Best social trading platform
Social trading is the most suitable option for beginner to start their trading journey. Social trading 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 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 trades accordingly.
Whether you want a trade idea, update, news, analysis, or a trade signal, you can get it from market experts. 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.
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 trading 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 the 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 automation and replicate the trades instantly.
AvaTrade
AvaTrade is another popular broker that replicates the successful traders automatically. You can opt for different social trading strategies 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, stocks, 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 social trading community.
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 the 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 the best forex social trading platform. The copy trading fees are low, also even expert receives commission on successful trades.
Starting social trading is simple with Multibanks. 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 copy their trades. The best part is that you can directly copy the trades on Meta Trader 4 and Meta Trader 5.
The best part with Pepperstone is that you don’t need to select a specific trader but a signal. So you have numerous options, you can check the compatibility of signals and place trades if it suits you.
Roboforex
Roboforex allows traders to trade with tight spreads, minimum lot sizes, and over eight asset classes. Its copy FX system is the best forex social trading platform, 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 the 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 social trading community, and the second is a platform that is solely dedicated to copy trading. So, if you are also looking for a broker, then go for the first option, and if you already have a broker, then select the second one.
Check Regulations: When selecting a social trading broker, ensure it is well-regulated. Regulated brokers need to follow the trading authorities’ guidelines and provide services accordingly. With such brokers, you can have a transparent and safe journey.
Analyze the Trading Instruments: The trading asset differs from platform to platform. Some broker offers diverse market copy trading, while some offer copy trades in a specific market. So, when choosing a social trading platform, analyze whether the assets in which you want to trade are available or not.
Compare the Traders’ Profile: Reputable social trading platforms generally display their top traders. You can get all crucial information, such as name, image, trader history, profit and loss expectancy rate, reviews, followers, etc. So you can check whether your broker provides these key details or not.
Check the Trading Cost: Generally, with brokers, social trading services are free, and they do so to increase their customer base. However, a platform that only offers social trading can charge you a significant amount. So, analyze and compare the costs for selecting the best.
Look for Educational Resources: Social traders look for assistance because they are new in the market or they lack knowledge. So don’t go for just signals or trade ideals. Go for a platform that also provides educational resources to enhance your knowledge and informed decision-making.
Bottom Line
Social trading is undoubtedly an excellent way for beginners and passive traders. Even advanced traders get an overview of the market and enhance their decision-making. However, going for vague social trading communities may affect the overall result.
In social trading, you are staking your hard-earned money believing the other person. So the authenticity of a person and the platform are both necessary. Also, your own knowledge to analyze whether the social trading strategy works for you or not is essential.
You can for any of the above social trading platforms based on your needs. To develop your trading knowledge, you can seek assistance from our educational resources or reach out to our experienced team.