Best Forex Copy Trading Review 2021
Forex trading is a great way to make money and grow your wealth, but it can be overwhelming to navigate the market on your own. Fortunately, forex copy trading offers a solution to this problem. By copying trades of successful traders, investors can benefit from their expertise and avoid the pitfalls of trading independently.
In this review article, we will explore the best forex copy trading platforms, strategies, and brokers. Whether you are a beginner or an experienced trader, you will learn how to master the art of copy trading and increase your profits.
What is Forex Copy Trading?
Forex copy trading is a type of social trading, where traders can automatically copy trades of other traders they follow. It is a popular method of forex trading, as it allows investors to benefit from the expertise of successful traders without having to trade themselves.
One of the main advantages of forex copy trading is the ability to learn from other traders. By monitoring their trades, investors can learn about different trading strategies, market trends, and risk management techniques. They can then apply these lessons to their own trading, and improve their chances of success.
Best Forex Copy Trading Platforms
Here are some of the best forex copy trading platforms that you should consider:
eToro
eToro is one of the most popular forex copy trading platforms in the market. It offers a wide range of features and tools for traders, including copy trading, social trading, and automated trading systems.
With eToro's copy trading feature, investors can copy trades of successful traders across a wide range of markets, including forex, stocks, and commodities. They can also view performance statistics of each trader, such as win rate, risk score, and number of copiers.
eToro's social trading feature allows trader to discuss trade ideas and strategies with other traders, and share their own experiences. This is a great way to learn from others and improve your trading skills.
Finally, eToro offers automated trading systems, which allow investors to trade 24/7 without having to monitor market movements. These systems are based on algorithms and are designed to execute trades automatically.
ZuluTrade
ZuluTrade is another reputable forex copy trading platform that has been around since 2007. It is particularly popular for its algorithmic trading systems and advanced risk management features.
One of the main advantages of ZuluTrade is the ability to use multiple trading strategies simultaneously. This allows investors to diversify their portfolios and reduce risk.
ZuluTrade's risk management features are also top-notch. It offers a range of tools and features, such as stop-loss and take-profit orders, that help traders manage their risk effectively.
Finally, ZuluTrade has a large community of traders and investors, who share their ideas and experiences on the platform. This creates a social trading environment, where investors can learn and grow together.
Pepperstone
Pepperstone is a leading forex and CFD broker that offers a wide range of trading tools and platforms. One of its standout features is the cTrader platform, which is an advanced copy trading platform.
cTrader allows investors to copy trades of other traders automatically, and offers a suite of advanced trading tools and indicators. It also has a user-friendly interface, which makes it easy for beginners to navigate.
Pepperstone also offers a range of educational resources and trading tools, such as webinars, trading guides, and risk management tools. This makes it a great choice for beginners who want to learn more about forex trading and copy trading.
Best Forex Copy Trading Strategies
There are several forex copy trading strategies that investors can use to improve their chances of success. Here are some of the most popular strategies:
Trend Following
Trend following is a popular strategy that involves following the trend of a particular market or asset. Investors look for markets that are trending up or down, and try to capitalize on these trends by copying trades of successful traders.
Traders who use this strategy usually have a long-term view, and are looking to profit from the overall direction of the market. They use technical analysis tools and indicators to identify trends and entry points.
Breakout Trading
Breakout trading is a strategy that involves buying or selling an asset when it breaks through a key level of support or resistance. Traders who use this strategy are looking for significant price movements, and are usually willing to take on more risk than trend followers.
This strategy is particularly popular in volatile markets, where price movements can be sudden and significant. It requires a lot of discipline and patience, as traders have to wait for the right opportunities to arise.
News Trading
News trading is a strategy that involves trading on the basis of economic news and events. Traders who use this strategy try to predict the impact of news on a particular market or asset, and then make trades accordingly.
This strategy is only suitable for experienced traders, as it requires a lot of research and analysis. News traders have to keep abreast of economic events and data releases, and be quick to react to any changes in the market.
Best Forex Copy Trading Brokers
When it comes to choosing a forex copy trading broker, there are several factors that investors should consider. Here are some of the best forex copy trading brokers in the market:
FXTM
FXTM is a leading forex and CFD broker that offers a wide range of trading tools and platforms. It is particularly popular for its copy trading and social trading features.
FXTM's copy trading platform, called FXTM Invest, allows investors to copy trades of successful traders automatically. They can also view performance statistics of each trader, and set their own risk management parameters.
FXTM also offers a range of educational resources and trading tools, such as webinars, trading guides, and market analysis. This makes it a great choice for beginners who want to learn more about forex trading and copy trading.
Forex.com
Forex.com is a reputable forex and CFD broker that offers a wide range of trading tools and platforms. It is particularly popular for its copy trading and automated trading features.
Forex.com's copy trading platform, called Signal Trader, allows investors to copy trades of successful traders automatically. They can also view performance statistics of each trader, and set their own risk management parameters.
Forex.com also offers a range of educational resources and trading tools, such as webinars, trading guides, and market analysis. This makes it a great choice for beginners who want to learn more about forex trading and copy trading.
Plus500
Plus500 is a popular forex and CFD broker that offers a range of trading tools and platforms. It is particularly popular for its copy trading and social trading features.
Plus500's copy trading platform, called Trade with Friends, allows investors to copy trades of successful traders automatically. They can also view performance statistics of each trader, and set their own risk management parameters.
Plus500 also offers a range of educational resources and trading tools, such as webinars, trading guides, and market analysis. This makes it a great choice for beginners who want to learn more about forex trading and copy trading.
Conclusion
Forex copy trading is a great way to benefit from the expertise of successful traders, and to learn more about forex trading in general. By choosing the right platform, strategy, and broker, investors can increase their chances of success and grow their wealth over time.
In this review article, we have explored some of the best forex copy trading platforms, strategies, and brokers. Whether you are a beginner or an experienced trader, you will find plenty of useful information and tips to help you make the most of copy trading.
So what are you waiting for? Choose a platform, strategy, and broker today, and start copying trades of successful traders to achieve financial success!