Social trading software allows you to follow, learn from, interact with and copy other Forex traders, MQL4 Signals and eToro are good examples. We look at the best Forex brokers and social trading platforms in the USA.
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Our list of the best social trading platforms:
| Broker Review | Our Rating | Regulation | Raw EUR/USD Spread |
Raw GBP/USD Spread |
Raw AUD/USD Spread |
Commissions (USD Base) |
Standard EUR/USD Spread |
Standard GBP/USD Spread |
Standard AUD/USD Spread |
MetaTrader 4 | MetaTrader 5 | cTrader | Execution Speed | Minimum Deposit | Currency Pairs | Crypto CFDs | Retail Leverage | Prof. Leverage | Visit Broker |
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Read review ›
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91 | NFA/CFTC | - | - | - | 1.4 | 2 | 1.4 |
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120ms | $0 | 68+ (Spot) | - | 50:1 | 100:1 |
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61 |
NFA/CFTC FCA,CIRO |
0.0 | 0.2 | - | $7.00 | 1.50 | 1.5 | 1.4 |
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30 ms (May 2023) | $100 | 80+ (Spot) | - | 50:1 |
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Read review ›
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71 | NFA/CFTC | - | - | - | $6.00 | 1.2 | 1.9 | 1.4 |
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174ms | $450 | 80+ (Spot) | - | 50:1 | 50:1 |
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Read review ›
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50 | NFA/CFTC | - | - | - | - | 1.2 | 1.8 | 1.2 |
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43 |
ASIC, CySEC, MFSA FCA, FSA, FINRA |
- | - | - | - | 1.0 | 2.0 | 1.0 |
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130ms | $200 (Australia), $50-$100 (EU) | 49+ | 46+ | 30:1 | 400:1 |
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Forex Panel Score
Average Spread
EUR/USD = 1.4
GBP/USD = 2
AUD/USD = 1.4
Trading Platforms
MT4, TradingView, Oanda Trade (FxTrade)
Minimum Deposit
$0
Why We Recommend OANDA
OANDA is an award-winning, reputable broker known for its user-friendly trading platforms and competitive spreads, averaging 0.7 pips for EUR/USD. The broker offers the popular MT4 Signals platform for social trading, its excellent proprietary platform, OANDA Trade and TradingView, one of our favorite charting and standalone platforms.
Pros & Cons
Broker Details
OANDA is our favorite social trading broker overall in the U.S. as it combines multiple trading factors well.
We scored OANDA a perfect 100/100 for trust. One reason is their global presence, they are heavily regulated by several tier-1 regulators such as the NFA/CFTC in the U.S. (along with ASIC in Australia and the FCA in the UK). A second reason is that they have been around since 1996, meaning they have a longstanding history of providing a top-notch, trusted service to their clients. A third reason is the size of their customer base which in Q4 2022 was 35,916 in the US,
From our testing, OANDA stands out with its three platforms: the popular MetaTrader 4, its own, OANDA Trade platform and charting powerhouse, TradingView. We tested MT4 and found their MT4 open order indicator feature useful, this tool acts as a bridge so you can take advantage of OANDA’s pricing and execution while using MT4 features like Expert Advisors.
We found copy trading using MT4, slightly tricky to start with. You need to use a 3rd party service made by MetaQuotes called Signal Providers, which does not come with the platform itself. Once we got set up, copy trading was very easy to activate. To get started (assuming you already have MT4) follow these steps:
You’ll receive spreads from 0.6 pips for OANDA’s Spread-Only (Standard) account for the major USD-based currency pairs, which is the lowest we’ve seen for a commission-free account in the US, however, they are generally higher on average, being 1.2 pips according to our tests.
With easy-to-use trading platforms, low spreads and useful risk management features, we recommend OANDA for beginner copy traders.
Forex Panel Score
Average Spread
EUR/USD = 0.8
GBP/USD = 0.8
AUD/USD = 1.7
Trading Platforms
MT4, MT5
Minimum Deposit
$100
Why We Recommend FOREX.com
FOREX.com is another top-rated online broker, with a longstanding history and outstanding reputation that we scored 84/100 for trust. With a user-friendly platform and over 80 forex pairs to trade, FOREX.com provides a seamless social trading experience that we recommend for both novice and experienced traders.
Pros & Cons
Broker Details
According to the CFTC in their 2022 Retail Forex Obligations report, the number 1 US broker is Forex.com. We found a number a good reasons to like this broker.
FOREX.com is the only U.S.-regulated social trading broker that offers a commission-free (with commissions starting from 1.2 pips) and commission-based Raw Pricing account with spreads from as low as 0 pips (and commissions of $14.00 round-turn).
While spreads are lower with the Raw Pricing account, we think the best value is with the Standard accounts. If the minimum spread with the Raw pricing account is 0 pips then you will pay $14 in commissions but with the Standard account, if we assume the minimum is 1.2 pips, then you will pay $12 from the spread since 1 pip = $10.
When it comes to social trading, MetaTrader 4 or MetaTrader 5 are the obvious options because of their 3rd party Trading Signal service. Like with OANDA, you will need to sign up for MQL5 but you can trade all Forex.com products such as 84 Forex pairs. The other option for social trading is with TradingView.
We tested TradingView to better understand their social networking features. TradingView has a community of 50 million users, so it is a rich source to learn from and share ideas with. We found the TradingView Ideas Stream interesting, it makes use of Facebook-like posts so you can share chart setup and backtests. Other networking features include public chatrooms, private messaging and live streaming just be aware that we were not able to copy other traders.
Forex Panel Score
Average Spread
EUR/USD = 0.16
GBP/USD = 0.59
AUD/USD = 0.29
Trading Platforms
MT4, tastyfx Web Platform, tastyfx Mobile App, ProRealTime
Minimum Deposit
$250
Why We Recommend Tastyfx
Tastyfx, which was formerly known as IG Market before rebranding, is a well-established online trading brokerage with a significant presence in the USA. The broker stands out for its excellent social trading capabilities, thanks to the ProRealTime platform, which offers advanced charting, monitoring tools, and in-depth analysis resources.
Heavily regulated and with a long-standing reputation, Tastyfx has earned a trust score of 97/100. This high rating reflects its reliability and solid standing in the trading industry.
Pros & Cons
Broker Details
We recommend Tastyfx for its top-notch social trading tools and robust platform options, which contribute to its strong reputation in the trading community.
Tastyfx offers a range of platforms, including the popular MetaTrader 4 (MT4) and its own high-performing platforms: Tastyfx and ProRealTime, which are known for their advanced charting capabilities. For social trading, you can use MT4 Signals to trade over 80 currency pairs available on Tastyfx’s accounts.
Although Tastyfx’s spreads are slightly wider than the industry average—1.12 pips for EUR/USD according to our tests—the broker’s excellent reputation, advanced trading tools, and versatile platforms more than compensate for this.
Forex Panel Score
Average Spread
EUR/USD = 1
GBP/USD = 1.6
AUD/USD = 1.2
Trading Platforms
MT5
Minimum Deposit
$50
Why We Recommend Trading.com
Trading.com is a relatively new player in the social trading scene but has quickly gained popularity for its simple yet innovative approach. The broker integrates mirror trading using the MT5 platform, alongside its own, solid proprietary platform.
Pros & Cons
Broker Details
Trading.com keeps things very simple, with one commission-free account and two trading platforms, Trading.com’s proprietary app and MT5.
We like this as you know what you are getting, with little clutter.
You can trade a decent range of 71 forex pairs with spreads averaging 1 pip for EUR/USD (in line with the industry average).
Where Trading.com stands out as a social trading broker is with its MT5 offering. The platform supports mirror trading, which functions much like copy trading.
While we are partial to MT4, MetaTrader 5 is its more advanced upgrade, with over 80 technical indicators and integrated EA (expert advisor) functionality for automation in your trading.
Forex Panel Score
Average Spread
EUR/USD = 1
GBP/USD = 2
AUD/USD = 1
Trading Platforms
etoro Trading Platform
Minimum Deposit
$50
Why We Recommend eToro
Don’t just take it from us, eToro is one of the pioneers of social trading, known for its Best Copy Trading Platforms and vast community of traders.
With eToro, you can easily copy the trades of successful investors using eToro’s . eToro is also highly trusted, heavily regulated and reviewed favorably all over the world.
Pros & Cons
Broker Details
We like eToro because it combines a huge social trading community (of over 30 million users) with appealing features such as CopyTrader and SmartPortfolios.
The eToro platform is the best place to start, which is specifically designed for social trading. We particularly like eToro’s sentiment data collection tool for monitoring top traders on the platform.
eToro is the best forex broker for social trading, there’s no doubt about it. With a community of over 25 million users, eToro has built a reputation as the world’s leading social trading broker.
With a user-friendly proprietary platform that is specifically designed for social trading, you can trade over 3000 CFDs with ease. From our perspective, the best aspect of eToro’s platform is the ability to easily switch from self-directed trading to copy trading. However eToro does not have Forex trading so for this reason we suggest OANDA.
As a U.S. trader, we recommend OANDA as the best NFA/CFTC-regulated broker for social trading (eToro is not regulated in the U.S.). You can social trade using OANDA’s MT4 platform through a list of signal providers or social networks using TradingView.
We like the reliable nature of OANDA’s MT4 platform offering, which has a premium upgrade should you wish to access more advanced trading tools.
Social trading in Forex is the method of buying and selling foreign exchange currency pairs based on the strategies of other, often more experienced, traders. While more commonly used by beginner traders, any level of trader can employ social trading as part of their trading strategy.
Similar to copy trading, social trading is a form of Automated Forex Software or algorithmic trading, in which you automatically copy the positions of another trader.
A good way of thinking of social trading is as a peer-to-peer social network of traders, where you exchange ideas, interact with others and educate yourself on financial markets.
Social trading works in the US just like anywhere else in the world, by connecting with other users/traders around the world through a social trading platform offered by a US-regulated broker.
Delving deeper, social trading involves making one’s investment decisions and trade performance transparent so that anyone can replicate other users’ portfolios and trading activity automatically.
There are two main ways you can social trade: by completely copying another person’s strategies and trading plan or by just copying certain aspects of it.
For example, if the provider you’re copying opened a position on EUR/USD worth $100,000, you could do exactly the same, or you might choose a smaller position size of $10,000, depending on your risk tolerance.
There are many pros but equally many cons of social trading that you should consider before starting. We have highlighted the major pros and cons of social trading below:
Choosing the right forex broker for social trading in the US involves considering several key trading factors, which we have listed below:
Many brokers increase the mark-ups on spreads for social trading assets to compensate signal providers. Performance fees may also apply, depending on the social trading platform. Outside of spreads, there are also indirect costs like withdrawal fees and currency conversion charges, to take into consideration.
The funding methods and minimum deposit requirements are an important factor to consider. Ideally, a good forex broker that offers social trading should provide a wide range of funding methods and a low minimum deposit requirement.
We recommend choosing a signal provider that has a similar portfolio size in terms of funding so you are not social trading with more than you can afford.
Choosing a forex broker that offers a large number of signal providers to copy keeps your options open so you can choose the best provider that aligns with your trading goals.
Choosing a social trading platform that features fast execution speeds is important in the fast-moving world of financial markets. This is especially true for scalpers and high-frequency traders.
Having a social trading platform that offers a wide array of assets will help you diversify your portfolio as it grows. That way you can take advantage of more opportunities within each asset class, and keep your risk profile at acceptable levels.
Leverage is an excellent tool to amplify your profit potential as a social trader if used in conjunction with risk management. A low margin requirement then grants you more flexibility to enter the market at a low cost-barrier.
A professional-grade Trading Platforms that is reliable, easy to use and has plenty of 3rd party tools supports all types of traders and offers vast configuration options to suit whatever style of social trader you are.
The difference between social and copy trading is small yet distinct and can be summarised in three main factors:
Social Interaction: Social trading is about interacting with others and their trading ideas and deciding whether you should follow, while copy trading is something that is done automatically and without any social interaction.
Decision-making: In social trading, you can analyze and make your own trading decisions based on the information shared by other traders while copy trading involves simply selecting a successful trader to follow, with all the trades automatically replicated in your trading account.
Knowledge and Learning: Social trading provides you with the opportunity to learn and gain knowledge about different trading strategies, market analysis, and trading techniques while copy trading simply requires you to mirror the trades of successful providers, without any pre-existing knowledge of trading or financial markets.
Social Trading Example: After discussion with many different traders on your chosen social trading platform, you decide to trade the EUR/USD, based on your findings from studying the charts.
Copy Trading Example: After scrolling through the list of signal providers on the MT4 platform, you decide to trade the EUR/USD simply by having a quick glance at the provider’s performance statistics.
While social trading platforms present intriguing potential, it’s critical to be aware of the risks and difficulties involved. It’s important to be aware that past performances do not guarantee future results, and that following others’ trades blindly may not always be profitable.
For long-term success, it is essential to conduct in-depth research, comprehend the dangers, and create a unique trading plan.
Lack of Personal Responsibility
One of the fundamental downsides of social trading is the lack of personal responsibility. Blindly copying the trades of others without thoroughly understanding the underlying strategies, risks, and market dynamics can lead to substantial losses.
False Sense of Security
Given that social trading platforms showcase the performance of successful traders, this can create a false sense of security among beginner traders, who may believe that simply copying these traders will guarantee similar results.
Herd Mentality
The social aspect of social trading can give rise to a herd mentality, where traders tend to follow the crowd without critically evaluating market conditions.
Lack of Transparency
While social trading platforms offer access to vast amounts of data and the trading history of other traders, some providers may hide losses or only display their successful trades, giving an incomplete picture of their overall performance. This lack of transparency can mislead you into making uninformed decisions.
In terms of social trading, OANDA is the broker with the Lowest Spread Forex Brokers of 0.6 pips for EUR/USD, which is the lowest of any U.S.-regulated broker we’ve tested. These spreads are available during Forex Trading Hours which is from 24/7 Moday to Friday.
Yes, there are generally fees associated with social trading, the main ones of which we have highlighted below:
Performance Fee: Sometimes performance fees are charged on profits made by the signal provider. As an example, if the provider made you a profit of $1000 and charged a 10% performance fee, you’d pay $100, leaving you with $900.
Management Fee: Although less common, some social trading platforms charge management fees. This is usually charged on your invested amount regardless of performance. E.G. a management fee of 5% on $1000 would mean you pay a $50 fee.
Trading Fees: Trading fees include spreads and commissions. Commissions are pre-defined by the signal provider whereas spreads are the difference between the bid and ask price of the copied trade.
All of the above fees will eat into your potential profits, so you must understand what you’ll need to pay before proceeding when social trading.
Generally, social trading is considered good for beginners as it allows novice traders to access portfolio infographics of more experienced traders without having to spend years learning and advancing their financial trading skillsets.
It is also useful to have a social trading network to communicate and share investment ideas with as a beginner to help you become more comfortable with trading the financial markets.
However, beginners need to be aware of extra fees associated with social trading as well as the notion that copying an experienced provider’s trades doesn’t guarantee that you will be successful.
To get started in social trading, we have laid up a step-by-step guide below:
Yes, copy trading is legal in the US and overseen by the SEC and FINRA, while brokers that offer social trading are regulated by the NFA and CFTC. However, it is important to note that the legal status and regulatory framework for copy trading may vary depending on the specific practices and platforms involved.
Yes, you can use VPS for social trading, depending on the broker, but it is not necessary most of the time. You will, however, need to check whether a broker allows VPS trading first before signing up.
In the US, the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) oversee social and copy trading compliance itself. The NFA (National Futures Association) and the CFTC (Commodity Futures Trading Commission) regulate the brokers that offer social trading in the U.S.
Yes, you can social trade using MetaTrader 4 Signals. To do this, you simply log on to your MT4 platform and search for Signal Providers in the platform menu. Then, choose from the list provided using their performance infographics to make an informed decision.
One of the most significant risks a social trader faces is to believe that the social trading strategy entirely removes the possibility of loss. Trading, in general, involves risks, and even the most successful traders can suffer financial setbacks so it’s important to be aware of that.
Social trading can be good for crypto trading just like any other financial market you can trade. The benefit of social trading comes in community wisdom from like-minded and more experienced traders where you can gradually build your understanding and confidence in the complex realm of cryptocurrency trading.
Our favorite social trading app in the US is MetaTrader 4’s Signals because it is a user-friendly and reliable platform with countless customization options. Using your chosen broker, you can search from several signal providers on the MT4 app if you want to social trade on the go.
