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PrimeXBT Copy Trading

Best Copy Trading Platform

PrimeXBT offers a multi-asset investing app with an inbuilt social network, allowing everyone to trade the global financial markets, invest in digital currencies

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Copy Trading Platform
How copy trading work

Copy Trading

There are numerous trading styles and approaches. Some of them require specific technical skills to manage instruments, while others focus on the responses to the events in markets. Some methods are automated, while others require the complete involvement of a trader. In this guide, we will review the best platforms that help you to generate gains from the strategies of other traders.
This style of behavior on the market is called copy-trading. Using special software solutions, traders can follow other market participants and copy their trades to one’s accounts automatically. This approach is useful for both beginners and professionals. Newbies from the first category can learn from advanced fellows, while professionals can earn by taking a commission from a shared strategy.

Social trading vs copy trading vs mirror trading

Hub Construction employs over 3 000 employees, the majority of whom are based on project sites. We embrace holistic development and support for employees with the aim of being a first-choice employer within ourWhen you will be looking for the best copy trading platform, you should understand that different trading solutions offer different methods to earn from others’ strategies. That’s why it’s crucial to distinguish three key terms: mirror trading, copy trading, and social trading.
Mirror trading can be defined as the narrowest style. It also involves copying a trading strategy from another trading. However, it isn’t the same as copy trading. The key difference here is that the copied strategies are produced by special automated signals/algorithms.
Hence, mirror trading might involve a larger group of traders in the process of the creation of a single strategy. Algorithms work based on their experiences and contributions to this strategy. Then, the platform shares it and allows less experienced traders to follow it and take advantage.
Whilst mirror trading is a subcategory of copy trading, copy trading is often defined as a subcategory of social trading. In this case, similar to copy trading, you have to find a participant you are willing to follow. The only difference is that you can avoid copying the strategy completely. Social trading was designed to provide traders with the possibility to exchange their ideas and improve personal performance thanks to insights from others.
To that extent, social trading is a good method to learn how to build successful strategies. Social trading platform offer access to the traders’ statistics and steps – you can see which can be successful and which are not.
From this, we can draw another difference between social trading and copy trading. Copy trading platforms enable automated copying of trades, whilst social trading platforms require your involvement. The final decision and action are always up to you.

Comparison table

Company Copy trading platform Min deposit DepositFees Tradable products Regulatory jurisdiction Accessible for US clients
PrimeXBT Covesting 0.01 BTC 1% Crypto, forex, CFD, commodity, stock indices SVG FSA, GFSC No
AvaTrade AvaSocial, DupliTrade, ZuluTrade, MetaTrader MQL5 $100 No Forex, Stocks, Crypto, Commodity Central Bank of Ireland, ASIC, FSCA, Japanese FSA, ADGM, FRSA No
eToro eToro CopyTrader $200 No Forex, Stocks, CFDs, Crypto CySEC, FCA, ASIC Yes
Forex Copier Forex Copier $100 $199 (to install) Forex, stocks, CFDs on stocks, indices, commodity, crypto, ETFs FCA, ASIC, FINMA Yes
FXTM MT4 $100 0.5% Forex, Stocks, CFD FCA, CySec, FSCA No
NAGA Auto Copy $250 4.5% Forex, stocks, CFDs on stocks, indices, commodity, crypto, ETFs CySec, FSCA Yes
Pepperstone Myfxbook $200 no Forex, shares, ETFs, commodity, crypto CySec No
ZuluTrade ZuluTrade $1 no forex, commodity, indices, stock, and crypto HCMC No

PrimeXBT

PrimeXBT copy trading services are provided through the Covesting platform. It’s an independent engine that lists over 400 active strategies from experienced traders. This software solution is highly praised for its great level of customizability and low commissions. PrimeXBT deposit fee is charged only to those who want to benefit from copy trading, other users need to pay only trading spreads.
Covesting from PrimeXBT has an advanced filtering system that helps to choose the best strategy based on its performance, active days, profits, and other important statistical data. Signal providers will earn a passive income of 20% from successful trades.
Covesting is a unique copy trading solution as it also has its own digital token, called the COV utility token. It can be used for staking on yield accounts and for earning additional revenue.

Pros

  • a lot of trading products from different markets;
  • advanced trading tools and access to different types of charting;
  • fast execution of orders;
  • stop-loss orders are enabled.

Cons

  • financial operations are executed in cryptos only;
  • the platform lacks liquidity.

AvaTrade

AvaTrade has a well-established brand that is known for its great selection of trading solutions. You can duplicate the strategies of other traders through different platforms. Your choice between AvaSocial, ZuluTrade, and DupliTrade will depend only on your preferences regarding technical features and opportunities.
AvaTrade has great educational resources for beginning traders. Pricing is also quite reasonable for access to such a diversity of instruments.
AvaTrade also offers a great feature that helps traders to cope with volatility in the market. The feature is called AvaProtect. With it, you can reduce risks and maximize potential gains from a trading strategy.

Pros

  • one of the most robust applications for mobile trading;
  • accessibility to over 1,000 assets from different markets.

Cons

  • main trading platform might not respond during high volatility;
  • outdated design of the platform.

eToro

For a long time, eToro has been considered one of the best multi-asset trading platforms for cryptocurrency trading. It’s famous for the cool user interface of the platform, reasonable pricing, and advanced trading tools.

Copy trading with the eToro Copy Trader platform is easy and profitable. The diversity of experienced investors is also great. You can join them and get special bonuses for sharing your strategies.

Pros

  • a great selection of investors and traders with different strategies to follow;
  • advanced listings of trading instruments;
  • advanced and easy-to-use copy trading platform and its mobile version.

Cons

  • automated trading strategies aren’t enabled;
  • limitations for shared trades and their providers.

Forex Copier

Unlike many other platforms in this list, Forex Copier was designed for copy trading only. It’s an advanced solution but not a brokerage service with a full range of trading services. Instead, the copy-trading capabilities of ForexCopier can be used across multiple brokers and online platforms to duplicate deals of successful traders.
ForexCopier is different not only from trading platforms but from other copy trading engines as well. Its biggest advantage over them is the ability to connect MT4 accounts with MT5 accounts. In simple words, using ForexCopier, a trader with an MT5 brokerage account can find a successful strategy shared by an MT4 account and effortlessly copy its deals.

Pros

  • feature of copying deals from MT4 to MT5;
  • automatic resolution of issues;
  • advanced risk management tools.

Cons

  • lack of presence in media;
  • high minimum deposit and the necessity to pay for the installation of the full version of the platform.

FXTM

The reputation and reliability of this CFD broker have rarely been doubted thanks to the respectable regulation provided by FCA, CySec, and FSC. It’s also known for its advanced level of customer support that can be provided in several languages. This and the availability of many educational materials makes FXTM a very good broker for beginners.
FXTM should be also paused for the accessibility to many markets, including currency pairs, bonds, mutual funds, and CFD for different assets. Despite high trading fees, FXTM remains a popular trading solution for advanced traders and a great provider of copy trading solutions for newbies.

Pros

  • dedicated customer support is available in many languages;
  • plenty of educational materials and instruments for beginners;
  • user-friendly account interface.

Cons

  • CFD fees;
  • inactivity and withdrawals fees are also charged.

NAGA

NAGA is one of the best brokers to gain great social trading experience. Although it wasn’t designed as a pure copy trading platform, it managed to introduce a lot of great features that, alongside an extensive number of assets, made it famous among beginners as a copy trading platform.

Pros

  • one of the best features of copy trading among forex brokers;
  • a lot of social trading opportunities are available;
  • you can trade through either MetaTrader 4 and or MetaTrader 5 

Cons

  • clients from the US aren’t accepted;
  • fees are charged for every withdrawal of profits.

Pepperstone

Pepperstone can be considered the best trading services provider in this list in terms of the accessibility of different trading engines. With it, you can use tools displayed by such solutions as MetaTrader4, MetaTrader5, TradingView, cTrader, and Capitalise.ai. Pepperstone offers great access to markets through these platforms. Over 2,000 assets and cryptocurrency CFDs are available.
As for social trading, Pepperstone displays plenty of useful solutions. Copy trading is also enabled through a third-party tool called Myfxbook. Basically, this is a solution for mirror trading but you can also take advantage of MetaTrader Signals and DupliTrade for more specific purposes.

Pros

  • access to numerous third-party tools with the best conditions;
  • great pricing for active traders and owners of Razor accounts.

Cons

  • crypto trading is enabled only through contracts for difference;
  • lack of educational materials.

ZuluTrade

Similar to ForexCopier, ZuluTrade was designed for social trading, particularly. In 2007, when the platform was launched, it became one of the pioneers in the niche of copy trading. Now, it’s considered one of the most popular platforms for duplicating the trades of others or creating networks with more advanced traders.
You can access ZuluTrade’s copy trading capabilities through accounts of forex brokers that cooperate with it. Currently, ZuluTrade is famous for cooperation with such industry leaders as Fxview, FXCM, IC Markets, Axi, InstaForex, FX Open, Swissquote, and many others.
Although the platform was launched back in 2007, it isn’t outdated, even compared to some other engines from this list. ZuluTrade has a user-friendly interface and plenty of helpful features for beginning traders.

Pros

  • advanced features of user interface design;
  • particular focus on social and copy trading;
  • a lot of statistical data displayed within the platform;
  • cooperation with more than 70 leading brokerage and trading platforms.

Cons

  • lack of educational materials on social and copy trading for beginners;
  • poor filtering system.

How To Choose A Copy Trading platform

At this point, when you know some of the best providers of copy trading services, you can start considering which one to choose. To make this choice better thought out, we suggest that you should follow specific criteria. Here is the list of the most important characteristics to be taken into account:

  • Reputation. There are numerous providers that claim to have the best copy trading services but in reality, fail. It’s important that you choose a reliable copy trading platform with a well-established reputation and proper regulation within the financial market. It will guarantee that you won’t be deceived when working on this platform, either as a signal provider or as the one who duplicates others’ deals. A good reputation of a copy trading platform guarantees the safety of your sensitive data and funds on your accounts.
  • Trading Software. Never neglect the usability and customizability of trading software. Even though you might have the possibility to duplicate deals to your account automatically, it’s important that you are able to adjust some features in accordance with your needs. Besides, if you want to share strategies, you won’t be able to build profitable ones on a poor trading software solution.
  • Commissions and Fees. Copy trading providers might charge additional fees for their services. They make working on the platform more costly for a trader. You will find a lot of platforms with reasonable fees and no extra charges for such operations as deposits and withdrawals. Also, pay attention to the size of the commission you will get paid for successful deals when sharing and copying. This will impact your total gains.
  • Payment methods. Make sure that the copy trading platform you work on offers convenient systems to withdraw your earned funds. Look for platforms with fast and reliable payment methods. Also, pay attention to means that are accepted for deposits. Check out whether you have an account in available systems, so that not to be forced to spend time on creating new accounts.
  • Customer support. Although copy trading seems easy and understandable, working on an unfamiliar trading solution with new tools might be a challenge for many users. That’s the reason why you need to choose providers with fast and reliable customer support. Before registration, read reviews of other users and see whether a platform is able to provide you with all the necessary support. Find out how much time it usually takes to get answers to the most urgent questions of copy traders and signal providers.
  • Number and quality of traders to copy. Diversity is a good characteristic of a copy-trading platform. Learn how many active strategies are available there to copy. The more traders share their insights, the easier it will be to find the best strategy and follow it. With the diversity of quality traders, you will have the possibility to compare all the aspects of their plans and pick up the one that suits you best in specific conditions.
  • Regulation and security. Any provider of financial services must ensure the security of users’ data and funds. The legitimacy of such platforms is proved by licenses from respected regulatory bodies. These documents demonstrate that the operations and services of these platforms are legal within certain jurisdictions. FCA, CySec, FINMA, and ASIC are some of the most respectable regulatory institutions that supervise the activity of the forex trading industry.
  • Finding Winning Traders. Even if a platform offers a lot of traders to copy, it won’t bring you a positive result if it’s difficult to find a good trader. Before joining, explore whether a copy trading platform has a good filtering system. To find winning traders, you need to sort them out by such important criteria as profitability, general performance, assets, active day, the number of followers, etc.

F.A.Q.

Copying trades of users who share them through special copy trading platforms is completely legal. In order to find out whether a certain platform operates legally under your jurisdiction, learn more about its regulation.

Copy trading is a good idea for those who want to gain more experience in online trading and make some extra money in the form of automated trading.

It depends on the provider of copy trading services and the trader you decide to follow. As a rule, those who share their deals will receive from 15% to 30% from every profitable trade, while their followers can count on the share of 50%-75%. This percentage is set by the provider.

Beginners can take advantage of copy trading. Not only they can make some financial gains without building their own strategies, but also learn from more advanced traders by studying their insights and following their rules based on background experience.