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Social trading solutions are gaining popularity. They are especially relevant for novice traders who don’t know how to start, how to act in financial markets, and how to design their own profitable strategies. Alongside this, they bring considerable perks to traders with experience because they give them the opportunity to make good passive income.

Whether you are a beginner or an advanced user, finding the best social trade platform might be complicated. To make this task easier, our team of professional analysts conducted research to find out the best solution for online copy trading in 2022.

Top 10 Social Trading Platforms

Ranking

Company

Tradable products

Score

1

PrimeXBT

Cryptocurrencies, currency pairs, stock indices, commodities

4.8

2

eToro

Stocks, cryptocurrencies, indices, ETFs, commodities, currencies

4.7

3

Public

Stocks, ETFs, cryptocurrencies

4.6

4

NAGA

Stocks, cryptocurrencies, indices, ETFs, commodities, currency pairs, futures, stock CFDs

4.6

5

FXTM

Currency pairs, spot metals, CFD commodities, stocks, indices, stock CFDs

4.6

6

BingX

Cryptocurrencies, futures

4.4

7

ZuluTrade

Currency pairs, stocks, cryptocurrencies, commodities, indices

4.4

8

Darwinex

Currencies, indices, commodities, US stocks, US ETFs

4.2

9

iSystems

depending on a broker

4

10

tastyworks

Options, futures, stocks, ETFs, indices, commodities, cryptocurrencies

4

PrimeXBT

Prime XBTPrimeXBT is considered one of the leading crypto exchanges that also provides services as a forex broker. The company provides social trading services through the Covesting module. The company guarantees the safe storage of clients’ funds and provides the possibility to use cold storage for crypto users. Currently, its services aren’t available in the US, Canada, and Cuba. 

For copying, PrimeXBT does require a bottom deposit of 0.01 BTC. The incoming transaction comes with a 1% entry fee. It’s worth mentioning that PrimeXBT offers one of the most client-friendly policies of trading fees – they range from 0.0001% on forex to 0.05% on cryptos. That’s why we assign 9 points to the fees policy of this broker. 

The leverage for copy trading is limited to 1:100. This leverage is considered high, which increases your chance to make good returns. 

We would assign a bigger score to this company if it offered more payment means. Currently, it accepts depositing in BTC, ETH, USDT, USDC, and COV.

✅ Pros:

  • An extensive list of trading products;
  • Profitable promotional and referral offers;
  • Advanced tools for technical analysis;
  • The possibility to earn interest;
  • Best for copying crypto strategies.

❌ Cons:

  • Lack of payment methods;
  • Unavailable in the US.

All in all, PrimeXBT is the first platform in this list for a reason, so registering an account there is a worthy idea.

eToro

eToroeToro is one of the most popular copy trading platforms in the industry. The provider has such a reputation thanks to the user-friendly platform and the possibility to interact with other traders. eToro is unavailable for US and Japanese residents.

To activate your copy-trading account on eToro, a trader needs to have at least $200 on a balance. 1% trading fees are charged for making deals in cryptocurrencies. Money can be deposited or withdrawn either through credit/debit cards or via multiple electronic payment systems, including PayPal, NETELLER, Skrill, etc.

✅ Pros:

  • eToro trading platform is regulated by FCA;
  • It accepts multiple payments means;
  • Stock trading is commission-free.

❌ Cons:

  • eToro charges non-trading fees (but they don’t apply for copy-trading);
  • Users claim the poor quality of customer services.

Public

You won’t find Public.com in the lists of the best brokers but it’s often referred to as one of the most attractive social trading platforms. What makes Public good for beginners is that it doesn’t charge additional commissions and doesn’t assign minimum deposits to stock investors. You can follow investors even if you own just $1.

Public.com is fully regulated by SIPC. The platform claims to protect the account of its clients up to $500,000.

Public.com became so popular because of its user-friendly platform for copy traders. For example, here one can use a special feature to divide your products into different baskets, depending on the durability of the chosen strategy.  

✅ Pros: 

  • No fees for stock trading;
  • No account minimums;
  • Convenient navigation and interface.

❌ Cons: 

  • Limited exposure to financial assets;
  • Fees on cryptos might be as high as 2%.

NAGA

NAGA is a platform that provides brokerage services but it focuses more on social trading. You can benefit from foreign exchange, cryptocurrencies, stock CFDs, and CFDs on indices. All offered tradable products, except for stock CFDs, are traded without fees.

NAGA is supervised by the CySEC regulator. Plus, it offers very popular trading platforms MT4 and MT5. The leverage on NAGA varies for different instruments. Cryptocurrencies come with high leverage of up to 1:20, while forex products are traded with the 1:4000 leverage.

The possibility to deposit and withdraw funds is limited to traditional credit/debit cards provided (VISA, MasterCard, Maestro), wire transfer, and a couple of alternative options (Diners, Discover). Depositing in crypto isn’t available.

✅ Pros:

  • Advanced social forex trading platforms;
  • Free access to robust trading tools;
  • No fees for the majority of products;
  • Good regulation.

❌ Cons:

  • Isn’t accessible to US residents; 
  • You have to pay extra commissions to withdraw.

FXTM

FXTMTo start trading at FXTM you only need to deposit $10, After this, you’ll easily gain access to a huge diversity of assets, including Currency pairs, precious metals, CFD contracts on stocks, commodities, and indices.

The leverage here is up to 1:2000. FXTM isn’t just one of the top social trading sites, it’s a full-scale brokerage service where you can open different types of accounts. Your funds and assets will be protected by the Financial Services Commission of Mauritius regulator.

✅ Pros:

  • Great exposure to different financial markets;
  • Wide variety of trading and analytical tools;
  • The possibility to trade on the most popular trading platforms – MT4 and MT5.

❌ Cons:

  • FXTM doesn’t offer investment accounts, so investing is possible only through its copy trade platform.
  • You cannot trade on weekends.

BingX

BringX is a crypto network that aims to provide its users with novice tools for cryptocurrency trading. Its social trading platform is available in more than 100 regions across the globe. In the US, this company is registered under the name of Money Service Business (MSB) under the Financial Crimes Enforcement Network (FinCEN) of the US Department of Treasury.

BringX charges fees for futures trading. They depend on chosen assets. BringX is one of the best crypto social trading platforms, but if you want to benefit from other assets, you should look for another platform.

✅ Pros:

  • Available in the US on both web-based and mobile platforms;
  • High level of copy trading automation.

❌ Cons:

  • Trading and withdrawal fees are applied.
  • Lack of trading products.

ZuluTrade

Zulu Trade is one of the best social forex trading platforms. Unlike all other participants on this list, ZuluTrade isn’t an independent provider of brokerage services. This is a solution that might be offered by different brokers, including several from the US. ZuluTrade doesn’t charge entry fees and provides the possibility to open a demo account. 

ZuluTrade is one of the top social trading platforms in terms of ease of use and availability. It offers a big diversity of traders to follow. Or, you can look for investment strategies and make passive income as an investor, not a copy trader.

✅ Pros:

  • ZuluTrade is a platform completely focused on social trading;
  • Profitable traders who provide their strategies are required to keep only their commissions;
  • ZuluTrade provides detailed information about every trader and their performance.

❌ Cons:

  • Free access attracts a lot of unprofitable traders and it’s difficult to filter them out;
  • Many traders you can follow might use demo money and neglect risk management rules.

Darwinex

Darwinder is a multiplatform broker that has gained a reputation as a reliable trading platform. It has been operating since 2012. Currently, Darwinex runs under the European regulation of MiFID and is authorized by FCA in the UK.

The leverage varies depending on the type of asset. Major currency pairs can come with a maximum leverage of up to 1:30. What’s fine about Darwinex is that alongside social trading, it offers the possibility to open accounts for traditional traders and investors as well. Providers of deals earn up to 20% of the income of their followers.

✅ Pros:

  • Strict regulation by reputable bodies;
  • The possibility to open multiple accounts;
  • Access to different trading instruments;
  • No fees.

❌ Cons: 

  • Darwinex doesn’t provide 24/7 support;
  • Complicated interface for beginning traders.

iSystems

iSystems is one of the social trading sites featured with European brokers. Mainly, you can find this copy trade platform with services that provide the possibility to trade futures and stocks. Other assets are also available for copy trading but this depends on your broker and the chosen trading system.

iSystems is one of the best social trading platforms in terms of usability and customizability. You can use it in web versions, desktop versions, or mobile applications. Plus, you can develop your own automated trading system by using the tools available on this platform.

✅ Pros:

  • Many automated trading systems from iSystems are available for US residents;
  • The platform features a high level of customizability.

❌ Cons:

  • All trading conditions totally depend on the broker;
  • Most companies partnering with iSystems don’t provide cryptocurrencies or forex trading products.

tastyworks

Tastyworks is the only trading platform on this list where you can trade options. All positions on this trading platform are opened only with fees. Their sizes depend on assets. Some are charged closing fees as well, including all available types of futures and cryptocurrencies.

Tastyworks is popular with beginners thanks to the availability of great educational content and a high level of customizability.

✅ Pros:

  • Great diversity of tradable products;
  • Easy-to-use for beginning traders;
  • Advanced trading tools.

❌ Cons:

  • It might be difficult to sort away providers of signals, especially when trading options.
  • The platform doesn’t have the features necessary for productive technical analyses.

Summary

PrimeXBT and eToro are the most obvious competitors to be awarded the titles of the best social trade platform. Yet, PrimeXBT is our undisputed favorite in terms of social trading. When you are registered on PrimeXBT, you can access the Covesting copy module and explore the huge selection of traders and conveniently exclude the bad-performing ones. You can also benefit from inviting your friends to participate in copy trading with PrimeXBT. With all its sophisticated technical features and minimum fees, Covesting from PrimeXBT remains the best social trading solution in 2022.
Social trade with PrimeXBT

FAQ

Which trading platform is best for beginners?

Covesting is a worthy option to consider for beginners. It offers a big selection of traders to copy and a lot of features that improve customizability. Or, you can consider trading on a demo account provided by ZuluTrade. This is a good way to gain real experience without risking your real funds.

What is Social Trading? 

Social trading is a form of activity that allows participants to follow other traders and their strategies. This way to trade is considered a form of investment because usually, users apply short-term or long-term investment strategies. Social trading is also a way to make a passive income for experts by sharing their strategies.

What is the difference between social trading and copy trading?

Copy trading is a subcategory of social trading activities. Literally, it means to copy the deals of traders you follow. Social trading is a broader concept because here you can just observe. When copy-trading the deals of the chosen investor will be automatically repeated on your account without the possibility to decline.

What is social trading in forex?

The forex market is where traders deal with currency pairs and their exchange rates. Most users think they cannot copy deals on foreign exchange. However, this is up to the platform. If a platform enables social trading in forex, it will work the same way as social trading in the stock or crypto market. The same goes for copy trading.

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