Social Trading and Popular Copy Trading Platforms

A Comprehensive Guide to Social Trading and Popular Copy Trading Platforms Like eToro, FBS, FXTM and Bingbon

BrokersETOROFXTMFBSBINGBON
RegulatorCySEC, FCA, ASICFSCCySEC, IFSCMSB, MTR, DCE
AssetsForex, Stock, ETF, CFD, Crypto,...Forex, indices, commodities, shares, crypto,...Forex, stock, Commodities, Indices,...Crypto, indices, commodities, forex,...
CryptocurrencyYesYesNoYes
Min deposit$200$100$1000.0002 BTC
Bonus$100 bonus - 100% deposit$100 bonus
Copy TradingYesYesYesYes
ReviewRead reviewRead reviewRead reviewRead review
Open AccountETOROFXTMFBSBINGBON

If you are a forex-crypto trader , then you must have come across the term copy trading while trading your favorite currencies, cryptocurrencies. It must be noted that copy trading, also known as mirror trading or social trading has been around for more than a decade. With the emergence of social media as well as a faster web, market analysis and financial news is readily available to the traders. As a result, many of them rely on copy trading to copy real-time trades (or forex signals) of other investors (experienced forex traders) that they wish to follow. 

This allows them to automatically replicate or copy their forex trades in your account and place profitable trades while minimizing losses. So, if you are intendingto take advantage of copy trading, then read on to find out more about social trading and its benefits. Also, check out the copy trading of etoro, FXTM, FBS and Bingbon. 

Social Trading or Copy Trading-What is it? 

Social trading or copy trading is all about sharing of different trading strategies and actions such as trade signals, ideas and news between forex traders in real-time. This is done through a network that allows investors and traders to follow the actions of other professional traders. 

In the absence of social trading, traders need to master different trading strategies that involve both fundamental and technical analysis. However, if you are new to trading or have only spent a couple of months in the forex market, you can turn to the experienced traders to perform all the necessary analysis and get the same information through social trading platforms. 

How Copy Trading Works?

In copy trading, traders (signal providers) share their trades with several other traders in real-time. With the help of a copy trading network, users can auto copy all the trades of the providers in real-time. Every copy trading network offers optional controls for protecting investors. For instance, traders can easily customize the capital amount that they are willing to risk and the signals that need to be copied. 

Is Social Trading Really Profitable? 

Most traders who are looking to take advantage of social trading or copy trading are usually skeptical about whether they are capable of earning profits through social trading platforms or not. Though forex trading in itself is slightly risky, most of the social trading platforms come with advanced features which makes it easier to choose consistent and profitable traders that can be easily followed. 

It is because of this reason, social trading or copy trading is profitable and allows traders to earn decent returns. Thus, traders are advised to use a demo social trading account to hone their skills and choose profitable traders who can be easily followed. 

Advantages of Social Trading

There are many advantage of social trading. Below check out some of them: 

Easily Accessible: The social trading field has witnessed major advancements. As a result, a number of social trading platforms are now readily available for traders as well as newbies to select from. 

Reduce Your Learning Curve: Social trading or copy trading allows traders to follow the actions and activities of highly experienced traders. Thus, you learn a lot by watching them and by replicating the achievements of successful traders, you can easily reduce your learning curve. 

Demo Social Trading Accounts: Most of the social trading platform provides traders with a demo social trading account. This allows you to easily simulate the actual world of copy or social trading in a risk free manner. 

Avoid Emotional Trading: Through social trading networks, traders can access numerous trading ideas from professional traders around the globe. This improves their trading confidence as well as allows them to take accurate decisions since they are able to gauge the sentiments of the crowd.

Diversify Portfolio: Social trading provides access to different trade signals and ideas, which further helps traders to allocate their portfolio to different providers, thus spreading any risks related to individual decisions. Social trading platforms also provides traders with access to multiple markets including equities, forex as well as futures. Access to multiple assets is therefore helpful in diversification of portfolio. 

Easy to Use: Almost all the social trading platforms come with intuitive interfaces which are easy to access and use. They are designed for new traders, thus making the copying process easier. Traders are able to copy their favorite as well as the profitable traders with minimal efforts and time. 

Additional Source of Revenue: Traders who have a lot of professional experience behind them can use social trading to earn additional revenue by providing their trades for copying through social trading platforms.

Getting Started with Copy Trading

In order to get started with social trading or copy trading, you must follow the below given steps: 

• Start by opening a trading account with any social trading platform. There are plenty to select from, therefore it is better that you analyze the accessibility and reliability and other features that are available before choosing one that is ideal for you. 

• Look for consistent and profitable traders that you can follow. Most of the social trading platforms will offer tools to assist you in filtering the traders available in accordance with profitability and other factors like winning rate, pips gained, drawdown as well as ROI. Some of the highly advanced platforms are also helpful in simulating the profit amount that you may have acquired by simply following your favorite traders over the preferred time period.

 • Select the amount that you need to allocate to every chosen trader as well as copy them.

• Sit back as well as keep a track how your account progresses on a regular basis. You can add new forex traders or even stop copying specific traders by replacing them. 

Etoro copy trading

How eToro Copy Trading Works? 

As far as eToro is concerned, the broker offers its clients with a multiple trading tools such as that of copy trading. In case you are planning to engage in leveraged trading, then copy trading is definitely a good option. Any trader who joins the eToro copy trading platform can become a highly popular investor. However, to be able to join the eToro social trading platform, one needs to create an account with eToro. After setting up an account, you must simply choose the copy trading network. 

In case you wish to be verified on eToro’s copy trading network, then you must display your actual name as well as have your personal details checked by their staff members. 

Selecting a Popular Strategy and Investor 

At eToro, traders can sift through all the popular investors with the help of a number of tools such as Assets Traded, Gain Percentage, Geographic Location, Profitable Weeks etc. There isn’t any particular way to pick a highly popular investor for following. Once you select the popular investors, they will trade your funds on a completely passive basis. Also, the popular investors will be paid $350 every month after they’ve gained a minimum of 50 followers. They may also get a discount on the brokerage fee that they pay. 

Copying People

There are many other metrics which you can utilize for evaluating popular investors. You are provided a one-year risk scoring table, based on the formula created by eToro, aside to a graph containing the total number of copiers at eToro. Traders can also get total trade amounts as well as profit ratio that are made by the popular investors and 3 of their widely traded instruments. After a trader has chosen a popular investor they wish to copy, then investing money becomes quite simple. Traders simply need to allocate the funds of the holding that they wish to copy through the copy trading network and their funds will be traded by their preferred popular investor. Also, there isn’t any special fee for using eToro’s social trading network. However, any brokerage fee which is applicable to a usual trade shall also be applied to the copy trades. 

—> OPEN ETORO ACCOUNT <—

FBS CopyTrade 

The FBS CopyTrade is yet another social or copy trading platform which allows traders to choose a professional trader and follow his/her strategies by auto copying their trades. This provides them with tremendous opportunity to earn profits by simply following their trading actions and ideas. In addition to this, successful traders can also allow other traders to copy their trades and earn commission. 

The FBS CopyTrade platform introduces traders to the forex and other financial markets, while allowing them to manage their investments wisely. Apart from this, traders can also learn from other professional or best players in the market by keeping a track of their progress in the market. 

Traders can also resort to the FBS CopyTrade platform to search for the top-performing traders, keep a track of their statistics (i.e. profit earned), as well as to choose the successful ones for copy trading. 

Thus, traders can create their own portfolio consisting of the successful traders and monitor their progress aside to connecting with them and earning money. Traders can initiate as well as stop copying as and when they wish to. They can also take suitable actions when your preferred traders are performing their best as well as alter the schedule based on your requirements. 

—> OPEN FBS ACCOUNT <—

Bingbon copy trading

Bingbon Copy Trading

The Bingbon copy trading platform is yet another good option for traders who wish to take advantage of social trading. Traders simply need to sign up with the exchange and download the iOS or Android application onto their mobile. Next, they need to visit BingBon’s community section to search for the top-performing traders to follow and copy their traders. 

In this section, they will also find every trader’s statistics such as the total profit earned for trading on Bingbon, the total of days they have spent trading on the forex exchange and their productivity for the past three weeks. Apart from this, traders can also find other relevant details such the maximum losses incurred in the past three weeks, their total count of orders in the past three weeks and followers who are copying their trade. Based on their requirement, traders can pick their favorite trader and copy their trades to earn attractive profits. In addition to this, traders can copy orders based on proportional margin or fixed margin.

—> OPEN BINGBON ACCOUNT <—

Fxtm copy trading

FXTM Invest-Follow Strategy Managers to Earn Profits

FXTM too allows traders to discover as well as copy hundreds and thousands of professional traders for earning profits. If you are a newbie trade who lacks the experience and knowledge of forex trading, then FXTM’s copy trading platform is definitely the right way forward. Traders can opt for FXTM invest and access profitable trading opportunities without the need for having any technical or fundamental skills. This means that you simply need to select and copy the FXTM traders, also referred to as the Strategy Managers to follow their respective trading strategies and actions. This way you can enjoy complete control over your funds. Besides, you will only have to pay a small amount of fee to the Strategy Manager as and when they earn profits. 

One of the biggest advantages of choosing FXTM for social or copy trading is that the broker monitors their strategy managers throughout the day as well as ranks them on the basis of their performance. This is done through varied performance and quality measures. Thus, traders can search as well as filter traders on the basis of their risk profile, return, years of experience, trading strategy and more. Thus, with FXTM, traders are able to access all the information that they require to assess its true potential and furthermore copy the professional traders whose overall approach matches that of their own.

Traders who are planning to use the FXTM platform for trading need to first select their preferred Strategy Manager and next deposit the funds. This will allow them to auto copy their trades and cash in as and when they earn profits. 

—> OPEN FXTM ACCOUNT <—

Conclusion

To sum up, choosing the best or ideal trading system for copying isn’t necessarily about being highly profitable. It is important that traders align their risk-parameters and strategy to match their investment objectives. Traders must perform extensive research and begin with a very low or small amount when it comes to copy trading. Also, they shouldn’t risk any more than what they can afford to lose.

BrokersETOROFXTMFBSBINGBON
RegulatorCySEC, FCA, ASICFSCCySEC, IFSCMSB, MTR, DCE
AssetsForex, Stock, ETF, CFD, Crypto,...Forex, indices, commodities, shares, crypto,...Forex, stock, Commodities, Indices,...Crypto, indices, commodities, forex,...
CryptocurrencyYesYesNoYes
Min deposit$200$100$1000.0002 BTC
Bonus$100 bonus - 100% deposit$100 bonus
Copy TradingYesYesYesYes
ReviewRead reviewRead reviewRead reviewRead review
Open AccountETOROFXTMFBSBINGBON

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