Today, we are going to explore trading platforms that provide their clients with the best possibilities to make passive income with social trading. We studied the fees, payment methods, trading conditions, useful tools, and other important features of these brokers. Knowing these features will be useful for both beginning traders and signal providers.
What are Social Trading Brokers?
Social trading is a very popular trading activity. Brokers that provide social trading services have special software solutions, where traders get access to the accounts of those participants who want to share their performances. Social trading brokers allow studying the strategies and trades of other users and copying them. This way, inexperienced traders can learn and earn by following successful participants.
Top Social Trading Brokers
Now, that you know what social trading is, you can get down to the list of top social trading brokers. Let’s start.
|Company||Location||Tradable products||Minimum deposit|
|PrimeXBT||the Seychelles||Cryptocurrencies, forex currencies, commodities, stock indices||0.001 BTC|
|eToro||Australia, UK, Cyprus, Seychelles||Cryptocurrencies, stocks, commodities, indices, ETFs, forex currencies||$200|
|BDSwiss||Switzerland||Forex currencies, commodities, shares, cryptocurrencies||$100|
|Darwinex||UK||Forex currencies, cryptocurrencies, indices, metals, energies, stocks||$500|
|iForex||UK, Cyprus, British Virgin Islands||Forex currencies cryptocurrencies, indices, metals, energies, softs, stocks, ETFs||$100|
|RoboForex||Belize||Forex currencies cryptocurrencies, indices, metals, energies, softs, stocks, ETFs||$10|
|ETX Capital||UK||Currencies, crypto, indices, metals, energies, stocks, bonds, ETFs, and interest rates.||$100|
|IronFX||UK, Cyprus||Forex currencies, commodities, metals, shares, futures, indices||$20|
|Binarium||Saint Vincent and the Grenadines||Forex currencies, cryptocurrencies, metals||$5|
|Infinox||Australia||Currencies, cryptocurrencies, indices, metals, energies||$50|
PrimeXBT provides the possibility to follow other traders through the Covesting platform. It has a simple interface and an advanced filtering system. With PrimeXBT, you can benefit from various financial instruments, including cryptocurrencies, forex pairs, and stock products commodities.
To start trading here, you should make a minimum deposit equivalent to 0.001 BTC by using any convenient cryptocurrency payment method. Trading fees don’t exceed 0.05% for cryptocurrencies and 0.0001% for other instruments.
Users of Covesting confirm that the platform has a user-friendly interface and convenient navigation. On the dashboard of the module, you will navigate through the sections:
- My Strategies
- Yield Account
- My COV
Some technical indicators on the module might be available for money only.
eToro is often referred to as the best crypto copy trading platform, although it offers other instruments as well. The huge benefit of eToro is that it’s licensed by FCA. This is a British tier-1 regulator that will represent your interest if you need to resolve financial issues with the broker.
You can trade on eToro after making the minimum deposit of $200 through credit/debit cards, PayPal, NETELLER, Skrill, etc. For trading cryptocurrencies, you will have to pay a 1% commission. There are also a bunch of non-trading fees.
When you trade on forex, for example, you will be required to pay a $5 fee for every withdrawal. An inactivity fee of $10 per month is also charged if your login hasn’t been active for a year.
BDSwiss is a respectable broker regulated by CySEC. It provides the possibility to trade CFDs from different markets, including forex, crypto, and stock. The total number of instruments exceeds 200, and they are all available for a minimum deposit of $100. To fund your account or withdraw money from it, you can use the following payment methods:
- bank wire transfers
- debit/credit cards
There’s a 10% inactivity fee. Other trading charges are built into spreads.
Darwinex is one more broker on our list regulated by FCA. Its social trading platform is popular because of its exposure to many financial instruments. The minimum deposit starts from $500. However, Darwinex doesn’t charge separate trading fees, because they are built into low spreads. Inactive accounts aren’t charged a monthly fee as well.
Signal providers can make a passive income of a 20% success fee by placing their strategies on the social trading platform. Darwinex is known for its active and professional social trading community. Copy trading is beneficial and Darwniex has proven it by multiple rewards.
iForex has three official representatives in three countries, each of which is regulated by a local supervisor – FCA, CySEC, and BVIFSC respectively. The disadvantage is that it’s not accessible to clients from several countries:
- British Virgin Islands
- New Zealand
- North Korea
After making a minimum deposit of $100 through a bank wire transfer, cards, Skrill, or Neteller, you can start trading currencies, crypto, indices, metals, energies, stocks, and ETFs with low spreads.
RoboForex is one of the few forex brokers that has its own social trading platform – CopyFX. Some users complain that CopyFX charges too high a percentage for profitable deals. Generally, it depends on the earnings and the markets, but the average commission might be up to 40%.
Nevertheless, RoboForex is appreciated by traders because it’s considered a low-cost broker that requires only $10 as a minimum deposit. RoboForex also has a lot of trading software solutions and accepts a great diversity of payment methods, including cards, e-wallets, cryptocurrencies, and bank transfers. The company is regulated by FSC.
Regulated by FCA, ETX Capital requires you to make a minimum deposit of $100 and start earning profits on currencies, crypto, indices, metals, energies, stocks, bonds, ETFs, and interest rates. The variety of payment methods isn’t as rich but the good thing is that the spreads are quite low, and usually they don’t exceed 2.5 points.
ETX Capital’s history dates back to 1965, so it’s often regarded as one of the most-established forex brokers. It has managed to adapt online trading technologies quite efficiently. Today, you can use MetaTrader4 and Specific software solutions to access numerous tradable products of ETX Capital.
IronFX is an Australian-based broker regulated by ASIC. To fund your account with a minimum required deposit of $20, you can use credit & debit cards, bank wire transfers, Skrill, Neteller, or Bitcoin (BTC), Tether (USDT), USD Coin (USDC), and Ethereum (ETH).
IronFX also has different bonus programs. In partnership with the world’s biggest brands, it often hosts different tournaments where participants can win alluring prizes.
Social trading services are available through the TradeCopier platform. It has quite an interesting concept because here strategy providers can determine the performance fees on their own when establishing their strategies to share. Followers are obliged to pay these fees as remuneration to strategy providers.
Binarium is a European broker where you can copy trades of forex traders and benefit from trading binary options. Unfortunately, it doesn’t display many popular underlying assets. Binarium is a low-cost broker because it charges no trading fees and offers the lowest minimum deposit among the listed brokers – $5. Despite such beneficial conditions, many traders are reluctant because they think Binarium lacks respectable regulation.
Binarium accepts payments and withdrawals processed through the following payment systems:
- credit/debit cards;
- Qiwi; Yandex Money;
Bear in mind, that Binarium doesn’t process withdrawals higher than $250 per transaction.
InFinox doesn’t lack regulation since it’s supervised by three regulatory bodies – FCA, SCB, and FSC. Fund your account with at least $50 and approach its social trading platform and copy strategies in forex pairs, cryptocurrencies, indices, and commodities. The leverage isn’t very significant so trading will involve fewer risks.
Based on our assumptions, the best social trading broker should be the one that offers access to the maximum diversity of assets, charges minimum fees, and have advanced tools for copying deals. The Covesting platform, provided by PrimeXBT, meets this description better than its competitors. Using its simple interface, full access to the trader’s performance beneficial history, pricing policy, and extremely tight commissions, traders can earn quite an alluring passive income.
Who is the Most Trusted Forex broker?
You should rely on brokers that have good reputations and respectable regulations. PrimeXBT, eToro, and BDSwiss are the best social trading brokers that are trusted by the international community of traders.
Which broker is best for trading for beginners?
PrimeXBT seems to be the best social trading broker for beginners because of its ease of use and advanced listing of successful traders to follow.
Which broker has the fastest withdrawal?
We offered the best social trading brokers, so they all seem to be quite efficient in terms of executing operations. Plus, usually, the speed of processing depends on the available payment method. Third-party blockchain solutions and electronic wallets, such as PayPal, are the fastest way to withdraw earnings.