For this list, we have searched and tested several social forex trading platforms and apps.
We opened real accounts and deposited between $4,000 and $8,000 with each of the platforms. We placed real trades in each popular market to get the real spreads.
We also reached out to customer support to solve issues that we hd encountered. Finally, we withdrew our funds to see if there is any issue with the withdrawal process.
We handpick the best social forex trading platforms and apps based on our trading data and experience as a trader.
What is Social Trading?
Social trading primarily involves the communication between traders who are willing to share and discuss their trading strategies, thus receiving and providing tips and suggestions.
Social Trading Strategies
Some of the broad categories of social forex trading are:
- Copy trading
- Mirror trading
- Signals and tips
- Forums and profiles
Social forex trading platforms usually cut the time for fundamental and technical analysis as traders can scoop trading data-feeds of other traders from social trading platforms to make investment decisions.
The most popular form of social trading now is copy trading services. It allows one trader (usually a rookie) to copy trading strategy and techniques of another trader, usually an expert. Newbies can earn some profits with this when they are still learning about trading and markets.
The popularity of social trading skyrocketed with the introduction of electronic trading and the rise in internet penetration. It remains very popular among retail traders.
Though many brokers are developing their own social trading platforms, the industry is dominated by specialized third-party companies.
Best Social Forex Trading Platforms & Apps
To select the best social forex trading platforms and apps, we tested and reviewed dozens of forex brokers. We opened live accounts and depositing real money with each broker. We also placed real trades in popular markets to get the real picture of the spread and commission, trading platform, deposits and withdrawals conditions, education, and customer service.
- ZuluTrade – Best Social Forex Trading Platform
- eToro – Best Copy Trading Platform
- MetaQuotes MetaTrader – Best Forex Trading Signals Provider
- cMirror – Best Forex Mirror Trading Platform
- Myfxbook – Best Social Forex Community Fourm
Best Social Trading Software Platform
We have picked ZuluTrade as the best social forex trading platform.
ZuluTrade is probably the most popular social forex trading platform. It maintains and connects a vast community of traders that ranges from novice to expert.
ZuluTrade offers works as a signals provider, and newbie traders can also copy the portfolio and trading strategies of expert traders. The platform first offered services only to forex trading, but later extended support for CFDs as well. Though it added binary options too, the services for these controversial instruments were dropped in 2018.
ZuluTrade has partnered with dozens of brokers, which holds licenses around the world. It offers an easy to use social trading platform and also keeps its operations transparent.
Best Copy Trading Platform
We have picked eToro as the best copy trading platform.
eToro revolutionized the copy trading space in the last decade. The Israeli platform was founded in 2006 and now operates as a full broker. eToro is focused on novice tradersTraders can easily copy the trading strategies and techniques of expert traders. The platform also maintains a leader board of all top traders.
eToro offers trading services with forex, and CFDs of indices, commodities, stocks, and cryptocurrencies. It is regulated in the UK, the USA, Australia, and Cyprus.
Best Forex Social Trading Signals Provider
We have picked MetaQuotes’ MetaTrader as the best forex trading signals provider.
MetaQuotes Software’s two trading platforms, MetaTrader 4 and MetaTrader 5, are the most widely used in trading forex and CFDs. Hundreds of forex brokers license these industry-standard platforms to offer trading services instead of developing their native platform.
MetaTrader added signals services in 2013 and any trader using anyone of the MT platforms can either subscribe to or provide trading signals. The popularity of the platform also resulted in forming a major community of traders who can also discuss these signals.
Best Forex Mirror Trading Software
We have picked cMirror as the best forex mirror trading platform.
cMirror has been developed by Spotware Systems, the same company that built the popular trading platform cTrader. The mirror trading platform was launched in November 2014 when demand for such services was skyrocketing.
cMirror allows traders to become strategy providers by broadcasting their trading signals. Other traders can search through the available signals and easily copy or mirror these trading strategies. The signals providers, in return, can earn commissions.
Best Social Forex Community Forum
We have picked Myfxbook as the best social forex community forum.
Myfxbook is one of the best forex community builders where traders can share signals and interact on active forums. The platform was founded in 2009 and since expanded its services in several other areas as well.
Myfxbook allows traders to research and analyze markets using an excellent set of analytical tools. Traders can also track, compare and share trading activities. The platform is currently supported by more than 100 brokers.
Social Trading Forex Brokers List
Here is a complete list of forex brokers that offers social trading services either natively or with third-party platforms, which we have tested and reviewed.
| Forex Broker | Social/Copy Trading | Test Details | Broker Review |
|---|---|---|---|
| FxPro | Yes | Deposit Amount: Over €5,000 Total Trade: 15 trades | FxPro Review |
| Admiral Markets | Yes | Deposit Amount: Over €4,500 Total Trade: 12 trades | Admiral Markets Review |
| BlackBull Markets | Yes | Deposit Amount: Over €4,000 Total Trade: 12 trades | BlackBull Markets Review |
| GO Markets | Yes | Deposit Amount: Over €4,500 Total Trade: 12 trades | Go Markets Review |
| XM | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | XM Review |
| FXTM | Yes | Deposit Amount: Over €6,000 Total Trade: 12 trades | FXTM Review |
| Tickmill | Yes | Deposit Amount: Over $8,000 Total Trade: 12 trades | Tickmill Review |
| RoboMarkets (RoboForex) | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | RoboMarkets (RoboForex) Review |
| Pepperstone | Yes | Deposit Amount: Over €6,000 Total Trade: 12 trades | Pepperstone Review |
| FBS | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | FBS Review |
| GKFX | Yes | Deposit Amount: Over €5,000 Total Trade: 15 trades | GKFX Review |
| Darwinex | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | Darwinex Review |
| IC Markets | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | IC Markets Review |
| ThinkMarkets | Yes | Deposit Amount: Over €5,000 Total Trade: 15 trades | ThinkMarkets Review |
| FP Markets | Yes | Deposit Amount: Over €6,000 Total Trade: 12 trades | FP Markets Review |
| Amana Capital | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | Amana Capital Review |
| AvaTrade | Yes | Deposit Amount: Over €4,000 Total Trade: 21 trades | AvaTrade Review |
| CMC Markets | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | CMC Markets Review |
| Vantage FX | Yes | Deposit Amount: Over €5,000 Total Trade: 15 trades | Vantage FX Review |
| INFINOX | Yes | Deposit Amount: Over €4,000 Total Trade: 9 trades | INFINOX Review |
| Axi (AxiTrader) | Yes | Deposit Amount: Over €6,000 Total Trade: 12 trades | Axi (AxiTrader) Review |
| eToro | Yes | Deposit Amount: Over $6,000 Total Trade: 18 trades | eToro Review |
FAQ and More on Brokers Offering Social Forex Trading Platforms & Apps
Traders usually have many questions related to generic trading-related queries. We tried to pick and answer some of the most important queries related to social forex trading platforms and apps.
Best Social Trading Platform in the US
The US is one of the highly regulated markets when it comes to trading. Similar to any brokerage, social trading platforms in the country also need to register themselves with the NFA to legally offer services in the country. Some of the regulated social trading platforms in the US are:
- ZuluTrade
- eToro
- Trading Motion
Best Social Trading Platform in India
Though the Indian capital market is regulated by the Securities and Exchange Board of India (SEBI), the regulations are loose when it comes to forex and CFDs trading. Thus, foreign platforms can easily offer services to Indian residents. Some of the good social trading platforms in India are:
- ZuluTrade
- eToro
- Naga Trader
Social Trading Platform for Binary Options
Binary options are simple investment instruments, but are banned or highly restricted in most countries due to the scams involved with these instruments. Though many social trading platforms were offering services with binary options, they dropped the instrument due to the regulatory crackdown.
We do not recommend traders to use any of the loosely regulated social trading platforms which are still offering binary options.
Cent/Micro Account Forex Brokers in India
Though the Securities and Exchange Board of India (SEBI) oversees Indian financial services players, forex brokers are loosely regulated in the country. Some of the well-regulated forex brokers offering cent/micro accounts in India are:
- FBS
- XM
- HotForex
Best Social Copy Trading Platforms
Copy trading allows newbie traders to directly follow the trading activities of any expert. They copy all the positions in the market taken by the expert. These platforms have become very popular lately, and many platforms are offering such services. Some of the good copy trading platforms are:
- eToro
- NagaTrader
- ZuluTrade