Hotforex
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CopyTrading is an incredibly efficient way to learn how to trade or to test new strategies and tools. We recommend the following 30 Best Copy Trading Forex Brokers if you are a beginner or experimenting with different trading styles.
What is Copy Trading?
Copy trading started in 2005 when complex trading algorithms were copied through automated trading bots. Since then, the process of copying trades has become incredibly user-friendly and sophisticated, having evolved from something that was used primarily by experienced traders, to something that is beginner-friendly and easy to use.
Copy trading platforms such as Zulutrade, Duplitrade, Digitrade, ForexCopier and many others emerged and it has become an increasingly popular way of trading because of how easy it is to learn by watching other people trade.
In fact, copy trading has become so popular that some investors actually opt for creating portfolios based on people instead of assets, and instead of traditional investments where money is put into stocks or commodities, they invest in successful traders whose strategies they can copy.
How does Copy Trading work?
Most copy trading platforms work the same way. Essentially, you simply choose a trader to copy, you invest some money and in most cases, your trading account will automatically copy their trades in real-time (which is why it is important to use a platform that meets your specific needs).
With some brokers, like eToro, there are no additional costs to copying trades, but always be sure to enquire and do your research about platform and trading fees before making any commitments.
Most brokers and copy trading platforms will advise you not to put all your money on one specific trader because when they lose, you lose. A good balance can be obtained by investing only up to 20% of your portfolio in a trader and you should always look at statistics and track records, and not choose traders based on personal preferences.
What are the Benefits of Copy Trading?
Copy trading is popular for the following reasons:
- It helps you develop your own trading style over time
- You can learn from successful traders
- Beginners get introduced to advanced concepts and trading strategies
- Risks are more distributed across your portfolio
- You are part of a community
- You can follow trading activity and learn in the process
- You can use multiple strategies in a single portfolio
- It frees up a lot of your time and reduces stress
- You can choose to copy trade manually or automatically
AvaTrade
AvaTrade requires a minimum deposit of 100 USD to activate your trading account and you can fund your account using AUD, CHF, USD, GBP or EUR.
You can trade Cryptocurrencies, Commodities, Forex pairs, Indices, Stocks, Bonds and ETFs with this broker and you can use MT5, AvaTradeGo, MT4 and AvaOptions.
AvaTrade offers 4 types of accounts and is suitable for inexperienced traders.
Pros and Cons of AvaTrade:
| ✔️Pros | ❌Cons |
| Multiple accounts | No US clients |
| 5+ regulations | Minimum deposit may be high for international clients |
| Beginner-friendly | |
| Trading bonuses |
Alpari
Alpari has millions of clients and offers more than 250 tradable instruments.
You can choose from 4 types of accounts, depending on whether you prefer standard or ECN trading conditions, and swap-free and demo accounts are also provided.
This is another great option for beginners and we recommend this broker if you are new to trading because educational resources are provided, along with demo accounts and a variety of trading tools.
Pros and Cons of Alpari:
| ✔️Pros | ❌Cons |
| 300+ instruments | Not many regulations |
| Referral awards | Only 3 asset classes |
| MetaTrader compatibility | |
| High maximum leverage |
eToro
You can trade Forex, Commodities, Cryptocurrencies, ETFs, Stocks and Indices, by depositing only 50 USD into your eToro account.
Several base currencies are supported for account funding, including USD, JPY, RUB, CAD, EUR, CNY, GBP and AUD.
This broker is compatible with the OpenBook platform, but you can also use the proprietary eToro trading platform.
Pros and Cons of eToro:
| ✔️Pros | ❌Cons |
| 17mil+ clients | No trading bonuses |
| US clients accepted | Low maximum leverage |
| Low minimum deposit | No MetaTrader support |
| Tier-1 regulations |
HotForex
HotForex offers a loyalty program and a unique reward system for clients that allows “bars” to be exchanged for premium benefits.
This broker offers several account types with variable spreads and MetaTrader support.
Only 5 USD is required to trade with HotForex and you can fund your account using ZAR, NGN, USD or USD.
Pros and Cons of HotForex:
| ✔️Pros | ❌Cons |
| 5+ accounts | High trading fees |
| Very low minimum deposit | Inactivity is penalised |
| 6+ asset classes | |
| Loyalty program |
RoboForex
RoboForex is another great option for traders on a budget and requires only 10 USD to activate a trading account.
As a RoboForex client, you can benefit from multiple reward systems, such as VIP services, rebates, trading bonuses, VPS and more.
This broker supports MetaTrader 4 and 5, cTrader and R Stocks Trader.
Pros and Cons of RoboForex
| ✔️Pros | ❌Cons |
| Welcome bonus | No tier-1 regulations |
| Low minimum deposit | No USA clients |
| Trading contests | |
| Multiple demo accounts | |
| Support for popular platforms |
OctaFX
OctaFX is an FSA and SVGFSA-regulated broker that has more than 6 million clients from over 100 countries.
This broker offers 3 account types and requires a minimum deposit of 100 USD, accepting USD and EUR as base currencies for account funding.
You can trade Cryptocurrencies, Commodities, Forex, Stocks and a variety of CFDs with OctaFX and MT4 and 5 are supported platforms.
Alternatively, you can trade on OctaFX’s proprietary trading platform.
Pros and Cons of OctaFx:
| ✔️Pros | ❌Cons |
| Available in 100+ countries | 2 base currencies |
| Flexible accounts | |
| Trading bonuses | |
| Compatible with MetaTrader |
Forex4you
Forex4you offers 3 proprietary trading platforms and MetaTrader4 support.
The Share4you copytrading program allows for fully automated trading with risk control tools and more than 1,000 successful traders provide strategies on this platform.
Share4you is suitable for beginners, and we highly recommend using this broker if you are new to trading because no minimum deposit is required, you can use demo accounts and plenty of learning material is provided.
Pros and Cons of Forex4you:
| ✔️Pros | ❌Cons |
| No minimum deposit | No swap-free account |
| Multiple platforms | No crypto trading |
| Award-winning broker | |
| Trading bonuses and promotions |
Dukascopy
Dukascopy accepts more than 10 currencies for account funding, including ZAR, USD and EUR, and requires a minimum deposit of 100 USD.
Multiple live and demo accounts are available and you will have access to a variety of charting tools, trading signals and technical indicators.
This broker is compatible with MetaTrader 4 and the JForex platform and offers wealth management services in addition to trading accounts.
Dukascopy Pros and Cons
| ✔️Pros | ❌Cons |
| 10+ base currencies | High commission fees |
| Great selection of tools | No US clients |
| Multiple accounts | |
| Trading bonuses |
InstaForex
As an InstaForex client, you can trade Oil, InstaFutures Gas, Futures, Metals, Indices, Crypto, Stocks, Commodity and Forex on the MetaTrader platforms and the proprietary InstaTick platform.
InstaForex offers 2 accounts, as well as demo accounts and Islamic accounts, and is suitable for beginners.
InstaForex requires a minimum deposit of only 1 USD and a great selection of trading tools are provided.
Pros and Cons of InstaForex:
| ✔️Pros | ❌Cons |
| Low minimum deposit | 2 base currencies |
| 6+ asset classes | No USA clients |
| Trading bonuses | |
| MetaTrader support |
NPBFX
NPBFX is an all-in-one broker that offers learning resources and demo accounts for beginners, as well as advanced analytics tools, multiple copy trading platforms (such as MyDigiTrade and ZuluTrade) and several different promotions.
As an NPBFX client, you can benefit from the loyalty program, up to 60% cash back rewards, contests and more.
In addition to Swap-free and demo accounts, NPBFX offers 3 trading accounts with a minimum deposit of only 10 USD is required to trade with this broker.
Pros and Cons of NPBFX:
| ✔️Pros | ❌Cons |
| Low minimum deposit | No cryptocurrencies |
| Loyalty program | 3 base currencies |
| User-friendly website | |
| Compatibility with multiple platforms |
ETX Capital
ETX Capital offers 24/7 support and facilitates the trading of Forex, Indices, Shares, Commodities and Cryptocurrencies.
ETX Capital supports the MetaTrader 4 platform, but a proprietary trading platform and plenty of trading tools and resources are also provided.
ETX Capital provides thousands of trading strategies and daily market commentary.
Pros and Cons of ETX Capital:
| ✔️Pros | ❌Cons |
| 24/7 support | 3 base currencies |
| 5,000+ strategies | |
| Plenty of trading resources | |
| CySEC-regulated |
FXTM
FXTM is a regulated MetaTrader-compatible broker with more than 2 million clients from over 100 countries.
There are 3 accounts to choose from, as well as swap-free and demo accounts, and you can trade Forex, CFDs, Stocks, Indices, Commodities and Metals with this broker.
FXTM is a great option for beginners and a variety of technical indicators, strategy tools and trading signals are provided for more experienced traders.
Pros and Cons of FXTM:
| ✔️Pros | ❌Cons |
| 2 mil+ clients | No clients from US |
| 5,000+ strategies | Inactivity is penalised |
| Low spreads |
GO Markets
GO Markets requires a minimum deposit of 200 USD and accounts can be funded using NZD, CAD, USD, EUR, SGD, CHF, GBP, AUD or HKD.
This broker is suitable for inexperienced traders and offers plenty of guides, tutorials and articles, as well as demo accounts, to help you learn.
You can use Autochartist, a-Quant and MetaTrader Genesis for research and analysis and GO Markets is also compatible with Myfxbook and MetaTrader 4 and 5.
Pros and Cons of GO Markets:
| ✔️Pros | ❌Cons |
| 5+ base currencies | No swap-free account |
| Tier-1 regulations | High minimum deposit |
| Many platforms to use |
Pepperstone
Pepperstone is regulated by more than 5 reputable international agencies is compatible with MetaTrader 4 and 5 and cTrader.
This broker offers 2 accounts, as well as demo and Islamic accounts, and the minimum deposit requirement at Pepperstone is 200 USD.
You can fund your account using GBP, USD, EUR, AUD, CHF, SGD, HKD, NZD or JPY, and tradable instruments include Indices, Forex, ETFs, Shares, Cryptocurrencies and Commodities.
Pros and Cons of Pepperstone:
| ✔️Pros | ❌Cons |
| Many regulations | Low maximum leverage |
| 5+ base currencies | High minimum deposit |
| Trading bonuses | |
| No inactivity fee |
FXPrimus
FXPrimus offers 4 account types with incredibly tight spreads starting at 0 pips.
This is a CySEC-regulated broker that provides personal account management services, weekly market outlooks, educational material and more.
In addition to the MetaTrader and cTrader tools provided, you will also have access to VPS, a trading tools suite, premium APIs and advanced calculators.
Pros and Cons of FXPrimus:
| ✔️Pros | ❌Cons |
| Spreads starting at 0pips | No USA clients |
| Multiple accounts | |
| Negative balance protection | |
| Trading bonuses on Oil and Gold |
Swissquote
Swissquote is regulated by multiple top-tier entities and is recommended for swing traders, day traders and scalpers.
You can choose from 4 account types, as well as demo and swap-free accounts, and this broker supports Robo trading and multiple platforms, including FIX API, MT4 and 5, Trading Central, Autochartist, MT Master Edition and AdvancedTrader.
This broker may not be suitable for beginners because the minimum deposit requirement is fairly high (1000 USD) and the platforms provided are for more experienced clients.
Pros and Cons of Swissquote:
| ✔️Pros | ❌Cons |
| Many platforms | High minimum deposit |
| 10+ base currencies | Not beginner-friendly |
| Great for advanced traders |
FP Markets
You can open a demo account with FP Markets or activate your live trading account with only 100 USD using several currencies, including CAD, USD, EUR, GBP, NZD, HKD, JPY, CHF, AUD and SGD.
FP Markets offers a proprietary trading app with Expert Advisor support and free VPS, but you can also use MT4 and MT5.
This broker guarantees tight spreads and provides plenty of advanced trading tools and educational content.
Pros and Cons of FP Markets:
| ✔️Pros | ❌Cons |
| 10,000+ CFDs | No trading bonuses |
| Beginner-friendly | No fixed spreads |
| Tier-1 regulations |
FBS
FBS has more than 15 million clients globally and is regulated by 4 top-tier entities.
This broker offers 5 account types, as well as demo and swap-free accounts, and you can get more out of your investments with the FBS loyalty program.
You can start trading Indices, Stocks, Forex, Energies, Metals, Crypto by depositing only 1 USD with FBS and you can use MetaTrader 4 and 5, CopyTrade or the proprietary FBS Trader app.
Pros and Cons of FBS:
| ✔️Pros | ❌Cons |
| Beginner’s option | Low maximum leverage |
| 5 accounts | 2 base currencies |
| MetaTrader support | |
| Low minimum deposit |
Darwinex
Darwinex is a UK-based broker that is available in more than 80 countries.
This broker offers MetaTrader support, as well as being compatible with FIX API and Trader Workstation.
With Darwinex, you can trade Indices, Stocks, Commodities and US Forex, and accounts can be funded using EUR, GBP, or USD.
Darwinex is an FCA-regulated Forex broker based in the United Kingdom, that was founded in 2012.
Pros and Cons of Darwinex:
| ✔️Pros | ❌Cons |
| Multiple platforms | No swap-free account |
| Felxible account types | High minimum deposit |
| API supported | 3 base currencies |
Orbex
Orbex is an NDD CySEC-regulated broker that offers more than 300 tradable instruments across 4 asset classes.
This broker guarantees tight spreads, starting at 0pips and you will find plenty of trading guides, video tutorials and educational articles on the website.
Orbex offers 4 types of accounts, as well as demo and swap-free accounts, and a minimum deposit of 200 USD is required.
Pros and Cons of Orbex:
| ✔️Pros | ❌Cons |
| Tight spreads | No cryptocurrencies |
| Negative balance protection | |
| Daily market analysis | |
| Free VPS |
FXCM
FXCM offers a rebate program and rewards, clients through a referral program and an active trader program.
This broker is regulated by the ASIC and supports several platforms, including NinjaTrader, Station, Trading MT4, ZuluTrade, Capitalise AI and TradingView.
FXCM requires a minimum deposit of only 50 USD and you can trade Crypto, Commodities, Shares, Forex and Indices with them.
Pros and Cons of FXCM:
| ✔️Pros | ❌Cons |
| Low minimum deposit | 4 base currencies |
| Suitable for beginners | Penalty fees for inactivity |
| Top-tier regulations | |
| Multiple platforms supported |
LiteFinance
LiteFinance has nearly 1 million clients and offers a multilingual website with plenty of educational material for beginners.
You can choose from 2 accounts and demo accounts and swap-free accounts are provided.
LiteFinance facilitates the trading of Oil, Cryptocurrencies, NASDAQ CFDs, NYSE CFDs, Metals, Stocks and Forex, and your initial deposit requirement is only 50 USD.
Pros and Cons of LiteFinance:
| ✔️Pros | ❌Cons |
| Variety of tradable assets | No US clients |
| Rebate program | |
| MetaTrader support | |
| Low minimum deposit |
AMarkets
AMarkets is an FSA-regulated broker with plenty of trading tools, including Expert Advisor support, VPS hosting, access to AutoChartist, Economic calendars, Trader’s calculators and Sentiment Indicators.
This broker also provides trading ideas, Quarterly analytical reviews, Technical analysis reports, Forex news and weekly trade highlights.
In addition to all the tools and features offered, AMarkets is also a great option for beginners and the website is user-friendly!
Pros and Cons of AMarkets:
| ✔️Pros | ❌Cons |
| Tight spreads | 2 base currencies |
| Commission-free trading | Not many regulations |
| Plenty of analytics resources | |
| Beginner-friendly |
XM
XM is regulated by 6 entities across multiple jurisdictions and you can trade Crypto, Stocks, Metals, Shares, Energies, Commodities and Forex with this broker.
XM has over 5 million clients in nearly 200 countries and offers over 1,000 instruments.
XM requires a competitively low minimum deposit of only 5 USD and you can fund your account using GBP, AUD, CHF, RUB, JPY, HUF, EUR, PLN or USD.
Pros and Cons of XM:
| ✔️Pros | ❌Cons |
| Very low minimum deposit | No fixed spreads |
| 5+ base currencies | No US clients |
| MetaTrader support | Inactivity fees |
| Promotions and signup bonuses |
Tickmill
Tickmill is a beginner-friendly broker that is regulated by several entities, including CySEC and FCA.
This broker provides access to Autochartist and FIX API, and also allows the use of Pelican trading tools, VPS and Myfxbook.
Pros and Cons of Tickmill:
| ✔️Pros | ❌Cons |
| Negative Balance Protection | No clients from USA allowed |
| MetaTrader support | No fixed spreads offered |
| Commission-free trading | No crypto trading |
| Many regulations | |
| Flexible account options |
Vantage FX
With Vantage FX, you can trade Forex, CFDs, Soft commodities, Metals, Energy and Indices.
The platforms you can use with Vantage FX include MyfxBook, Protrader, ZuluTrade, Vantage apps, MetaTrader 4 and 5, Metaquotes and DupliTrade.
A 50% welcome bonus is offered and there is an active trader program for high-volume traders.
Pros and Cons of Vantage FX:
| ✔️Pros | ❌Cons |
| Free VPS | Commission charged |
| beginner-friendly | High minimum deposit |
| Trading bonuses |
IC Markets
IC Markets is an ASIC and CySEC-regulated broker that is suitable for retail trading, day trading, scalping and EA trading.
This broker requires an initial deposit of 200 USD and accounts can be funded using CAD, AUD, JPY, GBP, USD, HKD, EUR, NZD, SGD or CHF.
You can trade Bonds, Indices, Commodities, Crypto, Forex, Futures and Stocks with IC Markets and use MetaTrader 4 and 5, or cTrader.
Pros and Cons of IC Markets:
| ✔️Pros | ❌Cons |
| 5+ base currencies | No clients from US |
| Tier-1 regulations | High minimum deposit |
| MetaTrader support |
Axi
Axi is suitable for both retail and institutional traders and charges no penalty fees for inactivity, unlike most other brokers.
This broker is regulated by ASIC and 2 other entities and offers flexible account types.
You can start trading with Axi without making an initial deposit and the platforms supported by Axi include Myfxbook, PsyQuation and MT4.
Pros and Cons of Axi:
| ✔️Pros | ❌Cons |
| Inactivity is not penalised | No trading bonuses |
| Low spreads | Account creation takes long |
| Multiple platforms | |
| No minimum deposit |
ForexMart
ForexMart offers 4 account types and you can trade Metals, Energies, Spot Indices Cryptocurrencies, Forex and CFDs with them.
This broker is regulated by CySEC and requires a minimum deposit of 15 USD.
You can trade over 100 Forex pairs with ForexMart and demo accounts are provided.
Pros and Cons of ForexMart:
| ✔️Pros | ❌Cons |
| Multiple accounts | 3 base currencies |
| Negative Balance Protection | No US clients |
| Zero-commission trading | No trading bonuses |
| 100+ FX pairs |
Exness
We recommend heading over to the educational site where you will find all the learning material you need to learn how to trade if you are new to trading.
This broker requires a minimum deposit of 10 USD and accounts can be funded using EUR, AUD, NZD, SGD, JPY, ZAR, CHF or USD.
As an Exness client, you will be able to use MetaTrader 3 and 5, and there are several accounts to choose from.
Pros and Cons of Exness:
| ✔️Pros | ❌Cons |
| Low minimum deposit | No trading bonuses |
| MetaTrader support | Educational resources not on main site |
| Unlimited leverage | |
| 107+ Forex pairs |
Conclusion
We recommend trying one of the 30 Best Copy Trading Forex Brokers listed in this article if you are interested in experimenting, learning and (potentially) earning simultaneously.
If you are copying someone’s trades, all you need to do is make sure you understand the basics of the strategy they are using and replicate their moves – you don’t even necessarily need to watch the news or do much research – which can be very time consuming (but we would recommend doing so in the best interests of your trading career).
The purpose of copy trading is to make it easy for people to enter the markets (even with limited knowledge of trading ) and to potentially help them earn profits by copying the strategies of professional traders. Think of it as copying what your teacher did when you were in school – it makes things so much easier!
