We found 11 online brokers that are appropriate for Trading Social Trading Networks.
Trading is a profession that looks easy but is quite difficult, especially for those of you who are just starting.
For newer traders aiming to become seasoned traders, learning is a crucial step. Whether it is through reading, other traders, or your own experience, learning is essential.
And even though a lot of platforms offer educational resources and learning material for beginners, learning from seasoned traders is among the most practical ways to become a successful trader.
You can copy these professionals as trading through social trading platforms. The social trading platform allows you to see what other traders are doing as a reference for your next steps.
Social trading is a form of investment that allows an investor to observe the trading behaviour of other investors and other professional traders.
Social trading allows an investor, both beginner/pro, to follow other traders' investment strategies by using copy trading or mirror trading.
Not to post photos of themselves, social media is now a place for investors to share trading information and their latest strategies.
Social trading allows investors to pay attention to the trading conditions of other participants and allows them to copy their work methods. In addition to getting lessons and information about trading, there are now many investors who trade through social trading.
Although social trading is mushrooming everywhere, some methods in social trading are not available in the United States, namely contracts for difference (CFD). Several platforms do not have a license to operate in the US.
Although several social trading platforms are not allowed to operate in the US, it does not mean there are no opportunities for social trading. There are several social trading platforms available for US residents. Here are the platforms:
One of the most famous social trading platforms in the world is eToro. Through eToro, participants can learn tips and strategies, interact with other traders, and even imitate their movements.
You can find eToro in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, and many more, including Washington DC.
If your area of residence is not part of the eToro platform, you can use a visual portfolio to learn trading strategies and practices.
Not all features are available on this platform, so you should pay attention to what is available. Another advantage of eToro is that investors can quickly identify signals and get useful information in their trading.
Zulu Trade is a social trading platform that operates in the US and focuses on the Forex market. U.S. participants may only use two brokers with one social trading account on this platform.
You do not need a fee to be able to join this platform and be able to watch open trades. There are several interesting features of Zulu Trade, one of which is a demo account.
Demo accounts allow participants to try various strategies before they make an actual investment. Investors can observe sentiments and can find out who the best participants in the trade are.
In this platform, participants can join as investors and emulate the strategies and portfolios of other successful participants.
Naga Trader is one of the main social investment platforms. This platform uses the SwipeStox application which allows users to access trading signals and their ability to follow and then copy the movements of other traders.
Even so, you will still need the help of brokers to participate in this platform. SwipeStox can see other traders and trades by sliding the menu left or right, based on your preference.
One of the unique options available to Naga Trader is cryptocurrency. Dragon Trader's SwipeStox application can be downloaded via a smartphone and is available for devices using the iOS and Android operating systems.
Ayondo is considered among the best European social trading platforms. It was set up in 2009 and has been widely accepted ever since, as one of the fastest-growing networks. In recent years, they have begun offering broker services as well and have gained a lot of traction. Traders will have an extensive range of trading instruments accessible. These include stocks, indices, internet rates, currency pairs, commodities, and more.
Ayondo also provides numerous unique features and options. These include demo accounts as well so that new users can try the tools for the first time. The Ayondo pays its winning traders, and those fees increase as they go up levels or conduct more trades. There are various levels available for traders.
SignalTrader is popular for offering the broadest range of financial instruments and opportunities to its traders. The platform offers transparent information that includes varying graphs and indicators. However, it is quite specific and specifically engineered for automated trading or mirror trading. Although the platform offers demo accounts for traders to hone their copy trading techniques, all the traders you follow use actual money. Although there are numerous possibilities with this platform, note that you will require a balance of at least $2K before connecting your account. There is also a lack of risk management instruments on the platform.
Apart from the many benefits you can get, social trading platforms are not free from risk. In addition, some of these platforms are not available in the U.S. and many platforms also use methods that are considered risky.
Currency and CFD are examples of derivative instruments. Some social trading platforms do not even allow participants who are U.S. citizens to register even if they live abroad.
Therefore, as a U.S. resident, your involvement in social trading can also be limited, such as not having access to a complete range of assets and markets.
Before deciding to invest, you should be serious, and you will need careful consideration. Many platforms offer various types of social trading.
If the platform you choose has a demo account, then you can use it to see the strategies and the other trading participants in it.
The social trading platform also allows you to view historical success, so you can calculate your chances of making a profit by imitating other traders' strategies. Another important point is the cost.
You may be charged fees for auto trading, copy and subscription fees, in addition to regular trading commissions.
Whether social trading is a lucrative practice or not is complicated. Although you can earn money via social trading, it is also easy to end up losing money too, in case you do not make a wise decision. Even though social trading makes things a lot easier, a majority of newer traders tend to start social trading without any prior experience. Since they think social trading is easy, they do not put in the required effort, and ignore any warning signs. In actuality, this is based on multiple factors. These factors include your trading method, how much you are willing yourself to learn, and how observant you are, and how you take advantage of the traders you follow.
Traders can benefit a lot from social trading in many ways. Note that not all strategies will suit all types of traders. Each comes with its benefits and drawbacks. The main types of social trading include mirror trading and copy trading, and their descriptions are as follows:
Copy trading involves traders following the opened as well as closed positions of other, more seasoned traders. Copy traders can emulate as many traders as they want, and stop whenever they like. Some may even set their user accounts to copy a specific trader automatically. They can automatically copy numerous traders as well, even though that is not recommended since it involves the risk of losing a lot of capital if the copy trader does gets distracted.
Mirror trading mainly involves adopting a certain strategy of a trader instead of merely copying their opened and close positions. Fundamentally, this method is quite similar to copy trading.
Social trading comes with numerous benefits for traders. Following are the six most obvious methods that may convince newer traders to try this trading technique:
This is one of the main benefits of social trading, for newbies and somewhat experienced traders alike. This technique contains vast quantities of reliable and practical information. Besides that, such information can prove valuable for traders, especially ones who are not as experienced or do not have the confidence or know-how for trading operations.
It is an exceptional opportunity to be an active part of a community of experienced investors. Similar to how investors normally have a mentor to guide them, social trading can be seen as social networking. This type of social networking is where every copy trader has many “mentors” instead of just one.
Yet another one of the many advantages of social trading is that it significantly lowers any costs and risks involved. By opting for social trading, traders can begin trading with lowered costs and risks, even when they lack experience. This is in contrast to the conventional way of individual investing and trading, which comes with more risks.
Social trading helps traders to improve their risk management skills in the face of risks that accompany trading. By copying other, more experienced traders, newer traders also learn new strategies to counter risk. They also get to learn which of them work, and which of them are not as effective.
Social trading lets new traders develop opinions on the shifts in the markets on which they want to trade by following other traders. These insights gained firsthand are a result of the collective training knowledge of many seasoned investors and traders.
Social trading may offer a plethora of benefits, but it comes with its disadvantages as well. Following are the most common risks traders should be aware of when opting for this trading technique:
Although traders develop opinions, they are not always independent. This could be a potential setback for inexperienced traders who may assume high risk just by following after the opinions of other traders.
The main selling point of social trading for most individuals is the possible opportunity to earn more while investing comparatively less. When newbie traders see such favourable results, they raise their expectations unrealistically high. Many do not realize that they are magnifying their chances for loss by attempting to magnify their potential gains.
A majority of newer traders tend to invest all of their funds in just one trader. Every platform offers a considerable variety of different seasoned traders for new traders to copy. In this case, dividing your investment among multiple traders could lower your risk of losing funds.
Traders can either learn risk management from the traders they copy or completely ignore that aspect and end up losing large sums of money. If traders do not restrict the maximum funds they could lose, they could end up losing a lot regardless of the traders they are copying doing well.
Unfortunately, much like other types of trading, social trading has its fair share of scammers as well. Such scams often come as signal trading and binary options. When looking for a service online, traders must be able to identify scammers. To avoid being scammed, try to research the platform you are interested in. A poorly designed platform with non-existent (or poor) customer service should be a dead giveaway. Also, consider looking at reviews before committing to a particular platform.
As we have already established, social trading can be a highly lucrative form of trading. It opens doors to many favourable opportunities for traders, allowing them to learn from other more experienced traders. However, one wrong step and some types of damage could be hard to repair. Hence, it is crucial to do your full research before opting for this strategy and choosing which traders to follow or copy. Note that you cannot expect instant success from a venture you have just taken up. It takes time, understanding, experience, and effort to evolve into the type of trader you wish to be.
We have conducted extensive research and analysis on over multiple data points on Social Trading Networks to present you with a comprehensive guide that can help you find the most suitable Social Trading Networks. Below we shortlist what we think are the best social trading networks after careful consideration and evaluation. We hope this list will assist you in making an informed decision when researching Social Trading Networks.
Selecting a reliable and reputable online Social Trading Networks trading brokerage involves assessing their track record, regulatory status, customer support, processing times, international presence, and language capabilities. Considering these factors, you can make an informed decision and trade Social Trading Networks more confidently.
Selecting the right online Social Trading Networks trading brokerage requires careful consideration of several critical factors. Here are some essential points to keep in mind:
Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.
When choosing a broker for social trading networks trading, it's essential to compare the different options available to you. Our social trading networks brokerage comparison table below allows you to compare several important features side by side, making it easier to make an informed choice.
By comparing these essential features, you can choose a social trading networks broker that best suits your needs and preferences for social trading networks. Our social trading networks broker comparison table simplifies the process, allowing you to make a more informed decision.
Here are the top Social Trading Networks.
Compare social trading networks brokers for min deposits, funding, used by, benefits, account types, platforms, and support levels. When searching for a social trading networks broker, it's crucial to compare several factors to choose the right one for your social trading networks needs. Our comparison tool allows you to compare the essential features side by side.
All brokers below are social trading networks. Learn more about what they offer below.
You can scroll left and right on the comparison table below to see more social trading networks that accept social trading networks clients.
Broker | IC Markets | eToro | Pepperstone | AvaTrade | FP Markets | FXPrimus | forexmart | coinbase | binance | ETX Capital | UFX |
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Regulation | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | FCA (Financial Conduct Authority) eToro (UK) Ltd (FCA reference 583263), eToro (Europe) Ltd CySEC (Cyprus Securities Exchange Commission), ASIC (Australian Securities and Investments Commission) eToro AUS Capital Limited ASIC license 491139, CySec (Cyprus Securities and Exchange Commission under the license 109/10), FSAS (Financial Services Authority Seychelles) eToro (Seychelles) Ltd license SD076 | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217 | Australian Securities and Investments Commission (ASIC), ASIC (406684), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), The Financial Services Agency (JAPAN FSA), Financial Futures Association of Japan (FFAJ), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), Polish Financial Supervision Authority (KNF), Israel Securities Association (ISA), British Virgin Islands Financial Services Commission (BVI), BVI (SIBA/L/13/1049), Central Bank of Ireland | Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), FSCA (FSP Number 50926), Capital Markets Authority (CMA), Securities Commission of the Bahamas (SCB) | Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID) | Cyprus Securities and Exchange Commission (CySEC) | Financial Conduct Authority (FCA) | Unregulated | Financial Conduct Authority (FCA) | Cyprus Securities and Exchange Commission (CySEC) |
Min Deposit | 200 | 100 | 200 | 100 | 100 | 100 | 1 | 100 | 100 | 100 | 500 |
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Used By | 180,000+ | 30,000,000+ | 400,000+ | 300,000+ | 10,000+ | 10,000+ | 10,000+ | 10,000+ | 10,000+ | 10,000+ | 10,000+ |
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Platforms | MT4, MT5, Mirror Trader, Web Trader, cTrader, Windows, Mac, iOS, Android | Web Trader, Tablet & Mobile apps | MT4, MT5, TradingView, DupliTrade, myFXbook, Mac, Web Trader, cTrader, Tablet & Mobile apps | Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, DupliTrade, ZuluTrade, Mobile Apps, ZuluTrade, DupliTrade, MQL5 | MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps | MT4, Mac, Mirror Trader, Web Trader, Tablet & Mobile apps | MT4,WEB,desktop | iPhone/iPad,iOS, | Desktop,Android,iPhone/iPad,Mac | MT4, Mac, Mirror Trader, Binary, Tablet & Mobile apps | MT4, Web Trader, Tablet & Mobile apps |
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Learn More |
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Up with icmarkets |
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Up with etoro |
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Up with pepperstone |
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Up with avatrade |
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Up with fpmarkets |
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Up with fxprimus |
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Up with forexmart |
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Up with coinbase |
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Up with binance |
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Up with etxcapital |
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Up with ufx |
Risk Warning | Losses can exceed deposits | 76% of retail investor accounts lose money when trading CFDs with this provider. | 74-89 % of retail investor accounts lose money when trading CFDs | 71% of retail investor accounts lose money when trading CFDs with this provider | Losses can exceed deposits | Losses can exceed deposits | Your capital is at risk | Your capital is at risk | Your capital is at risk | Losses can exceed deposits | Your capital is at risk |
Demo |
IC Markets Demo |
eToro Demo |
Pepperstone Demo |
AvaTrade Demo |
FP Markets Demo |
FXPrimus Demo |
ForexMart Demo |
Coinbase Demo |
Binance Demo |
ETX Capital Demo |
UFX Demo |
Excluded Countries | US, IR, CA, NZ, JP | ZA, ID, IR, KP, BE, CA, JP, SY, TR, IL, BY, AL, MD, MK, RS, GN, CD, SD, SA, ZW, ET, GH, TZ, LY, UG, ZM, BW, RW, TN, SO, NA, TG, SL, LR, GM, DJ, CI, PK, BN, TW, WS, NP, SG, VI, TM, TJ, UZ, LK, TT, HT, MM, BT, MH, MV, MG, MK, KZ, GD, FJ, PT, BB, BM, BS, AG, AI, AW, AX, LB, SV, PY, HN, GT, PR, NI, VG, AN, CN, BZ, DZ, MY, KH, PH, VN, EG, MN, MO, UA, JO, KR, | AF, AS, AQ, AR, AM, AZ, BY, BE, BZ, BT, BA, BI, CM, CA, CF, TD, CG, CI, ER, GF, PF, GP, GU, GN, GW, GY, HT, VA, IR, IQ, JP, KZ, LB, LR, LY, ML, MQ, YT, MZ, MM, NZ, NI, KP, PS, PR, RE, KN, LC, VC, WS, SO, GS, KR, SS, SD, SR, SY, TJ, TN, TM, TC, US, UY, VU, VG, EH, ES, YE, ZW, ET | BE, BR, KP, NZ, TR, US, CA, SG | US, JP, NZ | AF, CI, CU, IQ, IR, LY, MM, KR, SD, PR, US, AU, SY, DZ, JP, EC. | RU | RU | RU | US, BE, CA , SG, BE | DZ, BZ, IL, JO, LY, MU, SD, SY, TN, US, YE, PK, BE |
You can compare Social Trading Networks ratings, min deposits what the the broker offers, funding methods, platforms, spread types, customer support options, regulation and account types side by side.
We also have an indepth Top Social Trading Networks for 2024 article further below. You can see it now by clicking here
We have listed top Social trading networks below.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.