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Best Mirror Trader Forex Brokers

Marcus Taylor

Written by Marcus Taylor

February 01, 2023

Mirror Trader Review

Mirror Trader is a trading platform that is designed and owned by Tradency Inc. Tradency lays claim to being the innovator of mirror trading, or social trading as the activity is known today. Tradency's mirror trading service was developed in 2005, and their core offering is Mirror Trader, Tradency's innovative retail trading platform. Using Mirror Trader, retail traders are able to match the trading insight that had to date been the exclusive preserve of experienced and institutional traders.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% 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. Mirror-Trader-Platform-View.jpg

Mirror Trader - Platform View

Best Mirror Trader Forex Brokers

Here are the best brokers for social copy trading platforms, such as Mirror Trader.

  • eToro - 8.8/10 Overall
  • AvaTrade - 8.6/10 Overall
  • Pepperstone - 8.4/10 Overall
  • Vantage - 7.7/10 Overall
  • FXCM - 8.5/10 Overall
  • Tickmill - 7.9/10 Overall
  • FP Markets - 8.3/10 Overall
  • ACY Securities - 7.4/10 Overall
  • Admiral Markets - 8.3/10 Overall
Overall Rating
8.8 / 10
Minimum Initial Deposit
$10-$10,000
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1 (August 2021)
All-in Cost EUR/USD - ActiveN/A
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2007
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)3458
Forex Pairs (Total)49
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)66
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)No
Economic CalendarYes
Overall Rating
8.6 / 10
Minimum Initial Deposit
$100
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.91 (Aug 2020)
All-in Cost EUR/USD - Active0.61 (Aug 2020)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2006
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses4
Tier-2 Licenses3
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)1260
Forex Pairs (Total)55
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)90
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
8.4 / 10
Minimum Initial Deposit
$200
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.77 (September 2022)
All-in Cost EUR/USD - Active0.87 (September 2022)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2010
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)1200
Forex Pairs (Total)62
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformNo
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)15
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
7.7 / 10
Minimum Initial Deposit
$50
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.22 (August 2021)
All-in Cost EUR/USD - Active0.75 (August 2021)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2009
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses0
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)1000
Forex Pairs (Total)44
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)30
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
8.5 / 10
Minimum Initial Deposit
Starts from $50
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.38 (Q2 2022)
All-in Cost EUR/USD - Active1.38 (Q2 2022)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1999
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses3
Tier-2 Licenses3
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)441
Forex Pairs (Total)44
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)57
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
7.9 / 10
Minimum Initial Deposit
$100
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.51 (August 2022)
All-in Cost EUR/USD - Active0.31 (August 2022)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2014
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses1
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)295
Forex Pairs (Total)62
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformNo
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)30
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
8.3 / 10
Minimum Initial Deposit
$100 AUD
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.2 (August 2022)
All-in Cost EUR/USD - Active0.7 (August 2022)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2005
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses1
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)10000
Forex Pairs (Total)71
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)30
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
7.4 / 10
Minimum Initial Deposit
$50
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Average Risk
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.2 (Sept 2021)
All-in Cost EUR/USD - Active0.85 (Sept 2021)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2011
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses1
Tier-2 Licenses0
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)1600
Forex Pairs (Total)62
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformNo
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)30
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)No
Economic CalendarYes
Overall Rating
8.3 / 10
Minimum Initial Deposit
$100
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.8 (July 2021)
All-in Cost EUR/USD - Active0.7 (July 2021)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2001
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)8425
Forex Pairs (Total)50
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)30
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

Mirror trading allows individuals to have accounts that mirror the accounts of experienced traders, by replicating the same trades taken by them. To be able to make this a seamless process, Tradency created the Mirror Trader.

Using Mirror Trader, "buy" and "sell" signals from Strategy Developers are tracked by Tradency's servers and copied to the accounts of the traders who follow them. The Mirror Trader platform enables new traders to visualise, analyse and evaluate trading signals sent by these experienced traders.

It is possible for anyone from around the world to become a Strategy Developer and share trading experience and knowledge with new users on the Mirror Trader platform. All trades of Strategy Developers are recorded and can be evaluated by new traders, allowing them to decide which experienced traders to follow. To be able to do this properly, an understanding of Mirror Trader for the forex market is essential.

Forex Mirror Trader: The Interface

Mirror Trader is a browser-based platform with an interface that supports automated strategies as well as manual trading strategies. The interface allows quick and easy account opening and activation, and seamless integration of the client account with Strategy Developers' active portfolios. The platform also displays comprehensive strategy performance data and account status parameters. The Mirror Trader platform tops this off by providing tools that enhance a trader's ability to evaluate and therefore select which accounts to follow.

Mirror-Trader-Add-a-Strategy.jpg

Mirror Trader - Add a Strategy

Mirror Trader Basic Features

Here are the basic features that traders who use Mirror Trader will encounter in their daily trading activity.

1. Live Charts for all currency pairs: Choose between charts for different currency pairs. It is also possible to select different time frames, and zoom in or out. Various indicators are available for technical analysis. Also, line, bar and candlestick charts are available.

2. Strategies Filters: This is where the trader can select strategies, place strategies on the watchlist, and monitor performance of strategy providers. Set custom filters to identify suitable traders using a specific criteria.

3. Strategies Performance: Get a detailed performance summary for all strategies on the watchlist.

4. T-Score: Use the T-Score to evaluate the risk, momentum and stability of a strategy on a scale from 1 to 10.

5. Watch List: The watch list is a tool providing quick access to pre-selected strategies. Strategies may be followed before being added to a trading portfolio.

6. Risk Management: Control risk using Mirror Trader's risk management tools such as the Automatic Stop.

7. Exposure Meter: The Exposure Meter shows the leverage of the portfolio's maximum positions. This measures risk exposure on a scale of 0 to 100, with >80 being the red alert level.

Selecting Strategies

A trader's use of the Mirror Trader starts with the section of strategies. The "Strategies" section is where the trader can access the database of strategies from developers worldwide.

Developers send their "buy" and "sell" signals to the Tradency servers using Mirror Trader. The strategies are recorded and stored in a database, and traders can then use the Smart Filter function to search, add, and use the chosen strategies.

  1. Smart Filter

The "Smart Filter" is the tool that new traders use to locate the perfect strategies for their accounts. The smart filter is designed to enable the using to find a choice of strategies using two parameters:

  • start account balance
  • trade size

The trader selects the time frame that will be used for trading. Smart filter will dig into the data of trade strategies available for the selected time frame. The Smart Filter will then calculate the performance data for all strategies for the selected time frame, and present only the strategies that match their preferences.

Performance of each strategy is presented in tabular and graphical format.

  • To view a strategy's performance curve in graphical format, click on the "Curve" tab.
  • It is also possible to add a strategy to a "Portfolio". To do this, select it by clicking on the graph or by clicking the "Plus" tab.
  • To add strategies to the "Watch List", click on the "Star" icon.
Mirror-Trader-Live-Signals.jpg

Mirror Trader - Live Signals

A pop-up will appear on the screen. Select the trade size for the opening strategy. Click on the Add button to complete the action. Add more strategies by repeating the process.

  1. The Watchlist

The "Watch List" allows a user to save selected strategies that are of interest for easier access much later. So rather than having to scan through hundreds of strategies looking for that one strategy which caught attention previously, the "Watch List" can be used to follow up on the performance of a strategy before it is added to the portfolio.

The performance of strategies is presented in graphs and tables to enable the trader to get the information at a glance.

  • Click on "Curve" to view the curve of the strategy.
  • To add a strategy to the portfolio, select it by clicking on the graph or by clicking on the "Plus" tab.
  • Customise how to view the table with the "Add/Remove Columns" tab. This then displays only the chosen table preferences.

Viewing and Controlling Open Positions

There are several things that can be done when viewing and controlling positions. One of such is viewing and amending open positions. Click on the "Open Positions" tab to view all open positions entry orders in the trading account.

Mirror-Trader-Open-Positions.jpg

Mirror Trader - Open Positions

  • Close an open position using the CLOSE POSITION icon. Click on the position to close it. A dialogue box pops up, and there it is possible to click the Close Position icon to exit an open trade.
  • Initiate manual trading by clicking the Currency Rates at the top of the platform.
  • Increase or reduce the size of the Open Positions area by using the computer mouse to pull on the upper border of this area.
  • Modify the Stop Loss and Take Profit prices when the position is open. The Stop Loss distance can only be reduced from the entry price, and the Take Profit distance can only be increased from the entry price.

Showcase the history of ended trades on the account (i.e. the closed positions) by clicking on the Closed Positions tab. If a position copied from a strategy provider is closed manually, and the strategy provider's position that was copied is still open, the "Close Position" order will be fulfilled.

BrokerNotes.co 2023 Overall Rankings

To recap, here are our top forex brokers for 2023, sorted by Overall ranking.

Company Overall Rating Minimum Initial Deposit Average Spread EUR/USD - Standard Trust Score Tradeable Symbols (Total) Read Review Visit Site
eToro logoeToro 8.8 $10-$10,000 1 (August 2021) 93 3458 eToro Review
AvaTrade logoAvaTrade 8.6 $100 0.91 (Aug 2020) 93 1260 AvaTrade Review
Pepperstone logoPepperstone 8.4 $200 0.77 (September 2022) 93 1200 Pepperstone Review
Vantage logoVantage 7.7 $50 1.22 (August 2021) 83 1000 Vantage Review
FXCM logoFXCM 8.5 Starts from $50 1.38 (Q2 2022) 96 441 FXCM Review
Tickmill logoTickmill 7.9 $100 0.51 (August 2022) 82 295 Tickmill Review
FP Markets logoFP Markets 8.3 $100 AUD 1.2 (August 2022) 86 10000 FP Markets Review
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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

Marcus Taylor
Marcus Taylor

BrokerNotes was founded in 2014 by Marcus Taylor, founder and CEO of Venture Harbor, a venture studio in Oxford that develops innovative online tools & technology across a range of sectors.


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