Forex Copy Trading Software [2020 Guide]

Pepperstone – Best Range Of Copy Tools Overall

Pepperstone was established in Melbourne, Australia back in 2010 and have 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.

Forex Spreads & Trading Accounts

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 are wanting 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 brokers 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.


1.16	1.16	1.50	1.35	1.34
1.20	1.40	1.40	1.40	1.40
1.20	1.70	2.30	1.80	1.70
1.58	1.45	3.36	1.74	2.09
1.40	1.60	3.10	2.20	3.00
2.10	2.20	3.20	2.40	2.40
1.40	1.30	2.20	1.80	2.40

Data taken from broker website. Accurate as at 01/10/2020

Razor Account: ECN-Style Forex Trading

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 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.


0.16	0.27	0.40	0.16	0.35
0.30	0.50	0.60	0.50	0.60
0.50	0.70	0.50	0.50	0.80
0.32	0.94	0.83	0.28	1.05
0.20	0.40	0.60	0.30	0.70
0.37	0.87	1.02	0.41	0.88
0.30	0.50	0.50	0.30	0.60

Data taken from broker website. Accurate as at 01/10/2020

Compare All Spreads >>

As you are trading institutional-grade spreads, Razor account holders pay a flat-rate commission fee that varies between trading platforms:

cTrader: Commission fees equate to 0.0035% of the base currency of the forex pair being traded. For example, if you are trading 100,000 units of the EUR/USD, you will pay €3.50 per side, if you are trading the GBP/NZD you will pay £3.50 per side.
MetaTrader 5: $3.50 USD/3.50 AUD/303 JPY/4.75 NZD/4.55 SGD/28.17 HKD/3.5 CAD/2.61 EUR/2.29 GBP/3.30 CHF per lot.
MetaTrader 4: Commission fees are the same as MT5 unless your trading accounts base currency is the United States Dollar (USD), in that case, you pay a commission fee of $3.76 USD per lot.

All of Pepperstone’s trading platforms offer an excellent range of CFDs and trading tools for strategy development and risk management:

Diverse financial markets: You gain access to a good range of CFD and foreign exchange markets (forex, indices, commodities, cryptocurrencies, shares and currency indices).
Algorithmic trading tools: MT5 and MT4 platform users can automate trading with Expert Advisors, written using MetaQuotes programming languages (MQL5 and MQL4). cTrader users can achieve automation through cBots, developed using C#.
Risk management tools: Different order types help manage the high risk that comes with participating in volatile CFD and forex markets. Pending orders, stop losses and take profits can be used to minimise losses and maximise profits (available order types vary between platforms).
Social and copy-trading tools.

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 depends 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:

Trading Signals: MetaQuotes proprietary MQL5 copy trading software is an inbuilt feature of both MT4 and MT5, meaning you can manually and copy trade from the same platform. The software is easy-to-use, allowing you to simply copy the real-time strategies of thousands of different experienced traders (signal providers). When searching for trading strategies to copy, you can view past performance and riskiness so you can find signal providers that suit your risk appetite and investment objectives.
Pelican: The third-party automated trading system where you trade directly within the Pelican platform through your Pepperstone account. As well as copying signal providers you can utilise many social trading features like the ability to chat with other Pelican users, join and create groups and follow other forex traders through a news-feed.
DupliTrade: Integrateable into your MT4 platform and account, DupliTrade is a popular choice for copy trading with Pepperstone. DupliTrade’s marketplace offers a diverse range of strategies providers to copy. Although the trade copier service only accepts experienced and successful traders as signal providers, you can still access signal providers records and trading history to ensure they align with your goals and risk tolerance. Similarly, DupliTrade is well-respected as it only collaborates with 9 of the worlds best brokers.

If you live outside of the UK and Europe, you can use these third-party mirror trading providers:

MyFxBook: AutoTrade is an automated trading system where you can copy the forex trades of successful traders, handpicked for their skill and experience. You can explore signal providers through different filters, including average or lifetime gains, trading styles and the number of overall subscribers. You are provided detailed and sophisticated statistics when comparing forex trades to copy, giving you control of your trading account while automating trading.
MetaTrader Signals
DupliTrade

*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.

Regulation

As Pepperstone is regulated by four different financial authorities around the globe, investor protections and tools to copy trade with 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:

The Australian Securities and Investment Commission (ASIC) permits maximum leverage of 500:1.
The Financial Conduct Authority (FCA) in the UK caps forex leverage at 30:1.
In the United Arab Emirates (UAE), the Dubai Financial Services Authority (DFSA) limits leverage to 50:1.
If you live outside of this area you can also sign up to Pepperstone’s International operation regulated by the Securities Commission of Bahamas (SCB) and trade with 500:1 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 and low fees, an excellent range of financial instruments plus a selection of different copy trading software. Depending on where you reside, Peperstone 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 – 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 to a free demo, to begin, with where you can practise trading with a ‘virtual portfolio’.

CopyTrader

CopyTrader is the brokers 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

To both manual and copy trade, the proprietary eToro trading platform is used. 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

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

The 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.

View eToro Review >>Visit eToro >>

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 are wanting 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 platforms 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.

View IC Markets Review >>Visit IC Markets >>

Markets.com – Best for MT4 Trading Signals

Markets.com is a CySeC (Cyrpus) 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 brokers 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 through 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

The top broker is a great option if you are wanting 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 – 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 are wanting 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.

View FP Markets Review >>Visit FP Markets >>

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 brokers 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 >>

What is copy trading?

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.

What are signals in copy trading?

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 then develop your own.

Overall Best Copy Trading Broker + Platform

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 to 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.