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Best Copy Trading Platforms of 2024

BrokerNotes.co

Written by BrokerNotes.co
Fact-checked by Steven Hatzakis
Fact-checked by Joey Shadeck
Edited by John Bringans

January 05, 2024

Please note:

A member of our editorial team used a proprietary blend of Generative AI technologies to assist in the creation of the content on this page. All information contained herein has been fact-checked by our lead writer in conjunction with our research team, and thoroughly edited by our editorial staff. Learn more about our generative AI policies, our editorial principles, and our testing methodologies.

Copy trading is a form of investing in which a trader or investor automatically duplicates the trades of another trader in real-time. Once you've chosen a copy trading platform (ideally provided by a highly regulated forex broker), all you need to do is select a trader that you want to copy and then watch as their trades are executed in your account simultaneously.

Note: Copy trading is not a get-rich-quick scheme; when you copy a trader's position, you don't just copy their gains – you also copy their losses.

In social copy trading, there are two sides to every copied trade: the signal provider (the trader whose trades are being copied) and the copier (the trader who has chosen to automatically follow the provider's trades).

file_copyWant to become a signal provider?

Any trader can become a signal provider. You just need to register with a copy trading platform and make your trades available to copiers.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers for Social Copy Trading

Here are our picks for the best forex brokers that offer social copy trading.

  • Saxo Bank - 9.7/10 Overall
  • CMC Markets - 9.6/10 Overall
  • City Index - 9.3/10 Overall
  • XTB - 9.1/10 Overall
  • eToro - 8.8/10 Overall
  • Swissquote - 8.8/10 Overall
  • AvaTrade - 8.7/10 Overall
Saxo Bank
9.7/10 Overall
Minimum Deposit$0
Tier-1 Licenses7
Tradeable Symbols (Total)70000

Saxo Bank is a highly trusted broker that operates multiple banks and is regulated across the globe. Saxo Bank delivers an incredible cross-platform experience alongside powerful research and a vast selection of more than 60,000 symbols across multiple asset classes. It’s worth noting that minimum deposits at Saxo are steep.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
CMC Markets
9.6/10 Overall
Minimum Deposit$0
Tier-1 Licenses5
Tradeable Symbols (Total)12074

CMC Markets is a highly trusted multi-asset broker regulated in multiple Tier-1 jurisdictions. CMC's powerful Next Generation trading platform for web and mobile delivers a huge selection of markets and a fantastic user experience. CMC Markets also ranks highly for its high-quality research and educational content.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
City Index
9.3/10 Overall
Minimum Deposit£100.00
Tier-1 Licenses7
Tradeable Symbols (Total)13500

City Index, part of StoneX Group, is an award-winning, highly trusted broker with a long history of offering forex and CFDs across its global offices. City Index delivers a well-designed mobile trading app and a powerful web platform, as well as a large range of tradeable markets (though pricing is just average).

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
XTB
9.1/10 Overall
Minimum Deposit$0
Tier-1 Licenses2
Tradeable Symbols (Total)6010

XTB is a highly trusted brand with a proprietary platform (xStation 5) that delivers a rich selection of trading tools. XTB also offers CFDs for a wide range of asset classes, including multiple cryptocurrencies. Beginners will appreciate XTB's excellent educational content and the hundreds of lessons that are available via its Trading Academy.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
eToro
8.8/10 Overall
Minimum Deposit$10-$10,000
Tier-1 Licenses3
Tradeable Symbols (Total)3479

Best known for its copy trading platform suite, eToro is a highly trusted broker offering a large selection of cryptocurrency products, CFDs, shares, forex pairs, and a wide range of powerful trading tools. It’s worth noting that eToro is not a discount broker (though it offers zero-dollar commissions for U.S. stocks).

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)No
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Swissquote
8.8/10 Overall
Minimum Deposit$1000
Tier-1 Licenses5
Tradeable Symbols (Total)472

Swissquote delivers a balanced offering of easy-to-use proprietary trading platforms and popular third-party platforms like MetaTrader and TradingView. Swissquote also offers a staggering 3 million financial products. It’s worth noting that Swissquote's pricing is more expensive than what you'd find with low-cost forex brokers.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
AvaTrade
8.7/10 Overall
Minimum Deposit$100
Tier-1 Licenses4
Tradeable Symbols (Total)1260

AvaTrade is a well-rounded, highly trusted broker that offers excellent educational resources for beginners and great tools for copy trading. AvaTrade's commissions and market research are about average, and traders gain access to AvaTrade's proprietary platforms and the full MetaTrader suite.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes

Copy Trading Pros and Cons

Pros

  • Can be ideal for passive traders or investors who want to diversify their portfolios without having to conduct their own in-depth technical analysis.
  • Beginner traders can use copy trading as a tool to learn about the investment strategies of experienced traders.
  • It can eliminate the emotional bias and impulsive decision-making that can come with purely self-directed trading (Note: Copy trading is still a form of self-directed trading).

Cons

  • No guarantees: Copy trading does not guarantee success or profitability in the forex market; the past performance of a signal provider does not indicate their future results. Market conditions can still change quickly and unpredictably.
  • High risk: Copy trading does not eliminate the risk of losing money in the forex market. You are still exposed to market fluctuations and volatility. If the trader you are following makes a mistake, has a bad streak, or stops trading, you may suffer losses.
  • Poor strategy selection: Not all traders are reliable, consistent, or suitable for your goals and preferences. You need to be careful about who you follow, and do your own research and analysis before copying their trades.
  • Dependency on copy trading: Copy trading can create a reliance on other traders and hinder your personal growth as an investor.

Is copy trading legal?

The legality of copy trading is dependent on the regulations of your country or local jurisdiction. In countries where trading is strictly regulated, copy trading may be considered illegal.

In the United States, for example, copy trading is legal but subject to strict rules. Copy traders must be registered with the Securities and Exchange Commission as Registered Investment Advisers or Registered Commodity Trading Advisors. Failure to register can result in civil or criminal penalties.

travel_exploreCopy trading in the United States

Learn more about copy trading and forex trading in the U.S. by heading over to our sister site, ForexBrokers.com and checking out their guide to forex trading in the U.S.

In the European Union, copy trading is generally allowed but with restrictions that govern how it can be marketed. Copy trading platforms are required to disclose the risks involved, and traders must be given a clear indication of the performance data of the traders they are copying.

In countries with less strict regulations, copy trading may not be subject to any legal restrictions whatsoever. That said, we always recommend choosing a broker or copy trading provider that is highly regulated in reputable jurisdictions. Learn more by checking out our Trust Score page.

A brief history of copy trading in the forex market

The history of forex copy trading can be traced back to the 1990s. With the new widespread adoption of the internet, forex trading became available to the masses, and investors began to copy the trades of experts. The launch of social trading platforms like eToro and ZuluTrade in the late 2000s made it possible for traders to automatically copy the trades of other traders regardless of their experience level.

In recent years, there has been tremendous growth in the forex copy-trading industry. According to Globe Newswire, the social trading platform market size is expected to grow from $2.22 Billion in 2021 to $3.77 Billion by 2028

What is the best copy trading platform?

We evaluated various platforms for copy trading in 2024, and we concluded that eToro is the best broker for copy trading. eToro's copy trading platform offers a range of useful features designed to help you find traders to copy

  1. Risk Scores: Each trader on eToro receives a risk score from 1 to 10, indicating the level of risk associated with their portfolio. This score can help you evaluate and decide which traders to copy based on your risk tolerance.
  2. Copy Stop Loss: This feature allows you to set a limit on the maximum amount you are willing to lose on a copied trader. Once this limit is reached, the copy relationship automatically ends.
  3. CopyPortfolios: This feature bundles together a group of traders with similar investment strategies. By investing in these portfolios, you diversify your investments, which has the potential to spread your risk across multiple traders (this does not eliminate risk; forex trading – even when following a signal provider – is risky).
  4. Popular Investors: eToro's Popular Investor program includes experienced traders with a successful track record of trading. You can follow their trades while learning about their investment strategies.

Check out a gallery of screenshots from eToro's trading platforms, taken by our research team during our product testing.

What is the best app for copy trading?

eToro has the best app for copy trading, and is a great choice for beginners as well as seasoned investors. eToro's copy trading app delivers access to thousands of investors with a wide variety of trading strategies. eToro also provides risk levels for signal providers and custom risk management settings. Simply put, eToro has made copy trading more accessible than ever.

Click through our gallery of screenshots of eToro's mobile apps, taken by our research team during our product testing.

How to get started copy trading

Copy trading allows you to follow the trades of other traders in real-time. To get started as a copy trader, choose a highly regulated forex broker that offers a copy trading platform, and then select a trader (or, "signal provider") that you'd like to follow. Factors to consider when choosing a signal provider are their historical performance, trading strategy, and risk tolerance. Customize your settings (control how much you want to allocate to each provider and how much risk you are willing to take). Once you are all set up, the signal provider's trades will be automatically replicated in your account.

How to choose a trader to copy

When choosing a trader or signal provider to copy, consider factors such as the provider's number of open positions, typical holding time for investments, preferred type of investments, risk tolerance, return rate, and how long the provider has been an active trader. It's also important to consider your own trading goals, preferences, and your personal level of risk tolerance.

To start copy trading, follow these five steps:

  1. Filter the selection of traders (signal providers) based on your trading goals and risk tolerance. Check out any available rankings and statistics on your copy trading platform.
  2. Evaluate and compare the remaining candidates and decide who to copy, (if anyone).
  3. Set your risk/reward parameters for each trader that you have copied, and decide whether you will copy their current open positions or only new positions moving forward.
  4. Once you are happy with your settings, click to copy trade the providers you have chosen.
  5. Check the performance of your trading account regularly. Change your settings and subscriptions as needed

Can you make money from copy trading?

Yes, you can make money by engaging in copy trading. However, you can also lose money. Your financial gains or losses will depend on the traders you choose to follow and the timing of your decisions. It's crucial to evaluate each trader's profitability before copying their trades and understand that past performance doesn't guarantee future results.

Copy trading carries risk, so it's advisable to only invest what you're prepared to lose. Begin with a modest investment and conduct thorough research before settling on a trading strategy. While copy trading isn't a shortcut to quick riches, it can aid in diversifying your portfolio when used judiciously. The best copy trading brokers will provide tools to manage your account effectively.

reportAn important note about copy trading

Copy trading isn't suitable for everyone. Your suitability for copy trading depends on your financial goals, risk tolerance, and the portion of your portfolio you're willing to dedicate to this strategy. Contrary to popular belief, copy trading is not a passive investment; copy trading is a form of self-directed trading that requires your active participation.

Is there a minimum deposit requirement for copy trading?

Minimum deposit requirements vary depending on your copy trading platform and your broker. Minimum deposits can range from $0 to as much as several hundred dollars (or the currency equivalent).

What are the fees associated with copy trading?

Copy trading fees vary, depending on the platform, the type of trader (or signal provider) you copy, and your broker. Fees associated with copy trading can include Copy Trader fees, spreads and commissions, and sometimes inactivity fees. It's important to research fees and understand them fully before signing up with any specific platform. Look for those platforms that deliver transparent fee structures, competitive spreads, and a wide range of available assets.

savingsLooking for low-cost forex trading?

Check out our guide to the best zero spread brokers to see our picks for the best brokers that offer low-cost, low-spread account options.

Conclusion

Copy trading can be a straightforward way traders for traders and investors to diversify their portfolios. However, it's essential to understand that – like all forms of trading and investing – copy trading carries risk. It's crucial to conduct thorough research and due diligence to choose the most suitable signal providers for your own trading goals. With the right strategy and approach, copy trading can be a valuable addition to your investment portfolio.

Best Copy Trading Brokers Recap

To recap, here are our top forex brokers for copy trading in 2024.

Company Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Trust Score Tradeable Symbols (Total) Read Review Visit Site
eToro logoeToro 8.8 $10-$10,000 1 info 90 3479 eToro Review
Swissquote logoSwissquote 8.8 $1000 N/A info 99 472 Swissquote Review
Capital.com logoCapital.com 8.7 $20 info 0.67 info 87 3021 Capital.com Review
Interactive Brokers logoInteractive Brokers 9.9 $0 0.63 info 99 8500 Interactive Brokers Review
Eightcap logoEightcap 7.5 $100 1.0 info 85 736 Eightcap Review
XTB logoXTB 9.1 $0 1.07 info 96 6010 XTB Group Review
Saxo Bank logoSaxo Bank 9.7 $0 1.1 info 99 70000 Saxo Bank Review
IG logoIG 9.9 £250.00 0.98 info 99 19537 IG Review Visit Site
CMC Markets logoCMC Markets 9.6 $0 0.61 info 99 12074 CMC Markets Review
FOREX.com logoFOREX.com 9.4 $100 1.4 info 99 5500 FOREX.com Review Visit Site
TD Ameritrade logoTD Ameritrade 9.3 $0 1.25 info 99 0 TD Ameritrade Review
City Index logoCity Index 9.3 £100.00 1.4 info 99 13500 City Index Review
AvaTrade logoAvaTrade 8.7 $100 0.92 info 94 1260 AvaTrade Review
Plus500 logoPlus500 8.6 €100 0.8 (August 2021) info 99 5500 info Plus500 Review
OANDA logoOANDA 8.5 $0 1.57 info 93 1744 info OANDA Review
FXCM logoFXCM 8.5 Starts from $50 0.74 info 95 440 FXCM Review
Admirals logoAdmirals 8.5 $100 0.8 info 93 8702 Admiral Markets Review
Pepperstone logoPepperstone 8.4 $200 0.77 info 95 2342 Pepperstone Review
XM Group logoXM Group 8.4 $5 1.6 info 88 1429 XM Group Review
FP Markets logoFP Markets 8.3 $100 AUD 1.1 info 87 10000 FP Markets Review
FxPro logoFxPro 8.1 $100 1.51 info 90 2249 FxPro Review
IC Markets logoIC Markets 8.1 $200 0.62 info 84 3583 IC Markets Review
Markets.com logoMarkets.com 8.1 $100 1.9 info 96 2179 Markets.com Review
Tickmill logoTickmill 8.1 $100 0.51 info 83 725 Tickmill Review
Fineco Bank logoFineco Bank 8.0 $0 N/A info 94 9770 Fineco Bank Review
BlackBull Markets logoBlackBull Markets 8.0 $0 0.827 info 77 26000 BlackBull Markets Review
Vantage logoVantage 8.0 $50 1.30 info 90 1000 Vantage Review
HYCM (Henyep Capital Markets) logoHYCM (Henyep Capital Markets) 7.9 $20 0.6 info 88 1199 HYCM Review
HFM logoHFM 7.9 $0 1.2 info 86 3500 HFM Review
ThinkMarkets logoThinkMarkets 7.8 $0 info 1.1 info 92 4000 ThinkMarkets Review
FlowBank logoFlowBank 7.7 $0 N/A info 80 408600 FlowBank Review
DooPrime logoDooPrime 7.8 $100 N/A info 83 10000 DooPrime Review
Trading 212 logoTrading 212 7.7 €10 1.9 info 79 8025 Trading 212 Review
BDSwiss logoBDSwiss 7.7 $10-$5000 info 1.6 info 76 1081 BDSwiss Review
Trade Nation logoTrade Nation 7.6 $0 0.6 85 601 Trade Nation Review
TMGM logoTMGM 7.6 $100 N/A info 83 12000 TMGM Review
Moneta Markets logoMoneta Markets 7.5 $50 1.27 info 72 1016 Moneta Markets Review
MultiBank logoMultiBank 7.5 $50 N/A 84 1042
ACY Securities logoACY Securities 7.4 $50 1.2 info 75 2200 ACY Securities Review
RoboForex (RoboMarkets) logoRoboForex (RoboMarkets) 7.3 $100 1.4 info 71 12000 Roboforex (RoboMarkets) Review
VT Markets logoVT Markets 7.3 $100 1.2 info 70 1000 VT Markets Review
easyMarkets logoeasyMarkets 7.3 $50 0.9 info 80 199 easyMarkets Review
IronFX logoIronFX 7.2 $50 1.2 83 340 IronFX Review
Spreadex logoSpreadex 7.2 $0 0.81 info 71 10000 Spreadex Review
IFC Markets logoIFC Markets 7.2 $1 1.44 info 67 630 ATFX Review
Trade360 logoTrade360 7.2 $250 N/A info 76 1062 Trade360 Review
Octa logoOcta 7.2 $25 0.9 info 70 230 OctaFX Review
Axi logoAxi 7.1 $0 N/A info 81 175 Axitrader Review
TeleTrade logoTeleTrade 7.1 $100 N/A 71 500 Teletrade Review
GKFX logoGKFX 7.0 $0 N/A info 65 354 GKFX Review
Exness logoExness 7.0 $1 0.9 info 71 112 Exness Review
Vestle logoVestle 7.0 -1 N/A 78 750 Vestle Review
FXOpen logoFXOpen 7 $100 N/A info 80 87 FXOpen Review
FXPrimus logoFXPrimus 7.0 $100 N/A info 71 140 FXPrimus Review Visit Site
Forex4you logoForex4you 6.9 $0 N/A info 61 150 Forex4you Review
GBE brokers logoGBE brokers 6.8 $500 N/A info 71 500 GBE Brokers Review
Alpari logoAlpari 6.8 $20 N/A info 68 105 Alpari Review
TopFX logoTopFX 6.7 Depends on payment method N/A info 67 655 TopFX Review
Libertex (Forex Club) logoLibertex (Forex Club) 6.7 $10 N/A info 73 300 Libertex Review
LegacyFX logoLegacyFX 6.7 $500 N/A 67 425 LegacyFX Review
FXGT.com logoFXGT.com 6.6 $5 N/A 69 117 FXGT Review
ATFX logoATFX 6.5 $500 N/A info 73 150 ATFX Review
Xtrade logoXtrade 6.5 $250 N/A info 80 142 Xtrade Review

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At BrokerNotes.co, our data-driven online broker reviews are based on our own extensive testing of each broker's products and services as well as the qualified observations of our expert editorial team. In conjunction with our sister site, ForexBrokers.com, we’ve published well over 100,000 words of research and collected thousands of data points across hundreds of variables. Our online trading guides are created with the same rigorous, data-driven approach.

The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s). Our proprietary Trust Score rating system tracks data from over 100 regulatory jurisdictions to help forex traders understand the regulatory status of their forex broker and choose a broker that they can trust.

Our editorial team is led by Steven Hatzakis, an industry veteran with decades of experience and a deep understanding of the forex market. Our team conducts thorough testing on a wide range of brokers, platforms, products, technologies, third-party trading tools, and mobile apps. We also test for the availability of high-quality educational content, actionable market research resources, and the accessibility and capabilities of mobile platforms. All of our ratings and rankings are based on the collection and validation of thousands of data points and our in-depth product testing.

Part of our testing process involves in-depth research into commissions and fees. We dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads (we always strive to determine the average spreads for each broker to better serve our readers), and a variety of other fee-based data points.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go.

When testing mobile apps or mobile products, we test on both Apple and Android devices. For Apple, we test with the iPhone XS running iOS 16, and for Android we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 13.

All of the content on BrokerNotes.co is researched, fact-checked, and edited by members of our editorial team. Our ratings and rankings are driven by our independent data collection. We may use generative AI tools to assist in some of the rote aspects of our content production processes, but the substance of our content, as well as our opinions and evaluations are based on our extensive research and product testing. Read our Generative AI policy to learn more.

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Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

About the Editorial Team

BrokerNotes.co
BrokerNotes.co

BrokerNotes is powered by a dynamic team of writers, researchers, content strategists, data analysts, editors, traders, and investors. We are obsessed with creating the best finance content on the internet, and we are dedicated to helping our readers make great choices for their money.

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

Joey Shadeck
Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

John Bringans
John Bringans

John Bringans is the Senior Editor of BrokerNotes.co and ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.

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