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.
Updated: 10/06/2021
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Here are the brokers with the best copy trading software:
Pepperstone was established in Melbourne, Australia back in 2010 and has grown to be one of the most popular forex brokers worldwide. With tier-1 regulation, tight spreads, low fees and a great choice of trading platforms and tools, forex traders gain access to one of the best brokerage services currently on the market.
You can choose between two account types when trading with Pepperstone, which determine the CFD and forex spreads you can trade – a Razor Account and Standard Account. Although not enforced, Pepperstone encourages new traders to make an initial minimum deposit of $200 when opening an account.
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.
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.
Data taken from broker website. Accurate as at 04/06/2021
Pepperstone’s Razor account provides an ECN-like trading environment with minimum forex spreads as low as 0.0 pips.
When the top brokers’ average spreads are compared, 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.
Compare All Spreads >>
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:
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 depends on where you live.
*Those residing outside the UK and Europe gain access to the same MetaTrader Signals and DupliTrade offering explained above.
*Although Mirror Trader was offered by the broker in the past, it is no longer an option for copy trading via Pepperstone.
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 is one of the best brokers worldwide for trading CFDs and forex. As a customer, you gain access to ultra-tight spreads and low fees, an excellent range of financial instruments plus 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.
If you are unsure which social-copy trading software or Pepperstone account type you should use to trade forex, the broker offers a free demo account. After signing up to 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.
View Pepperstone Review >>Visit Pepperstone >>
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.
eToro offers a great range of educational materials if you are a beginner trader or keen to expand your CFD knowledge. There are video tutorials, platform information, webinars and a trading school, as well as podcasts that you can access for free.
You can also sign up for a free demo, to begin with, where you can practise trading with a ‘virtual portfolio’.
CopyTrader is the broker’s account mirroring service and most popular feature. You can easily replicate the strategies of eToro’s experienced traders, known as ‘Popular Investors’.
To both manual and copy trade, the proprietary eToro trading platform is used. Key features of the software include:
As well as copy trading, one of the benefits of using eToro is the ability to engage with other traders via its social network. You can comment on posts, follow other members and stay up to date through the platform’s newsfeed.
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 the physical assets.
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. Opposed to traditional managed funds or stockbrokers, eToro charges no management fees, but a $5,000 minimum deposit is required initially. Two types of portfolios are offered by eToro:
A broker is a popular option for social-copy trading thanks to its well-established forex trading community with thousands of members.
As well as copy 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.
IC Markets is a very popular broker thanks to top trading platform options, ultra-low spreads and great market access. The broker is well-respected and trusted as it’s regulated by multiple top-tier financial authorities (ASIC, FCA and CySEC).
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 options for MT4, MT5 and cTrader.
IC Markets follow a no dealing desk (NDD) execution model allowing the broker to offer ECN-style spreads as low as 0.0 pips. With NDD interference, IC Markets fills orders using 25 top-tier liquidity providers, meaning you gain access to ultra-tight spreads, historically reserved for institutional investors.
Two main forex and CFD trading account types are offered by the broker:
To open either account type, a $200 minimum deposit is required. If you are looking for a swap-free account, Islamic accounts can be established with both Raw and Standard pricing.
IC Markets offers an excellent range of forex and CFD products.
ZuluTrade provides you access to a huge forex community with 100,000 traders from 192 different 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:
The broker provides you with a selection of copy trading tools that can be integrated into your trading platform or used independently. Spreads are significantly tighter than other forex brokers, with the exception of Pepperstone.
Markets.com is a CySEC (Cyprus) and FSCA (South Africa) regulated CFD broker well-suited to copy trading.
The broker offers thousands of financial instruments that you can include in your copy trading strategies, including:
Multiple account types are not offered by Markets.com. All clients trade no commission spreads where compensation for the broker is included in the spread. Examples of average spreads are:
Three trading platforms can be used to develop and execute strategies – the broker’s proprietary platform, Marketsx, as well as both MetaTrader 4 and MetaTrader 5.
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 provides real-time trading insights, helping you save time conducting lengthy fundamental and technical analysis. Sentiment data is available on over 8,000 financial markets, showing the direction of sentiment and recommendations.
A top broker 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.
FP Markets is a tier-1 regulated broker, well known 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 are:
MyFxBook AutoTrade is the third-party copy trading provider. Through the MT4 platform, you can copy different trading systems to achieve full automation.
The account mirroring service offers safeguards to ensure you are selecting the most successful systems to copy:
If you want to use Myfxbook’s AutoTrade feature, FP Markets is a great choice of broker. You can fully automate trading while enjoying low spreads and great market access.
Fusion Markets is a global broker that offers copy trading through DupliTrade on MetaTrader 4. To access the account mirroring service, you can sign up to one of two Fusion Markets account types.
Similarly 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 manual 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.
As well as DupliTrade, Fusion Markets offers Myfxbook AutoTrade as an alternative for copy trading.
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.
View Fusion Markets Review >>Visit Fusion Markets >>
AvaTrade is a leading broker for forex and CFD trading. Various financial instruments can be incorporated into trading strategies, such as forex, commodities, 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.
As an AvaTrade customer, you can access MQL5 Signals free of charge. MetaTrader’s Signal Service can be fully integrated into both versions of the trading platform – MT4 and MT5.
MQL5 Signals is one of the largest automated trading communities worldwide, and you can copy thousands of strategies once registered.
Unlike other copy trading platforms that require high minimum deposits, no specific account balance is required to get started. 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 offers customers free access to MetaTrader’s MQL5 Signal Service. No minimum deposit is required, and you can use the account mirroring service on both MetaTrader 4 and MetaTrader 5.
Visit AvaTrade >>
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 are 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.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.
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