7 Best Copy Trading Platforms & Apps

If you’re not sure if a broker is legitimate, you can test the water with a small deposit and then make a withdrawal. Specifically, you want to make sure that you can get access to your funds quickly. Look for both built-in security and options to use features like 2FA (two-factor authentication) to keep your account safeguarded against hackers and other malicious attacks. The price of each currency will fluctuate based on the law of supply and demand.

IG offers a variety of mobile trading apps that allow you to trade forex from any iPhone or Android device. The IG mobile trading app offers full trading functionality with a range of technical indicators, customizable alerts, and advanced trading options. IG offers an extensive list of markets to trade, competitive pricing, trading signals, and industry-leading education.

With XTB, you can trade on over 2,100 global markets and gain access to a broad asset class of more than 4,000 instruments. These include forex currency pairs, stock and ETF CFDs, stocks, indices, commodities, and cryptocurrency. The currency pairs also include the most popular, such as EUR/USD, GBP/USD, and EUR/GBP. Consolidation is not right for everyone, so you should carefully consider your options.

Copy Trading is a software application that enables individuals in the financial markets to automatically copy positions opened and managed by another selected expert trader. This method allows traders to copy specific strategies with the desired leverage. You could invest lower or platform as a service higher than the suggested allocation recommended by the strategy owner. If you choose a forex broker on our list of the best forex brokers, you’ll be in good hands. If you decide to look elsewhere, take a look at the next section to know what to watch for in a good forex broker.

Best Copy Trading Platforms & Apps

To learn about copy trading, one of the most important things to be informed about the actual process of copy trading. You can set stop loss and take profit limits to secure your trading profits and limit your losses.

One of the first things to look for is whether your forex broker is authorized in your region. If you can’t access a trading platform due to a geographical restriction and you don’t have a VPN, then you’ll want to steer clear of depositing any funds. The trading platform itself will tend to be a matter of individual taste and preferences.

Investing in securities involves risk, including possible loss of principal. Supporting documentation for any claims will be provided upon request. If your broker is executing trades on your behalf, make sure they’re in line with your objectives.

How Can I Tell If A Forex Broker Is Regulated?

There’s also a Trader Workstation that provides power and flexibility to execute trades across multiple asset classes. If you’re looking for the best all-around web platform for forex traders, you may want to consider IG. We believe this is true whether you’re among advanced traders or your journey is just beginning. Further, IG has an in-house TV channel where you can watch the advanced traders share their knowledge live three times a day, five days a week. Become proficient at charting, trading, and more, just by following along. When you trade forex on MetaTrader 4 with IG, you’ll have access to over 50 FX pairs.

For a current prospectus, visit /mutualfunds or visit the Exchange-Traded Funds Center at /etf. Another option is to contact the company directly to confirm their status and ask for supporting documentation. A spread is similar in that a broker gets a piece of the action. The difference, however, is that with a spread, the broker adds a small margin to the price to compensate them for their risk and the liquidity they’re providing you. CMC Markets is credited with the first ever online forex trade back in 1996 using the platform’s proprietary MarketMaker software.

• With the launch of the new feed feature, traders can now post their speculations on future trends and insights, thus encouraging interactions between copy traders.
• Traders use forex trading platforms to profit from these currency fluctuations.
• Around since 2002, they’re a veteran in the space, though not necessarily the most senior .
• With XTB, you can trade on over 2,100 global markets and gain access to a broad asset class of more than 4,000 instruments.
• As a result, mirror trading is relatively accurate and predictable; they are perfect for investors who want to know all the forex trading.

And, of course, being in the 21st century, there’s gotta be an app. IBKR also has APIs that you can access to build custom trading applications. This platform has gotten numerous accolades from Investopedia, Nerdwallet, Barron’s, and Stockbroker.com.

Trading Platform

Saxo Bank offers a variety of advanced trading platforms to suit the needs of any trader. Further, the interface can be accessed via both mobile and desktop. However, with so many forex brokers to choose from, picking the right forex trading platform for your needs is not easy. To help you decide, we’ve reviewed dozens of forex brokers on a variety of factors including assets, regulation, trading platform, user reviews, and fees. Hands down, our number one choice for the best forex broker for U.S. traders is IG.

One of the best ways to see if a broker is legit is to read what other people say. When you place a buy or sell order, the trade isn’t executed instantaneously. There’s going to be a delay, often in milliseconds, but sometimes, it can be several seconds.

In some countries, you can use Forex.com to trade cryptocurrency and other assets, but this feature is not currently available in the United States. BingX is a copy trading platform with over 1 million users within 100+ regions, BingX provides over 100 cryptos ranging from Bitcoin, Ethereum, Dogecoin, Safemoon to Solana, etc. Users can use a demo account for copy trading to reduce the risks. Using key indicators like trader’s Account Assets, Cumulative P&L, 30D Profit Rate, Max. Drawdown, etc, users can study the strategies while making profit. If you’re new to the forex markets, you’ll encounter some foreign terminology.

Best Crypto Software & Tools

ZuluTrade supports over 40 forex brokers, one of which being their integrated solution . It allows investors with existing brokerage accounts to link a new account via their existing broker easily. A demo account is a fantastic way to start the learning process. If you’re just getting your feet wet, look for a platform that allows you to begin trading without having to commit a lot of money first. On the one hand, you want your trade executed quickly because it will be a more accurate reflection of your target price. In high-volume markets, the price can change several times per second.

Though this relatively high level of regulation can be frustrating at times, it does offer protection to novice traders since leverage trading carries a ton of risk. While any FX trading platform will have an extensive range of forex pairs, if you’re a diversified trader, you might be looking for more. Many platforms will also give you the option to trade numerous asset classes, including stocks, cryptocurrency, commodities, CFDs, and more. Because there’s a constant stream of trades being executed, the price of a currency will be in a state of constant flux.

Forex.com recognizes that there are nearly as many different types of traders as there are trades that can be executed. For this reason, you’ll be armed with every platform imaginable, including Forex.com’s web-based platform and MetaTrader4. Ninja Trader is an excellent trading platform that’s also available. After becoming a foreign exchange brokerage house in Poland, they quickly expanded and now have thirteen offices across Europe. Mirror trading is mirroring the trading of a particular strategy.

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For example, if you exchange a high volume of Canadian dollars for U.S. dollars, the Canadian dollar will drop in value to reflect its corresponding decrease in demand. This platform gives traders the option to graduate from one screen to six screens. Tier-two is an “average trust” jurisdiction with regulatory agencies in China, Israel, Ireland, and others.

Around since 2002, they’re a veteran in the space, though not necessarily the most senior . You can start out copying top traders at FXTM with a minimum deposit as low as $100. With the launch of the new feed feature, traders can now post their speculations on future trends and insights, thus encouraging interactions between copy traders. BingX’s copy trading system also supports DeFi, NFT, Indices, Commodities, Forex and Layer2.

In addition to reading reviews , you can also get data by looking at each platform’s website to see what they list their spreads and commissions as. Many platforms also include a wealth of free tools that can elevate your trading and give you an edge. From tooltips to additional views, there’s massive variation between what each online broker offers. You’ll also find that a broker may give you access to different platforms, and some have developed their own proprietary systems. On average, a trader can count on a spread of 0.8 pips or something within that range.

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In addition to being able to trade 40 global FX pairs, eToro’s CFD platform allows access to commodities, indices, stocks, and, of course, cryptocurrencies. Trading CFDs allows you to trade solely on the price movements of various financial markets and instruments without having to own the underlying asset. This strategy can allow you to gain capital quickly, while minimizing trading costs.

#4 Plus 500: Best For Trading Cfds On Forex

As you likely already know, a commission is a percentage of each trading transaction. A broker will take a small commission on each trade, whether you buy or sell. Look for competitive pricing, and don’t be afraid to shop around. This point is perhaps the most important one to research before choosing the best forex broker, so it’s the first one on our list. By regulation, we mean that the brokers are subject to federal regulations, and they’re being monitored by the local government to ensure that they’re in compliance with the rules. If you’ve ever traveled abroad and had to exchange your native currency for money to spend locally, you’ve already done some forex trading.