Best Social Trading Platform
Social trading is the most suitable option for beginners to start their trading journey. A good social trading platform will give you trading insights, updates, strategies, and ideas. You need to analyze their effectiveness and place a trade accordingly.
Look simple, right? Practising the strategy is actually easy—you just need the best social trading platform. Confused about the platform? Market Investopedia is there for you.
In our blog, we will discuss what social trading is, the most popular platforms, and things to look for while selecting the right one. So let’s get started.
What is social trading?
Social trading is a way of watching the trades of others and following them. Novice traders can connect with successful traders, get valuable insights, and place social trades accordingly. Whether you want a trade idea, update, news, analysis, or a trade signal, you can get it from market experts through a trading network.
But the question is, how will you connect to pro traders?
Simple—just by opening an account with a social trading platform. Such platforms allow traders to meet other traders, communicate, and trade social in real time.
A quick glance
Etoro, Beirman Capital, Avatrade, and Zulotrade are some of the best social trading platforms.
Yes, social trading can give you a decent profit if followed properly.
Register yourself with a social trading platform, find your mentor and start social trading.
ZuloTrade, Multibank, Beirman Capital, AvaTrade are some of the best crypto social trading platforms.
7 Best Social Trading Platforms for Beginners
Numerous trading brokers in the market offer social trade communities. But when it comes to the best, only a few stand out. Here are the top choices:
Etoro
Etoro is a famous broker for its copy trading services. Although the broker offers numerous services, social trading has made it popular in the market.
You can follow top investors and copy their trade strategies. The platform does not even charge any fees for copying the trades. Traders can even take advantage of automated trading network features and replicate trades instantly.
AvaTrade
AvaTrade is another popular broker that replicates successful traders automatically. You can opt for different social trading tools and trade in the diverse market.
You can examine the detailed profiles of traders and select your favorite on Ava Social. The platform provides valuable information such as trade history, profit rate, risk level, frequency, and style.
Beirman Capital
Beirman Capital is a growing social trading platform with a diverse community. It offers forex, stocks, commodities, indices, and ETF social trading.
You can get trading strategies, signals, insights, and live market analysis. The account opening process is quite simple—you just need to open an account with the broker to access the trading network.
Zulotrade
Zulotrade is a platform specially developed for social or copy trading. The platform has over 2 million leaders and 30 million trading accounts. It is well-regulated and offers its services in more than 150 countries.
Also, the platform claims an accuracy of 73%, which is quite high in the market. You can copy trades for free just by opening an account with an integrated broker. The profiles of leaders are available on the website, along with traders’ success rate, followers, and copier numbers.
Multibank
Multibank is a highly rated and among the best forex social trading platforms for beginners. The copy trading fees are low, and experts even receive commissions on successful trades.
Starting social trading is simple with Multibank. You just need to open an account, choose your mentor, and copy their trades. The customer support is also good and available 24/7.
Pepperstone
Pepperstone is a trading broker that allows access to thousands of signal providers and lets you trade social by copying their trades.
You can directly copy trades on MetaTrader 4 and MetaTrader 5. A key benefit is that you don’t need to select a specific trader but a signal, giving you flexibility. You can check the compatibility of signals and place trades that suit you.
Roboforex
Roboforex allows traders to trade with tight spreads, minimum lot sizes, and over eight asset classes. Its CopyFX system is one of the best social trading platforms for beginners, especially designed for currency traders.
The broker has a license from the Financial Services Commission. It even won the best copy trading platform award for 2024. You can find top traders, start copying, or even share your strategies on the platform.
Tips for Selecting the Best Social Trading Platform
Examine the Platform Services:
There are two types of social trading platforms—the first is a broker that also has a trading network, and the second is a platform solely dedicated to social trading. So, if you also need a broker, choose the first. If you already have one, opt for the second.
Check Regulations:
Ensure the broker is well-regulated. Private trading networks that are unregulated can be risky, so go for platforms monitored by financial authorities.
Analyze the Trading Instruments:
The trading asset differs across platforms. Some offer a diverse social trade market, while others are more niche. Choose according to your trading preference.
Compare the Traders’ Profile:
Reputable social trading platforms generally display their top traders’ data such as history, reviews, followers, profit rate, and trading style. This transparency is essential.
Check the Trading Cost:
Many social trading tools are free when used via brokers, but standalone platforms might charge fees. Compare before you commit.
Look for Educational Resources:
New traders using social trade services also need learning material. Go for platforms offering educational content to help you make informed decisions.
Bottom Line
Social trading is undoubtedly an excellent way for beginners and passive traders. Even experienced ones benefit from getting a broader market perspective. But vague or unregulated trading networks may lead to poor results.
In social trading, you’re risking your money based on someone else’s strategy. So, the authenticity of the platform and trader both matter. Also, your own ability to assess if the strategy fits you is crucial.
You can go for any of the above social trading platforms for beginners based on your needs. To develop your trading knowledge, you can seek assistance from our educational resources or reach out to our team.