Best Copy Trading Forex Brokers in [current_date format=’Y’]: Top FX Platforms with Low Fees [Update]

Think trading is only for experts? Think again! The best copy trading Forex brokers are here to change the game.

Now, even if you’re new to this, you can start making moves in the Forex market. It’s like having a trading mentor: follow the steps of the pros, and you’re on your way to success.

First up, check out IG Forex Trading – it’s our top pick because it’s easy to use and has some of the lowest fees around. But that’s just the start. We’ve got a whole list of the best brokers for you!

Want to find out more? Keep reading!

Best Copy Trading Forex Brokers

🥇 Best overall	IG Forex Trading
💰 40+ currency pairs to trade	eToro
💸 Commission-free Forex trading	Plus500
🤑 Top-tier negative balance protection	Interactive Brokers
💎 Lowest spreads	CMC Markets
🔝 Top pick for high-budget trades	Saxo Bank
📱 Excellent mobile app	Public.com
🎁 5,600+ instruments to trade	XTB

Let’s now talk about how these copy trading Forex brokers performed against strict criteria. This will cover the payment methods, fees, trading experience, and more.

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1. IG Forex Trading – Best Copy Trading Forex Broker Overall

• Minimum deposit: $50
• Fees: 0%
• Average Spread (EUR/USD): 1.04
• Number of Currency Pairs: 80+
• Regulators: FCA, FINMA, ASIC, & more
• Year established: 1974
• Demo: Yes
• Overall Rating: 4.9/5

Up and running since 1974, IG is our No. 1 pick and a highly reputable copy trading platform. The site is known for ultra-low spreads (as low as 0.8 pips on popular pairs), over 80 currency pairs to trade, and an array of free trading tools.

Payment Methods and Fees: 4.9/5

IG.com supports a range of payment methods for deposits, including credit cards, debit cards, bank transfers, and PayPal. The minimum deposit amount varies depending on the payment method you choose to use.

For card payments, a minimum of $50 is required. However, there’s no minimum for bank transfers.

As for fees, IG.com does not charge for deposits. However, subscribing to ProRealTime, an advanced charting package, costs $40 per month, which is refunded if you place four or more trades a month.

As for spreads, they are quite competitive. The average spread for EUR/USD is about 1.04 pips, which is quite competitive.

Forex Trading: 4.95/5

This copy-trading Forex broker boasts over 17,000 instrument groups, including Forex, cryptos, indices, fiat currencies, commodities, and more.

As a beginner-friendly broker, IG offers years’ worth of free educational resources, with a strong emphasis on Forex copy trading via series like Forex Focus and Forex Fundamentals.

The copy trading platform also has a regularly updated sheet of Forex market pairs complete with a variety of filters like most popular, major currencies, minor currencies, emerging currencies, Australasian currencies, exotic currencies, and more. In total, we counted over 80 currency pairs here.

It also features an inbuilt search bar that can be used to locate the desired pair instantly and see ongoing bids, offers, and changes.

User Experience: 4.95/5

IG.com comes with an excellent design, allowing for an intuitive and user-friendly experience. It caters to both beginners and seasoned traders, making it easy to navigate through the markets. The mobile app mirrors this ease of use, making copy trading on-the-go a breeze.

One of the key features of the IG is its advanced charting capabilities. While it may take a bit of time to get used to the mobile app, it’s a powerful tool for making informed trading decisions once you’ve got the hang of it.

For those looking for even more in-depth analysis, IG offers ProRealTime. This premium software allows for a high level of customization, enhancing your copy trading experience.

[su_button url=”https://hudsonreporter.com/go/ig-main-en/?!86a25a4zu” target=”blank” style=”flat” background=”#48C93F” size=”6″ center=”yes” radius=”round”]Enjoy FX trades with low spreads[/su_button]

2. eToro – Most Currency Pairs to Trade of all Copy Trading Platforms

• Minimum deposit: $100
• Fees: 0%
• Average Spread (EUR/USD): 1.0
• Number of Currency Pairs: 40+
• Regulators: FCA, CySEC, & more
• Year established: 2007
• Demo: Yes
• Overall Rating: 4.85/5

eToro is a fairly new Forex broker founded in Tel Aviv in 2007. This broker offers 0% fees on ETFs, Forex, and options and only 1% fees on crypto trading.

Payment Methods and Fees: 4.85/5

To get started, traders are expected to deposit at least $100, although non-US users can expect minimum deposits of $50 – in Australia and some European countries.

When it comes to max deposits, you can fund your account with up to $40,000 per transaction via debit card and up to $10,000 per day via bank account or PayPal. eToro charges a 1% fee for buying or selling crypto.

There are also other types of fees, including conversion fees, spreads, overnight fees, withdrawal fees, and inactivity fees – but these are standard in the trading world. While most deposit options are free of charge, a 0.7% fee is charged if you deposit more than $2,000 in total on your investment using some methods.

In terms of demos, eToro allows new users to create a free account with a unique portfolio “funded” with roughly $100,000 in virtual cash that can be used to explore the platform’s services and practice day trading skills.

Forex Trading: 4.8/5

This copy trading platform made waves in the copy-trading space with its innovative “Smart Portfolios.”

These pre-built short-term portfolios offer an instant, personalized approach to trading in the desired segment, with some of the most popular choices being Renewable Energy, Balanced/Big Crypto, Medicine, Gold, and AI-Revolution.

Moreover, they’ve recently launched the in-house CopyTrader that allows users to choose from a broad range of successful investors and seamlessly copy their strategies. Sadly, this feature is still a work in progress and currently only works for cryptocurrencies.

Despite being an emerging Forex trading broker, eToro already looks and feels polished. Its CopyTrader might forever change the Forex auto-trading landscape once it goes out of beta.

User Experience: 4.9/5

eToro’s copy trading platform is pretty straightforward. The watchlist feature, where you can track specific markets, is right on the homepage. You just click on a market, and it gets added to your list. Simple.

The mobile app is handy for trading on the go. It’s got a cool feature called ‘CopyTrader’. You can find it in the menu at the bottom. It lets you see what successful traders are doing and copy their trades.

On the other hand, we have to note that the app can sometimes be slow to load, especially when the market is busy. And the charts? They could use some work, too. They’re there, but they’re basic compared to the ones on the desktop version.

[su_button url=”https://hudsonreporter.com/go/etoro-cry-pro-en/?!86a25a4zu” target=”blank” style=”flat” background=”#48C93F” size=”6″ center=”yes” radius=”round”]Trade 40+ currency pairs[/su_button]

3. Plus500 – Lowest Fees of Any Copy Forex Trading Platform

• Minimum deposit: $100
• Fees: 0%
• Average Spread (EUR/USD): 0.8
• Number of Currency Pairs: 70+
• Regulators: FCA, ASIC, FMA, and more
• Year established: 2008
• Demo: Yes
• Overall Rating: 4.8/5

Plus500 is an up-and-coming Forex copy trading broker launched in 2008 – over the years, it has become one of the most popular brokers online. Let’s see exactly what it has in store for you.

Payment Methods and Fees: 4.75/5

Similar to eToro, the lowest amount of cash required to open a Plus500 trading account is just $100.

The available payment options include debit and credit cards, specifically Visa and MasterCard. The copy trading platform prides itself on transparency, offering most of its services free of charge and being upfront about the few fees it does levy.

One fee includes a charge of up to $10 per month if you fail to log into your trading account for at least three months.

Plus500 also charges a $10 fee for withdrawal requests that exceed five in a month. However, they cover most payment processing fees, and withdrawals or deposits are generally free.

Forex Trading: 4.8/5

One of the main reasons why Plus500 soared in popularity is because it’s easy to use and offers thousands of diverse trading instruments. From agriculture and medicine to energy, metals, and indices to crypto and forex, it covers an umbrella of varied markets.

At the time of writing, there are over 70 currency pairs available for trading at Plus500. So, you can follow trading signals on various currencies here! It’s one of the best Forex brokers when it comes to market variety.

User Experience: 4.8/5

Plus500’s user interface is well-organized, making it easy to find what you need. The main trading screen has three sections: the left panel lists tradable assets and watchlists, the middle shows the chart for a selected asset, and the right panel has the buy and sell boxes.

However, while the charting tool provides basic functionality like line, candlestick, and bar charts, it lacks more advanced features like drawing tools or Fibonacci retracement, which might disappoint more experienced traders.

[su_button url=”https://hudsonreporter.com/go/plus500-main-en/?!86a25a4zu” target=”blank” style=”flat” background=”#48C93F” size=”6″ center=”yes” radius=”round”]Trade FX with the lowest fees[/su_button]

4. Interactive Brokers – Best Negative Balance Protection of All FX Copy Trading Brokers

• Minimum deposit: $100
• Fees: 0%
• Average Spread (EUR/USD): 0.65
• Number of Currency Pairs: 100+
• Regulators: SEC, FINRA, and more
• Year established: 1977
• Demo: Yes
• Overall Rating: 4.75/5

Interactive Brokers LLC is almost as old as IG. The platform offers an exceptionally wide range of markets, with about 2 million trades executed every single day.

Payment Methods and Fees: 4.75/5

Interactive Brokers require different minimums depending on the chosen account type. For Forex traders, you can start trading with only $100, but you’ll need a minimum of $2,000 to be eligible to use leverage.

There are payment options you can use here, including wire transfers and check withdrawals. The first withdrawal each month is free, but additional withdrawals come with a fee.

They also offer commission-free trading in US-listed stocks and ETFs with their IBKR Lite plan. Plus, there’s no minimum deposit required to open an account.

Be aware that other fees may apply for activities such as corporate actions, exercise and assignment, ADR/GDR, IRA, DTC transfers, high-risk exposure, RSP, and LEI.

Forex Trading: 4.8/5

Interactive Brokers is easily among the most versatile and best-rounded Forex trading platforms, even though they currently do not support any copy or social trading elements besides integrations with copy trading platforms that do.

They cover a massive list of global Forex trading markets, from USD, GPB, EUR, and CAD to a variety of minor currencies like SEK, ZAR, and NOK, and beyond.

Forex spreads at Interactive Brokers are considered low. For instance, the EURUSD spread is only 0.2. Interactive Brokers sources quotes from 17 of the world’s largest interbank dealers, delivering about 2,000,000 trades daily.

Want to trade with high leverage? Then Interactive Brokers has got you covered – it uses top-tier negative balance protection, which ensures that all your positions are automatically canceled whenever your balance reaches zero. Thus, you are always protected from going into negative territory.

User Experience: 4.5/5

The user experience of Interactive Brokers is excellent, offering several interfaces, including a Trader Workstation (TWS), Account Management, and a mobile application.

These platforms are designed to cater to different trading needs and preferences. Their mobile app, IBKR Mobile, is particularly praised for enabling secure trading on the go.

Interactive Brokers also provides tools like Tax Optimizer integrated with their trading app, which allows traders to manage gains and losses proactively. Despite these features, some users have expressed a desire for improvements to the mobile interface.

[su_button url=”https://hudsonreporter.com/go/interactivebrokers-main-en/?!86a25a4zu” target=”blank” style=”flat” background=”#48C93F” size=”6″ center=”yes” radius=”round”]Trade Forex with higher leverage[/su_button]

5. CMC Markets – Best Copy Trading Platform for Low Spreads

• Minimum deposit: $0
• Fees: Variable, depending on account type
• Average Spread (EUR/USD): 0.61
• Number of Currency Pairs: Over 300
• Regulators: FCA, BaFin, ASIC, and more
• Year established: 1989
• Demo: Yes
• Overall Rating: 4.7/5

CMC Markets was founded in 1989 by Peter Cruddas, an English businessman and the former richest person in London. Fast-forward to today, this Forex trading platform boasts a reputation as the No. 1 trading spot when it comes to low spreads.

Payment Methods and Fees: 4.7/5

CMC Markets doesn’t have any predetermined deposit minimums because it utilizes a SaaS-based pricing model encompassing Spread Betting, CFD Trading, and FX Active.

The latter is a Forex-focused option with relatively high commissions and 25% spread discounts as its main draw. Overall, it’s one of the best Forex brokers with low spreads.

Forex Trading: 4.75/5

All CMC Markets account types cover 300+ Forex pairs and over 12,000+ markets in total. Social and copy trading is somewhat supported via community live chat features.

Choosing the right account can be a bit difficult for beginners because the advantages of each aren’t clearly underpinned.

For instance, the Forex-intensive FX actively expands on available shares but doesn’t cover market data with the free trial (while CFD trading does).

User Experience: 4.6/5

The CMC Markets mobile app has been recognized for its design and functionality, enabling seamless trading anytime, anywhere. It has received numerous updates, each enhancing the trading experience further.

Users have praised the advanced tools, comprehensive market research, and overall terrific user experience provided by CMC Markets.

[su_button url=”https://hudsonreporter.com/go/cmcmarkets-main-en/?!86a25a4zu” target=”blank” style=”flat” background=”#48C93F” size=”6″ center=”yes” radius=”round”]Trade 300+ Forex pairs[/su_button]

How We Ranked the Best Copy Trading Platforms

Payment Methods and Fees

Some copy trading platforms have a wide array of payment options like bank transfers, card payments, and even digital wallets like PayPal. They might also differ in their fee structures – some don’t charge for deposits or management, which can be a big plus.

Forex Trading

The Forex trading experience varies from platform to platform. Some offer a broad range of currency pairs, quick execution speed, and additional features like leverage or automatic stop-loss orders. These factors can greatly enhance your trading experience.

User Experience

The overall user experience is key. This includes the website design, ease of use, and the quality of customer support. Copy trading platforms with an intuitive interface and advanced features often stand out.

We used similar guidelines to rank the best TradingView Forex brokers.

Why Is IG the Best Copytrading Forex Broker?

There are several very valid reasons why IG stood out as the No. 1 copy trading platform for Forex traders. Let’s cover some of them, shall we?

• Launched in 1974: IG has been a trusted name in the trading industry since 1974. Its longevity speaks volumes about its reliability, consistently delivering quality services to traders worldwide.
• 17,000+ Assets: There is an extensive selection of over 17,000 assets at IG, including Forex, indices, shares, commodities, and cryptocurrencies. This wide array means that traders have more opportunities to diversify their portfolios.
• Educational Resources: IG is committed to empowering traders through education. They offer a range of resources, including webinars, courses, articles, and interactive quizzes.
• Reasonable Fees: Another reason why IG ranked so high is the competitive and transparent fee structure. For Forex trading, they offer tight spreads – the difference between the buy and sell price.

For instance, EUR/USD can go as low as 0.6 points. In terms of commissions, IG charges a minimum of $10 for US share CFDs per transaction, but this can be reduced for active traders.

Why Should I Use the Best Forex Copy Trading Platforms

There are several reasons why copy trading might be the best trading strategy for you. Here are some of the key points.

• Reduced Emotional Trading: This is pretty big, actually. Trading can often be influenced by emotions, leading to rash decisions. Copy trading eliminates this factor, as trades are based on the strategy of seasoned traders.
• Performance Tracking: Top copy trading platforms provide comprehensive performance tracking features. You can easily monitor your progress and the performance of the traders you’re copying, helping you make informed decisions.
• Risk Management: Some copy trading platforms also allow you to set a maximum loss limit for each copied trader, which can help protect your account from significant losses.
• Learning Opportunity: Especially for new traders, copy trading allows you to learn by observing the trading strategies and decisions of experienced traders. You can gain insights into how they analyze financial markets when they choose to enter or exit trades, how they manage risk, and more.

Top Copy Trading Platforms: Which Trader Should You Follow?

We would like to take a moment to cover some of the key points you need to pay attention to for successful copy trading.

• Track Record: Look for traders with a consistent trading history of profitability over several years, not just months.
• Risk Management: Consider their risk/reward ratio. Traders who consistently keep their losses smaller than their gains demonstrate good risk management.
• Trading Style: Ensure their trading style aligns with yours. For instance, if you’re a long-term trader, copying a day trader might not suit you.
• Reviews and Recommendations: Find traders with positive feedback from other users. For example, a trader with high ratings and glowing reviews is likely to be reliable.

Best Copy Trading Brokers: Fees & Commissions to Consider

As with any investment service, there are fees and charges associated with copy trading that you should be aware of. Understanding these costs is crucial for calculating potential profits and making informed trading decisions.

• Trading Spreads: The spread is the difference between the buying and selling price of a currency pair. It’s one of the main ways the best Forex brokers make money. In copy trading, you will pay the spread on each trade, just like if you were trading yourself.
• Copy Trading Fees: Some platforms charge a fee for their copy trading services. This could be a flat fee, a percentage of your profits, or a combination of both. For example, a platform might charge a 20% performance fee, meaning they take 20% of your profit from each trade.
• Withdrawal and Deposit Fees: Many platforms impose fees for depositing or withdrawing money from your trading account. These can vary widely depending on the payment method.
• For example, bank transfers might be free, but credit card deposits could carry a 3% fee. Similarly, some platforms might charge a flat fee for withdrawals, regardless of the amount.
• Inactivity Fees: If you don’t use your trading account for a certain period, some platforms might charge an inactivity fee. This is usually a monthly charge that starts after a specified period of inactivity, such as 12 months.

Best Copy Trading Platforms: FAQs

What is Copy Trade and How Does it Work?

Copy trading is a method in investing where you automatically copy the trades made by successful traders.

When they make a trade, the same trade is made in your account. It’s a way to learn from experts and potentially profit from their knowledge and experience while still maintaining control over your own trading account.

Is Forex Copy Trading Safe?

Forex copy trading can be safe if you choose reputable platforms like UF and experienced professional traders to copy. However, it’s not risk-free. The Forex market is unpredictable, and even skilled traders can make losses. So start with a small investment until you’re comfortable.

What Are the Best Forex Copy Trading Strategies?

The best Forex copy trading strategy is selecting a reputable trader to follow. This involves not only looking at their trading history but also considering their current situation and future prospects.

Can I Make Real Money From Forex Copy Trading?

Absolutely! Forex copy trading allows you to earn money by following the trades of experienced traders. However, it’s not a guaranteed path to riches and depends on several factors, like the trader you choose to follow and market conditions.

How Much Money Do I Need to Start Forex Copy Trading?

The starting amount varies. Some platforms allow a start of as little as $200, but a recommended starting point would be around $1,000 for better risk management and diversification.

Risk Management When Using the Best Social Trading Platforms

Risk management is a critical component of successful Forex copy trading. The inherent risks of Forex trading are amplified in copy trading due to the added complexity of following professionals’ trading strategies.

• Stop-Loss and Take-Profit Orders: Stop-loss and take-profit orders are fundamental risk management tools. A stop-loss order automatically closes your position if the price reaches a certain level, limiting your potential loss. A take-profit order, on the other hand, secures your profit by closing the position once the price hits a predetermined level.
• Proportional Copying: Proportional copying, also known as ratio copying, allows you to set the proportion of the copied trader’s position size in your own portfolio. This tool helps manage risk by ensuring that you do not over-leverage your account when copying a trader who trades with high volumes.
• Copy Stop-Loss (CSL): Some platforms offer a Copy Stop-Loss feature, which lets you decide the maximum amount you’re willing to lose from copying a specific trader before the system automatically stops copying them. This tool is particularly useful in managing the risk associated with a single trader underperforming or making risky decisions.
• Diversification: While not a tool per se, diversification is a strategy that many platforms encourage. By copying multiple traders with different trading strategies and risk levels, you spread the risk across various trades and strategies, reducing the impact of a single trader’s poor performance on your overall portfolio.
• Real-Time Alerts: Some copy trading platforms offer real-time alerts about significant market events or changes in a copied trader’s strategy. These alerts can help you react quickly to changes in the market or a trader’s behavior, further helping manage risk.

Comparing the Top 5 Best Forex Brokers for Copy Trading

IG Forex Broker: The best copy trading platform overall. The platform was launched in 1974, allows you to trade over 80 currency pairs, and is known for super-fast processing speeds.

eToro: The best demo trading platform out there, granting you $100,000 virtual cash in a free account to test your trading strategy. The copy trading broker also offers its in-house CopyTrader feature.

Plus500: This is the top pick for commission-free copy trading, with over 60 currency pairs, low deposit limits, and no fees. This place has also partnered with major brands like the Chicago Bulls.

Interactive Brokers: The widest range of markets combined with a reputation stretching back to 1977. This spot is also one of the best options for EUR/USD copy trading. It also features a top-tier negative balance protection.

CMC Markets: The best copy trading broker when it comes to Forex spreads. The site was launched in 1989 and has a $0 minimum deposit, which is not something most copy-trading platforms can say.

Tips & Strategies for Forex Copy Trading Online

The main goal of this article was to help you find reputable copy trading services. But we also want to arm you with knowledge on how copy trading works and which strategies work best. Sounds good?

• Copying Trade Sizes Proportionally: When copying a Forex trade, it’s crucial to adjust the trade size according to your own account balance. If the trader you’re copying is using a much larger account, copying their trades 1:1 could expose you to risk. Instead, successful copy traders often adjust the trade sizes proportionally to match their own risk management rules.
• Currency Pair Specialization: In Forex copy trading, each currency pair has its own unique characteristics and behaviors. Some successful copy traders focus on copying trades from traders who specialize in specific currency pairs. This allows them to gain exposure to the trader’s specialized knowledge and experience with those pairs.
• Understanding Trader’s Risk Management: A key part of a trader’s strategy is how they manage risk. Before copying a trader, it’s important to understand their approach to setting stop losses and taking profits, and how they handle trades that go against them. This can give you an idea of the potential downside risk involved in copying their trades.
• Copy Trading Scalpers: Scalpers are traders who make numerous trades throughout the day, aiming to profit from small price changes. If you find a successful scalper who trades major pairs like USD/CAD, copying their trades could lead to frequent, albeit smaller, profits.

Are You Ready to Start Trading With a Copy Trading Broker?

We hope you found your ideal Forex copy trading platform because that’s a wrap!

Again, IG Forex Broker is our No. 1 option as the leading copy trading broker, offering over 40 years of experience and a stellar platform.

Take your time and check out our full list of copy trading platforms – don’t forget to take a look at our copy trading strategies. Only join the financial markets when you’re ready and use your money responsibly.

 

DISCLAIMER: The information provided in this guide is for educational purposes only. We do not offer financial advice and brokerage services nor recommend readers to buy or sell cryptocurrencies, stocks, or securities. Online trading is risky, so make sure to approach it with caution.