Metatrader 4 Copy Trading

The MT4 or MetaTrader 4 trading platform has a range of tools to copy trades of other traders. These can be pure copy trading tools or social trading tools with copy features. We list the best MetaTrader 4 copy trading apps brokers offer.

Justin Grossbard

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.

Updated: 14/10/2020

What Changed?

Each month we update average spreads data published by the brokers the retail brokers lose %

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Metatrader 4 Copy Trading Platforms

Forex Brokers that offer the best Copy Trading Software

Pepperstone – Best Range Of MT4 Copy Tools Overall
IC Markets – Top Choice For MT4 with ZuluTrade
Markets.com – Best For MT4 MetaTrader Signals
FP Markets – Good choice For MyFXBook AutoTrade
Fusion Markets – Top forex broker With DupliTrade
AvaTrade – MT4 Copy Trading Software With MQL5

Visit Site

Our Rating

9.17

8.83

8.17

Review Of Pepperstone

Review Of IC Markets

Markets.com Review

FP Markets Review

Fusion Markets Review

79.3% of retail investor accounts lose money when trading spread bets and CFDs with this provider

77% of retail investor accounts lose money when trading CFDs with IC Markets (EU) Ltd

73.9% of retail investor accounts lose money when trading CFDs with this provider.

FP Markets don't provide % of clients who lose money

Lowest Trading Fees

Regulations and Licenses

ASIC (Australia)

FCA (UK)

MAS (Singapore)

CFTC (U.S.A)

FSCA (South Africa)

Pending

FINMA (Switzerland)

CYSEC (Cypus)

IIROC (Canada)

FMA (New Zealand)

Brokerage

EUR/USD Avg. Raw Spread

0.16

0.1 Raw Account

0.01

0.12

GBP/USD Avg. Raw Spread

0.4

0.4 Raw Account

0.2

0.59

AUD/USD Avg. Raw Spread

0.27

0.2 Raw Account

0.2

0.22

EUR/USD Standard Spread

1.16

1.1

0.6

1.2

EUR/USD Fixed Spreads

Commissions (USD Base)

AUD/USD$3.50

$3.50

USD $3.00

2.25

Commission Rebates

Minimum Deposit

AUD/USD $200

USD $200

$250

$100

Swap Free Account

No Inactivity Fees

Funding Methods

Wire transfer, Visa, MasterCard, Skrill, Neteller, PayPal

No Funding Fees

Markets and Instruments

Currency Pairs

66+

65+

120

61+

90+

Cryptocurrency CFDs

10+

Index CFDs

14+

16+

14+

10+

Share CFDs

63+

100+

3312

12,986+

Commodities CFD

19+

16+

Stockbroking

Retail Max. Leverage

30:1 (FCA)
500:1 (ASIC)
50:1 (DFSA)

30:1 (Cysec)
500:1 (ASIC/International)

300:1

500:1 ASIC
30:1 CySEC

500:1

Professional Leverage

500:1

300:1

500:1

Trading Platforms + Tools

MetaTrader 4 (MT4)

MetaTrader 5 (MT5)

cTrader

Proprietary Platform

Automated Trading

Social + Copy Trading

ASIC Only

Standard Stop Loss

Guaranteed Stop Loss

Guaranteed Neg Protection

only with FCA regulation

Cysec Regulation Only

(CySEC only)

Demo Account

Unique Feature 1

Smart Trader Tools

ECN pricing

Unique Trading Tools

Fastest Limit Order Execution Speed

Lowest Fees

Unique Feature 2

Fast Execution Speed

No funding fees

Share Dealing

IRESS Trading Platform

CAD Accounts

Overall

Our Rating

9.17

8.83

8.17

Review Of Pepperstone

Review Of IC Markets

Markets.com Review

FP Markets Review

Fusion Markets Review

Visit Site

Pepperstone – Best Overall For MetaTrader 4 Copy Trading

Pepperstone is one of the best global brokers with tight spreads, low fees and a great range of trading tools. Many forex traders favour Pepperstone due to the excellent trading conditions the broker provides. Similar to an ECN broker, Pepperstone fills orders using external liquidity sources with no dealing desk interference. This means you gain access to institutional grade spreads as low as 0.0 pips and orders are executed quickly with minimal slippage.

Account Types and Forex Spreads

You can choose between two main account types when trading forex and CFDs with Pepperstone. The key difference between trading accounts is spreads and commission fees. Standard Account types offer commission-free spreads from 1.0 pip, while Razer Accounts can trade spreads as low as 0.0 pips but pay a flat rate commission fee. Common benefits and features provided to both Standard and Razer accounts include:

No restrictions on trading with hedging and scalping trading strategies are permitted.
Flexible lot sizes as small as 0.01 lots with a maximum of 100 lots.
An initial minimum deposit of AUD $200 is required to open an account.
Accounts can be set up with either the USD, AUD, GBP, EUR, CAD, CHF, JPY, NZD, SGD or HKD as the base currency.

Razor Accounts

Pepperstone’s Razor Account was designed for active traders and those wanting to automate trading. As spreads can be as low as 0.0 pips, you pay a flat rate commission fee of $3.50 per side, per $100,000 traded. As shown below, Pepperstone’s Razor spreads are the most competitive compared to other brokers. For the Eurusd, average spreads are 0.16 pips when competing brokers are offering up to 0.50 pips.


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

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

Standard Accounts

Standard Accounts are great for beginner traders as the pricing structure is simple with no need to perform complex commission fee calculations. Standard spreads are tight, starting from 1.0 pip. When forex spreads are compared to other top brokers with no commission pricing, Pepperstone offers the tightest spreads across most major fx pairs. For the Eurusd, Pepperstone’s average spread is 1.16 pips, while brokers like Forextime.com are offering 2.10 pips and FxPro 1.58 pips.


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

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

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MetaTrader 4 (MT4)

Although released back in 2005, MetaTrader 4 is still the gold standard of retail forex trading platform. MT4 retains its popularity due to the wide range of trading tools available on the platform, for example:

Advanced charting tools with different technical indicators, graphical objects, charts and timeframes.
Algorithmic trading with Expert Advisors (trading robots) and the MQL4 programming language.
Single currency backtesting features for Expert Advisors.
Pepperstone customers gain free access to Autochartist, MetaTrader’s automatic market scanner as well as an additional 28 technical indicators and Expert Advisors via Pepperstone’s Smart Trader Tool add-ons.

Pepperstone also offers cTrader and MetaTrader 5 as trading platform options, with both platforms offering copy trading services.

What is Copy Trading?

Copy trading is an account mirroring service that allows you to fully automate trading, saving you both time and effort. Each social and copy trading platform offers unique tools, yet the common feature amongst all platforms is the ability to copy the CFD and forex trades of experienced traders. This means that rather than conducting your own technical analysis and research, you can simply follow and copy the trading strategies of proven, successful traders, often known as Signal Providers.

Certain types of traders can greatly benefit from copy trading such as beginner traders and those low on time. While algorithmic trading that involves writing trading robots (aka Expert Advisors), can be too complex if you are new to forex trading, copy trading is well-suited to all levels of experience.

Pepperstone’s MT4 Copy Trading Services

The broker offers the three most popular trading platforms – MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader. To get the most out of Pepperstone’s different copy trading tools, MT4 is the best option. Depending on where you reside different copy trading services will be available. Those based in the United Kingdom or Europe can choose between Pelican, DupliTrade and MetaTrader’s account mirroring services. If you reside outside of the UK and Europe, Myfxbook is available instead of Pelican.

If you are based in the UK and Europe, you can use the following copy trading services on MT4:

Pelican: The account mirroring service is accessible through your Pepperstone trading account via the Pelican platform. Pelican provides a mix of copy and social trading tools to help you automate trading. As well as copying various signal providers, you can participate in the forex trading community by chatting with other Pelican users, joining groups and commenting on posts shown in the platform’s newsfeed.
DupliTrade: Unlike Pelican, DupliTrade can be fully integrated into your MT4 platform, allowing you to manually and copy trade all from one platform and master account. The software is user-friendly, making it easy to find signal providers to copy. You can compare risk levels, objectives and trading history to ensure you follow and copy the trades of suitable signal providers.
MT4 Trading Signals and MQL5 Signals: Trading Signals is MetaTrader’s proprietary copy trading service that is built-in to MetaTrader 4. You can follow and copy thousands of different signal providers and trading strategies while retaining control of your trading account. You can close trades, remove trading strategies and modify stop-loss orders at any time. There is also a social trading aspect to MetaTrader Signals and MQL5 as you gain access to one of the largest forex communities in the world.

For those living outside of the UK and Europe, you can choose between:

Myfxbook Autotrade: The well-known automated trading system offers handpicked signal providers that are chosen by Myfxbook based on their experience and skills. To find signal providers, you can filter a traders gains, style of trading as well as their total number of followers.
DupliTrade
MT4 Trading Signals/MQL5 Signals

Regulation

The copy trading platforms available differs between location due to varying financial regulation around the world. Pepperstone is overseen by three major financial authorities:

The Financial Conduct Authority (FCA), UK
The Australian Securities and Investment Commission (ASIC)
The Dubai Financial Services Authority (DFSA), UAE
The Securities Commission of The Bahamas (SCB)

Depending on the Pepperstone subsidiary you sign up to, different leverage limits and investor protections will be provided. While the brokers top-tier oversight ensures Pepperstone follows local financial regulation, you can utilise demo accounts as an MT4 risk management tool.

Demo accounts are a great way to determine which platforms and copy trading tools suit your trading needs, as well as practice trading strategies in a risk-free environment.

View Pepperstone Review >>Visit Pepperstone

IC Markets – Best For ZuluTrade

IC Markets is one of the most popular MetaTrader 4 (MT4) brokers worldwide. Following an ECN pricing model, IC Markets offers an excellent trading environment with institutional grade spreads and ultra-fast execution speeds. Two trading account types are available on MetaTrader 4:

Raw Account: Spreads from 0.0 pips and low commission fees from $3.50 per side.
Standard Account: Commission-free trading with spreads from 1.0 pip.

As an ECN-style broker, IC Markets uses straight-through processing (STP) with no dealing desk (NDD) interference. This means that when the broker fills an order you’ve placed, it does not use its own liquidity, rather it uses various external liquidity from third-party sources. Multiple liquidity providers are utilised, ensuring you are provided with the best bid-ask prices currently available.

IC Markets NDD execution allows for:

ECN-like spreads as low as 0.0 pips for major currency pairs like the Eurusd.
Servers hosted by Equinix at New York’s NY4 Data Centre
Low latency and fast execution
Minimal slippage and no requotes

While IC Markets also offers MetaTrader 5 (MT5) and cTrader, to access ZuluTrade you are required to use MT4. There is no ZuluTrade subscription fee, with IC Markets providing the account mirroring service free of charge.

ZuluTrade is IC Markets most popular social trading tool, the broker also offers Myfxbook AutoTrade as an alternative.

Social Trading with ZuluTrade

ZuluTrade is one of the leading social-copy trading services with over 100,000 traders from 192 different countries. The platform combines copy and social trading features that help you automate trading, save time plus expand your forex knowledge.

The software’s copy trading features allow you to easily copy trading signals developed by various ZuluTraders. While ZuluTrade’s social trading features mean you can leave comments and share ideas with one another.

ZuluTrade Signal Providers: Experienced and successful traders who receive compensation for letting others’ copy their trades.
ZuluTrade Followers: Users who are copying the trades of signal providers.

To help you find the signal providers and manage risk, ZuluTrade provides three unique social trading tools:

Zulu Guard: A feature to add another level of protection to your trading account. The tool monitors the performance of the signal providers you are copying while taking steps to protect your capital when needed.
Zulu Rank: Ranks signal providers based on their current and past performance, stability, risk and maturity, among others.
Simulation: A risk management tool where you can determine future results like potential profits and losses by testing your trading strategies against real-time market conditions.

Trust and Safety

Risk management and your local financial regulation are important factors to consider when you are choosing a broker and trading platform.

IC Market’s subsidiaries are regulated by top-tier financial authorities (ASIC, CySEC and the FSA). Although financial regulation and investor protection vary between jurisdictions, traders can be assured their funds are protected through policies such as segregated client funds.

Risk management tools are essential as forex markets are known to be volatile, contributing to the high risk of losing money when trading. Whether you are trading forex or CFDs, through Expert Advisors or copy trading platforms like ZuluTrade, there are risk management tools that can be used to minimise the high risk.

When using the MT4 platform, you are provided with risk management features like alerts and notifications, as well as order types (i.e. stop loss and take profit orders).

Summary: IC Markets

IC Markets is one of the worlds most popular brokers with tight ECN-like spreads, excellent trading conditions and helpful trading tools. To copy trade you can use ZuluTrade free of charge. The platform offers a social network along with account mirroring services, allowing you to achieve full automation when trading with IC Markets.

View IC Markets Review >>Visit IC Markets

Markets.com – Best Broker for MetaTrader Signals

Markets.com is a multi-regulated broker that offers thousands of financial instruments and access to MetaTrader 4.

The broker follows a market maker business model with dealing desk execution, meaning all of the spreads offered by Markets.com are commission-free. Compared to other brokers that charge no commission fees, Markets.com offers ultra-tight spreads, as low as 0.4 pips for the EUR/USD currency pair.

Trading Signals & MetaTrader 4 (MT4)

As a Markets.com customer using MT4, you gain access to sophisticated trading tools, including Trading Signals for copy trading.

Trading Signals is MetaTrader’s proprietary account mirroring service, meaning you do not need to leave the platform to copy trades.

The trade copier works by allowing you to copy and implement the trades of signal providers. There are many signal providers available to copy, depending on your objectives and risk profile.

In addition to copy trading, you can also use the following trading tools when using MT4 as a Markets.com client:

Charting tools with advanced technical indicators
Algorithmic trading with Expert Advisors (trading robots) and the MQL4 programming language
Backtesting against historical data
Flexible lot sizes as small as 0.01

Regulation

Markets.com is a trusted broker due to its tier-1 oversight from the following financial authorities:

ASIC – Australian Securities and Investment Commission
FCA – Financial Conduct Authority, United Kingdom
FSC – British Virgin Islands Financial Services Commission
CySEC – The Cyprus Securities and Exchange Commission
FSCA – Financial Sector Conduct Authority of South Africa

As well as following the regulation set by the worlds most-respected financial authorities, the broker is also part of the Playtech group and listed on the London Stock Exchange (FTSE 250), adding another level of transparency.

Summary: Markets.com

Markets.com offers some of the tightest commission-free spreads available along with excellent trading tools to automate trading. You can utilise MetaTrader’s proprietary account mirroring software, Trading Signals, to copy trade when using MT4. As well as automated trading tools, Markets.com is overseen by well-respected financial authorities plus its parent company is listed on the London Stock Exchange, therefore Markets.com is seen as a trustworthy MT4 broker.

View Markest.com Review >>Visit Markets.com

FP Markets – Top Pick for Myfxbook AutoTrade

FP Markets is an ECN-style broker that offers forex traders tight spreads and access to a diverse range of financial markets.

Two different MetaTrader 4 account types are available at FP Markets. Standard account holders pay no commission fees on spreads that start from 1.0 pip. Raw account holders can trade ECN-like spreads as low as 0.0 pips while paying a $3 commission fee per side (per 100k traded).

Whether you choose FP Markets no commission or ECN type pricing structure, you can use the following features to develop trading strategies on MT4:

Fast execution speeds with no dealing desk interference plus no requotes.
Access to over 67 different financial markets (forex, indices, cryptos and commodities).
Sophisticated charting tools and one-click trading.
Algorithmic trading with Expert Advisors (trading robots)
Demo accounts to practise trading prior to taking on the high risk associated with forex and CFDs.
Entry to the MetaTrader Marketplace and MQL4 forex trading community.

To open an MT4 trading account a small minimum deposit of $100 is required.

Copy Trading with Myfxbook AutoTrade

AutoTrade is Myfxbook’s account mirroring service where you can copy trades and access an established social forex community.

When using AutoTrade, you can copy different trading systems via your MT4 account, meaning you only need one master account for MT4 and copy trading. The key reasons Myfxbook’s AutoTrade service is so popular includes:

You can add and remove trading systems at any point, giving you full control of your copy trading account.
Incentives are only given to signal providers that are profitable.
No software downloads are required, with no need for your own VPS.
Only realistic statistics are shown, with no bottomless drawdowns.

Summary: FP Markets

FP Markets is a no dealing desk (NDD) broker that offers traders either a Standard Account with no commission spreads or a Raw Account with ECN-style spreads. If you are wanting to copy trade directly from your FP Markets MT4 account, Myfxbook’s AutoTrade is a great choice. The copy trading system only provides quality signal providers, with strong track records of successful forex and CFD trading.

View FP Markets Review >>Visit FP Markets

Fusion Markets – Good Option for DupliTrade

Fusion Markets is a top Australian broker that offers access to forex, commodity, index and cryptocurrency markets via MetaTrader 4.

As a no dealing desk broker that uses straight-through processing, Fusion Markets offers two account types with different spreads and fees. The brokers Classic Account is great for beginners as you pay no additional commission fees on top of the spread. No commission forex spreads are low, starting from 0.8 pips for major currency pairs.

If you prefer ECN-style pricing, Fusion Markets ZERO Account offers forex spreads as low as 0.0 pips. As spreads are so tight, you pay a small flat rate commission fee of AUD $2.25 per side or $4.50 round-turn.

MT4 and DupliTrade

DupliTrade is an automated trading solution where you can easily copy traders that have years of experience and successful trading histories.

Signing up to DupliTrade and linking the copy trading service to your Fusion Markets MT4 account is a simple process. Compared to other brokers that require initial deposits as high as $2000 to use DupliTrade, Fusion Markets traders need to make a minimum deposit of $1000.

Once you have registered with Fusion Markets and DupliTrade, you can fully automate trading by copying the trading strategies of various experienced traders.

When searching for trading strategy providers, DupliTrade displays various statistics to help you choose which CFD and forex trades to copy. You can view each strategies net profit and loss %, net profit, number of trades, win %, number of weeks and followers. You are also provided with charts to give you a visual representation of their trading history.

Summary: Fusion Markets

Fusion Markets is a top MetaTrader 4 broker that offers DupliTrade to customers. The account mirroring service is preferred by many MetaTrader users as it can be fully integrated into MT4. When using DupliTrade with Fusion Markets, you can choose between two account types and pricing structures, either a Classic Account or ZERO Account.

View Fusion Markets Review >>Visit Fusion Markets

AvaTrade – Best for Copy Trading with MQL5

AvaTrade is a top forex broker that provides access to various trading platforms and financial markets. A low minimum deposit is required to open a trading account, making the broker accessible to all levels of trading experience.

CFD and forex traders can choose between MetaTrader 4, MetaTrader 5 and the brokers proprietary trading platform AvaTrade. To make the most out of the MLQ5 trading signals service, MT4 is recommended.

In terms of market access, you can trade the following financial instruments with AvaTrade:

Forex
Commodities
Indices
Stocks
ETFs
Bonds
Cryptocurrencies
Fx Options

MLQ5 Trading Signals Service

AvaTrade offers MQL5 Trading Signals to MetaTrader 4 and 5 users, giving you access to one of the largest automated trading communities worldwide.

MQL5 can be fully integrated with MT4, allowing you to manually trade and copy trade from a single trading platform. To link your AvaTrade MT4 account with the trading signals service, sign up at MQL5.com or on the AvaTrade website.

Once you are set up with MQL5 and MT4, you can easily find signal providers to copy based on criteria such as past performance and risk. The MT4 signals tab lets you effortlessly find trading systems and forex signals to copy, while the community tab provides access to the large network of forex traders.

Summary: AvaTrade

AvaTrade is a great option if you are wanting to use Trading Signals or MQL5 Signals service on MetaTrader 4. It is easy to register online, with a small minimum deposit of $100 needed to start trading.

View AvaTrade Review >>Visit AvaTrade

Pepperstone – Best For Copy Trading On MT4

Overall, Pepperstone offers the best features for copy trading on MetaTrader 4 (MT4). As well as great trading conditions with ultra-tight spreads and low commission fees, the broker offers a wide choice of copy trading platforms. If you live in the UK or Europe, you can choose from Pelican, DupliTrade or MQL5/MT4 Trading Signals. If you live outside Europe and the UK, you are offered Myfxbook Autotrade instead of Pelican.

Whether you sign up to a Razor or Standard Account type, as a Pepperstone customer you gain access to institutional-grade, ECN-style spreads. Standard Accounts can trade no commission spreads as low as 1 pip, while Razor account holders can trade forex spreads as low as 0.0 pips with low commission fees of AUD $7 round turn. If you are wanting to test out Pepperstone and its different copy trading tools, you can sign up to a free demo account online.

View Pepperstone Review >>Visit Pepperstone

About the author: Justin Grossbard