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Best Copy Trading Platforms and Brokers 2024

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Written By
James Barra
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Written By
James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
» James Barra Profile Page
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Edited By
Jemma Grist
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Edited By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
» Jemma Grist Profile Page
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Fact Checked By
William Berg
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Fact Checked By
William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
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Updated
Jul 24, 2024

A copy trading platform software allows investors to automatically replicate the trading actions of other, more experienced traders. There are many competing softwares in the market, but our experts have reviewed and rated the best copy trading brokers and their platforms in this test updated for 2024.

Top 10 Copy Trading Platforms

In our broker reviews we have found that these are the 10 best copy trading platforms:

Click a broker for details
  1. 1
    eToro USA
    Invest $100 and get $10
    Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk. https://www.daytrading.com/ is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.
    Ratings
    4.3 / 5
    3 / 5
    3.9 / 5
    3.4 / 5
    4 / 5
    3 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4 / 5
    $100
    $10
    SEC, FINRA
    Stocks, Options, ETFs, Crypto
    eToro Trading Platform & CopyTrader
    ACH Transfer, Debit Card, PayPal, Wire Transfer
    USD
    Go To eToro USA
  2. 2
    Pocket Option
    50% Deposit Bonus
    Ratings
    2 / 5
    3.5 / 5
    2.5 / 5
    3.5 / 5
    3.3 / 5
    3.3 / 5
    3 / 5
    3.5 / 5
    4 / 5
    4.2 / 5
    $50
    $1
    MISA
    Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos
    Web, MT4, MT5
    Wire Transfer, Credit Card, Bitcoin Payments, Volet, Perfect Money, Visa, Mastercard, Debit Card, WebMoney, FasaPay, Ethereum Payments, Maestro, JetonCash, Airtel
    USD
    Go To Pocket Option
  3. 3
    IQCent
    20% to 200% Deposit Bonus
    Ratings
    2.5 / 5
    3.3 / 5
    2.4 / 5
    4.3 / 5
    3.8 / 5
    2.5 / 5
    3 / 5
    2 / 5
    4.3 / 5
    4.1 / 5
    $250
    $0.01
    1:500
    IFMRRC
    Binary Options, CFDs, Forex, Indices, Commodities, Crypto
    Online Platform, TradingView
    Credit Card, Debit Card, Wire Transfer, Bitcoin Payments, Ethereum Payments, Visa, Mastercard
    USD, EUR
    Go To IQCent
  4. 4
    Videforex
    20% to 200% Deposit Bonus
    Ratings
    2.5 / 5
    3 / 5
    3.5 / 5
    3.3 / 5
    3.5 / 5
    4.5 / 5
    1.3 / 5
    1.3 / 5
    4.1 / 5
    4.4 / 5
    $250
    $0.01
    1:500
    Binary Options, CFDs, Forex, Indices, Commodities, Crypto
    TradingView
    Skrill, Perfect Money, Bitcoin Payments, Neteller, Credit Card, Visa, Mastercard, Ethereum Payments
    USD, EUR, GBP, AUD, RUB
    Go To Videforex
  5. 5
    xChief
    $100 No Deposit Bonus
    Ratings
    4 / 5
    3.8 / 5
    3.7 / 5
    3 / 5
    4.3 / 5
    3.5 / 5
    3.5 / 5
    3.3 / 5
    0 / 5
    0 / 5
    $10
    0.01 Lots
    1:1000
    ASIC
    CFDs, Forex, Metals, Commodities, Stocks, Indices
    MT4, MT5
    Wire Transfer, Bitcoin Payments, Credit Card, UnionPay, Skrill, Neteller, WebMoney, Perfect Money, Debit Card, Ethereum Payments, FasaPay, Volet
    USD, EUR, GBP, JPY, CHF
    Go To xChief
  6. 6
    Pionex
    Ratings
    2.5 / 5
    3 / 5
    3 / 5
    3 / 5
    3 / 5
    3 / 5
    1.3 / 5
    3 / 5
    0 / 5
    0 / 5
    $0
    0.1 USDT
    FinCEN
    Cryptos
    Own
    Bitcoin Payments
    Go To Pionex
  7. 7
    InstaTrade
    Ratings
    2.5 / 5
    3 / 5
    3 / 5
    3 / 5
    3.5 / 5
    3.5 / 5
    3.5 / 5
    3.3 / 5
    4.8 / 5
    4.4 / 5
    $1
    0.01
    1:1000
    BVI FSC
    FISP, CFDs, Forex, Stocks, Indices, Commodities, Cryptos, Futures
    InstaTrade Gear, MT4
    Visa, Mastercard, Wire Transfer, Credit Card, Debit Card, Bitcoin Payments, Ethereum Payments
    USD, EUR, RUB
    Go To InstaTrade
  8. 8
    BinaryCent
    20% - 200% deposit bonus
    Ratings
    2.8 / 5
    2.8 / 5
    3 / 5
    2.5 / 5
    3 / 5
    3 / 5
    1 / 5
    2 / 5
    3 / 5
    3 / 5
    $250
    $0.01
    1:500
    VFSC
    CFDs, Forex, Stocks, Cryptos, Options, Commodities
    Own
    Visa, Mastercard, Debit Card, Credit Card, Skrill, WebMoney, Neteller, Bitcoin Payments, Wire Transfer, Perfect Money, Ethereum Payments
    USD
    Go To BinaryCent
  9. 9
    World Forex
    100% Deposit Bonus
    Ratings
    2.5 / 5
    3.3 / 5
    3 / 5
    2.8 / 5
    3.5 / 5
    3.3 / 5
    2.5 / 5
    2.8 / 5
    1.3 / 5
    1.3 / 5
    $1
    0.01 Lots
    1:1000
    SVGFSA
    Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts
    MT4, MT5
    Wire Transfer, Debit Card, Credit Card, Visa, Mastercard, Google Wallet, Apple Pay, Perfect Money, Bitcoin Payments, Volet
    USD, EUR, RUB
    Go To World Forex
  10. 10
    RaceOption
    20% - 200% Deposit Bonus
    Ratings
    2.5 / 5
    3.3 / 5
    3 / 5
    2.8 / 5
    3 / 5
    4 / 5
    0.8 / 5
    0.8 / 5
    4 / 5
    3.8 / 5
    $250
    $0.01
    1:500
    Binary Options, CFDs
    TradingView
    Credit Card, Debit Card, Bitcoin Payments, Neteller, Skrill, Perfect Money, Mastercard, Visa, Ethereum Payments
    USD, EUR, GBP, AUD, RUB
    Go To RaceOption

This is why we think these brokers are the best in this category:

  1. eToro USA - You can mirror the positions and strategies of up to 100 other traders with the market-leading eToro US copy trading service. Unlike many competitors, eToro gives you more control over your portfolio, allowing you to stop or pause a copied trade at any time. Pricing is also fairly competitive, with only $1 required to copy a position. eToro copy trading is for crypto only.
  2. Pocket Option - Pocket Option hosts a user-friendly social trading service. Available in the platform, you can use the ‘Top Ranked Trades’ leaderboard, among others, to find traders to follow. The social trading solution is also available 24/7 and has active community chats. Tip: check the number of trades made and profit generated over several months rather than comparing providers over a few days.
  3. IQCent - A copy trading service is pre-integrated into the broker’s web platform, where you can follow and replicate the trades of up to 10 established investors. Where it shines is its ease of use - you simply decide how much you want to invest and hit 'copy'. On the downside, the pool of master traders is narrow and you get limited data on past performance, making it less reliable.
  4. Videforex - Videforex offers an integrated copy trading service where users can automatically or manually replicate the positions of other traders. Simply choose a trader and asset class and specify the investment amount.
  5. xChief - Clients can follow copy trading signals on the MetaTrader platform. Alternatively, signal providers can generate extra income by selling their positions. You can start copy trading in a few easy steps.
  6. Pionex - Pionex clients can find other successful investors and copy their trading bot setups. This allows users to buy and sell cryptos 24/7 from a user-friendly platform and app.
  7. InstaTrade - InstaTrade offers hands-off trading through its Fixed Income Structured Product, where clients automatically replicate the positions of active traders. What’s distinctive is InstaTrade’s offer to ensure clients make a 50% return by compensating any shortfall if other users are referred.
  8. BinaryCent - The copy trading tool is available for all account types, including the lowest - Bronze. You can pick a trader based on their returns and ranking. The sign-up process is quick and account activation is instant.
  9. World Forex - Use copy trading signals on MT4 to replicate strategies in your own live account. No additional fees apply and the platform is available via downloadable software plus a web-accessible solution.
  10. RaceOption - Replicate the positions and strategies of multiple traders while leveraging the RaceOption leaderboard. You can start copy trading in three fast steps and follow multiple traders simultaneously.

Copy Trading Platforms Comparison

Copy Trading Platforms Comparison
Broker Social Investing Minimum Deposit Instruments Platforms Regulators
eToro USA logo
✔ $100 Stocks, Options, ETFs, Crypto eToro Trading Platform & CopyTrader SEC, FINRA
Pocket Option logo
✔ $50 Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos Web, MT4, MT5 MISA
IQCent logo
✔ $250 Binary Options, CFDs, Forex, Indices, Commodities, Crypto Online Platform, TradingView IFMRRC
Videforex logo
✔ $250 Binary Options, CFDs, Forex, Indices, Commodities, Crypto TradingView -
xChief logo
✘ $10 CFDs, Forex, Metals, Commodities, Stocks, Indices MT4, MT5 ASIC
Pionex logo
✔ $0 Cryptos Own FinCEN
InstaTrade logo
✘ $1 FISP, CFDs, Forex, Stocks, Indices, Commodities, Cryptos, Futures InstaTrade Gear, MT4 BVI FSC
BinaryCent logo
✔ $250 CFDs, Forex, Stocks, Cryptos, Options, Commodities Own VFSC
World Forex logo
✘ $1 Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts MT4, MT5 SVGFSA
RaceOption logo
✔ $250 Binary Options, CFDs TradingView -

eToro USA

"eToro remains a top pick for traders looking for leading social investing and copy trading services. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer day traders."

Jemma Grist, Reviewer

eToro USA Quick Facts

Bonus OfferInvest $100 and get $10
Demo AccountYes
InstrumentsStocks, Options, ETFs, Crypto
RegulatorSEC, FINRA
PlatformseToro Trading Platform & CopyTrader
Minimum Deposit$100
Minimum Trade$10
Account CurrenciesUSD

Pros

  • Investors can access Smart Portfolios for a more hands-off approach, covering a range of sectors and markets such as renewable energy and artificial intelligence
  • eToro USA Securities is a trustworthy, SEC-regulated broker that is a member of FINRA and SIPC
  • The broker's Academy offers comprehensive learning materials for beginners to advanced-level investors

Cons

  • Average fees may cut into the profit margins of day traders
  • The proprietary terminal doesn't support trading bots and there are no additional stock market analysis tools
  • There's no MetaTrader 4 platform integration for traders who are accustomed to using third-party charting tools
Visit eToro USA
eToro USA Review

Pocket Option

"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."

Jemma Grist, Reviewer

Pocket Option Quick Facts

Bonus Offer50% Deposit Bonus
Demo AccountYes
InstrumentsBinary Options, Currencies, Commodities, Stocks, Indices, Cryptos
RegulatorMISA
PlatformsWeb, MT4, MT5
Minimum Deposit$50
Minimum Trade$1
Account CurrenciesUSD

Pros

  • The range of payment methods beats the majority of rivals, providing fast, secure and convenient deposits for traders in most countries
  • Extremely fast and smooth sign-up process that takes less than 2 minutes
  • The web platform shines for its straightforward design and usability that will appeal to beginners looking to speculate on popular financial markets in a few clicks

Cons

  • The maximum binary contract length of 4 hours is restrictive for longer-term trading strategies. Alternatives like Videforex offer binaries up to 1 month
  • Despite offering competitive payouts up to 92%, binary brokers like IQCent offer higher returns up to 98% based on tests
  • You need to deposit $1000 to access the extended list of 250+ assets, otherwise just 130+ assets are available
Visit Pocket Option
Pocket Option Review

IQCent

"IQCent will appeal to day traders looking for a straightforward binary options and CFD trading platform with low fees, a range of accounts, and copy trading. Getting started takes less than 1 minute and a $250 deposit. "

Jemma Grist, Reviewer

IQCent Quick Facts

Bonus Offer20% to 200% Deposit Bonus
Demo AccountYes
InstrumentsBinary Options, CFDs, Forex, Indices, Commodities, Crypto
RegulatorIFMRRC
PlatformsOnline Platform, TradingView
Minimum Deposit$250
Minimum Trade$0.01
Leverage1:500
Account CurrenciesUSD, EUR

Pros

  • The broker offers up to 98% payouts on binary options, which is more than alternatives like Pocket Option, only offering up to 92%
  • IQCent is one of the few binary options brokers that also offers a copy trading service for hands-off traders
  • CFD trading fees are competitive based on tests, including 0.7 pips on major forex pairs such as EUR/USD

Cons

  • IQCent charges a punitive $10 monthly inactivity fee if you fail to place at least 1 trade per month
  • IQCent trails binary brokers like Quotex with its narrow investment offering of around 100 assets with no stocks
  • The broker is not overseen by a respected regulator, though this is common among binary options firms
Visit IQCent
IQCent Review

Videforex

"Videforex will serve traders looking for a no-frills, easy-to-use platform to speculate on the direction of popular financial markets through binaries. With a sign-up process that takes a matter of minutes and a web-accessible platform, getting started is a breeze. "

William Berg, Reviewer

Videforex Quick Facts

Bonus Offer20% to 200% Deposit Bonus
Demo AccountYes
InstrumentsBinary Options, CFDs, Forex, Indices, Commodities, Crypto
PlatformsTradingView
Minimum Deposit$250
Minimum Trade$0.01
Leverage1:500
Account CurrenciesUSD, EUR, GBP, AUD, RUB

Pros

  • Videforex is one of the few brokers with 24/7 multilingual video support, providing comprehensive assistance for active traders.
  • Videforex regularly runs trading contests, offering practice opportunities and cash prizes to beginners and experienced traders, with position sizes from just ¢0.01.
  • Traders can earn up to 98% payouts on 100+ assets with the broker’s binary options, bringing it in line with competitors like IQCent.

Cons

  • The client terminal needs improvements based on our latest tests, sporting sometimes slow and unresponsive widgets which could dampen the experience for day traders.
  • Videforex lacks authorization from a trusted regulator, meaning traders may receive little to zero safeguards like segregated client accounts.
  • The absence of any educational tools is a serious drawback for newer traders who can find blogs, videos and live trading sessions at category leaders.
Visit Videforex
Videforex Review

xChief

"xChief continues to prove popular with investors looking to trade highly leveraged CFDs on the popular MetaTrader platforms. The broker's rebate scheme and investment accounts will particularly appeal to seasoned traders. However, the lack of top-tier regulatory oversight is a major drawback."

William Berg, Reviewer

xChief Quick Facts

Bonus Offer$100 No Deposit Bonus
Demo AccountYes
InstrumentsCFDs, Forex, Metals, Commodities, Stocks, Indices
RegulatorASIC
PlatformsMT4, MT5
Minimum Deposit$10
Minimum Trade0.01 Lots
Leverage1:1000
Account CurrenciesUSD, EUR, GBP, JPY, CHF

Pros

  • The broker offers several account types to suit different traders, including a Cent account for beginners and pro-level hedging/netting accounts
  • The broker offers a turnover rebate scheme geared towards active investors, as well as trading credits and several other occasional bonuses
  • xChief offers STP/ECN execution with low spreads from 0.0 pips and low commission rates starting from $2.50 per side

Cons

  • The broker trails competitors when it comes to research tools and educational resources
  • Fees and minimums are imposed on most withdrawal methods, including a €60 minimum for SWIFT bank transfers
  • The Classic+ and Cent accounts provide access to fewer instruments than the other account types, at 50+ and 35+, respectively
Visit xChief
xChief Review

Pionex

"Pionex is an excellent option for crypto traders with an interest in cutting-edge AI like ChatGPT and automated trading."

William Berg, Reviewer

Pionex Quick Facts

Demo AccountNo
InstrumentsCryptos
RegulatorFinCEN
PlatformsOwn
Minimum Deposit$0
Minimum Trade0.1 USDT

Pros

  • Money Services Business (MSB) license by US FinCEN
  • Excellent and innovative liquidity engines aggregated from Binance and Huobi
  • 12 free integrated trading bots with no coding or programming requirements

Cons

  • Does not accept fiat deposits
  • No demo account
  • Withdrawal fees and limits may apply
Visit Pionex
Pionex Review

InstaTrade

"Although InstaTrade offers active trading on a comprehensive platform, it stands out with its fairly unique Fixed Income Structured Product (FISP), providing passive investment opportunities with up to 50% returns in 6 months if conditions are met. "

Christian Harris, Reviewer

InstaTrade Quick Facts

Demo AccountYes
InstrumentsFISP, CFDs, Forex, Stocks, Indices, Commodities, Cryptos, Futures
RegulatorBVI FSC
PlatformsInstaTrade Gear, MT4
Minimum Deposit$1
Minimum Trade0.01
Leverage1:1000
Account CurrenciesUSD, EUR, RUB

Pros

  • InstaTrade delivers an excellent suite of charting tools for day traders with its web trader comprising 250+ indicators, 11 chart types and a user-friendly design.
  • InstaTrade claims to "guarantee" returns through the structured element of its passive trading solution (FISP), with applications approved within 24 hours.
  • Despite an average investment offering of around 300 assets, InstaTrade offers a particularly strong suite of currency pairs, catering to advanced traders seeking opportunities in volatile exotics.

Cons

  • Marketing of the FISP, especially phrasing around the “guarantee of profitability” and the “elimination of risks of trading on financial markets” raises concerns.
  • Profits are only guaranteed in the FISP if investors do not reach the 50% profit level and attract other users with a total sum of $4 for each dollar in compensation.
  • InstaTrade sports one of the most cluttered websites and client cabinets in the industry, potentially overwhelming new traders, especially compared to XTB’s intuitive trading journey and resources.
Visit InstaTrade
InstaTrade Review

BinaryCent

"Traders who want a reliable binary options broker with a streamlined platform and high payouts should try out BinaryCent."

Tobias Robinson, Reviewer

BinaryCent Quick Facts

Bonus Offer20% - 200% deposit bonus
Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Cryptos, Options, Commodities
RegulatorVFSC
PlatformsOwn
Minimum Deposit$250
Minimum Trade$0.01
Leverage1:500
Account CurrenciesUSD

Pros

  • Simple and straightforward proprietary platform for binary options trading
  • Trade binary contracts from $0.10 allowing trading opportunities for all budgets
  • Copy trading and binary options bots are useful for beginner traders

Cons

  • The $250 minimum deposit is higher than most binary options brokers
  • Not overseen by any reputable regulator, raising risks and reducing customer protections
  • Not available to traders based in the US
Visit BinaryCent
BinaryCent Review

World Forex

"World Forex provides both highly leveraged CFDs and digital contracts, making this a good broker for clients who want flexible and rewarding ways to trade. The copy trading service will also appeal to newer traders."

Tobias Robinson, Reviewer

World Forex Quick Facts

Bonus Offer100% Deposit Bonus
Demo AccountYes
InstrumentsForex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts
RegulatorSVGFSA
PlatformsMT4, MT5
Minimum Deposit$1
Minimum Trade0.01 Lots
Leverage1:1000
Account CurrenciesUSD, EUR, RUB

Pros

  • Swap-free account available
  • Educational content
  • MT4, MT5 and a proprietary trading terminal

Cons

  • Weak regulation
  • No negative balance protection
  • Withdrawal fees apply
Visit World Forex
World Forex Review

RaceOption

"RaceOption will appeal to investors looking for a feature-rich binary options trading experience with regular contests, account-based perks, and copy trading. The catch is its unregulated status, with little to zero investor protections available based on our investigations."

William Berg, Reviewer

RaceOption Quick Facts

Bonus Offer20% - 200% Deposit Bonus
Demo AccountYes
InstrumentsBinary Options, CFDs
PlatformsTradingView
Minimum Deposit$250
Minimum Trade$0.01
Leverage1:500
Account CurrenciesUSD, EUR, GBP, AUD, RUB

Pros

  • Payouts on popular underlying assets like EUR/USD can reach 95%, beating out most alternatives based on our evaluations, and increasing potential returns, while the first 3 trades are risk-free in Silver and Gold accounts.
  • RaceOption is in the less than 1% of brokers that offers video chat, available 24/7 in multiple languages, although the knowledge of agents about trading and regulatory issues needs improvement from our direct experience.
  • RaceOption makes account funding a breeze with fee-free and near-instant deposits via bank cards and cryptos, plus guaranteed withdrawals processing within 1 hour.

Cons

  • RaceOption is one of the only brokers not to offer a demo account, which when considered alongside the absence of education, makes this broker a poor choice for beginners.
  • While still affordable for many retail investors, the $250 minimum deposit raises the entry barrier, especially compared to Deriv and World Forex who are designed for budget traders.
  • RaceOption is an unregulated, high-risk broker that doesn’t provide investor compensation or legal recourse options should you run into trading or withdrawal issues.
Visit RaceOption
RaceOption Review

How Copy Trading Platforms Work

Copy trading brokers provide a platform that connects aspiring investors with experienced traders, enabling them to mirror positions and strategies in their own accounts. As a result, beginners can start trading with very limited effort.

On the downside, losing trades will also be reflected in the investor’s account, so selecting good traders to copy is essential.

A good copy trading platform offers trading on multiple markets, from forex and cryptos to stocks and commodities. Investors can often get started with just $10 and typically pay a small commission to the signal provider based on the volume traded.

Importantly, the best copy trading platforms make it easy to find a master trader, providing detailed insights into their returns, strategies, and risk ratings.

Leading copy trading providers also rank the highest-performing master traders so investors can quickly find a suitable signal provider based on their goals and risk tolerance.

Independent Copy Trading Platforms

Depending on the broker, copy trading can be offered through proprietary software or an independent, third-party platform such as those listed below. Some brokers offer additional research tools or networking forums, such as Telegram or TradingView.

MetaTrader 4

Meta trader 4 mirror trading

MT4 has been set up so you can mirror the trades and automatically copy the strategies of successful traders. Select the Signals tab from within the platform for access to over 3,200 free and paid signals from top forex providers. Traders are ranked in order of results, so it’s quick and easy to choose a provider and select your parameters. You can then start copying trades in both live and demo settings.

Best MT4 Brokers

The best brokers to use if you want to copy trade using Meta Trader 4 are:

  1. AvaTrade
  2. Vantage
  3. BDSwiss
  4. XM
  5. IC Markets

Below you can learn how to start copy trading using MetaTrader 4.

  1. Open an account with a MT4 broker.
  2. Deposit money to your account.
  3. Download MetaTrader 4.
  4. Open MetaTrader 4.
  5. Go to the Signals Tab located at the bottom of the screen.
  6. Choose a signal provider.
  7. Select a free or paid subscription.
  8. Click the Subscribe button.
  9. Select trade parameters

You can see the trade statistics of the copy trading subscription by clicking the “My Statistics tab”. You can easily stop copying a  trader at any time by clicking on the signal provider and then clicking the unsubscribe button.

MetaTrader 5

meta trader 5 mirror trading

Similar to MT4, you can automatically replicate the trades of others on the MT5 platform. Masters and followers do not need to be signed up with the same broker – the MT5 platform connects traders across continents and brokerages. Subscription prices are fixed in the MT5 market place, and rapid data exchanges help to reduce execution delays making the platform ideal for copy trading.

Best MT5 Brokers

The best brokers to use if you want to copy trade using Meta Trader 5 are:

  1. AvaTrade
  2. Vantage
  3. derive.com
  4. BDSwiss
  5. XM

How to Copy Trade Using MT5

Below you can learn how to start copy trading using MetaTrader 5.

  1. Open an account with a MT5 broker.
  2. Deposit money to your account.
  3. Download MetaTrader 5
  4. Open MetaTrader 5.
  5. Go to the Signals Tab in the “Toolbox” menu located on the bottom of the screen.
  6. Choose a signal provider.
  7. Select a free or paid subscription.
  8. Click the Subscribe button.
  9. Select trade parameters

You can see the trade statistics of the copy trading subscription by clicking the “My Statistics tab”. You can easily stop copying a  trader at any time by clicking on the signal provider and then clicking the unsubscribe button.

eToro USA Pocket Option IQCent
MetaTrader 4 No Yes No
MetaTrader 5 No Yes No
Copy Trading App iOS & Android iOS & Android iOS & Android
App Rating
Visit Visit
eToro USA LLC and eToro USA Securities Inc.; Investing involves risk, including loss of principal; Not a recommendation
 Visit Visit
Review Review Review Review

cTrader

ctrader
Another popular platform is the integrated cTrader solution. Once clients have opened an account, they can navigate to the Copy area to explore available strategies and compare providers’ history, risk appetite, and fees. Clients decide how much they want to allocate to mirror a particular trader, and are free to copy multiple providers simultaneously.

DupliTrade

duplitrade

DupliTrade offers leading automated copy trading technology. Users have the flexibility to select what proportion of trades they’d like to copy, and the option to scale up and down. Users can copy trades in forex, stocks, indices and commodities markets. Those wishing to sell their trades have to pass a rigorous audit progress while clients are presented with all the facts and figures they need to make an informed decision.

eToro USA Pocket Option IQCent
cTrader No No No
DupliTrade No No No
Copy Trading App iOS & Android iOS & Android iOS & Android
App Rating
Visit Visit
eToro USA LLC and eToro USA Securities Inc.; Investing involves risk, including loss of principal; Not a recommendation
 Visit Visit
Review Review Review Review
DupliTrade interface
Screenshot of DupliTrade

Comparing Copy Trading Platforms

With a growing list of copy trading softwares in 2024, here are the key factors to weigh up when choosing a provider:

Software

Some copy trading companies offer their own platform, such as AvaTrade’s AvaSocial, while many providers use popular third-party copy trading softwares, such as ZuluTrade, DupliTrade, or Myfxbook.

Importantly, look for a copy trading platform with an intuitive interface, easy access to the broker’s highest-performing traders, and straightforward tools to compare signal providers.

💡
Check there are no monthly fees to use third-party copy trading platforms before signing up for an account.

Apps

The best copy trading brokers also offer a mobile-compatible app softwares, available on iOS and Android devices.

The top-rated copy trading apps should offer seamless integration between the desktop software and mobile/tablet solution, allowing users to follow master traders and manage their accounts while on the go.

Quality & Quantity

The best copy trading platforms have thousands of signal providers spanning multiple asset classes.

Leading firms also offer detailed performance metrics so investors can analyze short, medium and long-term profits, drawdowns, risk ratings, strategies and systems, number of followers, and trade frequency.

Market Access

Top-rated copy trading brokers offer signals and opportunities on popular markets. This includes US and European stocks, global indices, major, minor and exotic forex pairs, precious metals and energies, plus cryptocurrencies like Bitcoin.

A good range of asset classes means more opportunities to build a diverse portfolio while learning about new markets.

Fees & Costs

Copy trading platforms have different pricing structures. Some will charge a flat fee based on the volume traded/copied while others only take a commission on profitable trades.

Importantly, any fee owed directly to the master trader should be transparent and known upfront.

Control & Flexibility

The best copy trading firms give you the flexibility to manually adjust trades and positions. The top providers allow you to filter trades based on returns, losses and costs.

Copy Period

The top copy trading companies allow you to immediately stop following the trades of signal providers. Firms should not lock you in for a fixed period which could lead to mounting losses.

Minimum Investment

The highest-rated copy trading platforms have a low minimum investment requirement, making it easy for beginners and those on a budget to get started.

This can be as low as $10 at some providers while other firms require several hundred dollars.

Demo Account

An effective way to test the quality of a copy trading broker’s signals and tools is through free demo accounts. These paper trading profiles allow you to trial a firm’s software before registering for a live account.

Investors usually need to provide basic contact details to get started.

Regulation

The top copy trading platforms are regulated by a reputable financial agency, such as the UK Financial Conduct Authority (FCA), the Cyprus Securities & Exchange Commission (CySEC), or the Australian Securities & Investments Commission (ASIC).

Signing up with a regulated copy trading brokerage means various customer safeguarding measures should be in place, such as the provision of negative balance protection, restrictions on excessive leverage and misleading promotions, plus access to compensation schemes should the brokerage go bankrupt.

Customer Support

The best copy trading companies have a responsive customer support team on-hand to help with any queries or issues. Leading copy trading firms offer support 24/5 via live chat, telephone, and email.

A growing list of copy trading platforms also provides assistance through social media channels, such as WhatsApp and Facebook Messenger.

Copy Trading Apps

Increasingly traders are doing most of their trading using one of the best trading apps on the market, which is also true for copy trading. These are the top copy trading apps currently:

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Copy Trading App iOS & Android iOS & Android Android iOS & Android iOS, Android
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There are also independent copy trading apps – MetaTrader 4, MetaTrader 5 and other trading platforms offer downloadable mobile apps for iOS and Android devices. Once installed, clients can compare traders, consider strategies, fund their accounts, and start copying trades in a few clicks.

Bottom Line

Good copy trading platforms make it easy for beginners to find and follow the strategies of experienced traders. Leading providers also offer an intuitive platform to master traders with the tools to reach a large base of potential followers and create a second revenue stream.

Use our ranking of the best copy trading platforms to find a broker that aligns with your financial goals and risk tolerance.

FAQ

What Is The Best Copy Trading Platform?

That depends on your location. See our list of copy trading platforms to find out which broker is ranked #1 in your country.