Compare the best social trading platforms in 2023.
We asked our panel of trading experts to rank and review the best copy trading platforms and social networks. Read on to find out which broker came out on top.
Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he… read more.
James is a lead editor for Invezz, where he covers topics from across the financial world, from the stock… read more.
Reviewed by.
Richard is a Fact Checker for Invezz who ensures all our reviews and guides are accurate and unbiased. He… read more.
Updated: Dec 13, 2022.
Listen to this article.
0 : 00 / 49:51.
Ad disclosure.
Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who compensate us for users that Invezz refers to their services. While our reviews and assessments of each product on the site are independent and unbiased, brands may pay to appear higher up our table rankings or place ads in specific areas of the site. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >
Our experts ran a series of tests on all the leading social trading services to put together a definitive list of the best options. We rated each trading platform according to its cost, how many other users there are, and how easy it is to verify each trader’s track record.
Best social trading networks for copy trading in 2023.
eToro : Best social trading network and best copy trading platform overall ZuluTrade : Best social trading service for beginners Naga : Best copy trading platform for professionals Skilling : Best copy trading broker for web based trading Pepperstone : Best copy trading broker for high volume traders.
What are the best social trading platforms?
These platforms offer the best trading experience and you can sign up right now by following any of the links below. To find out what each platform is best for, scroll down to keep reading.
Min. Deposit.
User Score.
Wide Range of Trading Instruments.
Globally Licensed and Regulated.
Find the Suitable Traders to Follow.
Payment Methods:
Bank Wire, Mastercard, PayPal, Visa, neteller, skrill.
Full Regulations:
CySEC, FCA, FSC.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.
Min. Deposit.
User Score.
Copy and Social Trading Platform open to 50 Top notch Brokers.
Regulated in EU and Japan.
Advanced Trading Strategies to Copy.
Payment Methods:
Bitcoin, China UnionPay, Mastercard, QIWI, Visa, neteller, skrill.
Full Regulations:
Top 7 social trading platforms, reviewed.
1. Admirals. Best for real time news and price data.
Advanced trading and charting tools Commission-free accounts with no hidden fees Lots of educational resources, including webinars and seminars Access to various different tradable assets.
Not available to US traders No fixed spreads.
We love Admirals because you can invest in more than 8,000 assets with as little as €1. Thousands of stocks and hundreds of ETFs are available from around the world, which means Admirals is a great investment platform where you can create a diversified portfolio.
There’s a demo account available so you can try out the Admirals platform and a vast amount of information can be accessed for free. That includes a host of real time news and research, as well as the latest price charts.
The fees : All trades are commission free but you pay through the spreads instead. Spreads start from 0 pips on the most popular stocks but may be significantly higher for volatile instruments. Stock investing includes a 0.1% volume fee.
Disclaimer.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.
2. FP Markets. Best for low spread & 0-pip trading.
Trade 10,000+ CFDs across multiple asset classes Highly regulated and reliable platform Copy and social trading features.
Not available in the US, Japan & New Zealand IRESS platform is expensive.
We love FP Markets because it uses cutting-edge technology to ensure all stock trades are executed at lightning fast speed. It’s an award-winning broker and offers over 10,000 Australian and international share CFDs and stock CFDs across 4 continents.
FP Markets has zero restrictions and allows all trading styles, including scalping and running expert advisors. Stock CFDs can be traded directly from its Metatrader 5 platform or via Iress, which gives direct market access to multiple global exchanges such as the Nasdaq, NYSE, and London stock exchange.
The fees: FP Market charges commission for all stock trades. For Australian stocks, its 0.05%, Hong Kong stocks, 0.20%, UK 0.10%, European 0.10%, and USA stocks are 2 cents per share.
Disclaimer.
CFDs are derivatives and can be risky; losses can exceed your initial payment and you must be able to meet all margin calls as soon as they are made. When trading CFDs you do not own or have any rights to the CFDs underlying assets.
3. FXTM. Best for trading tutorials & webinars.
Low trading spreads on major pairs Low minimum deposit Free demo account.
No cryptocurrencies available to trade Relatively low leverage compared to other FX brokers.
We love FXTM because it’s a trusted platform with lots of educational tools and customer support. There are 200+ financial instruments available to trade, including 150+ leading stock CFDs.
When you sign up you get access to your own dedicated account manager and how to copy crypto traders a free demo account where you can practice trading without risking money. There are hours of webinars and tutorials to teach you how to trade before you dive in for real.
The fees : Commissions depend on the account you sign up for. The basic micro account charges no commission and you pay through the spread, which is a minimum of 1.5 pips. Advantage account traders pay a commission of $0.4 to $2 on each trade, depending on the asset, and can access spreads as low as 0.0 pips.
Disclaimer.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.
What is a social trading platform?
Social trading platforms are stock brokers that allow users to take advantage of a wide range of ‘social’ features, such as viewing others trading strategies, or copy trading crypto telegram copying their trades. These services offer a trading experience that’s more tailored to new or casual traders, with more experienced investors offering their advice and expertise for others to follow.
What is social trading?
It’s a form of trading that works like a social network. Traders interact with each other, use those interactions to improve their trading strategy, and copy each other’s trades. It’s a good way for beginners to learn from more experienced users by following the thought process that makes them buy or sell an asset, or seeing a particular trading strategy in action.
If you would like to learn more and create your own trading strategies, on this site you can also find other interesting articles written by our finance experts, related to the best day-trading platforms, the top trading apps and more.
How does social trading work?
Social trading works by offering a platform for beginners and experienced traders to interact. Professional traders can post their trades and other users can comment on each one, or copy them to open their own position immediately.
Similar to social networks like Instagram or top 5 traded cryptocurrency Twitter, users are able to gain followers by offering the best content. Traders who prove themselves with the best performance over a long period of time can end up with a large number of followers.
Often the trader can make money based on the number of people following each trade. Sometimes by charging for access to their trades, other times the platform pays them a commission based on the amount of trades that are copied.
Quick answers to key questions.
Is social trading the same as copy trading?
They are similar but with social trading the emphasis is on the social: these platforms give you the chance to interact and share ideas with other users, like a social network. Copy trading is a more transactional form of trading where you can simply copy someone else’s trades onto your own account.
Copy trading can be manual, where you follow another trader on a social trading network and copy the positions you like. It can also turn into mirror trading, which is essentially an automated version of this process. You can set up alerts or trading signals through an algorithmic trading service and simply copy every trade it sends you to your own broker account.
How much does it cost to use a copy trading broker?
There is no set fee and it will vary depending on the platform you use. It’s normally possible to join a network for free and you can browse and copy trades crypto other users without incurring a charge. If you want to mirror trades (where trades are copied automatically to your broker account) then there is sometimes a fee.
The best platforms do not charge any fees for copying other traders. However, there are minimum requirements in terms of the size of your account. For example, a social trading platform may allow you to copy other traders for free, as long as you deposit a minimum of $200 into your trading account.
Which is the best social investing network?
eToro is the best social investment network. It has millions of copy traders from 140 countries around the world, which makes it a fertile ground for sharing ideas and trade suggestions.
What is the most popular copy trading platform?
Again, eToro is the most popular copy trading app. It gives you the chance to audit any user you want to copy trades from to check that they have a strong track record. This has helped it attract millions of new users to the platform.
How should I choose a social trading platform?
The most important thing is to look for a broker with social or copy trading features. That means the ability to audit other users and their trading record so that you only follow the most successful traders.
Fees. Pick a platform that charges the lowest trading fees. While the social network aspect is usually free, you may have to pay to place trades. This is very important if you plan to make a lot of trades. Choice of assets. When social trading platforms initially became popular they were predominantly focused on forex trading. However, as time has progressed most copy trading software now lets you trade lots of assets and you’ll need to make sure what you want to trade is available Reliability. When copying a trade there will be a slight delay before it’s executed on your platform. This could mean you get a worse price than advertised by the trader. Read customer reviews on each platform to get an idea of how reliable and fast its trading service is. Number of users. Platforms with the highest number of users tend to be the best and offer the widest choice of traders to copy or learn from. You’ll find it easier to search for profitable traders to copy for each specific asset class you wish to trade. Connecting with other users via the platform is also a much smoother process. In depth trading history and information . If you plan to use a social trading platform to copy other users, you will find it beneficial to have as much information about their trading history as possible. When choosing a platform, it’s important to look out for one that offers in-depth history for all of its traders on the network.
Should I use a social trading platform?
Social trading platforms are great for beginners. It’s a lot easier to learn by following the decisions of more experienced traders, and you can make money along the way. Most social trading platforms offer a simple copy trading option and you can automate your trades if you want.
Experienced traders should also consider the benefits of social trading platforms. Professionals are able to earn passive income from allowing other users to copy their trades. Or they can increase their profits by copying or engaging with other traders who have a profitable track record.
All these platforms also let you track your own performance. This makes it easy to keep tabs on your copied trades and profits. It’s possible to build a diversified portfolio of the best traders on each network and copy trades from different assets. Using online copy trading brokers means you spread your money around different investments while profiting from someone else’s expertise.
Pros and cons of social trading.
Pros.
Beginners can learn faster by copying the pros It’s easy to set up an account and start trading You can copy or follow traders who focus on a range of different asset classes The best copy trading brokers make it easy to analyse top performing traders.