Our list of the best U.S. forex copy trading brokers are:

  • OANDA - Best For Forex Copy Trading Overall
  • FOREX.com - Top Copy Trading with MetaTrader 4 Signals
  • IG Group - Great Advanced Trading Tools For MT4
  • Trading.com - Good Copy Trading With MetaTrader 5 Signals
  • eToro - Best Pure Social And Copy Trading Platform

1. OANDA Best Forex Broker For Copy Trading In The US Overall

OANDA

Forex Panel Score

81

Average Spread

EUR/USD = 1.4
GBP/USD = 2
AUD/USD = 1.4

Trading Platforms

MT4, TradingView, Oanda Trade

Minimum Deposit

$0

Why We Recommend OANDA

As a well-established broker known for its user-friendly trading platforms and robust copy-trading features, OANDA is our number 1 forex broker for U.S. traders. With over 70 currency pairs and competitive commission-free spreads, we think OANDA offers you the opportunity to engage in copy trading with ease, low costs and with a trusted broker.

Pros & Cons

  • Highly Trusted Broker
  • User-friendly platforms
  • Competitive 0 commission spreads
  • Discount with the Elite Trader program
  • Limited products outside forex
  • No ECN-style account
  • No guaranteed stop-loss

Broker Details

OANDA offers our favorite copy trading experience for U.S. trades, combining a trusted brand, user-friendly platforms and low spreads.

Firstly, aside from the NFA/CFTC in the U.S., OANDA is regulated by several tier-1 regulators such as ASIC in Australia and the FCA in the UK. That, combined with OANDA’s excellent reputation (established in 1996) is why we gave the broker a perfect 100/100 trust score.

While testing OANDA’s user-friendly platforms – MetaTrader 4, OANDA Trade, and TradingView- we particularly enjoyed the combination of intuitive interface and advanced trading tools. As an example, opening a trade ticket window is easy within the charts and you can quickly adjust your stop-loss and limit order levels by dragging and dropping.

We also like some of the third-party tools OANDA provides like NinjaTrader for Futures trading and MultiCharts for Advanced traders. We set up MultiCharts 14 using API to connect to OANDA’s network and found the high-definition charts allowed us to view the charts in impressive detail. For example, the indicator lines and tick marks clearly to our eyes are more clear than with competing platforms. Other features include PowerLanguage which is derived from EasyLanguage used with TradeStation and good is for automation.

For the best use of TradingView integration, we recommend using the WebTrader or Desktop version of OANDA Trade, which gives you access to 100+ technical indicators, 50+ drawing tools, 11 chart types and 9 timeframes. We think this is more analysis tools that you are likely to need so we are impressed.

You can copy trade using MT4; to do so, you must sign up with MQL5 Trading Signals, a 3rd party tool also made by MetaQuotes. SIgnals has a list of signal providers you can copy from. Two additional benefits of using MT4 with OANDA include a premium upgrade, with a whole range of advanced trading tools, and Open Order Indicators, allowing you to clearly see stop loss clusters ahead of time and prepare accordingly.

You can access competitive commission-free spreads from 0.6 pips for EUR/USD using OANDA’s Spread-Only (Standard) account, the tightest we’ve seen for a Standard account type but more likely to be closer to 1.2 pips.

Combining user-friendly trading platforms, competitive spreads and advanced platform features, we think OANDA is suited for copy traders of all levels.

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Broker Screenshots

2. FOREX.com Top Copy Trading with MT4

FOREX.com

Forex Panel Score

61

Average Spread

EUR/USD = 0.8
GBP/USD = 0.8
AUD/USD = 1.7

Trading Platforms

MT4, MT5, TradingView, Forex.com Trading App And Web Trader

Minimum Deposit

$100

Why We Recommend FOREX.com

We recommend FOREX.com as another highly trusted name in the forex industry, offering a comprehensive copy trading experience catering to both novice and experienced traders.

With access to diverse trading strategies and a user-friendly interface, FOREX.com provides a great combination of advanced tools and robust trading platforms to succeed in copy trading.

Pros & Cons

  • TradingView charts with Forex.com Platform
  • Trusted – Listed on NASDAQ
  • Top education tools
  • Has MT5
  • Could have more video content
  • Minimum deposit (albeit small)
  • Slow account verification process

Broker Details

Given that the U.S. regulating body, CFTC, put FOREX.com as the number 1 U.S. broker based on client assets in their Retail Forex Obligations report, we found it hard to disagree.

We thought Forex.com is unique in that they are the only NFA or CFTC-regulated broker we have come across to offer a Standard account (spreads from 1.2 pips) and zero-spread RAW Pricing account (commission of $7 per side). Outside the US, RAW pricing accounts are popular however since commissions with this account are $14 per round-turn trade, we think the Standard account is better value, even with spreads starting from 1.20 pips.

For social trading, FOREX.com offer MetaTrader 4, MetaTrader 5 and TradingView, all solid choices.

With MT4 and MT5, you can use social trade via their 3rd party Trading Signal service. For MT5, you will need to sign up for MQL5, especially if you want to trade all Forex.com’s 84 Forex pairs.

With a community of 50 million users, TradingView is an emerging trading platform in the industry and quickly becoming one of our favourites.

When testing TradingView’s social networking features, we found it was a rich source to learn and share ideas, featuring public chatrooms, private messaging and live streaming, but we couldn’t copy other traders specifically.

forex.com account type products for us traders

Broker Screenshots

3. IG Group Top Advanced Trading Tools To Copy Trade With

IG Group

Forex Panel Score

71

Average Spread

EUR/USD = 0.16
GBP/USD = 0.59
AUD/USD = 0.29

Trading Platforms

MT4, IG Trading Platform, ProRealTime

Minimum Deposit

$0

Why We Recommend IG Group

IG Group was launched in the US in 2019 but was founded in the Uk way back in 1974. Not only is IG one of the oldest brokers in the world, but it is also one of the largest with 300,000 clients. Therefore, we believe that IG is a broker that you can trust.

While IG does not offer a dedicated copy trading platform, you can utilize MT4 and sign up with MQL5 Trading signals to easily mimic the trades of other traders. With access to a wide range of markets and competitive pricing, IG Group provides you with the tools you need to succeed in copy trading.

Pros & Cons

  • Diverse range of platforms
  • ProRealTime for advanced analysis
  • MT4 mirroring available
  • One of world’s largest brokers
  • Funding fees apply
  • Lack of product diversity (only has Forex)
  • No ECN-like pricing

Broker Details

IG’s platform range includes the popular MT4 and its stellar proprietary platform, IG Trading Platform and a 3rd party platform called ProRealTime, for advanced charting and automation.

In terms of social trading, you will need to use the MT4 Signals which allows you to copy trade with the 71 currency pairs IG Group

  1. Download and Install MT4 (if you don’t have) and create an active MT4 account
  2. Sign up for a MQL5.com
  3. Find your Signals and click subscribe (you might need to deposit funds if the signal is not free)
  4. Once done, click “Start copying in MetaTrader”
  5. At this stage the trading terminal will open and you will need to confirm you will copy the provider.

We found the process of getting started straightforward and painless. We also found IG provides excellent execution speed with an average execution speed of 17 ms between placing your order and the execution being completed.

Our testing of the spreads when using IG Group, found they start from 0.8 pips with the Standard account and are generally slightly wider than the industry average, at 1.12 pips for EUR/USD. If you are a high-volume trader, and qualify as a premium trader, you can earn cash rebates of up to 15% and get VPS when using MT4.

While we wish there was more variety of products, IG Market is one of the better brokers you can trade with.

ig account account type us

Broker Screenshots

4. Trading.com Top Choice For Copy Trading With MT5

Trading.com

Forex Panel Score

50

Average Spread

EUR/USD = 1
GBP/USD = 1.6
AUD/USD = 1.2

Trading Platforms

MT5

Minimum Deposit

$50

Why We Recommend Trading.com

Combining innovative trading solutions and cutting-edge technology, we think Trading.com offers the best MT5 copy trading service. With both MT5 and the broker’s proprietary platform, you can access a wide range of trading strategies from experienced investors and automate your trading activities with ease.

Offering commission-free trading and user-friendly platforms, we recommend Trading.com for beginners wanting to start their copy trading journey.

Pros & Cons

  • Zero-commission spreads
  • MT5 offered
  • User-friendly platforms
  • No MT4
  • Only Forex in U.S.
  • Bank wire may incur costs

Broker Details

Trading.com offers spreads in line with the industry standard, averaging 1 pip for EUR/USD for its T1 account,

While Trading.com offers an excellent proprietary app, we think the broker stands out in its MT5 platform experience.

You can copy trade the broker’s 71 forex pairs using mirror trading, which acts much like automated trading. Like MT4’s Signals, you can choose a particular investor to follow, ‘mirroring’ his or her positions with the help of a trading program.

Trading.com’s platform is also a very intuitive platform from our testing, you can customize your trading experience with personalized watchlists and an adjustable dashboard.

What we also like is Trading.com’s written trading agreement which states that a retail customer’s trades are only offset by other retail customers’ trades and/or by hedging in the interbank market.

This means that Trading.com is as close to a DMA (Direct Market Access) broker as you’re likely to get in the U.S.

trading.com account type us

5. eToro Best Copy Trading With Crypto and Shares

eToro

Forex Panel Score

43

Average Spread

EUR/USD = 1
GBP/USD = 2
AUD/USD = 1

Trading Platforms

eToro Trading Platform

Minimum Deposit

$50

Why We Recommend eToro

eToro is a popular social trading platform that revolutionized the way traders interact and copy each other’s trades.

With eToro’s CopyTrader feature, you can browse through a vast selection of top-performing traders, assess their performance metrics, and choose to replicate their trades with a simple click.

eToro also offers a wide range of financial instruments, including cryptocurrencies, making it a versatile choice for copy-trading enthusiasts.

Pros & Cons

  • Copy trading specialist
  • User-friendly platforms
  • ETFs available
  • No forex trading for US traders
  • Spreads could be tighter
  • No MT4 or MT5

Broker Details

eToro stands out with its huge social trading community (+30 million users) and easy-to-use proprietary trading platforms, eToro, CopyTrader and SmartPortfolios.

When testing the eToro platform, we liked the wall-style feed of comments, tips and suggestions from eToro’s ‘community’ of investors. The platform is designed for copy trading, making it unique amongst other brokers that simply offer social trading as an afterthought.

We particularly liked how eToro’s CopyTrader complemented the eToro platform with a simplified “matching” tool where you can select the “big picture” metrics, to better match with a trader you want to copy.

The one downside we found is that eToro doesn’t offer forex market trading to US customers, you can social trade crypto and shares as a U.S. resident with commission-free spreads as low as 1 pip.

etoro account type us