Best Copy Trading Platforms in 2024 for Social Investing

January, 16th 2024

copy trading platform

In this decade of growing intensity of people’s interest in cryptocurrency, copy trading is a convenient way for novices. Being a beginner, relying on the trading strategies of professional traders and trading with an entire control is a good option. The widespread progress of copy trading unveiled several copy trading platforms. If you are eager to know about the best copy trading platforms of the year, you have landed in the right place. This article assembles all the best copy trading platforms offering complete reliance and quality services.

What is copy trading?

Copy trading is a convenient method to utilize experts’ experience in executing trading on crypto. But the whole command is within your hand. It depends on you whenever you quit, and open new ones. Simply, it’s a way to earn money on behalf of others’ skills in trading. If you are delving into the finance market for the first time, this opportunity is perfectly designed for you.

Historical Background of Copy Trading:

Back in 2005, when traders started to copy trading particular algorithms, powered via automation. Copy trading providers identified the potential of having systems where any trader could automatically copy their trading account. The need to manually observe trading chat rooms was about to end. The rise of copy trading has been blown up then. At that time, Etoro and Zulutradewere developed as the earliest pioneers and are now recognized as the best copy trading platforms among others.

From 2005 to 2024, the continuous ever-evolving technology introduced several legitimate copy trading platforms, serving globally. It’s important to know that all trading platforms presenting social features don’t serve copy trading. Social trading platforms providing copy trading are predicted to grow to €70bn in 2025 (annual growth of 48%).

Best Copy Trading Platforms of 2024:

Compared to the range of copy trading platforms available from third-party providers, we have a list of the best copy trading platforms of 2024 for social investing. Let’s traverse through all the reliable providers in detail.

1. AvaTrade

AvaTrade is a credible global resource, greatest known for providing traders with a huge selection of the best copy trading platform options. The experimental study found this multi-cross to be excellent for copy trading, a better option for investor education, and competitive for smartphones. Established in 2006, AvaTRade is a leading platform for Forex and CFD trading with a trusted score rating of 94. The diversity of platform options like ZuluTrade and DupliTrade (proprietary platforms), makes it competitive in the digital area. Supporting over 1,000 Leveraged Markets at 0% commission, this provider includes individual stocks, commodities, forex, ETFs, and options. This tool is easily available on AvaSocial and contains an app for Android and iOS.

Features:

Considered the best copy trading platform for CFDs, impose no copy trading charges or commissions.
This tool is regulated in 9 jurisdictions and provides 24/5 customer care service through live chat.
With $100,000 in paper funds, it ranks under the best Forex demo accounts

2. ZuluTrade:

ZuluTrade, a multinational copy trading platform, is well-known for its subscription-based plans. Starting from $10 for 1 month, and includes 3-month, 6-month, and 12-month plans with a reduction of $9.50, $9, and $8.30 respectively. Launched in 2014, it’s regulated in Japan, European Union, and South Africa.

There are several copy trading schemes to select from, some people follow traders having the best performance while others select based on longevity.The trading profiles appear with the number of followers, accurate data, desired markets, and risk management capability. To gain experience, ZuluTrade is the best copy trading platform. It supports cryptocurrencies, stocks, commodities, indices, and dozens of forex pairs.

Features:

Regulated in different regions and comes with a user-friendly interface, an appealing feature for beginners.
Supports a variety of markets such as crypto, forex, and others.
Allows the community to get experience with this best social trading platform.

3. eToro:

eToro is the best copy trading platform providing a perfect combination of active trading and passive trading following the expert traders’ strategies. This platform consisting of a highly trusted score rating system was founded in 2007. eToro ranks as the best copy trading platform with its easy-to-navigate display where traders can replicate the traders of experienced investors across over 2300 instruments, including forex, CFDs, and cryptocurrencies.

This multi-asset platform allows traders to choose from an array of capital, including cryptocurrencies like Ethereum and Bitcoin. It’s well-reputed in the market as a novice-friendly resource.

Features:

It lets beginners choose from signal providers with victorious track records.
Allows to select Signal providers based on strategy, risk rate, return rate, and number of copiers.
After selecting a trader of your choice, you can set a specific amount to trade.

4. DupliTrade:

DupliTrade is a popular platform with its capability to provide an option of 13 pre-checked strategies to select from. This developed resource connects with the best trading and forex trading platforms. All the strategies it offers, are pre-investigated and tested by the DupliTrade team. One of its most famous strategy “Legacy” has been active for 153.399 months. Since then, this strategy has given out returns of 534%.

This established feature of Legacy targets the forex market. Once you select the appropriate strategy, you have to connect with a desired trader. Then, the system will automatically sell and buy positions. The only imperfection of DupliTrade is the least investment requirement for trading of $5,000, making it unsuitable for common traders. No trading fee is charged from you, and strategy providers rely on trading commissions you pay.

Features:

Provides 13 copy trading strategies to select which are pre-tested under the DupliTrade team.
Zero fee is charged for copy trading strategies.
Enables traders to connect with the best forex providers in the market.

5. NAGA:

NAGA,supporting over 1000 markets including stocks, forex, cryptocurrencies, futures, commodities, indices, and ETFs comes with a user-friendly interface. NAGA dominates among other platforms with its customization settings. For instance, you have the freedom to choose the investment ratio, which calculates the exact percentage of your credit to use on each position. In addition to it, you can customize stop-loss and take-profit percentages.

NAGA claims the average winning ratio of its 10 most profitable traders is 84.7%. Except for past performances, you are allowed to select traders based on their average hold span and desired assets. However, NAGA is comparatively expensive than others with a trading fee of $0.99 per buy-and-sell order, regardless of your traded amount.

Features:

It’s easily available on web browsers and offers Android/iOS applications.
Supports over 1,000 markets and provides customization settings for copy trading positions.
Eliminates the need to integrate third-party.

How to Take a Start with Copy Trading?

Starting a copy trading is not tiresome, simply follow these 7 steps to avail of copy trading.

Step 1:First, compare the performance rating and statistics of diversified resources.

Step 2:Go ahead with choosing the best copy trading platform that complements your specific trading purposes and risk-bearing potential.

Step 3:Evaluate the exact amount of your account credit to share out copying the resource’s trades.

Step 4:Regulate your risk tolerance settings and decide which option you will select, copying the platform’s existing open positions or moving towards new positions.

Step 5:After getting satisfied with the adopted settings, tap on to copy trader the traders you have selected to follow.

Step 6:Observe the performance of your trading account according to your desire and frequency of trades.

Step 7:Fine-tune your criteria and subscription, correlating with the current condition like signal platform performance or your market expectations.

Tips to Improve Copy Trading:

Look forward to a trader with consistent statistics, because it’s almost impossible to predict a 100% market rise and fall.
When evaluating the performance of a signal provider, go through a broad spectrum of statistics and metrics. Must examine data points like the number of trades placed, average trade span, and average profit and loss ratio.
Search for the perfect balance of multidimensionality for your trading aims.Copy trading bestows an opportunity to incorporate a variety of trading styles and tradeable marks tailored to your investment portfolio.
Always focus on noticing the predicted timespan of your investment when copying another trade. Don’t forget the fluctuating nature of investment strategies in frequency/volume.
Customize the thresholds/limitations of your copy trading platform’s settings to manage risk. Copy trading is a game of risk, so it would be better to familiarize yourself with the platform’s setting like deciding the amount put at risk.

Final Words:

At last, this article is an all-inclusive guide revolving around copy trading, an easier approach for beginners to take advantage of expert traders’ knowledge to trade. To execute copy trading with optimal security and reliability, countless copy trading providers have originated with different features. The reliance on every platform is not justified, and the best copy trading platform remains the priority. This article covers the best copy trading platforms, so rely on anyone to avail of reliable services.