Forex Brokers for Copy Trading

Written by Miro Nikolov

Miro Nikolov

Miro Nikolov is the co-founder of TradingPedia.com and BestBrokers.com. His mission is to help people make profitable investments by giving them access to educational resources and analytics tools.

, | Updated: March 14, 2025

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• Jump to:
• Main Features
• Key Features to Look For
• Benefits of Copy Trading Broker
• Risks in Copy Trading
• How to Choose the Right Forex Broker
• Copy Trading vs. PAMM
• Tips for Successful Copy Trading
• Final Thoughts
›

We all know Forex is complex and it takes time to hone skills in the industry. That’s why copy trading has emerged as a popular approach for beginners to get their feet wet in trading without mastering any complex strategies. You can mimic the trades of market experts through automated platforms and earn a potential passive income.

1. 

   Fusion Markets

   Rating: 4.5

   74-89% of retail's CFD accounts lose money

2. 

   FP Markets

   Rating: 4.8

   73.85% of retail investor accounts lose money

3. 

   BlackBull Markets

   Rating: 4.8

   Trading leveraged products is risky

4. 

   Global Prime

   Rating: 4.5

   74-89% of retail CFD accounts lose money

5. 

   Pepperstone

   Rating: 4.5

   75.5% of retail investor accounts lose money

6. 

   XM Group

   Rating: 3.2

   72.82% of retail investor accounts lose money

7. 

   eToro

   Rating: 4.1

   51% of retail investor accounts lose money

8. 

   IC Markets

   Rating: 4.8

   70.64% of retail investor accounts lose money when trading CFDs with this provider.

9. 

   Vantage FX

   Rating: 3.9

10. 

    HFM

    Rating: 4.5

Our team has thoroughly evaluated all brokers listed below using TradingPedia’s exclusive methodology.

Main Features of the Best Forex Brokers for Copy Trading

Key Features to Look for in a Copy Trading Broker

Let’s explore what critical features should exist in a copy trading broker.

1. No. of Experts

   A broker with a huge number of master traders should be preferred. It allows you to pick the best one from the list. If the list isn’t big, you are obliged to compromise on factors like profitability, drawdown, etc.

2. Statistics

   Detailed analytics for each master account enable you to learn in-depth about several factors. These factors must be considered before following one. It includes a detailed history statement, monthly average gain, consecutive wins and losses, drawdown, trading methodology, risk score, etc.

3. Transparency

   Some brokers do not reveal the historic drawdown or manipulate the risk score by showing low-risk scores for accounts having higher drawdowns. Hence, look for the one that operates with transparency.

4. Spreads and Fees

   Since you copy each trade of the provider, pay attention to the spreads and fees as higher operating costs may impact your profitability.

5. Latency

   Copy trading could damage your profits if the latency is high. Always test the copy trading services with a small deposit, and compare the open and close prices of your account with the provider. Minor differences may exist but gross difference means latency is high.

Benefits of Copy Trading Broker

Let’s find out some of the advantages of copy trading brokers.

• You can leverage the expertise of pro traders without any prior knowledge.
• You don’t need to constantly monitor your account. All you need is to deposit a sum and start copying trades.
• Even if you are an advanced trader, you can diversify your portfolio by copying different traders across multiple markets.

Risks in Copy Trading

Copy trading is not risk-free at all. Here are some of the risks to consider:

• The statistics reveal historic performance and there is no guarantee that future results would be the same.
• Every trading method has a certain risk. In rare cases, the risk may breach the previously held thresholds.
• Some strategies have a high risk and high return. Such strategies may end up with a margin call.

How to Choose the Right Forex Broker for Copy Trading

Now you have an idea of what copy trading is and its pros and cons, let’s figure out finding the best copy trading broker.

Always keep the regulation factor at the top when selecting a broker. A highly regulated broker will behave ethically without manipulating your interests and risking your hard-earned money. In case of a conflict, you can resolve your issues by complaining to the regulatory authorities.

Always evaluate the copy trading platform of a broker before signing up. The user-friendly interface, variety of strategies and filter option to search the strategies based on your desired parameters are the key factors. Moreover, you should also look at whether the platform offers long-term or short-term investing opportunities.

Unsatisfied customers leave their reviews and testimonials at different forums and share their experiences. If a broker has too many unsatisfied customers, its rating will drop. Good brokers do their best to maintain their ratings. Hence bad reviews and testimonials are red flags.

Copy Trading vs. PAMM

PAMM and copy trading are significantly different approaches while both serve the same purpose of leveraging the expertise of professional traders.

In PAMM, you become a part of the investment pool deposited in a single account. You get a proportional share of profit and loss. This approach gives you less control as you cannot see the live positions and you cannot set your own risk level.

In copy trading, you have more control over your account as you can see each position opened or closed. You can manually turn on or turn off copy trading at any time. You can even set up your loss limit (stop-out level).

PAMM is suitable for those investors who need a hands-off approach and enjoy a passive income. Meanwhile, copy trading is for traders who want to get involved in the process and learn as well.

Tips for Successful Copy Trading

Here are a few tips that could help you in your copy trading journey.

1. Active Involvement

   You should actively monitor your account and make adjustments if necessary. Each trading position is unique with a different risk. You can analyze the charts and if you feel uncomfortable with the position, you can reduce the volume to lower risk or completely close the position.

2. Diversification

   Relying heavily on one strategy is not a great idea. You can spread your investment into different strategies based on your risk appetite.

3. Stay Updated

   Always keep yourself informed of market dynamics, economic events, risk sentiment and overall market bias. These things may help you filter the bad trades.

4. Limiting Risks

   While copying trades, the broker allows you to set up a stop-out level. So, in the worst cases, the loss will not exceed that level. Your open positions will be liquidated and you will be left with the remaining sum. You are prone to see 100% loss in some cases if you do not set this level.

Final Thoughts

Copy trading is a great feature for beginners, busy traders and those seeking diversification. Choosing between PAMM and copy trading depends on how actively you want to be involved in the process. Opting for a regulated broker with transparency, low spreads and a user-friendly copy trading platform, you can effectively make the most out of the Forex market. Start responsibly and experience how professional traders work.