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: December 9, 2024

‹
• Jump to:
• Main Features
• Compared By Leverage and Commission per Lot
• Forex Brokers for Copy Trading by Spread
• 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: 4.9

   74-89% of retail CFD accounts lose money

2. 

   FP Markets

   Rating: 4.7

   73.85% of retail investor accounts lose money

3. 

   Pepperstone

   Rating: 4.6

   75.5% of retail investor accounts lose money

4. 

   Global Prime

   Rating: 4.5

   74-89% of retail CFD accounts lose money

5. 

   IC Markets

   Rating: 4.5

   70.64% of retail investor accounts lose money

6. 

   BlackBull Markets

   Rating: 4.5

7. 

   HF Markets

   Rating: 4.3

8. 

   eToro

   Rating: 4.1

   51% of retail investor accounts lose money

9. 

   Vantage FX

   Rating: 3.5

10. 

    XM Group

    Rating: 2.9

    72.82% of retail investor accounts lose money

Main Features of the Best Forex Brokers for Copy Trading

1. TRADE NOW READ REVIEW
   FP Markets

   Min Deposit

   $50 (AU$100)

   Trading Instruments

   Forex CFDs, Shares CFDs, Metals CFDs, Commodities CFDs, Indices CFDs, Crypto CFDs, ETF CFDs

   Regulators

   ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines)

   Trading Platforms

   MetaTrader4, MetaTrader5, WebTrader, IRESS, cTrader, TradingView

   Spread

   1.0 pips Standard; 0.0 pips Raw

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, Neteller, Bank Transfer, Skill, Sticpay, Fasapay, Virtual Pay, Perfect Money, Pagsmile, Dragonpay, Crypto, Apple Pay, Google Pay, Online Banking, Broker to Broker, PayPal, XPay, Rapyd

   Withdrawal Methods

   Visa, Mastercard, Bank Wire, Neteller, Skrill, Paytrust88, PayPal

   73.85% of retail investor accounts lose money

   FP Markets’ Social Trading portal is where users can begin copy trading. Both MT4 and MT5 are supported, and the copy trading software is mobile-friendly. Traders that FP Markets clients copy can charge performance fees when their trades are profitable. FP Markets enables the trading of 70+ currency pairs with narrow spreads. EUR/USD’s Standard spread is 1.2 pips on average. The pair’s Raw ECN spread can be as low as 0 pips. Other markets: shares, metals, commodities, indices, crypto, bonds, ETFs. 1:500 leverage cap in certain jurisdictions. FP Markets is licensed by the SFSA, ASIC, CySEC, and FSCA. MAM and PAMM accounts are also among FP Markets’ account options.

2. TRADE NOW READ REVIEW
   Fusion Markets

   Min Deposit

   $0

   Trading Instruments

   Commodities, Indices, Crypto, US Stocks

   Regulators

   ASIC, FSA (Seychelles), VFSC (Vanuatu)

   Trading Platforms

   MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingView

   Spread

   from 0.9 pips Classic; from 0.0 pips Zero

   Leverage

   1:30 (1:500 for forex and metals via VFSC)

   Deposit Methods

   Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire, ZotaPay, VNPay, DuitNow, XPay, DragonPay, VAPay, FasaPay, AstroPay, PayID, Jetonbank, Sticpay, Interac, LuqaPay, Zotapay, MiFinity

   Withdrawal Methods

   Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple, MiFinity, Interac, PayPal, AstroPay, Jetonbank, DragonPay

   74-89% of retail CFD accounts lose money

   Fusion Markets facilitates copy trading via its partnership with the DupliTrade platform, which is known for its user-friendly interface and algorithmic trading solutions. The setup is done by linking one’s MT4 Fusion Markets account to a DupliTrade account, and to begin copying strategy providers, traders must have a Fusion Markets account balance of at least $2,000. Performance fees may apply. Available markets: forex, metals, indices, energy and soft commodities, crypto, and US share CFDs. Fusion Markets’ spreads are account-dependent and start from 0.9 pips (Classic) or 0 pips (ZERO). Clients with a ZERO account must pay a commission of $4.50. VFSC users can enjoy leverage of up to 1:500. For ASIC traders, leverage is capped at 1:30.

3. TRADE NOW READ REVIEW
   Pepperstone

   Min Deposit

   $0

   Trading Instruments

   Forex, Indices, Commodities, Cryptocurrencies, Share CFDs, ETFs

   Regulators

   UK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMA, SCB (Bahamas)

   Trading Platforms

   TradingView, MT5, MT4, cTrader

   Spread

   From 0.0 pips (Razor Accounts), 1 pip (Standard Accounts)

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, PayPal, Bank Transfer, BPay, Neteller, Skrill

   Withdrawal Methods

   Visa, Mastercard, PayPal, Bank Transfer, BPay, Neteller, Skrill

   75.5% of retail investor accounts lose money

   Pepperstone has partnered with Pelican Exchange Ltd. to launch its CopyTrading app, which is offered to MT4 and MT5 users. Traders are free to customize their drawdown limits and the copy size (proportional to equity, mirror master, fixed). Performance fees are applicable. cTrader Copy is another copy trading option at Pepperstone, and automated social trading is also possible, courtesy of DupliTrade. Pepperstone boasts 1200+ instruments across markets like forex, commodities, and more. Spreads from 1 pip (Standard) or 0 pips (Razor). Retail leverage limit of 1:200 in some regions. Hedging, scalping, and expert advisors are allowed. Trade size limits: 0.01-100 lots.

4. TRADE NOW READ REVIEW
   eToro

   Min Deposit

   $50 or $100 based on country ($10 for the UK, $1 in the US)

   Trading Instruments

   CFDs on Forex, Stocks, Commodities, Crypto, ETFs, and Indices

   Regulators

   FCA, CySEC, ASIC, MFSA, FSRA, FSA, FINRA/FinCEN, AMF, SEC, GFSC

   Trading Platforms

   eToro Investing, eToro App, TradingView, eToro CopyTrader

   Spread

   From 1 pip

   Leverage

   1:30 (1:400 advanced leverage at Seychelles entity)

   Deposit Methods

   eToro Money, Visa, Mastercard, Neteller, PayPal, Skrill, iDeal, Klarna, Bank Transfer, Trustly, Przelewy24

   Withdrawal Methods

   PayPal, Skrill, Visa, Mastercard, Neteller, Trustly, Bank Transfer

   51% of retail investor accounts lose money

   A pioneer in the copy trading sphere, eToro provides its users with the CopyTrader software which is suitable for both demo and live accounts. The setup is easy, and clients can determine the capital allocation amount. eToro does not impose additional fees on users who copy popular inventors. eToro holds licenses from entities like the FCA, CySEC, ASIC, and more. Minimum first deposit: $50-$10,000 depending on the jurisdiction. Retail leverage caps of 1:30 (EU regulators, FCA, ASIC, SFSA) or 1:400 (SFSA advanced leverage) apply. Spot crypto trading and CFDs on forex (50+ pairs), stocks, ETFs, indices, commodities, and crypto are available. Forex spreads from 1 pip.

5. TRADE NOW READ REVIEW
   Global Prime

   Min Deposit

   $0

   Trading Instruments

   Cryptocurrencies, Indices, Commodities, Bonds

   Regulators

   ASIC (No. 385620), VFSC (No. 40256)

   Trading Platforms

   MT4 Desktop, MT4 Webtrader, MT4 Android, GP Copy

   Spread

   0.9 pips Standard, 0.0 pips Raw

   Leverage

   1:500 (1:30 for ASIC entity)

   Deposit Methods

   Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto

   Withdrawal Methods

   Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies

   74-89% of retail CFD accounts lose money

   Forex enthusiasts looking to dip their toes into copy trading should consider Global Prime’s top-notch application. Signing up is achieved in the Global Prime Client Hub, after which one can pick the platform and the traders they wish to copy, as well as allocate capital. Strategy providers may charge performance fees of up to 30%. Instrument selection: forex pairs (majors, minors, exotics), crypto CFDs, indices, commodities, and bond CFDs. The spreads can go below 1 pip. Raw account users’ spreads start from 0 pips, but a commission of $3.5 is charged. Deposit methods: Visa, Skrill, AstroPay, etc. The broker’s servers are New York-based.

6. TRADE NOW READ REVIEW
   IC Markets

   Min Deposit

   $200

   Trading Instruments

   CFDs on Forex, Commodities, Index, Bond, Cryptocurrencies, Stock, Futures

   Regulators

   FSA (Seychelles), CySEC, ASIC

   Trading Platforms

   MetaTrader4, MetaTrader5, cTrader, ZuluTrade

   Spread

   0.8 pips Standard, 0.0 pips Raw Accounts

   Leverage

   1:30

   Deposit Methods

   Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna, Nuvei

   Withdrawal Methods

   Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, FasaPay, Poli, RapidPay, Klarna

   70.64% of retail investor accounts lose money

   With cTrader Copy, IC Markets clients have access to copy trading services. The software is characterized by its transparency, excellent risk management tools, cross-device compatibility, and easy automation. A social trading app for MT4, IC Social, is also available. The service comes with a monthly fee. Signal providers can enable performance fees (up to 50%). 24/7 customer support via live chat. Markets: CFDs on forex, commodities, indices, bonds, cryptocurrencies, stocks, futures. Narrow spreads from 0.8 pips (Standard) or 0 pips (Raw Spread). $200 minimum deposit, payment methods include Visa, Neteller, wire transfers, and more. Retail leverage cap: 1:1000 (SFSA), 1:30 (CySEC).

7. TRADE NOW READ REVIEW
   BlackBull Markets

   Min Deposit

   $0 (Standard)
   $2,000 (Prime)
   $20,000 (Institutional)

   Trading Instruments

   Forex, Commodities, Futures, Indices, Stocks, Cryptocurrencies

   Regulators

   SFSA (No. SD045), FMA (No. FSP403326), FSA

   Trading Platforms

   MT4, MT5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade, BlackBull Invest, ZuluTrade

   Spread

   0.8 pips Standard; 0.1 pips Prime; 0.0 pips Institutional

   Leverage

   1:500

   Deposit Methods

   Visa, Mastercard, Neteller, Airtm, Skrill, Bank Transfer, HexoPay, American Express, POLi, Payment Asia, Help2Pay, FXPay, Fasapay, China Union Pay, Boleto, AstroPay, Beeteller, Bitcoin, Ethereum, Tether, Ripple, Litecoin, Bitcoin Cash, Chainlink, USD Coin, Stellar

   Withdrawal Methods

   Visa, Mastercard, Bank Transfer, Airtm, Skrill, Neteller, American Express, POLi, HexoPay, Payment Asia, Help2Pay, FXPay, China Union Pay, Boleto, Fasapay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin

   BlackBull Markets is a versatile broker with 26,000+ tradable instruments and a free copy trading service. The broker does not impose minimum deposit requirements. Its markets include forex, crypto, equities, and indices. Forex enthusiasts can start copy trading by creating a BlackBull Markets account, picking providers to copy, setting the volume scale difference as preferred (autoscale, multiply, fixed, or lots proportion), choosing the max volume to be copied, and setting up the risk management features. Keep in mind providers themselves might attach performance fees. Copy trading is available to both MT4 and MT5 users. Retail leverage limit: 1:500 (SFSA).

8. TRADE NOW READ REVIEW
   Vantage FX

   Min Deposit

   $50

   Trading Instruments

   Forex, Indices, Commodities, Shares CFD, ETFs, Bonds

   Regulators

   FCA (license no. FRN: 590299), VFSC (reg. No. 700271), ASIC (license no. no. 428901), FSCA (license no. 51268), CIMA (no. 1383491)

   Trading Platforms

   MetaTrader 4, MetaTrader 5, ProTrader, TradingView, Copy Trading

   Spread

   1.1 pips on Standard Account; 0.0 pips on Raw, Cent, and Pro Accounts

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, Union Pay, Boleto, Bank Wire, Skrill, Neteller, Crypto, POLi, FasaPay, Perfect Money, BPay, Pagsmile, AstroPay, JCB

   Withdrawal Methods

   Visa, Mastercard, Union Pay, Bank Wire, Skrill, Neteller, Crypto, AstroPay, Perfect Money, JCB

   The Vantage Copy Trading platform features 1,000+ CFDs on forex, cryptocurrencies, shares, indices, metals, and commodities. Traders may choose from over 69,700 signal providers to copy. Starting out requires at least $50, but the broker does not charge management or subscription fees. Signal providers can set a profit-sharing ratio of 50% or less. Security is ensured via 2FA and safety locks. Vantage’s spreads start at 1.1 pips with a Standard STP account, or 0 pips with a Pro ECN, Raw ECN, or swap-free account. Users with a Raw ECN account must pay a commission of $3, while the commission for Pro ECN clients is $1.50.

9. TRADE NOW READ REVIEW
   XM Group

   Min Deposit

   $5

   Trading Instruments

   Forex, Stocks, Indices, Commodities, Thematic Indices

   Regulators

   (ASIC) (ref. No. 443670), FSC (license no. 000261/397), DFSA (ref. no. F003484), CySEC (license no. 120/10), CFTC; Registrations for EU passporting: - BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA (Finland), KNF, AFM, FSA (Sweden)

   Trading Platforms

   MetaTrader 4 and 5, MetaTrader 4 and 5 on mobile, MT4 WebTrader, MT5 WebTrader, MT4 Multiterminal

   Spread

   From 0.0 pips (Zero Account), 0.6 pips (Standard and Micro Accounts)

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard. Skrill, Bank Transfer, Neteller, Apple Pay, Google Pay, UnionPay, Maestro

   Withdrawal Methods

   Visa, Mastercard, China Union Pay, Skrill, Neteller, Bank Transfer

   72.82% of retail investor accounts lose money

   XM’s platform has fostered a user base of over 100,000 copy traders. For clients with a live account, copy trading is just a click away after they download the iOS or Android app. The supported instrument range is impressive, with dozens of forex pairs like EUR/USD, EUR/GBP, and NZD/USD being available. Strategy managers can select an up to 50% profit sharing ratio. Spreads from: 1.6 pips (Standard account), 0.8 pips (Ultra Low account). Both account types have a 20% stop-out level and negative balance protection. The minimum deposit is $5. Swap-free trading available for Ultra Low users. Maximum leverage is either 1:30 or 1:1000, depending on where one resides.

10. TRADE NOW READ REVIEW
    HF Markets

    Min Deposit

    $0 (Zero, Premium), $5,000 (Premium Pro)

    Trading Instruments

    Forex, Metals, Energies, Soft commodities, Indices, Stocks, Cryptocurrencies, Bonds, ETFs

    Regulators

    CySEC, FCA, DFSA, FSCA, CMA, FSA (St. Vincent and the Grenadines), FSA (Seychelles)

    Trading Platforms

    MT4, MT5, Proprietary

    Spread

    0.0 pips (Zero), 1.0 pip (Premium Pro), 1.4 pips (Premium)

    Leverage

    Deposit Methods

    Withdrawal Methods

    If you are interested in copy trading, HF Markets’ Copy Trading account, HFcopy, is an excellent option. The software, which is exclusive to MT4 users, automatically copies the trades of one’s chosen strategy providers. Users can start or stop trading whenever they wish and customize the fund allocation. Risk management features are present. No administration fees are charged, but there are performance fees (up to 50%) to consider. Followers must make an opening deposit of between $10 and $100, depending on their account type, while for strategy providers, the deposit minimum is either $25 or $100. 0.01 minimum trade size. Spreads start at 0.6 pips (Pro) or 1.2 pips (Cent, Premium). Forex and gold are the trading instruments available for Cent accounts. Pro and Premium users enjoy a wider range of markets.

Forex Brokers for Copy Trading Compared By Leverage and Commission per Lot

Forex Brokers for Copy Trading by Spread

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.