What is social trading?
Simply, social trading allows you to copy other traders investments, without having to do the lengthy market research yourself. You can identify trading opportunities using the collective wisdom of other traders following other successful traders.
There are many free to join platforms that will enable you to quickly review their network of traders, follow them and copy their trades. You can copy each trade one by one or all trades going forward automatically.
You can view their historical trading performance, what markets they trade and some even have blogs to keep you updated with their next trading movements and why. You can also see which
traders are popular in the platforms and how many people are following them.
You can follow as many traders as you desire and copy all of their trades. You can also review the traders risk appetite and only select those that suits your own.
- NFA Regulated
- Copy Trading
- Mobile app
- Simple & friendly interface
These platforms all have easy to use mobile apps available on (Apple or Andriod devices), so you can keep updated with your progress on the move. You can just as easily unfollow a trader and stop trading whenever you feel like it if they’re performance drops or you’ve made your desired profit.
The mobile apps are designed to be as functional as the desktop versions, allowing you to manage your investments very quickly and securely.
Social Trading platforms
These trading platforms also allow you to trade independently without having to copy other traders. As you progress and become more experienced yourself in reading the markets this will enable you to become a trader making independent trades and then be copied in your own right.
You can start off slow by registering and using a demo/ practice account. This is a good way to get a feel for the platform and if it’s for you without risking any money.
We review all the main social trading platforms in the review section, however if you feel you’re ready I would recommend you join Etoro, one of the leading social trading platforms in the market, it takes 2 mins to sign up to either a practice or normal account.