Best Social Trading Platforms in 2022 + Reviews & Advice

EToro is inarguably the best social trading platform in the space currently. This trading platform specializes in social and copy trading features with millions of users from different parts of the world. Traders especially look out for social trading platforms with regulatory approval from top financial watchdogs like the FCA, CySEC, ASIC, and others. Users can explore both copy trading and mirror trading options via Darwinex. No demo accounts, only live trading accounts of experienced traders. Overall, Hotforex is a solid trading service with a variety of accounts to choose from that fits your trading style.

The company boasts of important items with which clients can trade on. These include cryptocurrencies, major, minor and exotic forex pairs, precious metals, stocks, and shares. While you can access the ZuluTrade platform, you can only begin trading activities when you pass the compliance test. The purpose of the test is to determine the trader’s knowledge base on risk and investments. By that I mean that – as we’re making relatively small profit (% wise) on eToro, if following low risk investors, small initial capital can’t give you a full time income. It will take many years until you turn those £1000 into a decent sized investment portfolio to make a full-time income.

• This is a rather limited number of options and the fees can add up quite high.
• With Profit-Sharing accounts, the Traders’ interest is aligned with the investor’s, since they are paid with a share of the profit of the investor’s account.
• Both new and existing traders can participate in these contests by paying a small fee to enter.
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• The Australian company has its headquarters in Sydney and operates in many countries.
• Here’s the thing – social trading platforms are no different, but instead of people sharing pictures of their new kitten, people share their market analysis and trading ideas.

I’m not telling you to follow the crowd blindly, but by-and-large bettexcriticals will have more following. Because they’ve been trading for longer, so they’ve accrued more over time. And people have got confidence in them, so maybe they’re reinvesting winnings or maybe they were actually even increasing their positions over time with that trader because they’re successful. So amount following is also really useful, the number of followers again can be quite useful as well, for similar reasons as the amount of money following them. And the ROI is also important but not as important as you might quite think. Because really, as I say, you don’t want a trader that have some really high spikes in ROI and it looks amazing.

Trading Conditions

Now, that is probably both an advantage and a disadvantage. If you’ve looked or dealt with eToro in the past, you saw is a very similar type of platform, but eToro is the broker. With ZuluTrade, you open a brokerage account first and then you can add ZuluTrade to that brokerage account once you’ve opened it.