Due to the fact that Forex copy trading has become very popular in the last decade, nowadays there are many trading platforms. All of them have some unique features, benefits, and downsides, and we are going to discuss them in the following article.
ZuluTrade is a platform that was created back in 2007 by Kosta Eleftheriou and Leon Yohai with the goal of copying trades of the most successful trades. When it was awarded an EU Portfolio Management license from the EU in 2015 it became one of the most respected platforms among traders. This platform is completely transparent meaning that you will be able to see all the transactions. The minimum deposit varies from user to user – it can be anything from $1 to $300 or €250. You can also create a demo account for free and see all the features of this platform. In addition, you can use their mobile app that works for both Android and iOS devices.
eToro is an equally popular platform but due to its simple interface, it might be a better choice for you if you are a beginner. Via eToro you can trade with commodities, ETFs, market indices, currency pairs, and stocks. When it comes to the minimum deposit it ranges between $200 and $10,000 depending on the country the user is from. It is also available for US customers, but however, you will have to pay $10,000 for the deposit. In addition, depending on the level of club membership, you can have numerous different features at your disposal such as daily market summary, discount or waiver on Exchange Fees, Financial Times subscription, and so on.
We can say that Darwinex is an ingenious platform. The concept is the same as in other platforms, but there is a thing that makes it more interesting – instead of copying other traders, you can buy synthetic assets called Darwins, and their price depends on the performance of the traders behind them (the price raises simultaneously with the traders’ earnings). The minimum deposit for this London-based platform is $500 or €500, but however, it is not available to US clients.
Ayondo is a company that originated in Germany, but due to its fast growth, it now has headquarters in London and Singapore, besides Frankfurt. What makes it different from the others is the Top Trader’s remuneration system. In order for the traders to achieve higher visibility and thus earn more, they have to keep low-risk profiles. They offer excellent traders research tools, detailed performance data, a large number of CFDs, and the minimum deposit depends on the broker you use, but it can go up to $2000.
Finally, we are going to mention InstaForex. It was founded back in 2007 and by now it has proven to be credible which is why it won numerous awards such as the Best Broker in Asia Award. Their trading platform, The ForexCopy allows its users to copy the success of professional traders. In order to start, all you need is $10 in your account. Professional traders can determine their own conditions of remuneration and earn commission via different methods.
All in all, if you are considering investing in Copy Trading, our advice is to test the above-mentioned platforms in order to find the works best for you. For more information, check this website.