The best copy trading platforms allow you to replicate the trades of other traders. This guide looks at the brokers with the best copy and social trading platforms.
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These are the best copy trading platforms in South Africa
Most forex brokers in South Africa offer copy trading platforms to their clients either in-house built (Darwinex and eToro) or third-party trading platforms like MyFxBook, Duplitrade and Zulutrade are also available.
As the name suggests, copy trading is a feature that allows individuals to automatically copy positions taken by more experienced traders across different financial markets. Once your forex trading account is linked to a copy trader, you’ll start making money whenever the copied trader wins and lose when the copied trader loses money.
Below is a handpicked list of the best copy trading platform for South Africa by categories.
Based on our review, Pepperstone is the best choice for South African traders when it comes to Forex copy trading platforms. South African traders have the opportunity to access a variety of trading strategies from some of the most successful traders globally with Pepperstone’s copy trading solutions:
With a decade of business history, Melbourne-based Pepperstone is an award-winning, multi-regulated broker authorized to offer online trading services by ASIC, CySEC, FCA, DFSA, BaFin, and the Securities Commission of the Bahamas.
Pepperstone clients are granted access to this third-party copy trading platform by ensuring a minimum deposit of AUD 5,000. DupliTrade allows access to trading signals provided only by proprietary traders. Therefore, inexperienced traders will be given an opportunity to access their expertise and familiarize themselves with pro trading techniques. They can begin trading automatically based on signals from audited strategy providers directly into their Peppestone MT4 trading account.
Novice traders, however, should keep in mind that acting on trading signals carries a certain risk because the past performance of strategy providers is not indicative of future results due to constantly changing market conditions.
MetaTrader 4’s own copy trading tool, MT4 Signals, allows for real-time access to thousands of trading strategies and signals.
The list of signal providers can be accessed in the “Signals” tab of the MetaTrader 4 terminal window, where traders can choose a provider and subscribe to his/her trading signals. Providers can be selected based on certain parameters, including the number of followers, AUM, max. drawdown etc.
At Pepperstone, South African traders are able to enjoy razor-thin spreads starting from 0.0 pips across all tradable asset classes available with the broker (more than 800 financial instruments) due to its deep liquidity pool. Pepperstone will charge competitive trading commissions in exchange for ECN conditions on its Razor account.
It is important to choose a broker with tight spreads (and low commissions) when copy trading as frequent trading can see your costs add up over time. The below module compares different brokers using average spreads each broker publishes on their website. These spreads are updated each month.
Data taken from broker website. Accurate as at 04/06/2021
Compare All Spreads >>
Access to no dealing desk execution with no re-quotes on all of the broker’s trading platforms – MetaTrader 4, MetaTrader 5 and cTrader.
Due to its innovative technology, Pepperstone has ensured exceptional order execution speeds (less than 30 ms) for its clientele, reducing the possibility of slippage on copied trades.
Access to award-winning, 24/5 customer support service, a variety of trading guides and tutorials as well as specialized Forex trading webinars.
Disclaimer: Pepperstone warns that it will have no control over trading signals generated through third-party copy trading platforms and clients should not consider signals as investment advice.
Overall, our testing found Pepeprstone to be an industry leader for copy trading. There are no deposit and withdrawal fees for all account funding options or alternatively, you can gain access to a 30-day free demo account with $50,000 in virtual funds by clicking the button below.
View Pepperstone Review >>Visit Pepperstone >>
Markets.com offers the MetaTrader 4 (MT4) trading platform which is the world’s most popular trading platform for both traders and brokers.
MetaTrader 4 is popular for the following reasons
Choosing MetaTrader 4 means you get access to 30 indicators for the best technical analysis. These include:
MetaTrader 4 also comes with over 24 Analytical objects so you can identify trends, plot channels, and find support and resistance levels. Graphical objects include lines, channels. Gann and Fibonacci tools.
Other features of MetaTrader 4 include 9 timeframes, 4 Pending order types, and 3 execution modes.
Trading Signals is a feature of MetaTrader 4 that allows you to automatically copy other successful traders in real-time. These traders are known as signal providers as their make trades available for free or a small fee to other traders to copy.
MetaTrader 4 has one of the largest collection of signal providers and these can be found via the MetaTrader 4 website or through the Signals tab in the MetaTrader 4 platform. To help you find the best signal providers, signal providers are listed according to their trading results, with the best providers displayed first.
If you prefer to Automate your trading you can take advantage of Expert Advisors (EAs) robots. EAs not only automatically execute your trades, but also analyze quotes.
You can download EAs for free via the CodeBase library. The CodeBase not only has free EAs but also technical indicators and scripts. If you are don’t feel confident creating your own EAs, you can also purchase EAs online or employ a professional MetaTrader developer.
With Markets.com you can choose from a large range of CFD products. These includes:
When it comes to trading cryptocurrencies, Markets.com offers one the (if not the) largest range of any forex brokers. In addition to the popular cryptos such as Bitcoin, Ripple, Dash, and Ethereum, Markets also offer less common cryptos such as Cardano, Monero, and Litecoin and even rarer ones such as Tezos, Compound, Synthetix.
Cryptocurrencies tend to be more volatile than other CFD instruments which can present opportunities for profits. Their volatile nature, however, does mean more risks and it is for this reason leverage is much lower than for other CFDs.
View Markets.com Review >>Visit Markets.com >>
FXTM offers FXTM Invest for Copy Trading. The beauty of FXTM Invest is that you do not need any technical skills to start copy trading. All you need to do is find the Strategy Managers (Aka Signal Provider) that suits your trading goals and FXTM will take care of the copy aspects.
FXTM Invest allows you to retain control of your capital and you only pay fees to the Strategy Manager when they make you a profit.
When using FXTM Invest for copy trading, you can use the following products currencies, spot metals, commodities and indices
To sign up for FXTM you will need an Invest Account and to deposit 100 USD/GBP/EUR to commence copying.
FXTM Invest is constantly analyzing and tracking their Strategy Managers for the best performers to ensure you can easily find the right Manager for you. A range of search and filter tools are available include by investment return, risk profile, and trading style to help you find your strategy manager.
View FXTM Review >>Visit FXTM >>
AvaTrade is best for copy trading with the user-friendly DupliTrade platform. Regulated by eight industry regulators, including ASIC, CySEC and FSCA, AvaTrade is another appropriate choice for South African clients when it comes to social trading.
With this particular brokerage, traders are enabled to engage in copy trading variety of tradable asset classes (Forex pairs and CFDs on Stocks, Stock Indices, Cryptocurrencies, Commodities, ETFs, Forex Options, Bonds) and two powerful trading platforms (MT4 + MT5) with a plethora of features and valuable trading tools.
Other third-party copy trading platforms offered by AvaTrade includes AvaSocial, ZuluTrade and MQL5 signals service.
DupliTrade is one of the most popular auto trading services, which allows both beginner traders and people with insufficient time to follow market trends to automate their trading directly into their live account with AvaTrade.
DupliTrade features only audited traders with proven trading strategies.
South Africa-based AvaTrade clients are required to ensure a minimum deposit of $2,000. Clients are able to link both MT4 and MT5 trading accounts to DupliTrade to begin searching for successful traders with years of experience whom to copy.
Another key advantage of AvaTrade includes its negative balance protection policy. This means that retail investor accounts will not have to repay a negative balance. AvaTrade will simply bring clients’ account balance back to zero.
And, let us not forget AvaTrade’s professional 24/5 customer support service. Should clients happen to have any inquiries concerning copy trading options, they can always contact the broker’s support team via several convenient channels.
Overall, this risk management tool and the fact that the broker is multi-regulated and trusted provides clients with an extra layer of security when copy trading. If you’re interested in getting started with AvaTrade make sure you check out our full review by clicking the button below.
View AvaTrade Review >>Visit AvaTrade >>
eToro is one of the most prominent representatives of the copy trading world and also one of the innovators within that field. Regulated by reputable regulatory authorities such as the ASIC, CySEC, and the FCA, eToro operates one of the leading collaborative network of traders and investors with 20 million registered users globally.
eToro’s copy trading technology enables South African retail clients to automatically replicate the activity of top-performing traders without the need to pay management fees or other hidden costs. Clients are able to search through eToro’s vast active trader base by using certain parameters such as return, risk score, number of copiers or preferred markets to trade.
To do so, clients are required to deposit as little as $200. Once a top-performing trader is located, they can exactly copy his/her trading positions into their own eToro trading account. We should note that there is a minimum value for every copied position – currently, it is $1.
To copy a trade, clients need to simply click on the icon of any of the experienced traders of their choice, input the total amount for the copy and then, click on the “Copy” button.
eToro has allowed clients the flexibility to stop the copy, to put it on hold, to add or to remove funds whenever they like as well as to set a Stop Loss for the copy. The broker’s CopyTrader feature enables clients to replicate the trading activity of up to 100 other users simultaneously.
But what is even more, eToro brings copy trading to a higher level with another unique feature – CopyPortfolios, or an investment product designed to minimize long-term risk and generate up to double-digit annual returns. The minimum investment amount required is currently $5,000, while there will be no management fees charged.
CopyPortfolios may be comprised either of selected top-performing traders on the broker’s network (Top Trader Portfolio), or of selected financial instruments such as Stock CFDs, ETFs or Commodities (Market Portfolio).
And, let us not forget the broker’s Popular Investor program, which allows South African traders with a proven track record to earn a second income (paid by eToro monthly), when being copied. To join the program, traders need to ensure at least $1000 in equity and at least two full months of stats on eToro’s platform. There are also some additional requirements for every of the program’s four tiers.
Overall, eToro combines copy trading with social trading in an all-in-one solution for both beginners and professional traders. Best copy trading platform in general, eToro also offers mirror trading for cryptocurrencies. You can also take a closer look at the full eToro review by clicking the button below.
Sydney-based IC Markets is the best choice for copy trading with MetaTrader signals (MT4 + MT5). Founded in 2007, IC Markets is one of the largest CFD and Forex trading brokers worldwide with over USD 29 billion in processed volume. It is a reputable, multi-regulated brokerage, which complies with regulatory standards of respected industry regulators, among which:
IC Markets is also regulated by the Financial Services Authority of Seychelles and the Securities Commission of the Bahamas.
South African traders can take advantage of copy trading options with the MT4 trading signals tool. With it, they will be able to replicate the trades of other IC Markets’ clients in real-time directly into their live trading account without the need to leave the trading platform. Copy-trading with MT4 signals service can also be practised on a free demo account offered by IC Markets.
We consider IC Markets’ MetaTrader 4 software as the best choice for South African clients to copy trade, based on the following key features.
The broker’s raw pricing model combined with a powerful trading execution technology allows for order execution with no dealing desk intervention and minimal risk of slippage. All trading orders will be executed in less than 40 ms with ultra-low latency, as IC Markets’ MT4 server is located in the Equinix NY4 data center in New York. Due to the trading platform’s reliability and speed, South Africa-based clients can take advantage of a diversity of trading strategies – from scalping and day trading to position trading copy trades.
The Forex broker’s deep and diverse mix of liquidity providers, which translates into ultra-low min. spreads (starting from 0.0 pips) and competitive average spreads 5 days in a week across IC Markets’ entire CFD product list (from currency pairs such as GBP/USD to cryptocurrencies such as Bitcoin).
The MT4 platform offers flexible order types and a good set of technical analysis tools, including 20 exclusive trading tools, which may suit the preferences of both novice traders and professionals who employ various trading styles. Also, there are no restrictions on all pending orders with IC Markets and no limits on trade sizes (clients can trade micro-lots for better risk management).
IC Markets grants access to a good range of tradable asset classes – 61 currency pairs, 25 Stock Indices, 22 Commodity CFDs, 11 Bond CFDs, 13 Cryptocurrencies, 4 Futures CFDs and 1659 stocks. This also translates into a multitude of trading systems for clients to copy.
South African traders can also subscribe to trading signals from thousands of providers by using the MQL5 Signals service, which is fully integrated with IC Markets’ MetaTrader 5 software. Thanks to its global cloud infrastructure, MQL5 allows for even faster signal execution and does not involve any hidden fees or commissions.
The Forex broker’s MetaTrader 5 software grants traders access to features not found with MT4, namely:
This further enriches the options for those interested in copy trading.
Overall, users of the MetaTrader copy trading platform are better off with IC Markets. Copy-trading can be done in hundreds of CFDs, spreads are tight, the speed of copied trades is fast and you only need a minimum deposit of USD 200.
ZuluTrade is a social trading service provided by Triple A Experts SA, a company that falls under the regulation of Greece’s Hellenic Capital Market Commission (HCMC). ZuluTrade, along with DupliTrade, belongs to the group of leading global social trading platforms and is currently offered by some of the most reputable online trading brokers, including IC Markets, AvaTrade or ThinkMarkets.
Brokerages that are supported by the ZuluTrade platform do not necessarily need to be additionally regulated to offer the social trading service to their clients. The list of supported brokerages is presented below.
Similar to other copy trading platforms, ZuluTrade allows users to replicate the trading activity of others.
To begin copy trading, users will have to open an account with ZuluTrade and then select a brokerage with which to trade. New traders from South Africa can open either a Profit Sharing account or a Classic account.
Beginners may opt to open a Profit Sharing account, which grants them access to fully automated trading for a monthly subscription fee of $30. In case they earn a profit while copy trading, traders will have to share 25% of earnings – 20% of that fee will go to the trader/s they follow and copy, while 5% will go to ZuluTrade. There will be no additional trading commissions charged.
At the same time, more experienced traders may opt to open a Classic account, which grants them access to manual or fully customized copy trading. ZuluTrade will apply standard volume-based commissions on this account type.
The ZuluTrade platform is utilized by two types of users – signal providers and followers. The latter can select signal providers based on their ZuluRank – a metric that aggregates parameters such as return on investment, assets under management, drawdown, trading volume, age, log-in frequency, duration of active trades and so on.
There are specific requirements that need to be satisfied so that a trader can become a signal provider at ZuluTrade:
ZuluTrade’s vast trading network allows South African users to choose from thousands of signal providers with unique profiles whose activity to replicate, which could improve their copy trading profitability potential.
Lastly, with ZuluTrade, copy trading options cover a range of asset classes, including currency pairs, Stock CFDs, Commodity CFDs, Stock Index CFDs, and Cryptocurrencies.
Users can also take advantage of a free and unlimited demo account to practice copy trading without risking real money. The minimum deposit required will depend on the trading brokers selected. For example, IC Markets and ThinkMarkets require a minimum deposit of $200, while AvaTrade – a min. deposit of $500.
On balance, Darwinex provides the best experience as a copy trading specialist. Established in 2012, Darwinex is an innovative online broker and a trademark of Tradeslide Trading Tech Limited, a company that complies with strict regulatory standards of the UK’s Financial Conduct Authority (FCA). The brokerage establishes the link between experienced traders who operate on the global financial markets and investors who back them.
Usually, most copy trading platforms enable CFD and Forex traders to replicate the actions of others directly. Yet, this is not the case with Darwinex. This global brokerage allows its clients to invest in DARWINs, or Dynamic Asset and Risk Weighted Investment. A DARWIN represents a tradable asset that is based either on an experienced trader who uses Darwinex’s trading platform or on an automated trading strategy.
DARWINs can be bought and sold by clients, while their value will be in tight relation with the performance of that trader or that strategy.
On the broker’s platform, investors, including those based in South Africa, will be able to see only DARWINs that are deemed investable. All DARWINs are graded on a 0-10 scale based on factors such as risk management, trading experience, timing, consistency and scalability. Combined, those parameters determine the DARWIN investor appeal (DARWINia) score of DARWINs or D-Score.
The D-Score is one of the criteria, which Darwinex takes into account when it allocates a particular amount of capital in the form of prizes to the best 120 DARWINs every month. The online broker allocates up to EUR 7.5 million each month and maintains that allocation for six consecutive months in order to incentivize DARWINs to trade in a longer-term.
Investors, on the other hand, will have to pay Darwinex an annual fee of 1.2% on their invested equity to take advantage of the broker’s service, while another 20% fee (performance fee) will apply if they earn a profit with their DARWINs. DARWIN providers (traders) will receive 15% of that 20% fee, while the remaining 5% will go to Darwinex. This way, traders are kept motivated to generate profits consistently.
With Darwinex, South African investors can also choose from more than 2,000 liquid alpha trading strategies (DARWINs) to add to their portfolio. The underlying instruments of those short-term and long-term strategies include currency pairs, Stocks, Commodities and Stock Indices. Strategies (DARWINs) are never correlated with the market. Investors are also able to model a portfolio by using virtual funds with the help of Darwinex’s backtesting tool. This way, investors have the opportunity to familiarize themselves with the broker’s platform risk-free.
We should note that Darwinex will never disclose traders’ (DARWINs) historical record or active trades to investors. The latter will only be able to invest in a particular trader as a DARWIN.
Darwinex also allows traders (DARWINs) to migrate their track record from another brokerage to their Darwinex account. If they have a MetaTrader 4 account with another broker, traders can easily import their track record into their live trading account with Darwinex. This way, they will not have to build their record from scratch.
With Darwinex, traders will be able to take advantage of the broker’s ECN execution and pricing model, which translates into tight spreads (starting from 0.0 pips) across the entire product list (Forex pairs, Commodity and Stock CFDs), competitive commissions (2.5 currency units per Standard Lot traded) and ultra-fast order execution with no dealing desk intervention.
The above lists some of the best copy trading platforms. When choosing a copy trading platform, you need to consider more than just the copy platform. You should consider the following six things:
MetaTrader 4 (MT4) is the best and most popular trading platform in South Africa. With over 1200 MT4 forex brokers regulated worldwide, MetaTrader covers both Forex and trading CFDs, expert advisors, 30 built-in technical indicators and 24 graphic objects displayed in 9 different timeframes. Check out the 8 Best Forex Brokers in South Africa 2021 by fx trading category.
Allan Gray founder of Allan Gray Proprietary Limited is South Africa’s biggest privately-owned asset manager. The company has over USD 40 billion assets under management invested across different asset classes.
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.