60-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.

EditorEditor: Alison HeyerdahlUpdated: May 21, 2024
AuthorAuthor: Chris Cammack

Last Updated On May 21, 2024

Chris Cammack
  • AvaTrade - Best Mobile Experience for Copy Traders
  • Tickmill - Most Trusted Broker
  • FP Markets - Best Metatrader Execution
  • Pepperstone - Best ECN for Copy Trading
  • Axi - Best ECN Broker on the MT4 Platform
  • IC Markets - Best Beginner-friendly Broker
  • FxPro - Copytrading on Three Platforms
  • Skilling - cTrader Copy, 800+ Strategies and Providers

These are the best copy trading brokers in the UK for 2024.

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Broker
Broker Score
Official Site
Min. Deposit
Max. Leverage
Copy Trading
Autochartist
Trading Central
Trading View
Total CFDs
Share CFDs
Commodity CFDs
Indices
Currency Pairs
Regulators
Platforms
Website Language: English
Support Language: English
Compare
AvaTrade
4.59 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
GBP 10030:1 930636253663ASIC Regulated BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersFinancial Services AgencyCentral Bank of IrelandFinancial Regulatory Services AuthorityIsrael Securities AuthorityMT4, MT5, Avatrade Social, AvaOptions
Tickmill
4.58 /5
Read Review
Visit Broker >
71% of retail CFD accounts lose money
GBP 10030:1 2099802762CySEC Regulated BrokersFCA Regulated Forex BrokersLabuan Financial Services AuthorityFinancial Services Conduct AuthorityThe Seychelles Financial Services AuthorityDFSA Regulated Forex BrokersMT4, MT5
FP Markets
4.40 /5
Read Review
Visit Broker >
79% of retail CFD accounts lose money
GBP 5030:1 1016210000111770ASIC Regulated BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityCapital Markets AuthorityThe Seychelles Financial Services AuthorityMT4, MT5, cTrader, IRESS
Pepperstone
4.61 /5
Read Review
Visit Broker >
89%74- of retail CFD accounts lose money
GBP 030:1 127510001728100FCA Regulated Forex BrokersASIC Regulated BrokersCySEC Regulated BrokersMT4, MT5, cTrader, TradingView
Axitrader
4.44 /5
Read Review
Visit Broker >
75.6% of retail CFD accounts lose money
GBP 030:1 18850143270FCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersFinancial Markets Authority of New ZealandDFSA Regulated Forex BrokersFinancial Services Authority – St. Vincent & the GrenadinesMT4
IC Markets
4.56 /5
Read Review
Visit Broker >
70.81% of retail CFD accounts lose money
GBP 20030:1 17441600222564CySEC Regulated BrokersASIC Regulated BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the BahamasMT4, MT5, cTrader, TradingView
FxPro
4.39 /5
Read Review
Visit Broker >
71.58% of retail CFD accounts lose money
GBP 10030:1 2241209001970FCA Regulated Forex BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityDFSA Regulated Forex BrokersSecurities Commission of the BahamasMT4, MT5, cTrader, FxProEdge
Skilling
4.37 /5
Read Review
Visit Broker >
71% of retail CFD accounts lose money
EUR 10030:1 90575061673CySEC Regulated BrokersFinansinspektionenThe Seychelles Financial Services AuthorityMT4, cTrader, Skilling Trader

How did FXScouts select the best copy trading accounts?

When choosing the best copy trading brokers, we:

  • Checked whether the brokers offered copy trading and through which trading platforms. The best brokers offer copy trading through user-friendly proprietary platforms that accommodate social and copy trading. We also checked whether the brokers incorporate third-party copy trading platforms, such as ZuluTrade, DupliTrade, and MyFXBook.
  • Ensured that the brokers we selected had a high trust rating and were regulated by the world’s best authorities, such as the UK’s FCA. Brokers that are well-regulated follow strict rules regarding the safety of trader funds and trade execution.
  • Investigated the trading fees charged by brokers, including spreads, swaps, and commissions and compared them to the industry average. Some brokers charge traders fees for copy trading, mostly in the form of a profit share. We ensured that these fees were reasonable. 
  • Evaluated the number of tradable assets available at each broker and which assets were available for copy trading.
  • Assessed the brokers’ trading platforms, ensuring that they offered a good range to choose from, and whether the platforms were easy to use. We also thoroughly tested out the copy trading functionality on the platforms.
  • Tested the brokers’ execution on their copy trading platforms and evaluated the liquidity supply and speed of order execution afforded by the broker. 
  • Checked out the brokers’ educational materials, including whether they offer education in video or article format, if they offer live sessions, and whether they offer a demo account for traders to practice copy trading.
  • Assessed the broker’s market analysis,ensuring it was comprehensive and frequently updated.
  • Contacted the brokers’ customer support via all channels to check how responsive, knowledgeable, and helpful the agents were, and the availability of this support, whether 24/5, 24/7, or limited to business hours.

Our Broker Score and Trust Rating

FxScouts’ Broker Score and Trust Rating constantly evolve to reflect the forex market’s dynamics. We ensure transparency by incorporating regulator data and user insights. Our in-depth reviews consider over 200 metrics across seven key categories:

  • Trust Rating: Assessment of broker reliability and reputation
  • Trading Costs: Spreads and fees for clear comparisons
  • Platforms: User-friendliness and features
  • Asset Selection: Forex, stocks, and other available instruments
  • Transactions: Simple and straightforward deposits & withdrawals
  • Education: Support for beginners and developing traders
  • Customer Support: Accessibility, responsiveness, and expertise

Learn how we set the standard for broker reviews. Explore our in-depth review process here.

These are the top copy trading brokers in the UK for 2024, as determined by our review process.


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AvaTrade
4.59 /5
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Tickmill
4.58 /5
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4.26 /5
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XM
4.45 /5
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Pepperstone
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Avatrade – Best Mobile Experience for Copy Traders

Broker Score
4.594.59 / 5
🏦  Min. DepositGBP 100
🛡️  Regulated By
💵  Trading Cost 
USD 9
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Avatrade is a leading global CFD market maker broker with excellent regulation offering trading on multiple assets, including Forex, cryptocurrencies, ETFs, options, bonds, and vanilla options on one live commission-free account with competitive trading conditions. With full support for leading platforms, including MT4, MT5, and its award-winning social trading and copy-trading app, AvaSocial.


The Avasocial App allows beginners to discover successful traders and qualified mentors, displaying their risk profile, length of experience, and trading style. Copy traders will receive continuous real-time updates about the state of their trades and can talk one-on-one to providers. There is no need to pay a fee or any commission to copy trade on Avasocial. Avatrade has also partnered with Mirror Trader and Zulutrade to offer a wider range of copy trading functionality. Mirror Trader allows investors to switch between manual copy trading, semi-automatic trading, or automatic trading when following a provider, while Zulutrade allows clients to copy the top-performing traders from other brokers.

Pros
  • Top-tier regulation and security with licenses from ASIC and CBI among others
  • Accessible trading with a low minimum deposit of 100 USD
  • Award-winning mobile trading with the AvaTradeGO app with social trading features
  • Wide range of assets including unique instruments like vanilla options
  • Educational material to support trader development and strategy enhancement
Cons
  • Market analysis could be more extensive
  • Poor regulatory oversight outside of the UK and EU
  • Avatrade is a Market Maker and operate a dealing desk which might not align with all trading preferences
AlertAccepts UK Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA. 76% of traders lose money with this provider.

Tickmill – Most Trusted Broker

Broker Score
4.584.58 / 5
🏦  Min. DepositGBP 100
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Renowned for its strong regulatory oversight, Tickmill’s well-rounded offering, featuring copy-trading on MT4 and MT5, transparent fee structures, and stringent regulation across several jurisdictions, makes it a favourite for many traders.  Historically, Tickmill offered Myfxbook AutoTrade, but this has been discontinued. However, copy-trading is available via MT4 and MT5 signal providers. 

Opening an account with Tickmill is straightforward, with a minimum deposit of 100 USD. Their account types, including Classic, Pro, and VIP, are designed to cater to different trader levels and requirements. The commission-free Classic account has fees included in the spread, which average at 1.6 pips (EUR/USD), while the Pro account offers raw spreads, down to 0 pips (EUR/USD) and charges an extremely low commission of 4 USD per lot traded.

As for its high level of regulation, Tickmill is registered and regulated by multiple jurisdictions: the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Services Authority (FSA), the Financial Conduct Authority (FSCA) of South Africa, and the Labuan Financial Services Authority (Labuan FSA) in Malaysia. This diversity in regulatory oversight provides clients with an added layer of security and trust, demonstrating Tickmill’s commitment to adhering to high industry standards.

Pros
  • Tight spreads
  • Well regulated
  • Fast and free withdrawals
Cons
  • Limited base currencies
AlertAccepts UK Clients. Average spread EUR/USD 0.00 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles. 71% of traders lose money with this provider.

FP Markets – Best Metatrader Execution

Broker Score
4.404.40 / 5
🏦  Min. DepositGBP 50
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

A leading ASIC-regulated no dealing-desk broker, FP Markets offers trading on both the MT4 and MT5 platforms.  In addition to low latency fast trade execution, it offers versions of the platforms for alternate operating systems, including iOS and Android. Available from within the MT4 platform is built-in copy trading functionality in addition to an auto trading service through a third-party provider, Myfxbook Autotrade.  FP Markets’ most recent expansion includes a proprietary copy trading service, FP Markets Copy Trading.   

FP Markets Copy Trading allows traders to find, follow and copy successful traders automatically without the need to build their own trading strategy or conduct research on the forex markets.  This tool is particularly useful for people who are interested in the financial markets but lack the experience and knowledge. Social traders can also diversify their portfolios by copying the trades of multiple providers that trade on different financial instruments.

Pros
  • Trusted since 2005 with top-tier regulation
  • 100 USD minimum deposit amount
  • Supports MT4 MT5 cTrader and TradingView
  • Spreads start at 1.0 pip and narrow to 0 pips with higher trading volumes
  • Welcoming South African traders with specific regulatory compliance
Cons
  • Notably higher withdrawal fees than competitors
  • Stock CFDs are limited on MT4/MT5 and primarily available through IRESS
  • High leverage up to 500:1 posing risks for inexperienced traders
AlertAccepts UK Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, and cTrader trading platforms available. FP Markets is regulated by CySEC and ASIC.

Pepperstone – Best ECN for Copy Trading

Broker Score
4.614.61 / 5
🏦  Min. DepositGBP 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

A leading ASIC-regulated ECN/STP broker, Pepperstone offers trading on multiple assets, including Forex, indices, shares, commodities, cryptocurrencies, and indices.   Known for its tight spreads, ultra-fast execution, and broad platform support, Pepperstone also offers a number of powerful third-party copy trading systems for traders to choose from, including MetaTrader Signals, Duplitrade, and Myfxbook.

MetaTrader Signals takes the guesswork and emotion out of trading by allowing traders to access thousands of trading strategies and signals from traders in real-time. It also allows traders to diversify their trading and reduce their portfolio risk by using different signal providers with different approaches. Similarly, Duplitrade allows traders to engage in automated trading, using signals from proprietary traders, which helps them to build their trading knowledge and gain an understanding of pro techniques.  Myfxbook is an account mirroring service that allows traders to copy the trades of the top Forex traders.  There are no performance or management fees, and Myfxbook provides accurate statistics, allowing traders to quickly analyse and improve their performance.   

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts UK Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, CySEC, SCB, CMA, BaFin and the DFSA. 75.6% of traders lose money with this provider.

Axi – Best ECN Broker on the MT4 Platform

Broker Score
4.444.44 / 5
🏦  Min. DepositGBP 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

An Australian ASIC and FCA-regulated ECN broker, Axi offers trading on 140 Forex pairs, precious metals, commodities, indices, and cryptocurrencies.  By providing exclusive support for the MT4 platform, Axi offers an innovative and customisable MT4 experience, including a range of tools as part of its NexGen package.  These include a sentiment indicator, a correlation trader, an intuitive terminal window, and an automated trade journal.

Axi also offers a number of powerful copy trading tools, including Trading Signals, which allows traders to auto trade and copy thousands of strategies from across the globe straight into the MT4 platform; Myfxbook, a third-party automated analytics tool that allows traders to organise and monitor all trading accounts and systems in one centralised place; and Zulutrade and Duplitrade, popular social trading networks that allow clients to copy top-performing traders from other brokers.

Pros
  • Low minimum deposit
  • Tight spreads
  • Innovative trading tools
Cons
  • MT4 only
  • Limited range of assets
AlertAccepts UK Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA. 75.6% of traders lose money with this provider.

IC Markets – Best Beginner-friendly Broker

Broker Score
4.564.56 / 5
🏦  Min. DepositGBP 200
🛡️  Regulated By
💵  Trading Cost 
USD 8
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

IC Markets is a beginner-friendly CFD broker offering trading on multiple instruments, including Forex, commodities, indices, bonds, digital currencies, stocks, and futures.  IC Markets is one of the few brokers to offer support for all three major trading platforms, including MT4, MT5, and cTrader, alongside an array of trading tools, including Autochartist, Trading Central, a free VPS service, and two copy trader tools – Zulutrade and Myfxbook Autotrade.  It also offers excellent educational materials and 24/7 support to get beginner traders started. 

Zulutrade, a third-party copy trading tool that allows traders to choose between 100,000 signal providers from 192 countries.  Zulutrade’s sophisticated algorithm ranks Signal Providers by analysing their overall performance, stability, exposure, and minimum equity required.  It also offers Zuluguard, a highly advanced account protection feature that monitors the performance of traders 24/7 and protects copy traders’ invested capital.  The other copy trading tool, Myfxbook Autotrade, allows traders to copy the trades of any system directly into the MT4 account.  No volume-based fees are charged, and traders do not have to install any complex software – they simply connect their account to Myfxbook and select the system they would like to copy. 

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
AlertAccepts UK Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.

FxPro – Copytrading on Three Platforms

Broker Score
4.394.39 / 5
🏦  Min. DepositGBP 100
🛡️  Regulated By
💵  Trading Cost 
USD 14
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

One of the most popular brokers, FxPro has over 800,000 clients worldwide and offers copy-trading on all three major trading platforms. While FxPro used to have its own social-trading service called SuperTrader, this was shut down in 2017, possibly because the high minimum deposit of 2,000 USD dissuaded new clients from signing up. While it no longer offers a dedicated copy-trading service, FxPro does offer copy-trading via signal trading on MT4, MT5 and cTrader.

While MT4 and MT5 signal providers usually charge a monthly subscription for copiers – often in the region of 30 or 40 USD a month – signal providers using the cTrader Mirror Trader instead charge a commission per million units traded. The current maximum allowable commission on Mirror Trader is 100 USD per million (10 USD per lot). Opening an MT4, MT5 or cTrader account at FxPro is a simple business and only requires a minimum deposit of 100 USD. Be aware that the cTrader account provides raw spreads but charges a 9 USD commission per lot traded.

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
AlertAccepts UK Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the SCB. 71.58% of traders lose money with this provider.

Skilling – cTrader Copy, 800+ Strategies and Providers

Broker Score
4.374.37 / 5
🏦  Min. DepositEUR 100
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

cTrader Platform: Available on the Skilling cTrader Copy platform, traders can choose from over 800 different strategies and providers to follow and copy. The in-depth performance statistics available allow you to research Strategy Providers and their track record of investments as well as review their performance results and trading style to determine the strategy most suitable to you. 

Good for Beginners: Start, pause, or stop copying; Skilling Copy allows traders to edit their copying with a few simple clicks. You can also protect your funds with an Equity Stop Loss, limiting how much of your trading account you want to risk. Beginners will also be able to watch the actions of more experienced traders and learn trading ideas and strategies. Social trading is useful for traders who have no time for training or making independent investment decisions. 

Pros
  • Copy trading accounts
  • Tight spreads
  • Great platform choice
Cons
  • No swap-free account option
  • Limited education
AlertDoes not accept UK Clients. Average spread EUR/USD 0.70 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 and cTrader platforms supported. Skilling is regulated by CySEC and the FSA-Seychelles. 71% of traders lose money with this provider.

Copy Trading in the UK

Over the last few years, there has been an enormous increase in copy trading adoption in the UK, heightened further during the COVID-19 pandemic. The market size of the global social/copy trading industry was $2.2 billion at the end of 2021. The market is expected to grow at a compounded annual growth rate of 7.8%, reaching $3.8 billion by 2028. By way of explanation, many beginner traders are interested in this relatively simple way to start Forex trading and are attracted by the thought of supplementing their income without too much effort.

However, the allure of making high returns in a short period and the absence of stringent regulations in the past have allowed scam brokers to abound.

What is Copy Trading?

Copy trading is a type of online trading that allows individuals to automatically copy the positions opened and managed by another selected trader, known as a strategy provider. This innovative approach allows users to mirror the trades and strategies of experienced and successful traders.

With copy trading, each time the strategy provider makes a trade, the same trade is executed in the copier’s account. The copier does not need to do anything manually; everything is handled automatically by the trading platform.

This trading method can benefit beginners who are still learning about the markets and developing their own trading strategies. It also serves as a time-saving tool for experienced traders who may not have the time to follow the markets as closely as they would like.

The copy trading process typically involves just a few clicks to choose a trader to copy, after which the system takes care of the rest. The trades are copied proportionally, meaning that even if you have a smaller account, you can still follow the trades of a strategy provider with a much larger account.

However, while copy trading can be beneficial, it’s crucial to remember that all trading involves risk. It’s possible to lose money and make it, and the past performance of a trader is not necessarily indicative of their future results. Therefore, it’s always wise to do your due diligence, understand the trader’s strategy, and consider the level of risk you are comfortable with before starting copy trading.

The Difference Between Social Trading and Copy Trading

While social and copy trading leverage online community-based platforms, they differ substantially in their processes and levels of engagement.

Social Trading

Social trading is a holistic approach encouraging direct interaction between traders within an online network. Like a traditional social media network, users can follow others, communicate, share insights, and discuss trading strategies. Some platforms also facilitate live feeds where traders can post updates about their trading activities, insights about market conditions, or explain their strategy’s rationale.

By providing a platform for discussion and direct observation, social trading serves as a learning ground where less experienced traders can learn from seasoned ones. Social trading is not just about replicating trades; it’s about discussing why specific strategies are employed, interpreting market events with your peers, and building your trading competence over time.

Copy Trading

On the other hand, copy trading is a more passive form of trading. Here, traders can select one or more experienced traders to follow. The system then automatically replicates the strategy provider’s trades into the copier’s account. This feature eliminates the need for continuous market monitoring and manual execution of trades, as it’s all handled by the platform.

The primary benefit of copy trading is its simplicity and convenience. You essentially delegate the trading decisions and actions to the trader you’re copying. This approach can be advantageous if you lack trading experience, struggle to keep up with market fluctuations, or simply don’t have the time to trade actively.

However, copy trading does not involve the same level of engagement and learning opportunities as social trading. You follow the trader’s actions but may not necessarily understand the reasoning behind those decisions unless the copied trader provides these insights on the platform.

Both social and copy trading offer unique advantages and cater to different trading styles. Your choice between the two (or a blend of both) would depend on your trading knowledge, available time, risk appetite, and interest in actively engaging with the trading community.

Choosing a Trader to Follow

One of the most crucial steps in copy trading is the selection of a trader to follow. Here’s how you can make an informed choice:

  • Analyse Trading Performance: Review the trader’s historical performance. While past performance does not guarantee future success, it can give you an idea of their trading strategy’s effectiveness over time.
  • Understand their Strategy: What markets does the trader focus on? How much risk do they take? Make sure their strategy aligns with your trading goals and risk tolerance.
  • Check their Risk Score: Most platforms provide a risk score for each trader. A lower score typically indicates a safer, more conservative approach to trading.
  • Review their Follower Count: A high follower count can indicate trust from other users, although it’s still essential to conduct your own analysis.

How to Get Started with Copy/Social Trading

Step 1: Sign Up: Register on your chosen platform by providing the necessary information. This process may include verifying your identity.

Step 2: Familiarise Yourself with the Platform: Copy-trading is available via signals on the popular MT4 and MT5 trading platforms. The cTrader trading platform has a more accessible copy trading function called cTrader copy. There are also some dedicated copy trading platforms like Zulutrade, Duplitrade and Myfxbook Autotrade, though these require a subscription fee. Whichever platform you use to copy trade, you will need to spend time exploring the platform and its features.

Step 3: Choose a Trader to Follow: Utilize the process described in the section above to select a trader whose strategy aligns with your investment goals.

Step 4: Begin Trading: You can start by either copying trades or engaging in discussions within the trading community. It’s recommended to start with a smaller investment and gradually increase it as you gain experience and confidence.

Frequently Asked Questions for Beginners

What is the minimum investment required for copy/social trading?

The minimum investment varies across platforms. For instance, on some platforms, you can start copy trading with 200 USD, while others may allow you to start with as little as 1 USD.

Is copy trading legal in the UK?

Yes, copy trading is legal in the United Kingdom. The Financial Conduct Authority considers copy trading and social trading self-directed, as traders who use this function always select the trading system to copy. Prior to the explosion in social trading, copy trading was only available via a managed account. Managed accounts require a power of attorney and a large account balance, and so they are unpopular among typical retail traders.

What occurs if the trader I’m copying discontinues trading?

If the trader you’re copying decides to stop trading, your account will not open any new trades. You will then need to select a new trader to follow.

Can I terminate copy trading at any point?

Yes, you can stop copying a trader at any time. You should also continuously monitor your trades’ performance and make adjustments as needed.

How much control do I have over my trades when I’m copy trading?

Although the trades are automatically replicated from the trader you’re copying, you still retain control over your own account. You can manually close trades, pause copy trading, or stop copying a trader anytime.

Can I copy multiple traders at the same time?

Yes, most platforms allow you to copy multiple traders simultaneously. This can be beneficial as it allows you to diversify your portfolio across different trading strategies.

Can I start copy trading with a demo account?

Many trading platforms offer a demo or practice account where you can use virtual money to copy trades. This can be a good way to understand how copy trading works and test different traders’ strategies before investing real money.

What are the costs associated with copy trading?

Costs can vary between platforms. Some platforms charge a fixed fee, some charge a percentage of profits, and others may apply spreads on trades. Always check the cost structure of your chosen platform.

How are the copied trades sized in my account?

Trades are usually copied in proportion to the amount of money you have allocated to copy a particular trader. For example, if the copied trader opens a trade using 10% of their balance, then a trade for 10% of the amount you allocated for copying them will be opened in your account.

What should I do if the trader I’m copying consistently loses money?

If the trader you’re copying is not performing as expected, you should reassess your decision. You might choose to stop copying them and select another trader, or you might decide to pause copying and monitor their performance for a while. Remember, it’s crucial to review the performance of the traders you’re copying regularly.

Can I interact with the traders I’m copying?

You can communicate with other traders on some platforms, ask questions, and share strategies. This feature is more commonly available on social trading platforms, and beginners may find it beneficial as it allows you to learn more about trading strategies and market conditions.

Although copy and social trading might seem overwhelming initially, with the right knowledge and approach, you can leverage the experience and strategies of successful traders. While this opportunity offers an expedited learning curve for beginners and a chance to diversify strategies for seasoned traders, it’s crucial to remember that all trading involves risk. Just because a trader has been successful previously does not mean they will continue to make a profit, so never trade with money you cannot afford to lose.

How do I compare copy trading brokers? 

When selecting a copy trading broker, prioritising regulation is crucial as it safeguards your funds. Evaluate the associated costs if the broker’s copy-trading service uses platforms such as Zulutrade, Duplitrade, or Myfxbook. Opt for a system that provides comprehensive metrics of traders you could emulate, including risk indicators and profitability. Ensure your broker offers a broad range of traders to follow, ensuring diverse choices. It’s also essential to have a system that enables trade filtering based on your risk and return preferences, offering flexibility. Avoid brokers that lock you into copy trading for a set period. You should be able to stop copying trades instantly. Be aware of the fee structure, whether it’s a flat, success-based fee or a broker subscription; all costs should be clear and upfront. Lastly, consider the specific broker accounts that offer copy trading, their required minimum deposit, and their trading costs before committing.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).

Our Rating & Review Methodology

Our State of the Market Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

 

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