Best Social Trading Platforms 2020
Here you will find our best social trading platforms in 2020, according to the trading brokers team. We have selected the best social trading platforms after conducting countless hours of detailed research, testing and analysis across hundreds of online social trading platforms. Upon completion of this thorough research, each social trading platform was reviewed and assigned an unbiased rating according to the quality of their social trading platform.
The best rated online social trading platforms are listed on this page. Some of the most important factors that contribute towards a good social trading platform have been considered including the platform features, markets, tools, fees, funding options, usability, tutorials, customer service and more.
Having the best social trading platforms based on our findings listed in one place can help save time for those traders who are looking for the best social trading platform.
Top 5 Social Trading Platforms 2020
ASIC, BVI, CBI, FFAJ, FSA, FSCA
Min $100 Deposit
ASIC, FCA, DFSA, SCB, CySEC
Min $200 Deposit
ASIC, FCA, CySEC
Min $200 Deposit
Min $1 Deposit
Min $500 Deposit
Each of our best social trading platforms have undergone and passed our stringent trading platform reviews with flying colours, based on what the trading brokers team consider to be amongst the most important considerations. These online social trading platforms are under strict regulation from some of the most respectable regulatory authorities and are well-established within the online brokerage industry, providing top social trading platforms to traders across the globe.
AvaTrade make it into our best social trading platforms list as they offer traders multiple direct and indirect social trading platforms. AvaTrade has partnered with some of the best signal providers in the world to ensure that traders can follow the best traders wherever they may be. They also offer self-directed trading across intuitive trading platforms on a wide range of over 250+ trading instruments including forex, CFDs and cryptocurrencies.
The AvaTrade social trading platforms include:
- Mirror Trader – Enjoy manual trading, semi-automatic trading, or automatic trading when following your preferred signal providers. You also get to copy the algorithmic trading strategies developed by experienced traders in conjunction with top developers.
- ZuluTrade – Select from a large number of signal providers, who have been ranked using various practical parameters including maximum drawdown and average profitability.
AvaTrade are one of the world’s largest online brokers in terms of trading volume. They are regulated in an impressive 6 jurisdictions including Europe, Australia and South Africa. Their regulatory licenses span over 5 continents. This ensures that you can make safe and secure trades within the all-inclusive trading environment that they provide.
AvaTrade offer a variety of different social trading platforms along with competitive fees, industry leading trading infrastructure and excellent customer support. For these reasons and many more, they easily make it into our best social trading platforms. If you would like to learn more about this online broker, you can read our detailed AvaTrade Review.
|250+ trading instruments||No US clients|
|Multiple social trading platforms||Min $100 deposit|
|Free trading tools & indicators|
|Regulation in 6 jurisdictions|
|Excellent customer support|
Pepperstone have earned a place in our best social trading platforms for 2020. They have partnered with a range of social trading platforms to help traders gain access to strategies from some of the world’s best traders. Pepperstone clients can choose to follow and copy trades from other popular traders using third-party services whilst learning how to improve their own online trading. The social trading platforms they offer include:
Myfxbook – An account mirroring service that lets you copy verified trades without the need to run any additional software.
ZuluTrade – Copy trades directly into your account and run them on Zulutrade’s own servers.
Mirror Trader – Access over 3,000 global, verified and tested algos.
MetaTrader Signals – Access thousands of strategies from MetaTrader’s own copy trading platform.
DupliTrade – A marketplace of signals automatically traded on your own MT4 account.
In addition to providing clients with social trading solutions, Pepperstone also offer a wide range of trading instruments for self-directed trading which includes Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs and ETFs. They provide these markets across a selection of the best trading platforms including MetaTrader and cTrader. These platforms are packed with useful trading tools for conducting detailed chart analysis to find potential trading opportunities.
Pepperstone offer low fee trading, tight spreads and fast execution speeds. They are regulated by some of the most respected regulatory authorities and have won multiple awards over the years for their online brokerage services. You can read our detailed Pepperstone Review to find out more of the reasons why we consider them amongst the best social trading platforms.
|Wide range of global markets||No US clients|
|MetaTrader & cTrader platforms||No fixed spread accounts|
|Tight spreads & low fees||$200 minimum deposit|
|Ultra-low latency execution speeds|
|Deep liquidity pool|
|Multiple social trading platforms|
eToro earns a spot in our list of the best social trading platforms. They have established themselves as the leading online social trading platform, offering user friendly social trading to millions of traders from over the world. Whatever your experience level, the eToro platform has a large range of signal copying and sharing solutions with a vast online social community. They have a large selection of trading instruments (stocks, forex, cryptos, etc) available across the eToro web and eToro mobile platforms.
Founded in 2006, the eToro online trading platform lets you easily connect with other traders, to view, compare and discuss trading strategies. The patented CopyTrader™ technology allows you to automatically copy trades from another trader’s portfolio, creating your own bespoke portfolio. In addition to copying other traders, you can also place and manage your own trades which can then be offered to other traders for them to copy.
eToro also have a “Popular Investor Program” where top-tier popular investors can earn a second income by being followed and copied by other users on the eToro platform. There is an eToro club which offers a range of exclusive benefits, services, and tools to customers according to membership tier. This includes a dedicated account manager, market analysis, live webinars, expert investment support, premium trading tools, exclusive VIP events and other benefits.
eToro is regulated by some of the most respected regulatory authorities including CySEC, FCA and ASIC. This ensures that they must abide by strict rules and regulations in place to protect investors and gives their clients the peace of mind that they are using a trusted social trading platform. To find out more about the eToro trading platform and why they are ranked as one of our best social trading platforms, you can read our detailed eToro Review.
|Strict regulation||No US clients|
|Commission free trading||No fixed spread accounts|
|Large online trading community|
|Popular Investor Program|
ZuluTrade easily make it into our best social trading platforms list as they are one of the largest social trading platforms with over a million users and billions in trading volume. ZuluTrade provide a user-friendly online social trading platform that has a plethora of trading signals which you can choose to copy. You simply just need to sign up with ZuluTrade and connect your brokerage account.
Once your brokerage account has been connected to the ZuluTrade platform, you can review the trading signals offered and choose the signals that you want copied into your own account. The ZuluTrade platform enables you to filter and sort the statistics of all the trading signals according to overall returns, duration, drawdown, win rate, average pips, currency pairs, amount of trades, etc. Trading signals can be added or removed at any time.
ZuluTrade customer service is available 24/7 and in 13 languages. They are regulated within the EU which can give investors protection and peace of mind. To find out more about ZuluTrade and why we consider them to be one of the best social trading platforms, you can read our detailed ZuluTrade Review.
|Millions of traders worldwide||No self directed trading platforms|
|Easy to use signal copying platform||Restricted to certain brokers|
|Sort & filter trading signals|
|Excellent customer support|
|Regulated in the EU|
Darwinex earn a place in our best social trading platforms list for enabling sophisticated traders to trade the markets with superior trading conditions and investors to back them. You can quickly and easily build your portfolio of traders that you wish to copy from around the world, with access to thousands of strategies suited to different styles of trader.
Darwinex offers the ability to trade your own account or follow the strategy of other traders (DARWINs). Traders who already have a profitable trading strategy can choose to list their strategy on Darwinex and receive a 20% success fee from the profits made by other traders who follow the strategy.
In addition to social trading platforms, Darwinex also provide self-directed investing with direct market access (DMA) trading on interbank spreads sourced directly from prime brokers and starting from just zero pips. They offer online trading on over 300+ assets including forex, stocks, shares, commodities, CFDs, cryptocurrencies, etc. These markets can be traded through one account via a choice of powerful online trading platforms for desktop, web and mobile devices.
Find out more about why we consider Darwinex to be one of the best social trading platforms for copying trading signals by reading our detailed Darwinex Review.
|Social trading with industry leading trading conditions||No US clients|
|Range of trading instruments in various asset classes||No fixed spread accounts|
|16 variations of MetaTrader 4/5 trading platforms||Minimum $500 deposit|
|Direct market access (DMA)|
|Free tick data|
Following on from our best social trading platforms of 2020, we will now look at what social trading platforms are used for and the most important factors to consider when looking for a reliable social trading platform.
An online social trading platform allows traders around the globe to discuss and share trading strategies and signals with each other. Similar to any other social network, a social trading platform can have a personal profile, followers/following list, news feed and more.
The main advantage of a social trading platform is that you can choose to copy trading signals of other traders directly into your own trading account. This allows traders with little experience to benefit from the trading skills and expertise of professional traders. Most social trading platforms will allow you to sort and filter signals so that you can select only those that meet your individual investor goals and preferences. You should be able to add or remove signals at any time whilst setting your desired risk level.
Social trading platform regulation
It is important to ensure that the social trading platform is regulated by one of the most respected regulatory authorities. Some of the most significant government regulatory authorities to look out for are the Australian Securities and Investment Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) in the United Kingdom.
By using a regulated broker, investors have some form of protection should something go wrong. Regulators put in place strict rules and regulations that the broker must abide by which can ensure traders that they are using a social trading platform which is operating with the upmost integrity. You can verify if a broker is regulated by checking the regulatory license number with the relevant authorities to ensure that the regulation is legitimate and up to date.
Social trading platform instruments
As each online brokerage can offer a range of different asset classes to trade via their online social trading platforms, you should check to make sure that they offer the particular markets that you are interested in trading. You may plan to diversify your investment portfolio in the future so consider the product range as it could make it easier to expand your portfolio when the time is right to do so.
Social trading platform users
One of the main concepts of social trading is to copy trading signals (follow) of other traders. The larger the user base of a social trading platform, the greater your choice of signals will be. However, it is important to not just consider the quantity of traders but also the quality of their trading strategies. You can usually do this by checking the performance of the various signals offered from within the social trading platform.
Social trading platform tools
Most social trading platforms will contain some important tools for searching and analysing the different trading signals that they offer. Check that these tools are freely available and sufficient enough to filter results according to your own requirements. Some users may need more specific statistics compared to others who might just want to see the overall profits and drawdowns. You may also require a specific tool that is important to enhance your personal social trading experience. Thus, check that the platform incorporates these tools.
Social trading platform fees
The majority of social trading platforms will charge a fee to either the signal provider, follower or both. Some fees may be fixed and others may be performance based. It is important to understand what fees are charged and to calculate them within your money management and trading strategy. If you plan to also conduct self-directed online trading, you should be aware of the spreads, commissions, swaps and any other fees.
There may be a fee to pay just for using the social trading platform although this is rare and most are provided free of charge. You will only usually pay depending on your trade activity unless using a specialist social trading platform that has advanced functionality.
Social trading platform commissions
The commission you pay for your trading activity can vary from broker to broker. Some trading strategies such as scalping rely on small price movements and thus performance can be affected by commission. It is important to consider the overall costs you will incur and the affect that will have on your trading strategy.
Social trading platform spreads
The spread is the difference between the buy and sell (bid/ask) price which can vary depending on the volume of liquidity and quality of liquidity providers that an online broker has. Some brokers offer fixed and variable spread accounts, some will offer commission free accounts but instead mark up the spread to make up for this. In general, the more liquidity that the broker has, the tighter the spreads can be. It is important to account for the spread when planning your trading strategy, especially if you are planning on following or providing a scalping strategy.
Social trading platform swaps
If you hold a position with your online broker overnight then you will probably need to pay a swap fee. This is an interest fee for the procedure of moving open positions from one day to another, also known as the rollover. This is another cost to factor in to your money management and trading strategy. Some social trading brokers offer swap free Islamic trading accounts that conform with Sharia law which allows Muslims to engage in online trading through their platforms.
In addition to the platform, spread, commission and overnight swap fees, there may be additional fees for account inactivity, funding and more. You should check to ensure that you are aware of and understand all of the potential fees that you can incur.
Social trading platform usability
Some social trading platforms are built around technology that you may already be familiar with, such as the MetaTrader platform. However, some social trading platforms are unique to a particular broker and will require some practice to familiarise yourself with how it works. Ensure that it is a platform that you find use friendly and ideally has plenty of online tutorials to help you understand how it works.
Social trading platform leverage
Most social trading platforms will offer leverage to traders. In a nutshell, leverage allows you to open a position larger than you could with your current balance. For example, if you had leverage of 1:30 and a trading account balance of $10,000, you could effectively open a position size of $300,000 (10,000 x 30 = 300,000). Check that the social trading broker offers a leverage which you require.
Whilst leverage can increase your potential profits, it can also greatly increase your risk exposure and lead to large losses. It is very important that you have a clear understanding of what exactly leverage is and the significant risks that it entails before you start trading online.
Social trading platform education
If you are the type of trader who prefers to be directed and shown how to use certain software and tools, it could be a good idea to make sure that you choose a social trading platform which has an abundance of tutorial videos and guides to teach you how to use the platform.
Social trading platform minimum requirements
You will need to make sure that the social trading platform will run on your computer, VPS or mobile device by checking the specification requirements. Some platforms will run directly in your web browser so make sure it is compatible. Each online social trading platform will also have a minimum deposit requirement which is worth considering.
Social trading platform funding
Each social trading platform will offer different options for making deposits and withdrawals to and from your online trading account. Most brokers will accept bank wire transfers and credit/debit cards. If you prefer to use an online payment processor then you should check if these are readily available.
Social trading platform customer service
If you have a general or technical question then ideally you would want to get a quick and helpful response from the customer support team. You can check what support options are provided as online chat can usually be the fastest and most convenient for most traders. Customer service hours are also worth considering as is the brokers time zone. If you trade from the UK during the day time then you would ideally want a broker who has an EU office that is open during normal working hours. If you trade from Australia primarily during the evening, you may consider a broker that has support available 24 hour per day. Also make sure support is offered in a language that you are familiar with.
Now that you have had a brief overview of what social trading platforms are and some of the most important things to look out for, you may be considering opening a social trading account. This can be a quick and easy process that requires usually requires completing a short online application form. Simply choose the social trading platform that meets your needs and follow the account opening process. Once your account has been verified, you will be able to gain access their social trading platform and connect with other traders.
If you are still unsure which is the best social trading platform for you then you can use our free online broker comparison tool to quickly compare online brokers based on social trading platforms, trading instruments, minimum deposit, regulations, leverage, funding options and more. You can also read our broker reviews and choose from our best brokers, best trading platforms, best copy trading platforms, best social trading platforms and best trading apps. If you would like to look for the best trading brokers in a particular country, we have pages dedicated to our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa and best brokers Canada.
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