Looking for a leg up as a forex trading novice? One way you can get a flying start with your FX trading career is to try social trading, also referred to as copy trading or mirror trading. We will tell you how its works, and what the benefits and drawbacks are of using copy trading features. Trying to find forex brokers that offer social trading?

Check the list below for our top recommendations. If you are interested to start trading forex without depositing your own money, you can visit XM no deposit bonus to learn how to kick start your trading for free. The benefit of social trading is that instead of having to do all of the hard work of trading analysis and strategizing all on your own, you can simply piggyback on the work that another successful trader is already doing.

When you use copy trading for forex, you directly replicate one or more trades that another trader is taking. Hypothetically, you can copy trades manually. But in this context, we are talking about doing it automatically through your trading platform. Once you input this information and activate copy trading, your platform will automatically execute matching trades on your behalf. Now you know the benefits of social trading.

But does it have any drawbacks? Here are a few potential disadvantages. As your experience with forex trading grows, you may become skilled enough to offer other traders the opportunity to copy you. There are a couple of reasons you may want to consider doing this. The first is that it gives you a chance to earn commissions. Social trading is a service that allows investors to follow the trading strategy and copy trades of professionals, which are also known as signal providers.

The list of signal providers can be found in a special rating. Traders choose them based on various criteria: trading period, maximum drawdowns, best trades, profit factor. Top-ranked signals are displayed first in the list. Usually, the actions of experienced Forex traders are used as a guide for beginners. It reduces the time for market research and analytics before trading on Forex.

Social trading is useful for traders who have no time for training or making independent investment decisions. Social trading works on the principle of a social network. On a trading network, traders share their ideas, post strategies, chat, while novice traders watch the trading results of professionals and discuss market situations online. Experienced traders also can benefit from social trading, as it allows them to become trade leaders and get additional profits, attracting more subscribers.

Conditions of copying transactions may vary. Usually, to connect the service, one should pay some fee. In some cases, it represents a commission for profitable transactions. In other cases, a trader pays a subscription for a specific period. MQL5 signals is a product from the developers of MetaTrader 4, which allows you to follow the signals of successful traders and copy their transactions directly from the MetaTrader terminal.

For this list, we have searched and tested several social forex trading platforms and apps. We placed real trades in each popular market to get the real spreads. We also reached out to customer support to solve issues that we hd encountered.

Finally, we withdrew our funds to see if there is any issue with the withdrawal process. We handpick the best social forex trading platforms and apps based on our trading data and experience as a trader.

Social trading primarily involves the communication between traders who are willing to share and discuss their trading strategies, thus receiving and providing tips and suggestions.

Social forex trading platforms usually cut the time for fundamental and technical analysis as traders can scoop trading data-feeds of other traders from social trading platforms to make investment decisions. The most popular form of social trading now is copy trading services.

It allows one trader usually a rookie to copy trading strategy and techniques of another trader, usually an expert. Newbies can earn some profits with this when they are still learning about trading and markets. The popularity of social trading skyrocketed with the introduction of electronic trading and the rise in internet penetration.

It remains very popular among retail traders. Though many brokers are developing their own social trading platforms, the industry is dominated by specialized third-party companies. To select the best social forex trading platforms and apps, we tested and reviewed dozens of forex brokers. We opened live accounts and depositing real money with each broker. We also placed real trades in popular markets to get the real picture of the spread and commission, trading platform, deposits and withdrawals conditions, education, and customer service.

We have picked ZuluTrade as the best social forex trading platform. ZuluTrade is probably the most popular social forex trading platform. It maintains and connects a vast community of traders that ranges from novice to expert. ZuluTrade offers works as a signals provider, and newbie traders can also copy the portfolio and trading strategies of expert traders. The platform first offered services only to forex trading, but later extended support for CFDs as well. Though it added binary options too, the services for these controversial instruments were dropped in ZuluTrade has partnered with dozens of brokers, which holds licenses around the world.

It offers an easy to use social trading platform and also keeps its operations transparent. We have picked eToro as the best copy trading platform. eToro revolutionized the copy trading space in the last decade. The Israeli platform was founded in and now operates as a full broker.

eToro is focused on novice tradersTraders can easily copy the trading strategies and techniques of expert traders. The platform also maintains a leader board of all top traders. eToro offers trading services with forex, and CFDs of indices, commodities, stocks, and cryptocurrencies. It is regulated in the UK, the USA, Australia, and Cyprus. Hundreds of forex brokers license these industry-standard platforms to offer trading services instead of developing their native platform.

MetaTrader added signals services in and any trader using anyone of the MT platforms can either subscribe to or provide trading signals. The popularity of the platform also resulted in forming a major community of traders who can also discuss these signals. We have picked cMirror as the best forex mirror trading platform.

cMirror has been developed by Spotware Systems, the same company that built the popular trading platform cTrader.

The mirror trading platform was launched in November when demand for such services was skyrocketing. cMirror allows traders to become strategy providers by broadcasting their trading signals. Other traders can search through the available signals and easily copy or mirror these trading strategies. The signals providers, in return, can earn commissions. We have picked Myfxbook as the best social forex community forum. Myfxbook is one of the best forex community builders where traders can share signals and interact on active forums.

The platform was founded in and since expanded its services in several other areas as well. Myfxbook allows traders to research and analyze markets using an excellent set of analytical tools. Traders can also track, compare and share trading activities. The platform is currently supported by more than brokers. Here is a complete list of forex brokers that offers social trading services either natively or with third-party platforms, which we have tested and reviewed.

Traders usually have many questions related to generic trading-related queries. We tried to pick and answer some of the most important queries related to social forex trading platforms and apps.

The US is one of the highly regulated markets when it comes to trading. Similar to any brokerage, social trading platforms in the country also need to register themselves with the NFA to legally offer services in the country.

Some of the regulated social trading platforms in the US are:. Though the Indian capital market is regulated by the Securities and Exchange Board of India SEBI , the regulations are loose when it comes to forex and CFDs trading. Thus, foreign platforms can easily offer services to Indian residents. Some of the good social trading platforms in India are:. Binary options are simple investment instruments, but are banned or highly restricted in most countries due to the scams involved with these instruments.

Though many social trading platforms were offering services with binary options, they dropped the instrument due to the regulatory crackdown. We do not recommend traders to use any of the loosely regulated social trading platforms which are still offering binary options. Though the Securities and Exchange Board of India SEBI oversees Indian financial services players, forex brokers are loosely regulated in the country.

Copy trading allows newbie traders to directly follow the trading activities of any expert. They copy all the positions in the market taken by the expert. These platforms have become very popular lately, and many platforms are offering such services. Some of the good copy trading platforms are:.

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