Many people are interested in social trading platforms, but just a few know which one will work best for their needs. Furthermore, trading professionals are quite secretive when it comes to sharing their strategies with the newbies. The best social trading platform should offer its customers all the necessary tools to gain experience and make profits.
Social trading refers to the process in which financial investors gather useful, relevant content from different web applications. This information is further used to make wise financial trading decisions. Below, we have detailed a list of the best social trading platforms to try in 2016.
Top 10 Best Social Trading Platforms
This social trading platform was launched in 2009, in Germany. Soon after its launch, the software created a large database, having registered customers from Europe as well as from outside the old continent.
Ayondo provides a demo account, similar to its other competitors. This testing account will expire after 15 days. You will have 100,000 dollars at your disposal, and almost all the tools in the demo account are featured on the live one as well.
A differentiating aspect of this platform is its huge signal providers’ database. You will be able to choose from over 1000 traders. Moreover, Ayondo offers an intuitive interface, maximizing its customers’ success rates.
SignalTrader is one of the social trading platforms that offers its clients the possibility to follow all their trades in real-time sessions. Even though it also gives the customers the chance to try the trading area, by creating a demo account, this is not a guarantee for future success or profit. In other words, if you earn a high return on investments while using your demo account, it doesn’t mean you will make the same amount of money when you activate the live account.
Opening a SignalTrade account is completely free, and there aren’t any additional fees. However, you will be required to fund your deposit with a minimum of 5,000 dollars. When it comes to customer support, the company offers only an e-mail as well as the option to use live chat. However, there is no telephone number.
This social trading platform is truly innovative, offering a top notch technology system. To get the bonuses the company offers, you should create a free account and begin to invest in the trading market. To start investing, you will need to create an account, provide a minimum deposit, and then select the proper binary options broker.
Copyop is an entirely automated system. Therefore, you won’t need to spend a lot of time giving your input in processing all the trades. One of the best key elements of this software is the fact that all traders can talk among themselves, offering advice and knowledge to each other. This aspect gives the entire platform a more honest and reliable feeling.
ZuluTrade is one of the most popular social trading platforms. It offers many perks to its customers such as a free demo account, and total transparency. The minimum amount of money to start a transaction is 300 dollars.
Besides forex operations, Zulu also offers binary options. Furthermore, its mobile apps work great. However, the system could seem a bit complex and confusing for those uninitiated. Until the right combination of “Traders” is set, you will be required to monitor the platform regularly.
In the case in which your selected trader registers earnings, you will make profits from your investment. Don’t worry about choosing the best signal provider. The platform offers plenty of information to help you decide.
InstaForex’s leverage level is 1:1000, and the minimum account requires only 1 dollar. Launched in 2007, the trading platform has over 2,000,000 registered customers. Moreover, using this program, you will probably get fair spreads for many of the pairs.
It has a fast withdrawal process, which lasts only one business day. The customer support comes in five different languages, and the response time is quite short. If you deposit a minimum amount of 5,000 dollars, you will have free access to the live account.
InstaForex provides many great features as well as a wide range of assets. However, the graphics are not quite simple, and despite the fact that the site has a lot of text, there is no regulation page.
This is one of the social trading platforms that offer full disclosure and transparency to its customers. The client has total control over the open trades. Tradency also gives the chance to create a free demo account.
Tradency offers two types of payment structures: a compensation that relies on the trading volume, and a fixed compensation. The second one is only given when the user applies the strategy once a month. Each broker on this platform charges a monthly fee.
On the downside, you won’t be able to interact with other suppliers or investors. Furthermore, every strategy is based on a single currency pair.
This is one of the automated social trading platforms. For the moment, if you create an account on this website, you will have access to a database of 40 traders. On the other hand, the platform doesn’t offer the option to filter the brokers’ list.
Myfxbook was founded in 2008, and it charges a commission for every new registered customer. Its system syncs your account with all the opened trades, updating it constantly. Using this software, you will have complete access to some useful tools such as live spreads and quotes. The platform is quite impressive for both beginners and experienced traders, due to its modern features.
A true competitive advantage of this social trading platform is the fact that it reflects the already signaled providers’ positions. Therefore, after customers choose the desired signal provider, all the following trades are copied into their account.
MyDigiTrade has developed partnerships with 15 third party brokerages such as XM and FCXM. Clients can even evaluate the brokers’ performance, showing them not only current trades but also previous ones.
Besides the perks described above, the platform is also free to use. Moreover, by creating an initial demo account, you will reduce some of the trading market’s risks.
According to many of its clients, eToro has one of the most responsive customer care services of all social trading platforms. This social trading platform is highly intuitive as well as innovative. It can copy other brokers’ strategies.
Moreover, eToro provides new clients with comprehensive educational content. However, some of the more experienced traders could find this platform lacking useful tools and options. Also, you must be aware of the price because it is not as cheap as other social trading platforms. Many people like the fact that you can operate a trade with only one click.
This is one of the social trading platforms that require a minimum deposit of 100 dollars. Gallant Trade was launched in 2008, in the British Virgin Islands, and it provides a customer support available in four languages. The demo version of the account gives you the opportunity to manage the amount of 50,000 dollars.
This platform uses the MetaTrader 4 system. This option is available for all the account types, even for the demo ones. Clients will enjoy trying the single click trade operations. The website appears to be quite simple, but it gives the customers the chance to customize their needed features.
There are plenty of social trading platforms to choose from. However, you must take into consideration several factors before actually making a decision. As you could discover by reading our list, most of the social trading platforms offer the possibility of a demo account. With its help, traders can gain more experience, and they can lower the risks.
To better inform and prepare their customers, many portals created an educational section, where they publish free informational content as well as e-books. Creating an account is free of charge. However, you will need a minimum deposit to start your trade operations.