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Follow the Signals to Success: Revealing Top 5 Forex Brokers for Copy Trading in 2023

The Best Forex Brokers for 2024

HF Markets Group Review

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HF Markets, also known as HF Markets Group, is a prominent brokerage firm offering comprehensive trading services in the Forex market. With a global presence and a commitment to transparency and customer satisfaction, HF Markets has established itself as a trusted name in the industry.

FxPro Review

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FxPro is a prominent name in the world of online forex brokerage, recognized for offering a wide array of trading services to clients globally. Founded in 2006, FXPro has established itself as a leading player in the forex market, catering to both retail and institutional traders.

OctaFX Review

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OctaFX is a well-recognized online Forex broker that has carved a niche for itself in the competitive world of Forex trading. Since its inception in 2011, OctaFX has been committed to providing a high-quality trading environment designed to cater to the needs of traders globally.

Exness Review

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Exness is a globally recognized brokerage firm that offers online trading services. Founded in 2008, Exness has grown rapidly to become one of the largest and most trusted Forex brokers in the industry. With a focus on innovation, transparency, and client satisfaction, Exness strives to provide traders with the tools and resources they need to succeed in the financial markets.

FXTM Review

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FXTM, also known as ForexTime, is a leading online brokerage firm specializing in Forex and CFD trading. With a global presence and a commitment to innovation and client satisfaction, FXTM has established itself as a trusted name in the financial industry. The broker offers a wide range of trading instruments, advanced trading platforms, and competitive trading conditions.

XM Review

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XM is a well-established online brokerage firm offering trading services in the foreign exchange market. With a strong commitment to providing transparent and reliable trading solutions, XM has become a popular choice among traders worldwide.

FXCC Review

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FX Central Clearing Ltd., commonly known as FXCC, stands as a distinguished online brokerage, excelling in Forex and CFD trading. Its dedication to transparency, integrity, and ensuring client satisfaction has garnered a commendable reputation within the financial sector. FXCC provides an array of trading instruments, cutting-edge trading platforms, and favorable trading conditions.

IronFX Review

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IronFX stands out as a distinguished online brokerage firm in the Forex trading sector. Launched in 2010, IronFX has rapidly climbed the ranks to become a prominent figure in the industry, offering traders a broad spectrum of financial instruments, sophisticated trading platforms, and favorable trading conditions.

HF Markets Group Review

HF Markets Review

HF Markets was founded in 2010 and has since grown into one of the leading Forex brokers worldwide. The company's journey began with a vision to provide retail and institutional clients with access to a wide range of financial markets and innovative trading tools. Over the years, HF Markets has expanded its offerings and enhanced its services to meet the evolving needs of traders in today's dynamic market environment. HF Markets operates under the strict regulatory oversight of multiple regulatory authorities, ensuring compliance with international standards and the protection of client funds. The broker is regulated by reputable bodies such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Financial Services Commission (FSC) in Mauritius. These regulatory licenses demonstrate HF Markets' commitment to maintaining the highest standards of integrity and transparency in its operations. The headquarters of HF Markets is located in Cyprus. Additionally, the broker has regional offices in various countries, including the UK and Dubai, reflecting its global presence and commitment to serving clients worldwide.

Pros of HF Markets

Cons of HF Markets

Trading Platforms and Trading Conditions: HF Markets offers access to a range of advanced trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are available for desktop, web, and mobile devices. These platforms provide traders with advanced charting tools, technical indicators, and automated trading capabilities, enabling them to execute trades efficiently and effectively. The trading conditions at HF Markets include competitive spreads starting from as low as 0.0 pips, with variable or fixed spread options available. The broker offers leverage of up to 1:1000, allowing traders to amplify their trading capital. Additionally, HF Markets imposes minimal commission fees, making trading cost-effective for clients.

In summary, HF Markets stands out as a reputable and trustworthy brokerage firm with a strong track record in the Forex market. With its regulatory compliance, diverse range of trading instruments, advanced trading platforms, competitive trading conditions, and comprehensive educational resources, HF Markets offers a compelling option for both novice and experienced traders. Despite minor drawbacks such as inactivity fees and limited availability of certain services, HF Markets' overall reputation for reliability, transparency, and trustworthiness makes it a top choice for traders seeking a reputable broker in the Forex market.

  Detailed Rating & Review     Trader's reviews
FXPro Review

FXPro Review

The broker is known for its client-centric approach, offering access to a vast range of markets, including forex, futures, spot indices, shares, spot metals, and energies. FXPro's journey began over a decade ago with a vision to democratize trading by providing transparent and fair access to financial markets. This vision was underpinned by a commitment to offering superior trading conditions, advanced technology, and exceptional client service. Over the years, FXPro has expanded its operations globally, serving clients in more than 170 countries. The brokerage has gained a reputation for reliability, innovation, and excellence. It has received numerous awards and accolades from financial institutions and publications, acknowledging its service quality, technological advancements, and contribution to the trading industry. FXPro's dedication to transparency and client protection is evident in its choice of regulatory compliance and operational conduct. FXPro was founded in 2006 by a group of financial experts who aimed to create a brokerage that prioritized the trader's needs. Over the years, it has evolved from a small broker into a global entity, continually enhancing its product offerings and technological infrastructure to meet the dynamic needs of traders.

FXPro is heavily regulated by several reputable financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), the Financial Sector Conduct Authority (FSCA) in South Africa, and the Securities Commission of The Bahamas (SCB). These regulatory frameworks ensure that FXPro operates within strict guidelines, offering a secure and transparent trading environment for its clients. FXPro's headquarters is located in London, UK, with additional offices in Cyprus, Monaco, and the Bahamas. This global presence not only underscores its commitment to being close to its clients but also its capacity to offer localized support and services across different regions.

Pros of FXPro

Cons of FXPro

Trading Platforms and Conditions. FXPro offers a variety of trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, and the FXPro Trading Platform. Each platform comes with its own set of features, including advanced charting tools, automated trading capabilities, and a user-friendly interface. The trading conditions at FXPro are competitive, with tight spreads, no commissions on MT4 and MT5 platforms, and a commission-based structure on cTrader. The broker provides leverage up to 1:500, depending on the client's knowledge and experience.

FXPro stands out as a broker of choice for traders seeking a reliable, regulated, and reputable online forex broker. Its commitment to providing a secure trading environment, combined with competitive trading conditions, advanced technology, and dedicated customer support, makes it a compelling option for traders of all levels. The broker's strong regulatory framework and global presence further solidify its reputation as a trustworthy and transparent broker in the forex market. Whether you're a novice trader or an experienced professional, FXPro offers a trading experience that is both enriching and secure, making it a top consideration for anyone looking to engage in online trading.

  Detailed Rating & Review     Trader's reviews
Octa Review

Octa Review

The broker is renowned for its client-centric approach, offering a range of financial instruments, cutting-edge technology, and a platform for both novice and experienced traders to excel. With a strong emphasis on reliability, transparency, and innovation, Octa has managed to attract a significant client base by offering competitive spreads, low latency execution, and minimal slippage. This focus on delivering an optimal trading experience is complemented by their dedication to customer service, providing traders with extensive educational resources, market analysis, and 24/5 customer support. Founded in 2011, OctaFX set out with the aim of creating a trading environment that was both inclusive and conducive to the success of traders at all levels. Over the years, it has significantly expanded its service offerings and global reach, continually adapting to the evolving needs of the Forex market and its participants. The company's growth trajectory is marked by a series of strategic developments, including the introduction of new trading instruments, platform enhancements, and a focus on sustainable trading practices. Octa operates under the regulatory oversight of the Cyprus Securities and Exchange Commission (CySEC), ensuring compliance with stringent EU financial regulations. This regulatory framework mandates strict adherence to financial standards, including client fund protection, transparency, and fair trading practices. Traders can thus engage with Octa with confidence, knowing they are dealing with a broker that is held to high regulatory standards. The broker's main operational headquarters are located in Cyprus, a strategic choice given the country's status as a key financial hub within the European Union. This location not only facilitates regulatory compliance but also positions Octa to effectively serve a diverse international clientele.

Pros of Octa

Cons of Octa

Octa supports MetaTrader 4, MetaTrader 5, and its proprietary Octa Trading App. These platforms are equipped with advanced charting tools, automated trading features, and are accessible on desktop and mobile devices. Trading conditions include leverage up to 1:500, spreads starting from 0.2 pips, and a transparent commission structure that ensures traders have clear insights into their trading costs. Octa stands out as a reputable Forex broker offering a secure, innovative, and user-friendly trading environment. Its commitment to regulatory compliance, combined with competitive trading conditions and exceptional customer support, makes it an attractive option for traders seeking a reliable and efficient brokerage. The broker's emphasis on education and market analysis further supports its clients in making informed trading decisions.

In choosing Octa, traders align themselves with a broker that values transparency, integrity, and the success of its clients. Despite some limitations in product offerings and geographical availability, Octa's reputation and trust within the trading community continue to grow, underpinned by its dedication to providing superior trading experiences. For those seeking a partner in the Forex market, Octa represents a compelling choice, distinguished by its commitment to excellence and the continuous enhancement of its services to meet the evolving needs of its clientele.

  Detailed Rating & Review     Trader's reviews
Exness Review

Exness Review

Established in 2008 by a cadre of financial experts, Exness embarked on a mission to transform the online trading landscape. From its outset, Exness has seen remarkable growth, broadening both its customer base and global footprint. Through relentless technological investment and a dedication to superior service, Exness has risen to prominence in the Forex trading sphere. Operating under stringent regulatory oversight, Exness is committed to upholding international standards and safeguarding client assets. The firm is licensed by esteemed regulatory entities, including the UK's Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Commission (FSC) in Seychelles. These accreditations underline Exness's adherence to the highest ethical and operational standards. With its main office situated in Limassol, Cyprus, Exness also maintains regional branches in key locations such as the UK, Singapore, and Cyprus. This global network underscores its dedication to offering comprehensive services to clients across the globe.

Advantages of Trading with Exness

Limitations of Exness

Trading Infrastructure and Conditions: Exness offers a suite of sophisticated trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), suitable for various devices. These platforms boast advanced charting options, numerous technical indicators, and automated trading features, enabling traders to conduct their transactions both efficiently and effectively. Trading terms at Exness are characterized by highly competitive spreads from as low as 0.0 pips, offering both variable and fixed spread configurations. The brokerage provides leverage up to 1:2000, allowing for significant trading capital amplification. Furthermore, Exness's trading framework is designed to be cost-effective, thanks to its minimal commission charges.

Exness stands out as a reliable and distinguished brokerage in the Forex arena, attributed to its regulatory integrity, cutting-edge trading platforms, beneficial trading conditions, and extensive educational resources. While it faces minor limitations like restricted service availability in certain areas, Exness's steadfast reputation for trust, transparency, and excellence positions it as an attractive broker choice for traders at all levels of experience.

  Detailed Rating & Review     Trader's reviews
FXTM Review

FXTM Review

FXTM was founded in 2011 by a team of financial professionals with extensive experience in the Forex industry. Since its inception, the company has grown rapidly, expanding its client base and geographic reach. FXTM has received numerous awards and accolades for its excellent service and commitment to excellence, solidifying its reputation as a leading brokerage firm in the Forex market. FXTM operates under the regulatory supervision of multiple reputable authorities, ensuring compliance with international standards and the protection of client funds. The broker is regulated by regulatory bodies such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Financial Services Commission (FSC) in Mauritius. These regulatory licenses demonstrate FXTM's commitment to maintaining the highest standards of integrity and transparency in its operations. FXTM's headquarters are located in Limassol, Cyprus. Additionally, the broker has regional offices in various countries, including the UK, South Africa, and Nigeria, reflecting its global presence and commitment to serving clients worldwide.

Pros of FXTM Forex Broker

Cons of FXTM Forex Broker

FXTM provides access to a range of advanced trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are available for desktop, web, and mobile devices. These platforms offer advanced charting tools, technical indicators, and automated trading capabilities, enabling traders to execute trades efficiently and effectively. The trading conditions at FXTM include competitive spreads starting from as low as 0.1 pips, with variable or fixed spread options available. The broker offers leverage of up to 1:1000, allowing traders to amplify their trading capital. Additionally, FXTM imposes minimal commission fees, making trading cost-effective for clients.

FXTM is a reputable and trustworthy brokerage firm with a strong track record in the Forex market. With its regulatory compliance, advanced trading platforms, competitive trading conditions, and comprehensive educational resources, FXTM offers a compelling option for both novice and experienced traders. Despite minor drawbacks such as limited availability of certain services, FXTM's overall reputation for reliability, transparency, and trustworthiness makes it a top choice for traders seeking a reputable broker in the Forex market.

  Detailed Rating & Review     Trader's reviews
XM Review

XM Review

Established in 2009, XM has carved a niche for itself in the competitive Forex trading landscape. Over the years, the firm has witnessed substantial growth, amassing a broad clientele thanks to its commitment to outstanding customer service and superior trading execution. XM has adapted its offerings to align with the evolving demands of traders, maintaining its position as a leading entity in the sector. XM stands out for its stringent compliance with international regulatory standards, safeguarding client investments. It is authorized and regulated by several esteemed bodies, including the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK, and the Australian Securities and Investments Commission (ASIC). These accreditations underscore XM's dedication to upholding the utmost in operational integrity and transparency. The primary operations hub of XM is situated in Limassol, Cyprus, with additional regional offices across the UK, Australia, and Greece. This widespread presence highlights XM's commitment to offering tailored services to its international customer base.

Advantages of Trading with XM

Challenges of Trading with XM

Trading Infrastructure and Conditions: XM offers access to an array of advanced trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), compatible with desktop, web, and mobile usage. These platforms are equipped with sophisticated charting utilities, a range of technical indicators, and automation capabilities, ensuring efficient and effective trade management. XM's trading conditions are characterized by highly competitive spreads as low as 0.0 pips, alongside both variable and fixed spread options. The broker provides leverage up to 1:888, enabling significant capital augmentation. Furthermore, XM's trading model is designed to be cost-efficient, featuring minimal commission fees.

XM stands as a reputable and reliable broker within the Forex market, distinguished by its adherence to regulatory standards, advanced trading platforms, favorable trading conditions, and extensive educational resources. While it faces minor limitations such as the regional unavailability of certain offerings, XM's reputation for dependability, transparency, and excellence positions it as a preferred choice for both beginner and seasoned traders in search of a credible Forex trading partner.

  Detailed Rating & Review     Trader's reviews
FXCC Review

FXCC Review

Established in 2010, FXCC is a relatively fresh entrant in the Forex marketplace. Despite its brief history, the firm has rapidly distinguished itself through premium service quality and a steadfast commitment to excellence. The founders, who boast a wealth of experience in financial markets, aimed to establish a brokerage that foregrounds client interests and delivers an unmatched trading experience. FXCC is subject to the regulation of esteemed authorities, adhering to global standards and safeguarding client investments. It is regulated by entities including the Cyprus Securities and Exchange Commission (CySEC) and the Financial Sector Conduct Authority (FSCA) in South Africa, highlighting its adherence to the utmost standards of integrity and transparency. The main office of FXCC is situated in Limassol, Cyprus, with additional regional offices, such as in South Africa, underscoring its international outreach and dedication to catering to clients across the globe.

Advantages of Trading with FXCC

Limitations of Trading with FXCC

FXCC grants access to leading trading platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), compatible with desktop, web, and mobile usage. These platforms are equipped with advanced charting tools, technical indicators, and options for automated trading, facilitating efficient and strategic trade execution. The trading conditions at FXCC feature highly competitive spreads from as low as 0.0 pips, with choices between variable or fixed spreads. The broker also offers leverage up to 1:500, enabling significant amplification of trading capital, while maintaining low commission fees to ensure cost-effective trading.

In conclusion, FXCC emerges as a credible and dependable brokerage firm in the Forex domain, characterized by its regulatory compliance, sophisticated trading platforms, advantageous trading conditions, and proactive customer support. Although relatively newer in comparison to some established brokers, FXCC's dedication to excellence and client satisfaction positions it as an appealing choice for traders in search of a reputable trading partner.

  Detailed Rating & Review     Trader's reviews
IronFX Review

IronFX Review

IronFX stands out as a distinguished online brokerage firm in the Forex trading sector. Launched in 2010, IronFX has rapidly climbed the ranks to become a prominent figure in the industry, offering traders a broad spectrum of financial instruments, sophisticated trading platforms, and favorable trading conditions. Dedicated to excellence and client satisfaction, IronFX has built a reputable standing among traders globally. Initiated in 2010 by a team of seasoned financial experts, IronFX has shown remarkable growth and expansion since its establishment. Attracting a vast clientele, the firm is celebrated for its superior services. The founders of IronFX set out to merge state-of-the-art technology with personalized customer care to address the varied demands of traders. IronFX is subject to the oversight of several esteemed regulatory bodies, affirming its adherence to international norms and the safeguarding of client assets. It is regulated by authorities including the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK, and the Australian Securities and Investments Commission (ASIC). These endorsements reinforce IronFX's dedication to upholding the utmost standards of integrity and openness. Headquartered in Limassol, Cyprus, IronFX also maintains regional offices in key locations such as the UK, Australia, and South Africa. This underscores its global outreach and its pledge to cater to a worldwide clientele.

Advantages of IronFX

Challenges of IronFX

IronFX offers a suite of advanced trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), compatible with desktop, web, and mobile. These platforms feature sophisticated charting options, numerous technical indicators, and functionalities for automated trading, facilitating efficient and effective trade executions. IronFX's trading conditions are highly competitive, with spreads starting as low as 0.0 pips and the choice between variable or fixed spreads. The brokerage provides leverage up to 1:1000, enhancing traders' ability to increase their trading capital. Furthermore, IronFX's trading framework is designed to be cost-efficient, with minimal commission charges.

IronFX is a reputable and reliable brokerage firm with a commendable history in the Forex market. It stands as a strong candidate for traders in search of a dependable brokerage, thanks to its regulatory compliance, advanced trading platforms, favorable trading conditions, and extensive educational resources. While there are minor issues like the complex account verification process and regional restrictions on services, IronFX's reputation for dependability, transparency, and integrity positions it as a preferred choice for traders aiming to partner with a trustworthy brokerage.

  Detailed Rating & Review     Trader's reviews

Forex Guides about the Best Forex Brokers

Written by Senior Market Analyst Feng Zhou Feng Zhou, edited by Senior Market Analyst Stephane Dubois Stephane Dubois

Are you a beginner trader looking for an easier way to make profits in the complicated Forex market? Do you find the task of analyzing charts and staying up-to-date with economic news to be boring and tiresome? In that case, copy trading may be the solution you've been looking for. By copying the trades of accomplished Forex traders, you can make profits without having to spend hours researching the market. But with so many Forex brokers offering copy trading, how do you know which one to choose?

That's where forex-ratings.com will lend a helping hand. We've done the research and found the best Forex brokers for copy trading in 2023.

Our list includes brokers with reliable trading platforms, speedy trade execution, and the necessary regulatory oversight to ensure your funds are safe. So, if you're ready to dive into copy trading, we've got the scuba. Follow our guide to find the best Forex broker for your copy trading needs, and start making profits like a pro.

Follow the Signals to Success: Revealing Top 5 Forex Brokers for Copy Trading

Copy (social) trading in the Forex market explained

Copy trading, also known as social trading, is a relatively new concept in the Forex trading industry. It emerged in the early 2000s, along with the booming popularity of online trading platforms and social media, becoming a merger of the two. This idea quickly gained popularity among retail traders looking for an easy and convenient way to access the Forex market.

The process of copy trading is simple: it involves identifying an expert trader with a high win rate and automatically copying his or her trades in real time. This scheme allows newbie traders to reap financial benefits without needing to possess the same level of knowledge and expertise themselves.

Many Forex brokers now offer copy trading as a service, with platforms allowing traders to view other traders' performance, replicate their trades, and potentially profit. While it is true that social media platforms initially inspired the concept of copy trading, it is important to note that copy trading is a more intricate process that requires consideration of different factors, such as the traders' performance history, risk management strategies, and the fees charged by the broker. It isn't as hassle-free as one may think, but it's also far less stressful than trading on your own.

Benefits of copy trading for investors and beginner Forex traders

We have already outlined the correlation between copy trading and social media, which ensures better accessibility and understanding of the financial market by the younger generation of Forex traders. It's also clear that this type of trading is based on reliance on someone else's expertise, which is beneficial but only to a certain extent. But forex-ratings.com knows other advantages of social trading, which we outline below:

Disadvantages of being too reliant on Forex signals

While recognizing its obvious advantages, we at forex-ratings.com reckon that copy trading is kind of a double-edged sword. It's very easy to fall into the trap of overreliance on signals and start neglecting your analysis and intuition. You can't copy someone forever; the time will come to swim on your own, which requires confidence in trading abilities that is achieved only through dealing with markets one-on-one. For that, you must be armed with a broader understanding of market trends, economic indicators, and other factors that impact currency prices.

Those who consider copy trading need to be aware of the existence of false signals. Even a veteran Forex trader hardened in battle with the markets and economic downturns can't be right all the time. False signals are common in this business; you can't blame the strategy provider for misreading the market. Traders must carefully evaluate the signals they receive and exercise their judgment in determining whether to act on them.

Until recently, the lack of personalization was a scourge of copy trading. Now brokers, especially those in the list below, are more considerate of traders' individual risk tolerance, investment objectives, and trading style. Modern software allows tweaking stop loss and take profit levels even if the trade is already unfolding. Yet still, many rookies leave risk management to strategy providers, which is a big no-no even for beginners.  

Choosing the right Forex broker for copy trading

Choosing the right Forex broker for copy trading

Regulation

When it comes to selecting a Forex broker for copy trading, regulation plays a crucial role in ensuring the safety and protection of traders and investors. A broker that is properly regulated must adhere to specific guidelines and ethical standards, which help to prevent fraudulent activities and scams. This helps to minimize the risk of potential losses and unethical behavior, which can negatively impact traders and investors.Some of the top regulators include the Financial Conduct Authority (FCA) in the United Kingdom, the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC)

Availability of efficient trading platforms

Reliable trading platforms are essential for successful copy trading in Forex. They provide access to real-time market data and analysis, facilitate quick and accurate trade execution, and offer tools for monitoring investments and managing risks. A user-friendly interface can also help traders, particularly beginners, navigate the complexities of copy trading. Those platforms include MetaTrader 4 (MT4), MetaTrader 5 (MT5), and ZuluTrade.

Speed of trade execution

We can't overestimate the importance of the speed of trade execution in the context of copy trading because it involves replicating the trades of others in real time. Even a slight delay in executing trades can mean the difference between profits and losses, especially in volatile markets. Therefore, traders must choose a broker that offers a robust and speedy trade execution system (in under one second, preferably within a few milliseconds or less) to ensure that they can copy trades efficiently and take advantage of the possibilities presented in the fast-moving Forex market.

Top 5 Forex brokers for copy trading

Top 5 Forex brokers for copy trading


FXTM Invest from FXTM

FXTMFXTM is one of the best Forex brokers in the industry in any department, including its copy trading program called FXTM Invest. It is a time-tested platform for passive investment and portfolio diversification launched in 2015. Even in its early stages, FXTM Invest had many interesting features and solid trading strategies to suit different investment goals and risk profiles. Over the years, the copy trading program of this top Forex broker was enriched with other useful tools, such as a multi-account manager (MAM) that allows working with several accounts simultaneously, which is very beneficial when applying different trading strategies and trying to scale them.

After giving it a trial run, we'd like to give thumbs up to the FXTM Invest mobile application - it's very user-friendly, with an intuitive interface and performance tracker that presents data in a clear and easy-to-follow manner. The broker also offers detailed strategy manager profiles, thus assuring that the users may study the strategies and assess the performance of every available strategy manager before deciding to invest.

We must also praise FXTM Invest for providing copy traders with a breadth of risk management tools, from usual stop loss/take profit orders to trailing stop loss and an option to set maximum drawdown levels. We would also like to give credit to FXTM Invest for having a superb selection of advanced analytical tools, such as historical performance data, various risk metrics, and means for correlation analysis.

They are incredibly helpful when analyzing the effectiveness of different strategies in order to choose the most suitable for one's trading style and goals. Another thing worth mentioning is the broker's social trading feature which is the most engaging and informative among the competitors. Basically, it's a closed social media platform where traders can interact and follow each other, discuss strategies and markets, and compete for a place on the leaderboard.

With a minimum investment requirement of only $100, FXTM Invest is an incredibly accessible copy trading platform that makes it easy for traders to follow and copy the strategies of expert Forex traders. The broker charges the so-called performance fees on every profitable trade made by the strategy manager and copies by the user. The fee ranges from 20% to 35% but applies only to winning trades. The copy trader pays nothing if the strategy manager makes a bad call. Add to that the fact that the broker allows zero spreads on major Forex pairs, and you get a perfect copy trading program in the face of FXTM Invest.


Copytrading from OctaFX

OctaFXNext up is another industry leader, OctaFX, whose copy trading program bears the simplest name - "CopyTrading." But don't judge the program by its name because it is one of the most advanced and feature-rich mirror trading platforms available today. It offers a free 7-day trial for certain strategy managers or "Master Traders," ranked by risk score, popularity, and profits. After the tryout phase, you must deposit $25 or more, which is feasible even for those who make minimum wage and have little knowledge of Forex markets.

OctaFX offers flexible commissions on profitable trades copied by the program participants: the fees range from 1% to 50% and are set by strategy managers themselves. The average commission across the platform is 15%, making OctaFX's program one of the cheapest among those offered by the best Forex brokers. Master traders also have a special perk in the form of a revenue share program where they get a cut of the commissions that OctaFX earns from the trades copied by users. The amount they get can change depending on the strategy's effectiveness and the number of followers. Some strategy managers have over 2,000 copiers, guaranteeing a decent additional income. 

If you are a busy person who wants to trade Forex on the go, we suggest installing OctaFX's Copytrading mobile application from the App Store or Google Play. It has an interface that is super easy to navigate and is generally on par with that of FXTM in terms of the availability of analysis tools and trackers. But in our experience, OctaFX provides better customer support, available 24/7 in multiple languages.

The Copytrading platform offers advanced analytics tools that help mirror traders keep tabs on the performance of strategy managers they follow (total profit/loss, win/loss ratio, and average trade duration). These tools also include performance metrics, risk management features, historical data, portfolio analysis, and social sentiment analysis. Similar to FXTM, the Copytrading program has a social trading feature, thanks to which novice traders can benefit from the knowledge and expertise of other traders and potentially improve their own trading performance.

OctaFX's Copytrading platform provides investors with various payment options, including bank transfer, credit/debit cards, e-wallets, and the fastest and most convenient one - cryptocurrencies, which are not typically offered by most other Forex brokers that provide copy trading programs. This breadth of payment methods makes it easy for investors to deposit and withdraw funds, making OctaFX's Copytrading platform a convenient and flexible option for those who want to cash out the profits fast. 


Mirror Trader, MQL5, and Avramis Despotis Forex Signals from XM

XMLet's now look closer at XM Forex (XM), a top-tier multi-regulated (CySEC, FCA) broker that provides access to a diverse range of financial markets, such as Forex, stocks, commodities, and indices. Traders love XM for its tight spreads, lightning-fast execution speed, and low fees. But copy trading, or provision of trading signals, is where this broker truly shines. It consists of three components: Mirror Trader, the MQL5 program, and exclusive trading signals from Avramis Despotis, the Chief Technical Strategist and head of the trading education department at XM. 

XM's copy trading program began in 2012 when the broker released the Mirror Trader platform tailored for MetaTrader 4 (MT4). Much like other programs on our list, this one was launched in response to the growing demand for social trading platforms in the Forex and CFD trading industry. Over the past decade, the program has undergone significant development. To enhance usability and functionality, a mobile application was launched, along with a suite of advanced tools for strategy testing and performance evaluation.

Our experience with XM's copy trading app was overwhelmingly positive. The app's intuitive design and robust feature set allowed us to easily follow the trades of Forex pros and monitor the performance of our portfolio. Even though we tested the app with an aggressive and risky strategy, we were stoked to see that our portfolio value went up by 18% after just 100 trades, which is quite impressive.

MQL5 isn't a pure copy trading program but a trading lab where users can develop and test proprietary trading strategies, expert advisors, and indicators while sharing signals with the community. As the name suggests, the program is intended for MT5 users. The XM's MetaTrader 5 platform has a special "Signal" section where you can subscribe to a specific signal type, enter desired parameters, and then kick back and relax, as all trades will be carried out automatically.

Now, we get to Avramis Despotis, a well-known figure in the trading education community who has been involved in Forex trading and education for over 20 years. He also published several books, including "Technical Analysis Explained" and "Trading the Moves: Consistent Gains in All Markets." Despotis' program, "Free Forex Signals From the Guru," provides XM's Live account holders with trading signals based on his technical analysis and market expertise, making it a useful resource for those who lack the experience or time to analyze the markets themselves. The expert provides two signals per day with exact entry, take profit, and stop levels. We subscribed for EUR/USD, GBP/USD, and USD/JPY signals, and after getting and realizing 20+ signals, we can confirm that Avramis Despotis lives up to his reputation.


HF Copy from HF Markets

HF MarketsHF Markets (HFM) is a fully reliable Forex and commodities broker founded in 2010 and headquartered in Mauritius, offering a wide range of trading accounts and access to over 150 trading instruments through the MetaTrader 4 and 5 platforms, as well as the HF App. The broker is regulated by multiple financial authorities, including the FCA and CySEC, reflecting its commitment to providing clients with a secure and transparent trading environment.

The Forex broker offers a broad range of live accounts, including Micro, Premium, Zero Spread, and Auto accounts, all of which open access to the HF Copy service. This feature allows rookie Forex traders to follow and interact with strategy managers and more experienced investors. The minimum deposit required for HF Copy varies depending on the client's account type. For example, the minimum deposit for a Micro account is $50, while the minimum deposit for a Premium account is $500.

The advantage of this program is that the follower may simultaneously copy the trades and strategies of several providers. This option allows them to diversify their portfolio and reduce their overall risk. Followers can set the amount they wish to allocate to each signal provider and adjust it anytime. They can also manually set stop loss and take profit levels, thus achieving even greater control over their portfolios. Strategy providers are rewarded for making winning trades that bring profits to the followers with a performance fee of up to 50%. The accumulated earnings are paid to providers on a bi-weekly basis.

To prevent clients from taking on excessive risk, HF Markets has established various risk management protocols, including a 30% maximum drawdown limit for each strategy provider and an automated stop-copying function that halts copying a strategy provider if their account balance dips below a particular level. All in all, HF Copy is a practical choice for traders who wish to grow their portfolio, explore diverse trading strategies, and enjoy access to advanced risk management features.


Social Trading via ZuluTrade from FXCM

FXCMWe conclude this selection of top Forex brokers for copy trading with the program dubbed "Social Trading," offered by FXCM in partnership with ZuluTrade. Founded in 1999, FXCM is a reputable Forex broker that provides trading services to retail and institutional customers, focusing on transparency, competitive pricing, and cutting-edge technology. It is regulated by top-tier financial authorities such as the FCA, ASIC, and the FSCA.

Headquartered in Athens, Greece, with offices in New York and Shanghai, ZuluTrade is a leading social trading platform that was established in 2007. It allows Forex and cryptocurrency traders to follow and automatically copy the strategies of world-class Forex traders. ZuluTrade boasts a user-friendly interface (frankly, a better interface than that of all brokers listed above), cutting-edge risk management tools, and a big community of trading aficionados. All these features were transferred to MetaTrader 4 on FXCM, enriched with additional features, namely ZuluRank and ZuluGuard.

The former helps traders find suitable signal providers on the basis of various merits, not just their profits. The ranking system considers factors like Maturity, Exposure, and Drawdown to ensure that traders can find the signal providers that match their risk preferences. The latter (ZuluGuard) is designed for those looking for additional account protection. This software monitors the behavior of each signal provider and terminates a trading system if it deviates from its expected loss profile, helping to safeguard copy traders from unforeseen losses.

What's particularly unique about FXCM's Social Trading program is that it's the only top Forex broker to offer a demo account specifically for copy trading, allowing newcomers to test the service risk-free before committing funds to their live trading accounts (Standard, Active Trader, Spread Betting, Pro, and Islamic). The broker demonstrates its commitment to new customers through its fee structure. Fees are waived for the initial three months, providing a trial period for copy traders. After the trial period, a flat monthly payment of $30 will be charged in addition to spreads and commissions associated with the chosen signal provider. These costs may vary depending on the provider and instrument being traded.

Additionally, the broker offers the option for copy traders to follow multiple providers through the Combo Plus feature. However, a drawback of this feature is that individual positions cannot be closed manually, requiring all positions to be closed simultaneously, including those with the potential for greater profits. Overall, FXCM has a very interesting copy trading program that caters to those making the very first steps in Forex trading.

Bottom line: there’s no shame in copying someone’s trades

Copy trading can be an excellent tool for new traders looking to gain exposure to the Forex market. At forex-ratings.com, we reviewed the top 5 brokers for copy trading and found that each one offers unique features and benefits. However, this doesn't mean that you can't choose a broker that's not included in our list. If you decide to go this route, make sure that the broker meets the criteria of a trusted broker, such as being regulated and having a good reputation.

It's important to remember that copy trading should primarily be used for learning rather than profiting. Even the most successful strategy providers are not immune to losses, and risk management is crucial when trading Forex. Copying the trades of others can be a great way to learn from successful traders and gain experience, but it's important to always conduct your own research and analysis and avoid blindly following the trades of others.

Overall, we encourage traders to consider copy trading as a valuable tool in their trading arsenal, but to use it responsibly and with caution. With the right approach, copy trading can be an effective way to learn from others and potentially profit in the Forex market.


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