The hike of copy trading- also known as auto trading, mirror trading, and social trading has been in progress for more than a decade. In today’s world, we all know that news and financial information disperse through social media and the internet at the speed of light.
These elements, collectively with the potential of crowd and improved sentiment data, help to strengthen social copy trading platforms. The traders make trading signals and invade the market with a new position that people wish to copy.
Before discussing various copy trading forex brokers, let’s define copy trading.
What Is Copy Trading?
Social trading facilitates individual traders to invest their capital with other experienced traders and copy their trading scheme, usually for a nominal fee or cut of the investing trader’s profit. Copy-trading platforms can either be self-activating, semi-self-activating, or manual, providing the traders an overall control of varying levels.
Now, let’s learn about different copy trading forex brokers one by one in detail.
Best Copy Trading Forex Brokers In 2022
Below are some of the best copy trading forex brokers in 2022, according to the research.
1. HotForex
HotForex works to complete all the requirements of the different kinds of traders from all over the world. It manages everything efficiently, whether it’s the deposition of trading funds into your account or the utilization of different kinds of tools for trading activities.
Different bodies are working together in various parts of the world for HotForex to regulate it. It is the best trading platform that offers you an easy way to understand the structure of prices, best swap rates, and low deposit amounts.
Pros
- Hotforex regulated in six countries
- For trading services, 27 languages are available
- Sapines ad labore duius nunc
- Option of 1000+ various assets
- Collection of different trading tools
- Funds are protected and safe
- VPS hosting is free
- A demo account can be open for practice
- MT4 and MT5 trading platforms
- The interface is simple to use
Cons
- The US clients are not acceptable during this time.
2. OCTAFX
The services of OctaFX are extraordinary as compared to other trading platforms. Due to its marvelous work, the platform received numerous industry awards. Founded in 2011, OctaFX offers customers low initial deposits and multiple trading choices.
The broker is listed under OctaFX Inc and is managed by CySEC. Currently, the OctaFX has clients from more than 185 countries. You can open an account on OctaFX quickly, and you just need an initial deposit of $50.
Pros
- Competitive spreads
- Require low deposit
- The copy trading services are excellent
- Protection of negative balance
- Quick market implementation
- Got multiple awards
- MT4 and MT5 trading platforms
- Islamic account
- The burden of deposit and withdrawal options
Cons
- The tradable assets are limited
- No guaranteed stop-loss feature
3. ROBOMARKETS
The official online forex broker and CySEC regulated Robomarket was established in 2013. The Robomarket offers separate trading accounts and a hostile balance protection policy for its customers as a part of the regulatory needs.
Further, the Robomarkets users get an opportunity to select more than 1200 financial tools to trade in the market.
Pros
- Different trading accounts for users
- 1200 plus financial instruments
- Customer support is available 24 hours a day and seven days a week
- Approach to CopyFX social trading and RoboAnalytics platform
- Negative balance policy
- Opening of account is not complicated
- Various ways to deposit and withdraw funds
- One-click trading
- Excellent functionality and trading features
- Article and videos for informative purpose
Cons
- The withdrawal procedure is slow
4. FXTM
FXTM came into existence in 2011, also known as Forextime. It has its offices spread worldwide and is in the regulation of CySEC in Cyprus. It is under the statute of FCA and FSC in the UK and the Republic Of Mauritius, respectively.
FXTM is famous for offering a pleasant trading environment for all traders. The FXTM continuously improves the IT security feature to ensure users know that their data and funds are safe.
Pros
- Regulated by CySEC and FCA
- Appreciable educational tools
- Responsive and quick customer service
- Forex fees are low
- User-friendly
- Fully digital
- Fast deposit and withdrawal process
- Guaranteed order confirmation
- Quality news flow
Cons
- Confine product portfolio
- passive and withdrawal fees
Frequently Asked Questions(FAQs)
Is copy trading legal?
Copy trading is legal in most countries. When you want to invest in financial markets through a regulated broker, first, you need to ensure whether it is legal for you during the account opening procedure.
Is copy trading legal in the US?
Yes, if the broker is correctly regulated by the Commodity Future Trading Commission(CFTC) in the case of forex, then there is no issue doing copy trading in the US.
Can you make money from Copy Trading?
You can either earn or lose money in copy trading. It depends on the trader who you follow.
Conclusion
Copy-trading in forex has become vast day by day. It can give advantages to inexperienced traders. But keep in mind doing any kind of fair trading, your education, caution, and risk management are essential.
We have listed in the article some of the best copy trading forex brokers that we think are worthy of copy trading service.
