend Fusion Markets
We found Fusion Markets to be a standout broker for those keen on utilising DupliTrade for their forex endeavours. One of its key strengths is the seamless integration of DupliTrade within the MetaTrader 4 platform, letting you manually trade and copy trade all in one spot. With two account types to choose from, Fusion Markets offers flexibility in gaining access to its account mirroring services. It’s one of only nine main brokers featuring DupliTrade, placing it on par with big names like Pepperstone.
Pros & Cons
Broker Details
Fusion Markets Vets The Signal Providers for Copy Trading With DupliTrade
In our time trading with Fusion Markets, we found that the broker offers copy trading through DupliTrade, integrated into the MetaTrader 4 platform. If you’re keen on using DupliTrade, Fusion Markets presents two account options:
DupliTrade
Similar to Pepperstone, Fusion Markets is one of 9 top brokers offering the popular copy trading platform, DupliTrade.
DupliTrade can be fully integrated into Fusion Markets MetaTrader 4 (MT4) platform, meaning you can manually and copy trade all in one place.
As DupliTrade’s strategy providers are selected based on rigorous selection criteria, only a handful of trading strategies can be copied. This ensures that only high-quality signal providers with years of experience and trading success are available.
Beyond DupliTrade, Fusion Markets also throws Myfxbook AutoTrade into the mix as another copy trading option.
Fusion Markets – Overall
If DupliTrade is your copy trading platform of choice, Fusion Markets will give you access to ECN-style spreads on a diverse selection of financial instruments. While spreads are tight, commission fees are higher than brokers such as Pepperstone and IC Markets.
Forex Panel Score
Average Spread
EUR/USD = 0.9
GBP/USD = 1.5
AUD/USD = 1.1
Trading Platforms
MT4, MT5, AvaTradeGo, AvaOptions
Minimum Deposit
$100
Why We Recommend AvaTrade
We appreciated AvaTrade’s versatility in the FX and CFD trading landscape. This broker pulls no punches when it comes to offering a broad array of financial instruments, from FX and commodities to cryptocurrencies and equities. One of the standout features is the support for MQL5 Signals within both the MetaTrader 4 and MetaTrader 5 platforms. This opens up the avenue for traders to seamlessly automate their strategies.
Pros & Cons
Broker Details
AvaTrade Offers MQL5 Signals Which Makes Copy Trading Simple
We’ve had the experience of trading with AvaTrade, a front-runner in the forex and CFD trading scene. The broker offers a broad array of financial instruments you can include in your trading strategies, from forex and commodities to cryptocurrencies, stocks, and indices.
Three trading platforms can be used to copy trade – MetaTrader 4, MetaTrader 5, and the broker’s proprietary trading platform, AvaTrade.
MQL5 Signals For Copy Trading
With AvaTrade, we gained complimentary access to MQL5 Signals. This service can be fully integrated with both MetaTrader platforms, MT4 and MT5, which we found extremely convenient.
MQL5 Signals happens to be one of the largest automated trading communities globally, offering a plethora of strategies to copy once you’re in.
To open an MQL5 account and access the trading community, you can easily sign up online or directly within the MT4 or MT5 trading platforms.
AvaTrade – Overall
AvaTrade offers a smooth entry into MetaTrader’s MQL5 Signal Service. This service is compatible with both MetaTrader 4 and MetaTrader 5 platforms, making it a versatile choice for traders.
Forex Panel Score
Average Spread
EUR/USD = 1.6
GBP/USD = 1.6
AUD/USD = 1.9
Trading Platforms
MT4, MT5, Markets.com Trading App
Minimum Deposit
$100
Why We Recommend Markets.com
We liked Markets.com particularly for its prowess in MT4 Trading Signals. This CFD broker, regulated by both CySEC and FSCA, offers a broad suite of financial instruments suitable for copy trading. If automation via MetaTrader 4 and Trading Signals is what you’re after, this broker is a top pick. The platform takes care of both fundamental and technical analysis, freeing up valuable time for other trading activities.
Pros & Cons
Broker Details
Markets.com Uses Trading Signals For Effective Copy Trading
We’ve given Markets.com a solid run, and here’s our take for those keen on copy trading. The broker is regulated by CySEC and FSCA, making it a reliable choice. One of the standouts is the sheer range of financial instruments available for trading:
Unlike other brokers that offer multiple account types, Markets.com keeps it simple. All traders deal with no commission spreads, where the broker’s compensation is built into the spread. Just to give you an idea, here are some average spreads you might encounter:
Three trading platforms can be used to develop and execute strategies. The broker’s broker’s proprietary platform, Marketsx, as well as both MetaTrader 4 and MetaTrader 5. You can compare this to other brokers on our Dubai trading platforms page.
MetaTrader 4 And Trading Signals
Full automation can be achieved on the MT4 platform in two ways – algorithmic trading with Expert Advisors and copy trading via Trading Signals.
Trading Signals delivers real-time market insights, effectively cutting down the time you’d otherwise spend on fundamental and technical analysis. The platform covers sentiment data on more than 8,000 financial markets, providing directional insights and trade recommendations.
Verdict On Markets.com
Markets.com is a great option if you want to automate trading using MetaTrader 4 and Trading Signals. As fundamental and technical analysis is also automated, you can save plenty of time when using MT4 and Trading Signals.
Copy trading is a service where you can copy the trades of more experienced, successful traders. Copy trading eliminates the need to conduct your own technical analysis as well as place individual trades. Using an account mirroring service is great for beginner traders with little trading knowledge, or experienced traders wanting to save time and effort.
Signal providers are the successful traders you are copying. Through the copy trading platform you are using, you can view and copy the trading strategies of proven traders rather than develop your own.
Regardless of where you live, Pepperstone offers a choice of the best copy trading platforms currently on the market. Those based in the UK and Ireland can use Trading Signals, Pelican or DupliTrade, while those residing outside of these areas can use either Myfxbook AutoTrade, MetaTrader Signals or DupliTrade.
Both Pepperstone’s Razor and Standard Accounts provide institutional grade spreads. Raw Accounts can access ECN-style pricing with minimum spreads of 0.0 pips while paying low commission fees. On the other hand, Standard Accounts can trade commission-free spreads starting from 1.0 pip.
To explore Pepperstone’s different copy trading platforms, products and tools, you can sign up for a free demo account online. Demo accounts let you find the right trading platform and copy trading service prior to risking real money, a great feature for both beginner and experienced traders.
Disclaimer: Due to the functionality of trading with leverage and the volatility of some markets, traders need to be careful not to draw down their accounts and lose profits by setting them too high.
If you’re looking for our other comparisons relevant to the UAE, then view our Compare Forex Brokers homepage.
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