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Best Forex Social Trading Platform in 2022

Social trading is a form of trading that allows traders to follow a trader they appreciate and trust. It's been described as "harnessing the collective knowledge of the market" by some. Copy trading can then be used in order for you to follow the trades of more experienced traders. This, one hopes, has less dangers than the alternative.

By following people who consistently make smart trading selections, you can reap the benefits of social trading, which relies on your ability to learn from them. As a result, you'll be able to monitor their market research, see their current trades, and get expert guidance as they alter their Stop Loss and Take Profit criteria.

If you're a novice trader, you'll find social forex trading very advantageous. Learning the ins and outs of forex trading can be quite challenging for a new trader. There is a steep learning curve and it might be a daunting endeavor to begin trading on your own. As a result, rookie traders and investors find social trading to be an intriguing and advantageous option.

Recent years have seen an uptick in social trading platforms and apps. Copy trading and the opportunity to speak with one another are common features on many of today's greatest trading platforms. The finest social trading platforms have the most active users and a vibrant trading community because they flourish in a social environment. They also provide efficient copy trading capabilities and proper analysis of how effective a trader is.

We’ve compiled the following list of the Best Forex Social Trading Platform. Join the finest FX trading platform for a free demo account to get your feet wet in social trading or simply to discover a better platform to experience it on.

Top 5 Best Forex Social Trading Platform

Globally Licensed and Regulated by FCA & CYSEC, Offering Great Reliability.

Advanced Trading Platforms Offering of Ultra-Low Spreads, Starting from 0 pips.

A stringently regulated forex broker, requiring low minimum to fund an account and begin investing.

Offering access to more than 30 cryptourrencies.

Strictly Regulated by ASIC and CYSEC, a Safe Broker to Trade With.

MT4 & MT5 Available, Plus Two Copy Platforms: Social Trading & Myfxbooks.

4

Licensed & Regulated in Multiple Jurisdictions: ASIC, CYSEC, FCA, DFSA, SCB.

Super-Low 1 USD Initial Deposit Quite Friendly to Active Traders.

5

Both ASIC & CYSEC Regulated Financial Provider offers You Excellent Security.

24/7 Professional and Multilingual Customer Support Easy to Reach.

more

Comparison of the Best Forex Trading Apps

Forex Broker

Licenses

Minimum spread

Maximum Leverage

Minimum Deposit

Detail
Compare
FXTM
7.06

Regulated

0

1:2000

$/€/£10, ₦10,000

FP Markets
8.39

Regulated

From 0.0 pips

1:500

100 AUD or equivalent

Regulated

0.6 pips

1:30/1:400

$200

IC Markets
9.19

Regulated

0.0

1:500

$200

Forex Trading Knowledge Questions and Answers

What makes a great social trading environment?

A superb social trading environment is defined by several factors. First and foremost, you need to have a good reputation and a lot of trust. Over time, they will have come to trust the platform if it is of excellent quality. In addition, you're on the lookout for social trading brokers with the most favorable trading circumstances, such as the lowest cost or spread structure. Questions and difficulties are immediately answered by the company's customer service culture. In today's world, regulation is critical for fostering public confidence and safeguarding individual fund safety.

How to choose the best social trading platform?

The most crucial criteria to consider when looking for the finest social trading platform are outlined below.

First and foremost, be sure your platform of choice is'social.' Instead of simply providing a duplicate or mirror trading service, some online brokers have gone as far as delivering an entire social trading experience.

As a second consideration, it is crucial to see if the social trading platform you are considering is proprietary. This means that you can use the provider's website to access social and copy trading features without having to download or install any software. Essentially, the site acts as a conduit between you and your broker of choice. MT4 also has social trading elements in addition to its superior trading tools. The ability to replicate other traders utilizing the MT4 platform is at the heart of this.

Thirdly, the top social trading platforms on the internet allow you to "clone" other members into the trading community. Since many investors prefer a more hands-off approach, more brokers are beginning to offer this product.

You should also keep in mind that social trading platforms should only be supplied by regulated brokerage businesses with a good reputation and trustworthiness. As a result, a trading platform's social and copy trading features are thoroughly vetted for fairness and transparency.

How much does social trading cost?

The sole purpose of any social trading platform is to generate profit. As a result, you should research the prices you'll be responsible for before signing up for a service.

It's imperative that you familiarize yourself with the following charges:

It's possible that even if you choose to replicate an individual trader, your social trading platform may still charge you a commission. Percentage of the amount you trade is typical. As an example, you might have to pay 0.10 percent each time your chosen trader buys and sells an item.

There are no additional fees associated with using eToro's Copy Trading service. Some sites, however, do charge a fee. Profits of more than €5 are subject to a 5% commission charge by NAGA, for example.

When you deposit or withdraw money, many social trading sites charge fees. Depending on the manner of payment, the exact amount may differ.

If your chosen copy trader maintains a leveraged CFD position open overnight, you will be charged an extra cost. Overnight Financing As a result, a portion of the money you put into the copy trader will be credited to your personal social trading account.

In the end, you should anticipate to spend a corresponding amount if your chosen copy trader integrates fees when purchasing and selling assets on your behalf.

What are best social trading brokers?

eToro

eToro was selected as the finest social trading platform. In addition to being the world's first social trading network, eToro is a fully licensed brokerage firm. The copy trading platform of the broker allows these users to mimic the trading strategies of other customers, typically those who have an established track record in the financial markets. eToro's website allows you to select them based on a variety of factors, including risk score, return over the previous year, number of copiers, preferred markets to trade in, maximum drawdown, and so on.

Customers at eToro have the freedom to stop, pause, add, and remove funds whenever they choose. Up to 100 users can be replicated at the same time by the clients.

etoro social trading

IC Markets

IC Markets is the finest forex broker to use with ZuluTrade, a social trading platform. A major social trading platform called ZuluTrade allows IC Markets customers to select among 100,000 traders from 192 countries and trade on their signals for free.

Trading on seven different financial markets (including exclusive access to bonds and futures) and low latency and quick order execution rates are all required for precise replication of the signals provided by IC Markets' social trading community powered by ZuluTrade.

FP Markets

FP Markets' real ECN mechanism and raw pricing make it the best choice for social trading with MyFXBook AutoTrade in the market. There are no commissions on trades executed through the Raw ECN Account because the broker has access to a large number of liquidity providers.

fp markets social trading platform

What are pros and cons of social trading?

Social trading is such an attractive option, with all the transparent information between successful traders. it can be very profitable and a viable solution for an inexperienced trader looking to break into investing, but like all investment platforms, there are advantages and disadvantages to trading on platforms like these. See below our complete list of the pros and cons of social trading.

Pros

There is so much value in social trading, with all of the information that successful traders share openly. As with any investment platform, there are both advantages and downsides to trading on these platforms, so it's important to weigh the pros and cons before making a decision. The following is an exhaustive summary of the advantages and disadvantages of social trading.

· Without putting up a lot of effort, you can earn money. However, this only holds true if you have taken the time to do your research and choose who to emulate. With little to no additional effort, you can profit from copying a successful trader.

· You don't need any prior knowledge of the market to start trading. They can replicate other traders' strategies, ask questions, read market reports, and get as much useful knowledge as possible by participating in the social trading platform.

· In certain cases, it is preferable than making the difficult choices on your own. As an emotional trader, you may be prone to becoming overstressed or even having a breakdown when you make a bad decision. It's sometimes best to let someone else handle things and then blindly replicate their actions.

Cons

· It doesn't matter if you're trading on your own or copying someone else's strategy. Forex trading, in particular, is nothing more than sheer chance.

· This can be a daunting task: finding an established trader to follow. Although there are many successful traders to follow, they may not be the best choice for you to emulate.. Copying even the most successful traders entails some risk.

· Performance in the past does not guarantee future success. A successful trader may lose a huge amount of money on a single trade or change their technique and become more risky, even though they have a long history of success. When it comes to investing, there is no such thing as a risk-free strategy.

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