Copy trading platforms allow you to automatically copy other successful traders. Sometimes called social trading, find out the best platforms and the brokers that offer these platforms in our guide.
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The Brokers With The Best Copy Trading Platforms
Pepperstone offers the best platforms for copy trading in Australia. Retail traders can choose from 3 popular third-party services including MetaTrader signals, DupliTrade and MyFxBook. At Pepperstone, retail clients can take advantage of social trading with spreads from 0.0 pips, fast order execution of 30ms, 800+ CFD instruments, and access to institutional market research.
Founded in 2010 in Melbourne, Australia, Pepperstone is an award-winning, multi-regulated CFD and Forex provider, authorized to offer online trading services across a number of tier-one jurisdictions, among which:
Based on our review, Pepperstone can be considered the best choice for Australian traders when it comes to Forex copy trading platforms.
Before choosing a copy trading platform, it is important to choose a broker with low spreads so your trading costs are reduced each time you trade. Pepperstone offers a choice of two types of trading accounts. These accounts are:
Choosing Pepperstone as your forex broker means you can sure you will get some of the best spreads of any broker. The table below captures the average spreads brokers publish on their websites. This table is updated on the first of each month. Regardless of which currency pair you wish to trade, Pepperstone spreads are either the best or otherwise very competitive compared to other brokers.
Data taken from broker website. Accurate as at 04/06/2021
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The brokerage offers three third-party social trading platforms, which enable Australian customers to access trading strategies from top traders across the globe. Those platforms include:
AutoTrade, an automated Forex trading system by Myfxbook, allows clients to copy trade by accessing the most successful trading systems without the need to pay any performance and/or management fees or to run any software on their end.
Getting set up is a straightforward process:
DupliTrade, a popular trading strategy marketplace, provides signals from proprietary traders, thus, allowing clients with little or no experience to access their expertise and acquaint themselves with pro trading techniques. To join DupliTrade, Pepperstone clients need to ensure a minimum deposit of AUD 5,000 before they begin trading automatically on signals from leading strategy providers directly on their MetaTrader 4 account.
And, finally, Australia-based clients can access thousands of trading strategies and signals in real-time by using MetaTrader 4’s own copy trading tool – MetaTrader Signals. We consider Pepperstone’s MT4 platform as one of the best solutions currently offered by ASIC regulated brokerages, due to:
Beyond the basic features of copy trading, MetaTrader signals users can have greater control and flexibility over the copied trades. For example, the MetaTrader platform allows taking control of the take profit and stop-loss orders. Not all copy trading platforms support this functionality.
Disclaimer: We should note that Pepperstone will have no control over trading signals generated via these third-party social trading platforms and signals should not be considered as investment advice.
Overall, Pepperstone provides an easy way for new traders to access the best copy trading platforms. MetaTrader 4 is the go-to solution to earn passive income in the forex market. DupliTrade is hands-down the professional solution to copy experienced traders. And, MyFxBook is the free solution to copy trading.
View Pepperstone Review >>Visit Pepperstone >>
eToro was hand-picked as the best social trading platform that doesn’t require a third-party solution for copy trading because eToro is a broker in itself. eToro is another leading CFD and Forex provider, which clearly stands out on the social trading front. The broker is authorized to offer online trading services in:
What eToro clients based in Australia are able to take advantage of is not merely a copy trading platform, but access to one of the largest trading communities worldwide where traders and investors can exchange knowledge and share trading ideas, while those new to markets can constantly learn.
The CopyTrader feature allows eToro clients to rely on the “wisdom of the crowd.” In other words, users can freely observe how others position themselves in asset classes such as stocks, foreign exchange, cryptocurrencies etc., and automatically replicate their trading activity without additional costs
At eToro, the only trading cost comes from the standard bid-ask spread (see table below).
CopyTrader offers a good opportunity for novice traders to earn passively by following top-performing traders from among eToro’s vast social trading network. The feature is also suitable for those who simply lack the time to constantly be in front of their monitor tracking market developments.
The average early profit on eToro’s CopyTrader platform was around 83.7% – based on “50 most copied traders for 2019.”
With CopyTrader, every user can search through the broker’s impressive customer base and discover the best traders with the help of specific criteria (risk score, return for the past 12 months, assets under management, number of copiers and so on).
eToro allows its clients to copy up to 100 traders at one time and modify copied trades as per their desires. Because of the sheer size of eToro’s customer base, every user can access a variety of trading styles (day trading, swing trading etc.) and tradable instruments (Shares and ETFs, currency pairs such as AUD/USD or EUR/USD, digital currencies such as Bitcoin as well as other derivatives, CFDs, on Stock Indices or Commodities).
Traders with a proven track record can also benefit when being copied by other clients. Experienced traders have the opportunity to earn a second income, paid by the broker if they join the so-called Popular Investor program. There are certain requirements that must be met (see table below).
There are 4 different tiers in eToro’s Popular Investor program (Cadet, Champion, Elite, Elite Pro) with their specific requirements and benefits. To obtain the rank of Cadet, traders need to have $1,000 in minimum equity and a minimum value of allocated funds by copiers, or assets under management, of at least $500. On the other hand, to earn a monthly income, traders are required to obtain the rank of Champion.
Overall, eToro puts together the advantages that come with a social network and a copy trading platform. To use CopyTrader, Australian clients need to put down a minimum deposit of $200 and also to make sure they meet another eToro requirement – the value of every copied position must be at least $1.
IC Markets is our top brokerage trading firm for copy trading with MetaTrader 4 and MetaTrader 5. Established in 2007 and based in Sydney, Australia, IC Markets is one of the largest CFD and Forex brokers globally in terms of processed daily volume.
The brokerage is authorized and supervised by the following industry regulators:
IC Markets MT4 and MT5 trading signal service are offered through the MQL5.community, which allows Australian traders to automatically copy trades from other traders in real-time.
With its set of valuable features and 20 exclusive trading tools, IC Markets’ user-friendly MetaTrader 4 trading platform may suit the preferences of both new traders and professionals, based in Australia and employing various trading styles and strategies (from scalping to automated trading).
The platform combines IC Markets’ raw pricing on:
Thanks to IC Markets’ diverse liquidity mix, Australian clients can trade Forex and Spot Metals with ultra-thin spreads, starting from 0.0 pips, while also taking advantage of competitive average spreads 24/5, offered across the online broker’s entire CFD product list. Additionally, their trading orders will be executed in less than 40 ms with ultra-low latency, as the broker’s MetaTrader 4 server is located in the Equinix NY4 data centre in New York.
Along with access to deep interbank liquidity and exceptional execution speed, Australia-based clients can also trade Forex by using MetaTrader 4’s trading signals tool. The MetaTrader 4 signals are powered by the MQL5.community.
IC Markets’ clients can select from over 3,200 free and paid signals and copy trades in real-time directly into your live trading account without the need to leave the trading platform. Australian customers can also test copy trading with MT4 signal service on IC Markets’ free demo account.
The list of signal providers can be accessed in the “Signals” tab of the MetaTrader 4 terminal window, where they can choose a provider and subscribe to his/her trading signals. Clients can select a signal provider based on certain parameters such as the number of subscribers, trading history, maximum drawdown or assets under management.
Because IC Markets’ MT4 trading platform delivers both reliability and speed, as we discussed earlier, Australian clients can take advantage of a variety of trading strategies – from scalping and day trading to swing trading copy trades. At the same time, the online broker’s rich Forex and CFD product list (490 tradable instruments) coupled with the platform’s comprehensive technical analysis tools allow clients to access a multitude of trading systems which to copy.
Australia-based traders can also subscribe to trading signals from a range of providers by using the MQL5 Signals service, fully integrated with IC Markets’ MetaTrader 5 platform. Because of its global cloud infrastructure, MQL5 allows for faster signal execution and is also not associated with any hidden fees or commissions.
Another option includes ZuluTrade, a leading social trading platform. With it, IC Markets clients are able to choose from 100,000 experienced traders from 192 countries and to trade based on their trading signals without any additional charges. Copy-trading with the ZuluTrade platform is suitable for clients who do not have the time to build and test their own trading strategies and for those who want to get rid of the emotional factor in Forex and CFD trading.
And, last but not least, IC Markets clients can use AutoTrade, an account mirroring service owned by Myfxbook. With it, clients can copy trade directly into their IC Markets MT4 trading account without the need to pay any volume-based fees or to install any sophisticated software. They only need to connect their account to Myfxbook and to choose the trading system they wish to copy.
Overall, IC Markets’ MetaTrader 4 and MetaTrader 5 signals are fairly accessible for automatic copy trading of experienced traders directly to your MetaTrader trading account. Use your discretion when selecting a signal provider.
ZuluTrade is one of the leading social trading platforms worldwide, which enables users to replicate the trading activity of other people with trading experience in the Forex market and other financial market segments.
The social trading service is provided by Triple A Experts SA, an entity now licensed and regulated in the EU by the Hellenic Capital Market Commission (HCMC) in Greece. What this regulation means is the social trading platform is compliant with the EU framework for providers of such services, while brokerages working with Zulutrade do not need to be additionally regulated to offer this platform to their clientele.
ZuluTrade does not function on its own. This means the platform has to be connected to a CFD and Forex broker so that the broker’s clients are able to use the copy trading service. That is why the minimum deposit required and the bid-ask spread paid depends on the particular brokerage. With IC Markets, one of the supported brokers, for example, the minimum deposit required is $200.
To start copy trading, users need to, first, open an account with ZuluTrade (either a Profit Sharing or a Classic account) and then select a brokerage with which to trade.
Profit-Sharing accounts are suitable for novice traders and are associated with a monthly subscription fee of $30 and a 25% share of earnings. No additional trading commissions will be charged for copy trading. On the other hand, Classic accounts are designed for experienced traders and are associated with volume-based commissions.
ZuluTrade platform users can be either signal providers or followers. Signal providers can be selected based on their ZuluRank, which aggregates factors such as return on investment, assets under management, drawdown, trading volume, age, log-in frequency, duration of active trades etc.
To become a signal provider, a trader must meet the following requirements:
ZuluTrade also features a free and unlimited demo account and offers copy trading options on a range of asset classes – Foreign Exchange, Stocks, Commodities, Stock Indices and Cryptocurrencies. Additionally, the vast trading network allows for a choice among thousands of signal providers to copy, which could ensure better earnings potential when copy trading.
However, we should also mention one significant drawback. Unlike other social trading platforms, ZuluTrade does not require signal providers to trade with their own capital. This means followers may be allocating and risking real money while copying the trading activity of a user who trades on a demo account.
Yet, there is a feature, which could help followers mitigate such a risk – the ZuluGuard. Other unique tools include:
ZuluTrade is not a forex broker but a copy trading platform compatible with the MetaTrader 4 platform. ZuluTrade supports over 37 forex brokers worldwide, providing you with the option to choose the one that is the most appropriate for your needs.
Darwinex is the best all-in-one broker solution that combines online trading solution with copy trading solution. Established in 2012, Darwinex is an innovative online broker that facilitates a link between experienced traders operating on the global financial markets and private seed capital funding.
Darwinex is a trading name of Tradeslide Trading Tech Limited, a company licensed and regulated by the Financial Conduct Authority (FCA) in the United Kingdom.
We can say that what Darwinex offers its clients is not a traditional copy trading platform. Instead of copying the trading activity of other users directly, Darwinex clients have the opportunity to make Dynamic Asset and Risk Weighted Investments, or DARWINs.
A DARWIN represents a tradable asset, which is based either on a trader who trades at Darwinex or on an automated strategy. DARWINs can be bought and sold and their valuation is tightly related to the performance of that trader or the automated strategy.
Social interactions between traders and investors are not allowed, which is another key difference between Darwinex and traditional social trading platforms.
To be considered investable, traders must meet specific criteria. Their performance is graded on a 0-10 scale by taking into account parameters such as:
All these parameters combined comprise the DARWIN investor appeal (DARWINia) score or D-Score. Every month Darwinex allocates up to EUR 7.5 million to the best 120 DARWINs and maintains the allocation for 6 straight months with the aim to incentivize traders to trade responsibly and to generate consistent returns in the medium-term.
The final ranking criteria include the DARWINs’ D-Score over the past 9-18 months, their return during the month of the competition and their regularity (their monthly activity compared to the average from the prior three months).
Note that the traders’ track record and active trades will not be disclosed to investors or other members of the public. Investors will only be able to invest in traders as DARWINs.
In addition, Darwinex lists over 2,000 liquid alpha strategies (DARWINs), both short-term and long-term, in which investors are able to invest. The DARWINs’ underlying instruments can be currency pairs, stocks, commodities, or stock indices. Strategies (DARWINs) are never correlated with their underlying markets.
In exchange for Darwinex services, investors will be charged an annual 1.2% fee on their invested equity. Additionally, a 20% performance fee will apply, in case they generate a profit with DARWINs. 15% of that 20% performance fee will go to DARWIN providers (traders), while the remaining 5% will go to Darwinex. Therefore, traders’ sole incentive is to remain consistently profitable.
Overall, Darwinex is a unique online broker that uses a different approach to the standard copy trading platforms. The concepts behind DARWINs can be appealing for both beginner traders and professional traders. With just a minimum deposit of USD 500, you can start investing in DARWINs.
MyFxBook is our top pick for the best-automated copy trading software for Australian traders. With it, Australian clients are able to replicate a wide range of trading systems directly into their MetaTrader 4 account. All they need to do is simply connect their live MT4 trading account to Myfxbook’s AutoTrade tool, after which they will be able to begin searching for an appropriate trading system to copy.
Note* AutoTrade is a copy trading platform owned and operated by Myfxbook.
In order to get listed on Myfxbook, all trading systems must meet certain criteria:
The last two requirements make it quite clear that scalping strategies are not allowed.
We should note that the AutoTrade platform will visualize only proven trading systems and only real-time systems that are traded with real money. This means trading systems used on a demo account will not be listed.
Myfxbook’s AutoTrade will visualize only real data with accurate statistics. This can be useful for clients to reduce the high risk associated with CFD trading and to improve their returns. Or, they will not be presented with misleading statistics that point to bottomless drawdowns.
The AutoTrade service is fully automated, thus, all trades will be copied to Australian clients’ trading account automatically. Some Forex brokers may provide a reliable VPS service as well, thus, clients will not have to rent a VPS of their own.
The table below outlines the best forex brokers offering free VPS services based on trading volume and/or minimum deposits.
Myfxbook’s tool will also grant clients full control to add and to remove trading systems from their account at any time.
Overall, AutoTrade by MyFxBook is an active automated copy trading software with over 60,000 clients and 64 AutoTrade systems you can follow. Platforms that are compatible with MyFxBook include MetaTrader 4, MetaTrader 5, cTrader, Strategy Trader and TradeStation. If your favourite FX provider offers one of these trading platforms, you can tap into MyFxBook’s large trading community.
AvaTrade complements its proprietary copy trading solution with third-party solutions including DupliTrade. AvaTrade is a reputable CFD and Forex provider licensed by Australia’s ASIC and 6 other different regulators across 6 continents.
As a trusted broker, AvaTrade offers 3 top copy trading options, with which Australian clients can take advantage of market volatility:
AvaTrade’s own trading platform and app, AvaSocial, is a good copy trading solution for both beginners and experienced traders. Clients who are totally new to the financial markets can shorten the learning process by accessing valuable insight from expert traders.
AvaTrade offers AvaSocial as a service in a partnership with FCA-regulated Pelican Exchange Limited. With AvaSocial, Australian clients will be able to find and connect with successful traders and qualified mentors, discuss with them trading-related matters one-on-one or in a group chat and copy their trading activity with a simple tap.
The app allows clients to receive real-time updates on the people they follow and copy trading signals from the palm of their hand.
Signing up for AvaSocial is a simple process of several steps. Clients need to:
Along with AvaSocial, the brokerage also offers two more third-party automated trading platforms – DupliTrade and ZuluTrade.
DupliTrade offers simplicity and convenience for both beginners and people who do not have the time to watch market developments closely. By ensuring a minimum deposit of $2,000, Australian clients will be able to access a portfolio of top strategy providers and automatically replicate their trading activity in their own MetaTrader 4 and MetaTrader 5 account with AvaTrade.
All strategy providers at DupliTrade are audited and vetted and have extensive trading experience, thus, AvaTrade clients can have peace of mind that they will be following professionals.
AvaTrade is also one of the supported brokerages by ZuluTrade, an automated trading platform, which connects directly with MT4 and MT5 via an API. By depositing as little as $500, AvaTrade clients can open a copy trading account and potentially follow over 10,000 ZuluTrade signal providers.
Overall, AvaTrade offers diverse signal copy services, the ability to message a trader directly, a quick sign-up process, access to trading mentors and third-party copy trading platforms ZuluTrade and DupliTrade.
View AvaTrade Review >>Visit AvaTrade >>
FX AutoTrade the account-mirroring platform operated by MyFxBook is the best copy trading platform. MyFxBook is better than eToro because beginner traders can access a wide selection of systems directly into their account and can choose from a variety of FX brokers who offer better trading conditions than eToro.
By cutting their spreads and boasting lightning-speed execution under 30ms, Pepperstone is our number one choice for MyFxBook supported brokers.
Yes. Beginner traders can find copy trading extremely useful for learning new skills from professional traders. If you want to make a passive income while still working a regular 9-5 job, you can simply use MyFxBook, DupliTrade, MetaTrader signals, ZuluTrade, etc. and start copying into your live trading account trade deals from your preferred signal provider.
eToro has a large customer base with traders from over 140 countries, +2,000 financial instruments, low minimum deposit, commission-free trading, CopyPortfolios and it operates in a multi-regulatory environment. The main disadvantage is the above-average trading cost. eToro’s typical spreads on EUR/USD and AUD/USD start from 1.0 pips.
Read our full in-depth eToro review with the top 3 strengths and top 3 weaknesses.
Choosing the best social trading platform can be a daunting task with so many options available. At the same time, choosing a signal provider is an even bigger challenge. Our team of experts at Compare Forex Brokers has put together a 5-step guide on how to choose the right copy trading providers.
Only invest in signal providers that can satisfy the following conditions:
As a general rule, the best practice is to invest no more than 30% of your trading capital with a single copy trader provider. By diversifying your capital across multiple copy trading providers, you minimize the change of losing your money from reckless trading behaviour.
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.