Updated: 05/23/2024

Best Copy Trading Forex Brokers

Best Copy Trading Forex Brokers Copy trading (Copy trading – Wikipedia) is an innovative way of…

Best Copy Trading Forex Brokers
16 Jun 2023
WRITTEN BY Chad Smith
EDITED BY Henry Hicks
REVIEWED BY Henry Hicks

Table of Contents

Best Copy Trading Forex Brokers 2024

Pepperstone

  • Competitive spreads
  • Fast trade execution
  • Many trading platforms
  • Limited education
  • No fixed spread
Learn More

Vantage

  • Competitive spreads
  • Many Instruments
  • Many trading platforms
  • Limited education
  • High Minimum deposit
Learn More

AvaTrade

  • Many instruments
  • Friendly platforms
  • Multi-Regulated broker
  • Inactivity fees may apply
  • Limited educational resources
  • Customer support response varies
Learn More

XM

  • Low Trading Fees
  • High Bonuses
  • Copy Trading
  • Average forex and stock index CFD fees
  • No investor protection for non-EU clients
Learn More

Octa

  • Competitive trading conditions
  • Wide range of instruments
  • User-friendly platforms
  • Limited educational resources
  • Limited support options
  • High CFD Fees
Learn More

Copy trading (Copy trading – Wikipedia) is an innovative way of trading that allows you to replicate the trades of experienced traders. This approach is particularly useful for those who are new to forex trading and want to learn from the experts. By copying the trades of successful traders, you can learn about the markets and develop your own trading strategies.

Pepperstone, Blackbull, Vantage, AvaTrade, and XM are some of the best copy trading forex brokers in the market. These brokers offer a range of features and tools that make it easy for you to copy trades and manage your investments. Whether you are a beginner or an experienced trader, these brokers provide a range of options that suit your needs.

In this article, we will provide an overview of the best copy trading forex brokers and discuss the features and benefits of each broker. We will also look at the trading platforms and tools, investment options and financial markets, mobile trading and apps, educational resources and market research, funding, accounts, and risk management, and frequently asked questions. By the end of this article, you will have a better understanding of the best copy trading forex brokers and be able to make an informed decision about which broker is right for you.

Key Takeaways

  • Copy trading is an innovative way of trading that allows you to replicate the trades of successful traders.
  • Pepperstone, Blackbull, Vantage, AvaTrade, and XM are some of the best copy trading forex brokers in the market, offering a range of features and tools that suit your needs.
  • By considering the trading platforms and tools, investment options and financial markets, mobile trading and apps, educational resources and market research, funding, accounts, and risk management, you can make an informed decision about which broker is right for you.

Understanding Copy Trading

Copy trading is a popular form of social trading that allows you to automatically copy the trades of other successful traders in real time. This means that you can benefit from the experience and expertise of other traders, without having to spend time and effort analyzing the markets yourself.

Copy trading is particularly popular in the forex market, where it is known as forex copy trading. With forex copy trading, you can copy the trades of other forex traders who have a proven track record of success. This can be a great way to learn from other traders and improve your own trading skills.

Social trading and copy trading are often used interchangeably, but there is a slight difference between the two. While copy trading involves automatically copying the trades of other traders, social trading is a broader concept that includes sharing information, ideas, and strategies with other traders.

When it comes to choosing a copy trading forex broker, there are several factors to consider. Some of the best copy trading forex brokers include Pepperstone, Blackbull, Vantage, AvaTrade, and XM. These brokers offer a range of features and tools to help you find and copy successful traders, including:

  • Copy trading platforms that allow you to browse and select traders to copy
  • Social trading networks that connect you with other traders and allow you to share information and ideas
  • Risk management tools that help you control your exposure to the markets
  • Educational resources that can help you improve your trading skills

Overall, copy trading can be a great way to learn from other traders and improve your own trading performance. However, it is important to choose a reputable copy trading forex broker and to carefully manage your risk. By doing so, you can take advantage of the benefits of copy trading while minimizing the risks.

Best Copy Trading Forex Brokers Overview

When it comes to copy trading, selecting the right broker is crucial. You need a broker that not only offers a copy trading platform but also has a good reputation, a wide range of assets, and competitive fees. In this overview, we will take a closer look at the five best copy trading forex brokers: Pepperstone, Blackbull, Vantage, AvaTrade, and XM.

Pepperstone is a popular choice for copy trading due to its intuitive platform, low fees, and a large selection of traders to copy. With Pepperstone, you can choose to copy traders based on their performance, risk level, and trading style. The broker also offers a range of other tools and features, including a demo account and educational resources.

Blackbull is another excellent option for copy trading, with a user-friendly platform and a range of tools to help you find the best traders to copy. The broker offers a range of assets to trade, including forex, commodities, and indices and has competitive fees. Blackbull also offers a range of educational resources, including webinars and trading guides.

Vantage is a well-respected broker that offers a range of copy trading options. The broker’s platform is easy to use, and you can choose from a range of traders to copy based on their performance and risk level. Vantage also offers a range of other tools and features, including a demo account and educational resources.

AvaTrade is a popular broker that offers a range of copy trading options. The broker’s platform is user-friendly, and you can choose from a range of traders to copy based on their performance and risk level. AvaTrade also offers a range of other tools and features, including a demo account and educational resources.

XM is a well-established broker that offers a range of copy trading options. The broker’s platform is easy to use, and you can choose from a range of traders to copy based on their performance and risk level. XM also offers a range of other tools and features, including a demo account and educational resources.

In conclusion, when it comes to copy trading forex brokers, Pepperstone, Blackbull, Vantage, AvaTrade, and XM are all excellent options. Each broker has its own unique features and benefits, so it’s important to do your research and choose the one that best meets your needs.

Detailed Analysis of Each Broker

Pepperstone

Pepperstone is a highly trusted broker with an overall Trust Score of 95 out of 99. They offer a range of trading platforms, including MetaTrader and cTrader, and have a wide range of trading instruments, including forex, indices, commodities, and cryptocurrencies. Their spreads start from 0 pips and they offer leverage up to 500:1. Pepperstone charges a commission of $3.76 USD per lot for trading on the MetaTrader 4 platform, but they do not charge additional commissions for copy trading.

BlackBull

BlackBull Markets is considered Average Risk, with an overall Trust Score of 77 out of 99. They offer a range of trading platforms, including MetaTrader and cTrader, and have a wide range of trading instruments, including forex, indices, commodities, and cryptocurrencies. Their spreads start from 0 pips and they offer leverage up to 500:1. BlackBull Markets charges a commission of $6 USD per lot for trading on the MetaTrader 4 platform, but they do not charge additional commissions for copy trading.

Vantage

Vantage is a highly trusted broker with an overall Trust Score of 94 out of 99. They offer a range of trading platforms, including MetaTrader and cTrader, and have a wide range of trading instruments, including forex, indices, commodities, and cryptocurrencies. Their spreads start from 0 pips and they offer leverage up to 500:1. Vantage charges a commission of $3 USD per lot for trading on the MetaTrader 4 platform, but they do not charge additional commissions for copy trading.

AvaTrade

AvaTrade is a highly trusted broker with an overall Trust Score of 93 out of 99. They offer a range of trading platforms, including MetaTrader and AvaTradeGO, and have a wide range of trading instruments, including forex, indices, commodities, and cryptocurrencies. Their spreads start from 0.9 pips and they offer leverage up to 400:1. AvaTrade charges a commission of $6 USD per lot for trading on the MetaTrader 4 platform, but they do not charge additional commissions for copy trading.

XM

XM is a highly trusted broker with an overall Trust Score of 93 out of 99. They offer a range of trading platforms, including MetaTrader and XM WebTrader, and have a wide range of trading instruments, including forex, indices, commodities, and cryptocurrencies. Their spreads start from 0 pips and they offer leverage up to 888:1. XM charges a commission of $6 USD per lot for trading on the MetaTrader 4 platform, but they do not charge additional commissions for copy trading.

In terms of fees, spreads, leverage, minimum deposit, commissions, regulation, trust score rating system, licenses, regulators, ECN, and market maker, each broker has its own unique features and offerings. It is important to carefully consider each broker’s offerings and choose the one that best suits your trading needs and preferences.

Trading Platforms and Tools

When it comes to choosing a copy trading forex broker, the trading platform and tools available can make a big difference in your trading experience. Pepperstone, Blackbull, Vantage, AvaTrade, and XM all offer a variety of trading platforms and tools to help you make the most of your trades.

One of the most popular trading platforms available is MetaTrader, which is offered by all five of these brokers. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are both available, and each platform has its own set of features and benefits. MT4 is a popular choice for its user-friendly interface and extensive library of custom indicators, while MT5 offers more advanced features such as additional chart types and depth of market information.

In addition to MetaTrader, some brokers offer their own proprietary trading platforms. For example, Vantage offers the cTrader platform, which is known for its advanced charting capabilities and order execution speed. AvaTrade offers its own web-based trading platform, AvaTradeGO, which is designed for mobile trading and includes a range of trading tools such as market analysis and risk management tools.

Copy trading platforms are also available, allowing you to automatically copy the trades of other successful traders. Pepperstone offers Signal Start, MetaTrader Signals, and DupliTrade, which can all be seamlessly integrated with your trading account. Blackbull also offers copy trading through Myfxbook AutoTrade, which allows you to choose from a range of signal providers and copy their trades directly to your account.

Other trading tools that may be available include Autochartist, which provides automated technical analysis and trading signals, and a range of custom indicators and charting tools. It’s important to choose a broker that offers the trading platforms and tools that best suit your trading style and goals.

Investment Options and Financial Markets

When looking for a copy trading forex broker, it is important to consider the investment options and financial markets available. Pepperstone, Blackbull, Vantage, AvaTrade, and XM are all great options that offer a wide range of investment options and financial markets to choose from.

Forex is the primary market that these brokers focus on, with major forex pairs and currency pairs available to trade. CFDs are also a popular choice, with a range of options including stocks, cryptocurrencies, commodities, and indices available to trade.

Pepperstone offers a variety of CFDs, including equities, commodities, and indices. They also offer cryptocurrency trading, with Bitcoin, Ethereum, and Litecoin available to trade. Blackbull Markets offers a range of financial instruments, including forex, commodities, and CFDs on indices and shares.

Vantage offers a wide range of financial markets, including forex, CFDs, and commodities. They also offer share trading for clients in Australia and New Zealand. AvaTrade offers a range of financial instruments, including forex, CFDs, and cryptocurrencies. They also offer share trading for clients in Europe and Asia.

XM offers a wide range of investment options, including forex, CFDs, and commodities. They also offer share trading for clients in Europe and Asia. They offer a variety of account types, including Islamic accounts and micro accounts for those who want to start with a smaller investment.

Overall, these brokers offer a wide range of investment options and financial markets to choose from, making them great options for those looking to diversify their portfolios.

Mobile Trading and Apps

When it comes to copy trading, having a reliable and user-friendly mobile app is essential. All of the brokers in this review offer mobile apps for both iOS and Android devices, allowing you to manage your trades and copy other traders on the go.

Pepperstone’s mobile app is highly rated by users, with a 4.7-star rating on the App Store and a 4.4-star rating on Google Play. The app is easy to use and provides access to a range of features, including advanced charting tools, price alerts, and the ability to trade on the go.

Blackbull Markets also offers a mobile app for both iOS and Android devices. The app has a 4.8-star rating on the App Store and a 4.3-star rating on Google Play. Users praise the app for its user-friendly interface and fast execution times.

Vantage’s mobile app is available for both iOS and Android devices and has a 4.6-star rating on the App Store and a 4.4-star rating on Google Play. The app offers a range of features, including real-time quotes, advanced charting tools, and the ability to manage your trades and copy other traders.

AvaTrade’s mobile app is highly rated by users, with a 4.7-star rating on the App Store and a 4.2-star rating on Google Play. The app is easy to use and provides access to a range of features, including advanced charting tools, price alerts, and the ability to manage your trades and copy other traders.

XM’s mobile app is available for both iOS and Android devices and has a 4.6-star rating on the App Store and a 4.3-star rating on Google Play. The app offers a range of features, including real-time quotes, advanced charting tools, and the ability to manage your trades and copy other traders.

Overall, all of the brokers in this review offer reliable and user-friendly mobile apps, allowing you to manage your trades and copy other traders on the go with ease.

Educational Resources and Market Research

When it comes to copy trading, having access to educational resources and market research can be invaluable. Luckily, the brokers we are reviewing in this article all provide some level of educational resources and market research.

Pepperstone offers a range of educational resources, including webinars and educational articles. They also provide market analysis and news updates, which can be helpful for traders looking to stay up-to-date on market trends. Additionally, Pepperstone offers a range of charting tools and trading signals, which can be useful for traders looking to make informed trading decisions.

Blackbull Markets provides educational resources in the form of trading guides and webinars. They also offer market analysis and news updates, which can be helpful for traders looking to stay up-to-date on market trends. Additionally, Blackbull Markets offers a range of charting tools and trading signals, which can be useful for traders looking to make informed trading decisions.

Vantage provides educational resources in the form of video tutorials and webinars. They also offer market analysis and news updates, which can be helpful for traders looking to stay up-to-date on market trends. Additionally, Vantage offers a range of charting tools and trading signals, which can be useful for traders looking to make informed trading decisions.

AvaTrade offers a range of educational resources, including webinars and educational articles. They also provide market analysis and news updates, which can be helpful for traders looking to stay up-to-date on market trends. Additionally, AvaTrade offers a range of charting tools and trading signals, which can be useful for traders looking to make informed trading decisions.

XM provides educational resources in the form of video tutorials and webinars. They also offer market analysis and news updates, which can be helpful for traders looking to stay up-to-date on market trends. Additionally, XM offers a range of charting tools and trading signals, which can be useful for traders looking to make informed trading decisions.

Overall, all of the brokers we are reviewing in this article provide some level of educational resources and market research, which can be helpful for traders looking to make informed trading decisions.

Funding, Accounts, and Risk Management

When it comes to funding your trading account, Pepperstone, Blackbull, Vantage, AvaTrade, and XM offer a range of options to suit your needs. You can fund your account using a credit or debit card, bank transfer, or an e-wallet such as PayPal or Skrill. It is important to note that some funding methods may have fees attached, so it is always a good idea to check with your broker before making a deposit.

In terms of accounts, each of these brokers offers a range of account types to suit different trading styles and experience levels. From standard accounts to active trader accounts, there is an option for everyone. It is important to choose the right account type for your needs, as this can impact the fees you pay and the trading conditions you receive.

When it comes to risk management, all of these brokers offer a range of tools to help you manage your portfolio and trading strategy. This includes stop-loss orders, which can help to limit your losses if a trade goes against you, as well as risk management calculators and educational resources to help you make informed trading decisions.

Overall, funding, accounts, and risk management are important considerations when choosing a copy trading forex broker. By taking the time to research your options and choose the right broker for your needs, you can help to ensure that you are able to trade with confidence and achieve your trading goals.

Frequently Asked Questions

What are some of the best copy trading platforms for forex trading?

Some of the best copy trading platforms for forex trading include eToro, ZuluTrade, DupliTrade, and Myfxbook. These platforms allow traders to automatically copy the trades of other successful traders.

Which forex brokers offer copy trading services?

Many forex brokers offer copy trading services, including Pepperstone, Blackbull, Vantage, AvaTrade, and XM. These brokers allow traders to copy the trades of other successful traders, either manually or automatically.

How does copy trading work in forex trading?

Copy trading in forex trading involves copying the trades of other successful traders. Traders can either manually select which trades to copy or use an automated platform to automatically copy the trades of other traders.

Are there any free copy trading platforms for forex trading?

Yes, there are free copy trading platforms for forex trading, such as ZuluTrade and Myfxbook. However, some platforms may charge a fee for using their services.

What are the pros and cons of using copy trading in forex trading?

The pros of using copy trading in forex trading include the ability to learn from successful traders, the convenience of automated trading, and the potential for higher profits. The cons include the risk of blindly following other traders without understanding their strategies, and the potential for losses if the copied trades are unsuccessful.

Can I copy trade on Vantage, AvaTrade, Blackbull or XM?

Yes, you can copy trade on Vantage, AvaTrade, Blackbull, and XM. These brokers offer copy trading services, allowing traders to copy the trades of other successful traders.

author avatar image
Chad Smith

Chad Smith is the Director of Research & Analysis here at ForexBrokerListing.com. Chad previously served as an Editor for a number of websites related to finance and trading, where he authored a significant number of published articles about trading and the impact of technology in transforming investing as we know it. Overall, Chad is an active fintech and crypto industry researcher with more than 15 years of trading experience, and you can find him teaching his dog how to trade in his free time.

Related Guides