Best Copy Trading Platforms in December 2024

Copy trading is a popular investment tool largely used by beginners. It offers an automated experience; users select a trader to mirror and all future positions are replicated. You can copy successful traders from various markets, including stocks, forex, and cryptocurrencies.

Read on to discover the best copy trading platforms for 2024. The top providers are ranked for fees, available assets, user-friendliness, and payments. Learn how to get started with a copy trading portfolio and what trading strategies to deploy for profit maximization.

Reviewing the Top Copy Trading Platforms

No two copy trading platforms are the same. Some are ideal for beginners seeking a simple user interface while others have large capital requirements.

Other factors to explore include fees, accepted payment methods, and supported assets. This section reviews the top copy trading brokers to consider in 2024:

1. eToro – The Overall Best Copy Trading Platform for Beginners

• Direct or Third Party: Direct
• Assets: Forex, cryptocurrencies, commodities, indices, stocks, and ETFs
• Copy Trading Fees: Standard trading commissions and spreads only
• Minimum Investment: $200

Beginners will find that eToro is the overall best option. This user-friendly platform is the most popular copy trading platform with over 35 million users. It supports thousands of markets, including forex, commodities, indices, stocks, and ETFs. eToro also lists the best cryptocurrencies to buy, such as Bitcoin, Ethereum, and XRP.

Thousands of traders can be copied, with eToro offering lots of useful stats and performance metrics. For example, you can search for forex traders with the biggest returns over the past two years. eToro has a minimum copy trading investment of $200, which will be a drawback for those on a budget. Payments can be made with debit/credit cards and selected e-wallets, including PayPal.

Deposits made in USD, GBP, and EUR are fee-free. Other currencies are accepted but incur FX charges. No additional fees are charged when copying traders – just cover the standard commission and spread. eToro offers 0% commission stock and ETF trading to most users. Cryptocurrency trades cost 1% and all other assets can be traded on a spread-only basis. Crucially, eToro is heavily regulated.

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. 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

2. Vantage Markets – A Great Option for Following Top Forex Traders

• Direct or Third Party: Direct and MT4/5
• Assets: Forex, commodities, indices, stocks, ETFs, and bonds
• Copy Trading Fees: Standard trading commissions and spreads only
• Minimum Investment: $50

Vantage Markets is another good option, especially for gaining exposure to the forex market. It supports dozens of currency pairs, including exotics like USD/BRL, USD/THB, and EUR/HUF. This is in addition to all majors and minors. In-house copy trading tools are available and the minimum investment is just $50.

No additional fees apply but you’ll need to cover standard commissions and spreads. These depend on the account type. Beginners will prefer the standard account. This offers 0% commission on all markets and forex spreads from 1.1 pips. Those investing larger amounts should opt for the Raw ECN account. This charges a $3 commission per slide (per standard lot) and offers minimum spreads of 0.0 pips.

Vantage Markets also supports other asset classes, including hard and soft commodities, indices, stocks, ETFs, and bonds. It also offers demo accounts; a great option for first-time investors. Vantage Markets offers a solid user experience. It can be accessed via web browsers and an Android/iOS app. Vantage Markets also supports MT4/5, which offers third-party copy trading services.

3. AvaTrade – Commission-Free Copy Trading on 1,000+ Financial Instruments

• Direct or Third Party: Direct, MT4/5, and DupliTrade
• Assets: Forex, cryptocurrencies, commodities, indices, stocks, ETFs, bonds, and options
• Copy Trading Fees: Standard spreads only
• Minimum Investment: $100

AvaTrade is a regulated trading platform that launched in 2006. It offers a range of automated tools to suit every investor profile. Beginners will like the AvaSocial app; AvaTrade’s proprietary copy trading platform. This comes with a simple user interface and easy-to-understand performance metrics. Traders can be copied and uncopied at the click of a button.

AvaTrade also supports third-party copy trading providers. This includes MT4, MT5, and DupliTrade. The latter requires a minimum account balance of $2,000. However, all other options, including AvaSocial, have a much smaller minimum of just $100. AvaTrade supports over 1,000 financial instruments, covering everything from stocks and commodities to indices and forex.

It also supports options, bonds, and cryptocurrencies. All available assets are traded as CFDs, meaning clients from some countries aren’t eligible (including the US). No copy trading fees are charged by AvaTrade. It also offers commission-free trading on all markets, meaning only the spread is applicable. AvaTrade accepts debit/credit cards and e-wallets when depositing funds.

4. Pepperstone – Popular Forex and CFD Broker Supporting MT4 Copy Trading

• Direct or Third Party: MT4/5 and cTrader
• Assets: Forex, cryptocurrencies, commodities, indices, stocks, ETFs
• Copy Trading Fees: Standard trading commissions and spreads only
• Minimum Investment: $0

Pepperstone is another good option. It doesn’t offer in-house copy trading tools but seamlessly connects with MT4. You can purchase a subscription from the MQL5 marketplace, with fees determined by the trader being copied. This averages $30 per month but the top traders often charge more. Positions will be executed by Pepperstone; fees depend on the chosen plan.

For example, no trading commissions are charged on standard accounts. Variable spreads are charged depending on the market. Those opening a razor account get minimum spreads of 0.0 pips. The trading commission is $3 per slide (per standard lot). Accounts can be funded in multiple currencies, including USD, EUR, GBP, AUD, and HKD.

In addition to MT4, Pepperstone also supports MT5 and cTrader. These platforms also offer automated copy tools. Pepperstone supports multiple assets, including forex, commodities, indices, stocks, and ETFs. It also lists Bitcoin and some of the best altcoins, such as Cardano, XRP, Uniswap, Dogecoin, and Chainlink. New clients can get started without meeting a minimum deposit requirement.

5. Margex – The Best Copy Trading Site for Cryptocurrency Futures

• Direct or Third Party: Direct
• Assets: Cryptocurrency futures (perpetuals)
• Copy Trading Fees: Variable profit-sharing fees, plus standard trading commissions and spreads
• Minimum Investment: $10

Margex is one of the best copy trading platforms for cryptocurrency futures. It offers perpetual contracts on dozens of cryptocurrencies, including Bitcoin, Avalanche, Ethereum, Dogecoin, Litecoin, and Solana. Unlike spot trading markets, Margex futures support long and short positions. They also come with leverage of up to 100x.

Best of all, Margex offers in-house copy trading tools, so no third-party software or integration is needed. The top futures traders are listed based on past performance. Clicking on a trader reveals additional metrics. The minimum deposit at Margex is just $10, making it a great choice for those on a budget. Accepted payment types include Visa, MasterCard, and cryptocurrencies.

In terms of fees, traders receive a small percentage of the profits they generate. This is displayed when choosing a trader. You’ll also pay standard commissions whenever a trade is executed. Margex charges 0.019% (limit orders) and 0.06% (market orders). Unlike other cryptocurrency exchanges, commission discounts aren’t available when trading higher amounts.

6. Trade Nation – User-Friendly Copy Trading App for iOS and Android

• Direct or Third Party: MT4
• Assets: Forex, commodities, indices, stocks
• Copy Trading Fees: Standard trading commissions and spreads only
• Minimum Investment: $0

Trade Nation is a safe and trusted trading platform that’s licensed in multiple countries. This includes the UK, Australia, South Africa, Bahamas, and Seychelles.

It offers a dedicated copy trading app for iOS and Android. It’s free to download and the user experience is aimed at beginners. However, users must also connect their Trade Nation account with MT4. While this adds an additional step, it takes seconds.

Trade Nation doesn’t charge additional fees for copy trading. What’s more, Trade Nation is a commission-free platform, so you only pay the spread. However, these are often wider than the industry average. For example, spreads (when connected to MT4) start from 1.1 pips on EUR/USD and GBP/USD.

7. OKX – Copy Seasoned Cryptocurrency Traders via Multiple Strategies

• Direct or Third Party: Direct
• Assets: Cryptocurrencies (spot and futures)
• Copy Trading Fees: Standard trading commissions and spreads only
• Minimum Investment: $2

OKX is one of the best cryptocurrency exchanges, with traders benefiting from low fees, advanced charts, and a wide range of automated tools. This includes an in-house copy trading feature supporting hundreds of strategies. This includes everything from swing trading and long-term investing to grid sniper bots. You can choose traders from the spot or futures markets.

The latter offers leverage of up to 100x, plus long and short trading. OKX supports hundreds of cryptocurrencies, including Bitcoin, Dogecoin, Solana, and Ethereum. No copy trading fees are charged, you only pay the standard commission. That’s just 0.1% when trading spot cryptocurrencies. And 0.05% when opting for futures. Discounts are offered to market makers and those trading higher amounts.

8. DupliTrade – Third-Party Copy Trading Platform With 11 Strategies

• Direct or Third Party: Must be connected with a partnered trading platform
• Assets: Forex, cryptocurrencies, stocks, commodities, indices, and ETFs
• Copy Trading Fees: Variable profit-sharing fees of up to 30%, plus standard trading commissions and spreads (charged by the connected platform)
• Minimum Investment: $2,000

DupliTrade is a third-party copy trading platform that offers 11 strategies. Most focus on forex but stocks, commodities, and indices are also covered. DupliTrade has backtested and live-tested each trading strategy, ensuring only proven systems are offered. You can review each strategy, with metrics including the overall profit and loss, the number and percentage of winning trades, and the maximum drawdown.

DupliTrade must be connected with a partnered trading platform, with only 11 providers supported. What’s more, DupliTrade only works when the account balance is at least $2,000. This will price some investors out of the market. DupliTrade also offers a trading simulator with virtual capital. You can test each strategy based on various market conditions.

9. Naga – One of the Best Social Trading Apps for Gaining Market Insights

• Direct or Third Party: Direct
• Assets: Forex, cryptocurrencies, commodities, indices, stocks, and ETFs
• Copy Trading Fees: Profit-sharing fee of up to 15% plus $0.99 per trade, plus standard spreads
• Minimum Investment: $250

Naga is a popular copy trading platform that doubles up as an online broker. It supports over 4,000 financial instruments, covering Forex, cryptocurrencies, commodities, indices, stocks, and ETFs. It has a minimum deposit requirement of $250 and accepted payment types include debit/credit card, bank transfers, and Neteller. Naga is a great option for social trading tools.

It has a huge community of investors, with daily insights covering market trends and sentiment analysis. You can post opinions, like other comments, and even follow traders. However, Naga’s copy trading feature is expensive. You’ll pay a profit-sharing commission of up to 15%, plus $0.99 per trade. You also need to cover standard market spreads.

10. cTrader – Access Advanced Performance Metrics to Find the Perfect Trader

• Direct or Third Party: Must be connected with a partnered trading platform
• Assets: Forex, cryptocurrencies, commodities, indices, stocks, and ETFs
• Copy Trading Fees: Variable profit-sharing fees of up to 30%, management fee of up to 10%, volume fee of up to $10 per $1 million traded, plus standard trading commissions and spreads (charged by the connected platform)
• Minimum Investment: $100

cTrader is another third-party option that must be connected to a partnered trading platform. It offers advanced performance metrics, helping users select a trader that aligns with their financial goals. This includes everything from return on investment, volume, and equity to the preferred assets and total number of trades.

One of the main drawbacks is fees. cTrader charges profit-sharing fees of up to 30% and management fees of up to 10%. It also charges up to $10 for every $1 million trading. These fees are in addition to standard trading commissions and spreads, as per the partnered broker. The minimum cTrader investment is just $100.

11. ZuluTrade – Choose From Over 2 Million Traders Across Multiple Assets

• Direct or Third Party: Must be connected with a partnered trading platform
• Assets: Forex, cryptocurrencies, commodities, indices, stocks
• Copy Trading Fees: Standard trading commissions and spreads (charged by the connected platform)
• Minimum Investment: Determined by the connected platform

ZuluTrade is a user-friendly copy trading platform with over 30 million users. It’s a third-party interface, so must be connected with an online broker. Options include AvaTrade, Vantage Markets, and Tickmill, among others. Zultrade supports every asset class imaginable, including forex, cryptocurrencies, commodities, indices, and stocks. That said, specific markets are determined by the connected broker.

ZuluTrade lists over 2 million verified traders; performance metrics include preferred assets, return on investment, and risk. ZuluTrade doesn’t charge fees. Instead, it takes a commission from the partnered broker whenever positions are placed. ZuluTrade is also a top social trading platform, with a thriving community, global leaderboard, and sentiment metrics.

12. IG – Regulated Trading Platform Supporting MT4 and 17,000+ Markets

• Direct or Third Party: MT4
• Assets: Forex, commodities, stocks, indices, options, futures, interest rates,
• Copy Trading Fees: Standard trading commissions and spreads only
• Minimum Investment: $50 (debit/credit cards) or $0 (bank transfers)

Last on this list is IG, a regulated trading platform with over 17,000 markets. It supports hard and soft commodities, options, futures, interest rates, indices, and major, minor, and exotic forex trading pairs. It also lists cryptocurrencies, including Bitcoin, Chainlink, Cardano, EOS, Ethereum, and Bitcoin Cash.

IG supports copy trading and advanced trading tools via MT4. This means you need to buy a subscription from the MQL5 marketplace.

No minimum deposit is needed on bank transfers. Debit/credit cards require at least $50. Apart from stocks, all financial markets can be traded commission-free. Spreads start from 0.6 pips when trading forex via MT4. Stock commissions vary depending on the market.

What is Copy Trading?

Copy trading is a popular tool supporting automated investments. You select a trader to copy, and all future positions are replicated. For example, suppose you’re copying a commodity trader. They go long on gold and make a 4% profit. You mirrored the same position so also made 4%.

Copy trading requires no manual intervention, so you can invest passively. Most asset classes can be traded, including forex, stocks, and indices. Investment sizes are proportionate, ensuring affordability. For example, if the trader risks 10% of their balance on a trade, you’d risk 10% of the amount invested.

Copy trading is popular with beginners and even more experienced traders. You can easily replicate successful or professional traders and it can be a good way to learn trading strategies or simply remove some of the complexity from trading.

How Does Copy Trading Work?

Copy trading is a beginner-friendly concept that requires just two core steps:

• First, you choose a trader to copy. You might opt for an experienced day trader who specializes in indices. Or a long-term ETF investor. Either way, you’d need to research the trader’s historical performance, such as return on investment and maximum drawdown.
• Second, you decide how much to invest. This will determine the trade size whenever a position is entered.

The copy trading example below explains the process in more detail:

• You invest $5,000 into an experienced cryptocurrency trader
• The trader buys XRP, risking 15% of their account balance
• You automatically buy $750 worth of XRP, which is 15% of your $5,000 copy-trading investment
• The trader closes the position several weeks later at a 40% profit
• You automatically close the trade and also secure 40% gains
• You risked $750, so your profit amounts to $300 (40% of $750) before fees or commission

What Assets Can You Copy Trade?

The available assets are determined by the copy trading platform. For example, OKX and Margex only offer cryptocurrencies. While AvaTrade supports everything from stocks and forex to indices, commodities, and options.

The most popular assets supported for copy trading are summarized below:

• Forex (e.g. GBP/USD)
• Stocks (e.g. Apple)
• Commodities (e.g. gold)
• Options (e.g. stock options)
• Futures (e.g. commodity options)
• Cryptocurrencies (e.g. Bitcoin)
• Indices (e.g. Dow Jones)

Benefits of Copy Trading

Consider the following advantages of copy trading:

• Ideal for Beginners: Copy trading is particularly popular with novice traders. There’s no requirement to understand trading trends, market analysis, or technical indicators. Just pick a suitable trader who specializes in your preferred assets.
• Take a Hands-Off Approach: The most successful traders dedicate substantial time to mastering their craft. Copy trading provides an alternative approach. You can sit back and let your chosen trader do the hard work.
• Follow the Smart Money: You can follow the smart money when copy trading, especially when mirroring the most successful traders. Transparent performance metrics ensure you’re replicating the industry’s best.
• Easy to Diversify: You can copy multiple traders, often on the same platform. This provides immediate diversification, a crucial risk management strategy when trading.
• Suitable for Those on a Budget: The best copy trading platforms cater to all budgets. For example, Pepperstone doesn’t have a minimum deposit requirement.
• Controllable Risk: You can normally choose the stop-loss percentage when copying traders. For instance, you might elect to automatically close trades if they decline by 20%. The position will be exited regardless of what the trader does.

Pros & Cons of Copy Trading

Copy trading comes with various pros and cons, which we’ve summarized below:

Copy Trading Platforms Fees Explained

These are the fees to expect when copy trading online:

• Profit-Sharing: Some platforms have profit-sharing commissions, often set by the respective trader. For example, DupliTrade charges up to 30%. This means you’d lose $30 for every $100 generated by the trader.
• Subscriptions: You’ll need to pay a monthly subscription when copy trading via MT4 or MT5. This is set by traders and averages $30, but can be more.
• Trading Fees: Fees are also charged whenever the trader places orders. These are determined by the broker and based on the proportionate amount. For example, suppose you indirectly buy Bitcoin on OKX at a $100 stake. OKX charges 0.1%, so you’d pay a commission of $0.10.

Is Copy Trading Legal?

Put simply, copy trading is legal in any country that allows online trading. This also means the chosen platform must be approved by the appropriate jurisdiction. For example, platforms accepting US clients must be approved by FINRA. This is why eToro is a popular choice with US traders.

Similarly, platforms providing services to UK clients must be registered with the FCA. Regulations also cover specific assets and products depending on the country. For example, UK clients can’t copy traders who buy and sell cryptocurrency derivatives, such as CFDs, perpetual futures, and options.

Similar laws apply in the US. Moreover, clients based in the European Union are capped with leverage limits. For instance, the maximum leverage on forex copy trading is 1:30, and 1:5 for individual stocks.

Tips for Copy Trading

The following tips are essential for a safe and risk-averse copy trading experience:

• Ensure You’re Using a Regulated Platform: It’s crucial that you only use a copy trading platform that’s adequately regulated. This ensures fair trading practices, client-fund segregation, and consumer protections.
• Research Performance Data Thoroughly: Never copy a trader purely on recent performance. Explore their historical trading data, including risk metrics like maximum and daily drawdown. The average trade duration and win rate should also be considered.
• Set Risk Parameters Before Starting: The best copy trading platforms offer customizable risk parameters. For example, you can manually choose a stop-loss percentage for all positions. This ensures losing trades don’t wipe your entire balance.
• Get a Mobile App for Monitoring: We’d suggest downloading the platform’s mobile app for seamless monitoring. Check in every few days to see how your traders are performing, which assets they’re trading, and whether rebalancing is needed.
• Avoid Copying a Single Trader: Diversification is key when copy trading. Being over-reliant on a single trader is a recipe for disaster. Similar to traditional investing, spread your funds across multiple traders from different disciplines. For example, a long-term stock investor and a forex day trader.

Conclusion

Copy trading platforms are ideal for passive investing, especially if you’re new to the financial markets. Remember that diversification is key to avoiding copying an unsuccessful trader. Overall, eToro could be the most suitable option for beginners.

Its user-friendly dashboard supports thousands of traders; each comes with transparent performance metrics. The minimum copy trading investment is $200 and you can deposit funds with debit/credit cards and e-wallets. Supported assets include forex, indices, stocks, commodities, and cryptocurrencies.

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. 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

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