Best Social Trading Platforms USA

Our list of the best social trading platforms are:

  • OANDA - Best Forex Broker For Social Trading Overall
  • FOREX.com - Top Copy Trading with MT4 (MQL Signals)
  • IG Group - Top Advanced Trading Tools For Social Trading
  • Trading.com - Best Social Trading For MetaTrader 5
  • eToro - Best Social Crypto Trading
Broker Review Our Rating Regulation Standard
EUR/USD
Spread
Standard
GBP/USD
Spread
Standard
AUD/USD
Spread
Raw
EUR/USD
Spread
Raw
GBP/USD
Spread
Raw
AUD/USD
Spread
Commissions
(USD Base)
MetaTrader 4 MetaTrader 5 cTrader Execution Speed Minimum Deposit Currency Pairs Crypto CFDs Retail Leverage Prof. Leverage Visit Broker
81 NFA/CFTC 1.4 2 1.4 - - - 120ms $0 68+ (Spot) - 50:1 100:1 Visit Site
61 NFA/CFTC
FCA,CIRO
1.50 1.5 1.4 0.0 0.2 - $7.00 30 ms (May 2023) $100 80+ (Spot) - 50:1 Visit Site
71 NFA/CFTC
FCA, ASIC
1.2 1.9 1.4 - - - $6.00 174ms $450 80+ (Spot) - 50:1 50:1 Visit Site
50 NFA/CFTC 1 1.6 1.2 - - - - Visit Site
43 ASIC, CySEC, MFSA
FCA, FSA, FINRA
GFSC
1.0 2.0 1.0 - - - - 130ms $200 (Australia), $50-$100 (EU) 49+ 46+ 30:1 400:1 Visit Site

1. OANDA Best 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 (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

  • Highly Trusted Broker
  • User-friendly platforms
  • Great risk management tools
  • Only offers Standard account
  • Limited products available
  • Inactivity fees

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:

  1. Register for an MQL5 account (this allows you to add signal providers)
  2. Choose the provider from the list you wish to follow and copy (we suggest expanding the screen so you can see trade statistics
  3. Select subscribe so you can select your trading parameters (or use default settings)
  4. After you subscribe, you will want to view the stats for the strategy by selecting “My Statistics tab”
  5. You are now ready to copy

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.

oanda account types products usa

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

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

  • Excellent proprietary platform
  • Over 80 forex pairs
  • RAW Spread account available
  • Spreads could be tighter
  • Costly RAW Pricing commissions
  • Limited products on MT4

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.com account type products for us traders

3. IG Group Top Advanced Trading Tools

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, L2 Dealer

Minimum Deposit

$0

Why We Recommend IG Group

IG Group is a well-established online trading brokerage with a strong presence in the USA and the best trading tools for social trading. This is courtesy of IG’s specialist platform, ProRealTime, featuring advanced charting, monitoring tools and analysis resources.

IG Group is also heavily regulated and, combined with its longstanding reputation, was why we scored it 97/100 for trust.

Pros & Cons

  • Advanced trading tools
  • Diverse range of platforms
  • Highly trusted broker
  • Limited markets on MT4
  • Market maker broker
  • Credit card funding costs

Broker Details

As well as possessing the most advanced trading tools for social trading, we like IG Group for its excellent platform range and trusted reputation.

IG’s platform range includes the popular MT4, as well as its stellar proprietary platforms: IG and ProRealTime, for advanced charting tools.

In terms of social trading, you can use the broker’s MT4 Signals offering to trade over 70 currency pairs on IG Group’s Standard account.

While IG Group’s spreads are slightly wider than the industry average, at 1.12 pips for EUR/USD from our testing, the broker’s trusted reputation, advanced trading tools and excellent platforms more than make up for that.

ig account account type us

4. Trading.com Best Forex Broker For MetaTrader 5

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

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

  • Competitive commission-free spreads
  • Mirror trading available via MT5
  • FIFO workflow
  • Education could be better
  • Limited products for US traders
  • Market-making broker

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.

trading.com account and products usa

5. eToro Best Offshore Broker

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

Don’t just take it from us, eToro is one of the pioneers of social trading, known for its user-friendly 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

  • Huge social trading community
  • User-friendly proprietary platforms
  • Over 3000 CFDs available
  • Not U.S.-regulated
  • No ECN-style account
  • Lacks advanced trading tools

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 account type us