Jump straight to it: The best social trading platforms are eToro, Tornado and MQL5 Trading Strategies.
Social trading has revolutionized how we invest, allowing traders of all experience levels to follow and copy the strategies of successful investors. Whether you're new to the game or a seasoned trader looking to diversify, the right social trading platform can make all the difference. From optimizing your portfolio to getting real-time forex signals, there’s a platform tailored to your needs. Let’s dive into the top picks leading the social trading revolution.
Quick Look: Best Social Trading Platforms
- Best Overall: eToro
- Best for Portfolio Optimization Tools: Tornado
- Best for Forex Signals: MQL5 Trading Signals
- Best for Copy Trading: Zulu Trade
- Best for Beginners: Trading 212
- Best for Advanced Traders: AvaTrade
- Best for Scalping: Pepperstone
- Best for Cryptocurrency Trading: Bitget
- Best for Stock Trading: NAGA
- Best for Commodities: Darwinex
10 Best Social Trading Platforms
Finding a social trading platform that aligns with your trading goals and experience level is essential when choosing one. Here’s a rundown of the top platforms catering to various trading styles.
Best overall: eToro
***eToro USA LLC and eToro USA Securities Inc.; Investing involves risk, including loss of principal; Not a recommendation eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro is a global leader in social trading, known for its user-friendly platform and innovative CopyTrader feature, allowing users to mimic top investors' trades. With access to a wide range of assets, including stocks, forex and cryptocurrencies, eToro provides an all-in-one solution for traders. The platform’s social feed lets you follow, comment and share ideas with a community of over 25 million traders.
Key Features:
- CopyTrader: Automatically copy the trades of successful investors.
- eToro Club: Access to exclusive benefits like market analysis and priority customer support.
- Virtual Portfolio: Practice with $100,000 in virtual funds before going live.
Fees:
- Spreads: Starting from 1 pip for forex.
- Overnight fees: Applicable on leveraged positions held overnight.
- Withdrawal fee: $5 per withdrawal.
Why It’s the Best: eToro’s comprehensive suite of tools and massive user base make it the best choice for beginners and experienced traders looking for a social trading platform.
Best for Portfolio Optimization Tools: Tornado
Tornado stands out with its portfolio optimization tools that help traders fine-tune their investment strategies. Designed for those who want to dig deep into analytics, Tornado offers personalized insights and advanced metrics crucial for optimizing performance.
Key Features:
- Personalized Insights: Tailored recommendations based on your trading history.
- Advanced Metrics: Access to detailed portfolio analytics and risk management tools.
- Social Community: Engage with other traders and share strategies.
Fees:
- Subscription Fee: $7.99 per month.
- Trade Commissions: $0 on US stocks.
Why It’s Great: Tornado is ideal for traders who want more than just copy trading – it’s for those who want to understand and optimize their portfolios down to the finest details.
Best for Forex Signals: MQL5 Trading Signals
MQL5 is a powerhouse for forex traders, offering a vast array of trading signals that can be directly integrated with MetaTrader platforms. With thousands of signal providers, you can easily find the one that matches your trading style.
Key Features:
- Direct Integration: Seamless connection with MetaTrader 4 and 5.
- Signal Variety: Thousands of signals to choose from, covering a wide range of strategies.
- Automated Trading: Set it and forget it – let the signals do the work for you.
Fees:
- Signal Subscription: Varies by provider
- Platform Fees: Depends on the broker.
Why It’s Great: MQL5 Trading Signals is a must-have for forex traders who rely on signal-driven strategies to navigate volatile markets.
Best for Copy Trading: ZuluTrade
ZuluTrade is a pioneer in copy trading, offering a platform where you can automatically replicate the trades of professional traders. With a transparent ranking system, ZuluTrade makes it easy to find and follow traders whose strategies align with your risk appetite.
Key Features:
- Trader Ranking: Detailed statistics and performance metrics to help you choose the right trader to follow.
- ZuluGuard: Protects your investment by automatically removing underperforming traders.
- Custom Portfolios: Mix and match traders to create a diversified portfolio.
Fees:
- Spreads: Varies by broker.
- Performance Fees: Based on profits made from following a trader.
Why It’s Great: ZuluTrade’s focus on copy trading and its protective features like ZuluGuard make it the go-to platform for those who want to delegate their trading to the pros.
Best for Beginners: Trading 212
Trading 212 is an excellent choice for beginners. It offers commission-free trading and an intuitive interface that makes it easy to get started. The platform also features an educational section with videos, articles and a practice account to help you learn the ropes.
Key Features:
- Commission-Free Trading: No fees on stock trades.
- Practice Account: $50,000 in virtual funds to hone your skills.
- Educational Resources: Extensive library of tutorials and guides.
Fees:
- Spreads: Starting from 0.5 pips for forex.
- Currency Conversion Fee: 0.5% on non-USD transactions.
Why It’s Great: Trading 212’s simplicity and zero-commission structure make it an ideal entry point for new traders looking to experiment with social trading.
Best for Advanced Traders: AvaTrade
- Best For:Non U.S. Forex & CFD TradersVIEW PROS & CONS:securely through AvaTrade's website
AvaTrade caters to more experienced traders with its comprehensive platform that includes advanced tools, multiple asset classes and a wide range of trading options. Whether you’re trading forex, CFDs or cryptocurrencies, AvaTrade offers a professional-grade experience.
Key Features:
- Multiple Platforms: Access to MetaTrader 4/5, AvaTradeGO and more.
- Wide Range of Assets: Trade forex, stocks, commodities and cryptos.
- Risk Management Tools: Advanced options like stop-loss orders and negative balance protection.
Fees:
- Spreads: Starting from 0.9 pips for forex.
- Inactivity Fee: $50 after three months of inactivity.
Why It’s Great: AvaTrade’s rich feature set and advanced tools make it perfect for seasoned traders who demand more from their trading platform.
Best for Scalping: Pepperstone
- Best For:$0 Commissions and Low FeesVIEW PROS & CONS:securely through Pepperstone's website
Pepperstone is a top choice for scalpers, offering razor-thin spreads and ultrafast execution speeds. Focusing on forex and CFDs, Pepperstone provides the conditions that high-frequency traders need to succeed.
Key Features:
- Low Spreads: Spreads as low as 0.0 pips on Razor accounts.
- Fast Execution: Ultra low latency for quick trade execution.
- Scalping-Friendly: No restrictions on scalping or EA use.
Fees:
- Spreads: From 0.0 pips on Razor accounts.
- Commission: $3.50 per lot, per side on Razor accounts.
Why It’s Great: Pepperstone’s focus on low costs and speed makes it a natural fit for scalpers looking to maximize their profits in fast-moving markets.
Best for Cryptocurrency Trading: Bitget
Bitget is a rapidly growing platform that specializes in cryptocurrency trading and emphasizes social trading features. It allows users to follow and copy successful crypto traders, making it a popular choice for those looking to enter the crypto market.
Key Features:
- Crypto-Focused: Extensive range of cryptocurrency pairs.
- Copy Trading: Follow top crypto traders and replicate their trades.
- Security: Multilayered security protocols to protect your assets.
Fees:
- Trading Fees: 0.1% for spot trading.
- Withdrawal Fees: Varies by cryptocurrency.
Why It’s Great: Bitget’s focus on crypto and strong security make it a standout platform for exploring social trading in the digital currency space.
Best for Stock Trading: NAGA
NAGA is a social trading platform that combines traditional stock trading with social features. It allows users to copy the portfolios of successful stock traders and supports trading in forex, commodities and cryptocurrencies, providing a well-rounded experience.
Key Features:
- Copy Trading: Replicate the trades of top stock investors.
- Multi-Asset Support: Trade stocks, forex, cryptos and more.
- Social Features: Connect with other traders and share strategies.
Fees:
- Spreads: From 1 pip on forex.
- Commission: $0.99 per trade on stocks.
Why It’s Great: NAGA’s blend of stock trading and social features makes it a top choice for those looking to invest in equities while learning from a community of traders.
Best for Commodities: Darwinex
Darwinex is a unique platform that allows traders to invest in "Darwins" – strategies listed on the platform that can be traded like a stock. This model is particularly appealing for those interested in commodities trading, as you can find and follow strategies focusing on this asset class.
Key Features:
- Darwins: Invest in strategies as if they were stocks.
- Transparency: Detailed performance metrics for each Darwin.
- Risk Management: Advanced tools to manage portfolio risk.
Fees:
- Performance Fees: 20% of profits above the high-water mark.
- Management Fees: 1.2% per year.
Why It’s Great: Darwinex’s innovative approach to social trading makes it an excellent choice for those who want to explore commodity trading through a unique, strategy-focused platform.
What Is Social Trading?
Social trading is an investment strategy that allows individuals to observe the trading behavior of their peers or expert traders and follow their investment strategies using copy trading or mirror trading. It democratizes trading by making it accessible to beginners, who can learn by replicating the trades of experienced investors, fostering a community-driven approach to financial markets.
What a Social Trading Platform Does
A social trading platform facilitates observing, copying and learning from other traders. It provides tools to follow and engage with other users, analyze their trading history and automatically copy their trades. These platforms often include community features, such as forums or social feeds, where traders can share insights, strategies and market analysis.
What to Look for in Social Trading Platforms
When choosing a social trading platform, consider the following factors:
Agency Oversight
Ensure a reputable financial authority regulates the platform. This oversight helps protect your investments and ensures the platform operates transparently and responsibly.
Track Record
Look for platforms with a proven history of success and user satisfaction. A strong track record indicates reliability and effectiveness, making it easier to trust the strategies and traders you follow.
Available Assets
Check the range of assets available on the platform. The more diverse the offerings, the better you can diversify your portfolio across asset classes like stocks, forex, commodities and cryptocurrencies.
Fees and Commissions
Consider the cost structure, including spreads, commissions and additional fees. Low costs can significantly impact your overall returns, so choose a platform that offers competitive rates without hidden charges.
Ease of Use
A user-friendly interface is crucial, especially for beginners. The platform should be intuitive, with easy access to key features like copying trades, following other traders and analyzing performance.
Collective2
Collective2 is ideal for those who prefer to invest in proven trading strategies rather than following individual traders. Its focus on verified track records provides an extra layer of security, making it a solid choice for investors who want transparency and reliability in their social trading experience.
iSystems
If you’re interested in futures trading and want a platform that offers advanced automation and customization, iSystems is a top contender. Its focus on algorithmic trading and transparent performance data makes it a great choice for traders who rely on systematic strategies with a proven track record.
Take Your Trading to the Next Level
Social trading has opened up new possibilities for traders of all experience levels. Whether you’re looking to optimize your portfolio, follow forex signals or dive into copy trading, there’s a platform for you. Finding one that aligns with your trading style and goals allows you to leverage the crowd's wisdom while making informed decisions.
Frequently Asked Questions
Is social trading legal?
Yes, social trading is legal in most countries, but to ensure compliance and security, it’s essential to use a platform regulated by a recognized financial authority.
Is social trading profitable?
Social trading can be profitable, especially if you follow successful traders, but it also carries risks. It’s important to do your research and not rely solely on others’ strategies.
Do social trading platforms allow copy trading?
Yes, most social trading platforms, including eToro and ZuluTrade, offer copy trading features that allow you to replicate the trades of experienced investors.
Disclaimer: eToro is a multi-asset platform which offers both investing in stocks andcryptoassets, as well as trading CFD assets.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
This content is intended for informational and educational purposes only and should not be considered investment advice or investment recommendation.
Cryptoassets are unregulated and can fluctuate widely in price and are, therefore, not appropriate for all investors. Trading cryptoassets is not supervised by any EU regulatory framework. Past performance is not an indication of future results.
