Copy Trading is an incredibly efficient way to learn how to trade or to test new strategies and tools. We recommend the following 15 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 the 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 activities 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
USD 100 MiFID, FSA, ASIC, BVI, FFAJ, FSCA, ADMG, FRSA 📱 Platforms MetaTrader 4, MetaTrader 5 ₿ Crypto Yes 💵 Account Currency AUD, EUR, USD, GBP, CHF Yes 1:400 🛒 Instruments Forex, Bonds, Stocks, Commodities, ETFs, Indices, Crypto 🏛️ Visit Broker
Minimum Deposit
Regulators
Islamic Account
Leverage
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
USD 5 FSC 📱 Platforms MT4, MT5, Alpari Mobile ₿ Crypto No 💵 Account Currency USD, EUR, GBP, NGN Yes 1:1000 🛒 Instruments Forex, Metals, CFDs 🏛️ Visit BrokerMinimum Deposit Regulators Islamic Account Leverage
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
Overall Rating USD 50 FCA, CySEC, ASIC 📱 Platforms eToro app, OpenBook, eToro CopyTrade ₿ Crypto Yes 💵 Account Currency USD, AUD, CNY, CAD, GBP, EUR, JPY, RUB Yes 1:30 🛒 Instruments Stocks, Commodities, Indices, Forex, ETFs, Cryptocurrencies 🏛️ Visit Broker
4.2/5
Minimum Deposit Regulators Islamic Account Leverage
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
Overall Rating USD 5 FCA, FSA, FSCA, DFSA, CySEC, FSC 📱 Platfoms MT4, MT5 ₿ Crypto No 💵 Account Currency USD, ZAR, USD, NGN Yes 1:1000 🛒 Instruments Forex, Metals, Energies, Indices, Shares, Commodities, Bonds, Stocks, ETFs 🏛️ Visit Broker
4.2/5
Minimum Deposit Regulators Islamic Account Leverage
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
Overall Rating USD 10 IFSC, CySEC 📱 Platforms MT4, MT5, cTrader, R Stocks Trader ₿ Crypto Yes 💵 Account Currency USD, EUR, RUB, CNY, GOLD, BTC Yes 1:2000 🛒 Instruments Forex, Indices, Stocks, Metals, Commodities, ETFs 🏛️ Visit Broker
4.7/5
Minimum Deposit Regulators Islamic Account Leverage
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
Overall Rating USD 100 FSA, SVGFSA 📱 Platforms MT4, MT5, OctaFX app ₿ Crypto Yes 💵 Account Currency EUR, USD Yes 1:500 🛒 Instruments Forex, CFDs, Stocks, Commodities, Cryptocurrencies 🏛️ Visit Broker
3.7/5
Minimum Deposit Regulators Islamic Account Leverage
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
Overall Rating USD 0 BVIFSC 📱 Platforms Forex4you apps, MT4 ₿ Crypto No 💵 Account Currency USD, EUR No 1:1000 🛒 Instruments Forex, Commodities, Indices, Stocks 🏛️ Visit Broker
3.9/5
Minimum Deposit Regulators Islamic Account Leverage
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
USD 100 FINMA, FCMC, JFSA 📱 Platforms JForex, MT4 ₿ Crypto Yes 💵 Account Currency SEK, SGD, TRY, XAU, ZAR, USD, CHF, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, RUB, CNH Yes 1:2000 🛒 Instruments Forex, Metals, Energy, Crypto, Indexes, Bonds, Stocks, ETFs 🏛️ Visit BrokerMinimum Deposit Regulators Islamic Account Leverage
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
Overall Rating USD 1 FSC, BVI, CySEC 📱 Platforms MT4, MT5, InstaTick Trader ₿ Crypto Yes 💵 Account Currency EUR, USD Yes 1:1000 🛒 Instruments Forex, Stocks, Indices, Metals, Oil, Gas, Commodity Futures, Crypto, InstaFutures 🏛️ Visit Broker
3.9/5
Minimum Deposit Regulators Islamic Account Leverage
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
Overall Rating USD 100 FCA, FSCA 📱 Platforms ETX TraderPro, MT4 ₿ Crypto Yes 💵 Account Currency GBP, USD, EUR No 1:30 🛒 Instruments Forex, Indices, Shares, Commodities, Crypto 🏛️ Visit Broker
3.4/5
Minimum Deposit Regulators Islamic Account Leverage
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
Overall Rating USD 10 CySEC, FCA, FSC 📱 Platforms MT4, MT5, FXTM Trader ₿ Crypto No 💵 Account Currency USD, EUR, GBP, NGN Yes 1:2000 🛒 Instruments Metals, Stocks, CFDs, Indices, Forex, Commodities 🏛️ Visit Broker
4.1/5
Minimum Deposit Regulators Islamic Account Leverage
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
Overall Rating USD 200 FSC, ASIC, AFSL 📱 Platforms MT4, MT5, GO Webtrader Yes 💵 Account Currency AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF, HKD No 1:500 🛒 Instruments Forex, Shares, Indices, Metals, Commodities
3.9/5
Minimum Deposit Regulators Islamic Account Leverage
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
Overall Rating USD 200 ASIC, FCA, DFSA, SCB, CMA, CySEC, BaFIN 📱 Platforms MT4, MT5, cTrader ₿ Crypto Yes 💵 Account Currency USD, GBP Yes Low 🛒 Instruments Forex, Crypto, Shares, ETFs, Indices, Commodities 🏛️ Visit Broker
4.0/5
Minimum Deposit Regulators Islamic Account Leverage
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
Overall Rating USD 0 CySEC, VFSC 📱 Platforms MetaTrader 4, MetaTrader 5 ₿ Crypto Yes 💵 Account Currency USD, EUR, GBP, SGD, PLN Yes 1:1000 🛒 Instruments Forex, Metals, Energies, Equities, Cryptocurrencies, Indices, Futures 🏛️ Visit Broker
4.1/5
Minimum Deposit Regulators Islamic Account Leverage
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 |
Conclusion
We recommend trying one of the 15 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.
Doing research and following the news 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.
Good luck with your trading!
Disclaimer
Remember, 75% of retail investors lose money when trading CFDs and there is a high risk of losing your capital in the forex markets.
The information on this website is in no way intended to be used as financial advice and opening an account with any broker is done at your own discretion and risk.
