Forex Copy Trading Software

eToro – Best Trading Platform For Social And Copy Trading

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

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’.

eToro’s Copy Trading Platform

eToro built their 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:

• Offline and one-click trading
• Risk management tools (trailing stop, stop loss and take profit)
• Advanced charting tools with ProCharts
• Low Latency on trades made when copying a trader

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.

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 the physical assets.

Forex, Indices And Commodities

• Traded as CFDs, leverage can be used (can be bought and sold as CFDs).
• Minimum spreads for forex start from 1 pip, commodities 2 pips and indices 100 pips.

Stocks

• Physical shares can be bought with no leverage, but not sold. Assets are purchased and held in your name. No commission fees.
• Stock CFDs can be both bought and sold with leverage.

Cryptocurrencies

• When buying cryptos, eToro customers are purchasing the physical underlying crypto asset.
• When selling cryptos, you are trading CFD products instead.

Exchange-Traded Funds (ETFs)

• Similarly to cryptos, you can only buy ETFs as CFDs and sell ETFs as physical assets.

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. 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:

• Top Trader Portfolios: A combination of brokers most successful traders.
• Market Portfolios: A bundle of commodities, ETFs or share CFDs following a single market strategy.

eToro – Overall

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 – Top Choice For ZuluTrade

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.

Trading Accounts And Forex Spreads

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:

• Standard Account: Ideal for beginner traders. No commission spreads starting from 1.0 pip for major currency pairs.
• Raw Spread Account: Suited to active traders. Minimum spreads starting from 0.0 pip + flat rate commission fees. Commission costs are $3.50 per side for MetaTrader platforms and $3 per side on cTrader (per USD 100,000 traded).

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.

Financial Markets And CFDs

IC Markets offers an excellent range of forex and CFD products.

• Forex: Over 64 currency pairs with spreads starting from 0.0 pip.
• Crypto: 10 popular cryptocurrency CFDs including Bitcoin, Dash and Litecoin.
• Indices: 23 global Indices with no commission fees.
• Commodities: 19 energy, metal and agriculture CFDs.
• Bonds: 6 commission-free bonds from the UK, US, Europe and Japan.
• Stocks: 120+ share CFDs from NYSE, ASX and Nasdaq (MT5 only).
• Futures: 4 global futures with no commission fees.

ZuluTrade

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:

• Zulu Rank: Ranks the platform’s signal providers based on their past performance, maturity and risk.
• Zulu Guard: An account security feature that constantly monitors the performance of your signal providers, protecting your capital when needed.
• Simulation: A backtesting feature where you can test strategies and determine potential gains and losses.

Other Options For Copy Trading

• cTrader Copy: cTrader’s proprietary mirror trader service, where you can follow and copy strategy providers.
• MyFxBook: A large forex community where you can copy trades and share ideas with one another.
• DupliTrade: Can be linked to your IC Markets account, allowing you to easily automate trading.

IC Markets – Overall

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.

FP Markets – Good Broker For Myfxbook AutoTrade

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:

• Raw spreads as low as 0.0 pips
• Forex, shares, indices and commodities
• Fast execution speeds and NDD execution
• No requotes
• Top-tier, global regulation

Myfxbook AutoTrade

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:

• Systems are vetted, with only the best signal providers shown.
• You have full control over your trading activity and can add/remove systems at any time.
• Accurate statistics with no misleading statistics.

FP Markets – Overall

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 – Top Broker With DupliTrade

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.

• Zero Account: Forex spreads as low as 0.0 pips + AUD $4.50 commission fee per side (per 100k traded)
• Classic Account: No commission forex spreads from 0.8 pips.

DupliTrade

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.

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.

View Fusion Markets Review >>Visit Fusion Markets >>

AvaTrade – MQL5 Signals For MT4 And MT5

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.

MQL5 Signals For Copy Trading

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 – Overall

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 >>

Markets.com – Best For MT4 Trading Signals

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:

• 67 forex pairs
• 2082 shares and ETFs
• 42 indices
• 26 commodities
• 6 cryptocurrencies
• 4 bonds

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:

• AUD/USD: 1.20 pips
• USD/CAD: 2.20 pips
• EUR/USD: 1.00 pip
• USD/JPY: 0.90 pips
• AUD/CAD: 2.00 pips
• NZD/USD: 2.70 pips

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.

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 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.

Markets.com – Overall

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.