Boost Your Portfolio with the Best Copy Trading App

eToro: Overall Best Stock App with 0% Commission

VISIT ETORO

X

Your capital is at risk. Other fees apply. For more information, visit etoro.com/trading/fees. 

Forex and crypto trading require extreme focus and good skill to accrue profits consistently. If you’re new to the financial markets or too busy to open the charts, using a copy trading app is a good way to still engage and profit from the market.

Copy trading allows traders to leverage the proficiency of skilled and experienced traders by copying their trades. This provides a better chance to profit from reliable strategies rather than their investments. 

You can find a copy trading app from thousands in the market, but not all produce good copy trading results. We’ve narrowed down the best copy trading app with the best chance of success for you to get started.

Best Copy Trading Apps List

Here’s an overview of each copy trading app in our best copy trading app list.

1. eToro – Ultimate Copy Trading App For 2023
2. Zulutrade (via AvaTrade) – Best Copy Trading App for Mirror Trading
3. MetaTrader 4 (via Libertex) -Best Forex Copy Trading App for Automated Robot Trading
4. MetaTrader 5 (via FinmaxFX) -Best Copy Trading App for Algorithm Trading
5. Mirror Trader (via AvaTrade) –  Best Copy Trading App for Strategy Trading
6. cTrader (via Pepperstone) – Best Crypto Copy Trading App with Low Commissions 
7. Duplitrade (via Pepperstone) -Best Copy Trading App with Diverse Trading Strategies

 Your capital is at risk

Best Copy Trading Apps Reviewed

Choosing a copy trading app is important because it determines which copy trading service you sign up for and, ultimately, the trading results you get. 

While copy trading doesn’t guarantee a 100% profitable investment, with the right copy trading app, risks are usually lesser and gains more. 

To select each copy trading app in this guide, we considered factors like reliability, features, fees, and commissions.

eToro- Ultimate Copy Trading App for 2023

eToro is hands down the best forex copy trading app in 2023. The platform allows users to model the trading moves of top investors in real-time automatically. eToro’s presence in the financial markets goes as far back as 2007, and its social investment platform and copy trading services started in 2010.

Since then, eToro has risen quickly to become one of the world’s leading social trading platforms, with over 28 million users in over 140 countries. With a large pool of traders and investors featuring their trading moves publicly, many traders can replicate trades of skilled and profitable traders to make more money.

Finding a good trader to copy is pretty straightforward. eToro provides several indicators to evaluate traders’ performance, average profit and loss, and choose the best. 

Using the filter system, you can sort copy traders by profitability, asset class, average annual gains, trade duration, number of people who copy their trades, risk score, location, etc.

Once you’ve found a trader with an impressive trade history, set the amount to allocate for copying the trader, and click COPY. Ensure you’ve funded your account with at least $200; that’s the minimum amount you can use to copy a trade. 

Funding your eToro account with US dollars is free, but you’ll pay a small forex fee of 0.5% if you wish to deposit another currency. 

eToro Fees

eToro Pros and Cons

 Your capital is at risk

ZuluTrade (via AvaTrade) – Best Copy Trading App for Mirror Trading

Talk about an automated trading platform that allows you to follow and copy seasoned traders on multiple platforms. ZuluTrade is a unique copy trading app built to connect with forex trading apps like AvaTrade through an API. 

To copy trade on ZuluTrade via AvaTrade, open an account with AvaTrade. Proceed to fund your account with a minimum of $200, then connect ZuluTrade to your AvaTrade account.

You can find ZuluTrade in the automated trading platforms section from the category tab. Once you’ve activated ZuluTrade, you can access thousands of trading signal providers. 

Like in eToro, you can easily streamline your focus on the ideal trader you want to copy using specific filters. You can sort through the vast number of traders using features like their return on investment (ROI), all-time drawdown, and number of followers. 

ZuluTrade provides an extensive range of assets, including forex, CFDs, commodities, indices, and cryptocurrencies. With over 2.5 million users actively using ZuluTrade, it remains the best crypto copy trading app and a top choice for forex traders. 

AvaTrade Fees

Avatrade Pros and Cons

MetaTrader 4 (via Libertex) – Best Forex Copy Trading App for Automated Robot Trading

With over 25 years in the forex market, Libertex is one of the most efficient brokers globally. The broker provides a comprehensive suite of tools for trading forex, crypto, stocks, and other financial assets. 

Libertex also provides MetaTrader 4 integration, allowing users to explore the market using a versatile trading platform. MetaTrader 4 is the best trading platform among forex traders due to its wide array of technical analysis tools, which puts it in the spotlight for advanced forex trading.

But for users who prefer to trade with a forex copy trading app, MetaTrader 4 is still a good option. MetaTrader 4 has automated copy trading services called Expert Advisors (EAs). 

Expert Advisors are trading robots that execute trades based on predetermined setups. All you have to do is download MetaTrader 4, connect it to your Libertex account, pay for a good expert advisor, and activate it. 

Once activated, the EA works round the clock, executing trades and accruing profits on your behalf. By registering on Libertex to use MetaTrader 4, you can enjoy tight spreads, low trading commissions, and free withdrawals. 

Libertex Fees

Avatrade Pros and Cons

MetaTrader 5 (via FinmaxFX) – Best Copy Trading App for Algorithm Trading

FinmaxFX offers CFD and forex trading services for traders around the globe. With over 400 financial instruments to trade,FinmaxFX ensures you have the best shot at predicting price direction by providing the most efficient trading platform- MetaTrader 5.

MetaTrader 5 is an improved version of MetaTrader 4 in that it comes with more technical analysis tools and customization options. But if you’re in the market for a forex copy trading app, that might not be your priority. 

If your interest lies mainly in automated copy trading, MetaTrader 5 gives you access to buy Expert Advisor services for a stress-free trading experience. Additionally, you can copy the live trades of thousands of traders through the MetaTrader 5 community. 

However, browsing ongoing trades in the MT5 community comes at the cost of paying a monthly subscription fee. This fee varies depending on the trader you copy and your account type.  

By using FinmaxFX to access MetaTrader 5 as your preferred forex copy trading app, you benefit from low fees, commissions, and high leverage to maximize your profits. 

FinmaxFX Fees

FinmaxFX Pros and Cons

Mirror Trader (via AvaTrade) – Best Copy Trading App for Strategy Trading

Mirror Trader is an automated copy trading app that allows users to mirror the moves of high-performing traders. 

Developed by the fintech company Tradency, Mirror Trader birthed the mirror trading trend in 2005 and has grown to become integrated by over 200 brokers and used by over two million retail clients.

Based on their trading strategies, skilled traders send their buy and sell signals to Mirror Trader’s server. If the strategy aligns with your trading style, you can opt for the trade.

You’ll find different trading strategies like scalping, breakout trading, momentum trading, and more. Choosing a good strategy relies heavily on how well-versed you are in forex trading strategies. So, Mirror Trader is better suited for you if you have basic experience trading different forex strategies.

To get started with Mirror Trader, sign up on AvaTrade. AvaTrade provides the best and most cost-effective gateway to use Mirror Trader as a copy trading app.

AvaTrade Fees

FinmaxFX Pros and Cons

cTrader (via Pepperstone) – Best Crypto Copy Trading App  with Low Commissions

cTrader is another trading platform similar to MetaTrader that’s quickly gaining ranks. In addition to the premium charting and technical analysis tools cTrader offers, its copy trading app is a major attraction for many crypto and forex traders. 

cTrader is one of the best crypto copy trading app for traders to provide or subscribe to strategy signals. Strategy providers share their trading strategies and earn commissions from subscribers. 

Traders can copy these strategies and replicate the high-performing results of the top traders. Copy trading is not 100% profitable; that’s why cTrader goes a step further to provide risk management settings. 

By lowering your trading risks considerably, you can protect your capital and get increased chances of winning trades. To get started with the cTrader strategy copy trading app, Pepperstone is the right broker to use. 

Pepperstone allows users to copy trades from cTrader and execute them at low or zero costs, depending on your chosen account. You pay zero trading commissions if you have a standard account on Pepperstone. But, if you use the original account type, you pay fixed trading commissions but with zero spreads. 

Pepperstone Fees

Pepperstone Pros and Cons

DupliTrade (via Pepperstone) – Best Copy Trading App with Diverse Trading Strategies

DupliTrade is another copy trading app that works seamlessly with Pepperstone. It is the best crypto copy trading app with a notable pool of highly skilled strategy providers. 

While other copy trading platforms allow thousands of traders to offer signals, DupliTrade works only with the best of the best. They feature a small selection of about 160 expert traders, ensuring they give traders the best chances of success.

DupliTrade can be a game changer for your investment strategy if you learn how to carefully choose skilled traders to copy. Narrowing down on a strategy provider to follow is not hard. All you need to do is check the data on their past trades to validate their expertise and profitability.

You’ll find traders with different trading strategies, like the Major system, where the trader trades only major currency pairs. Another popular strategy is the Robust system, featuring trades on gold and indices in addition to major currency pairs. 

DupliTrade premium copy trading app requires a minimum deposit of $5000. While that might sound like a lot, the advantage here is that you can allot several portions of it to different trades. 

To start, activate DupliTrade via your Pepperstone account and fund your account to begin your copy trading journey.

Pepperstone Fees

Copy Trading Explained

Choosing a good copy trading app from this carefully curated list is great. But learning how copy trading works sets you up for a better mirror trading experience. 

In this section, you’ll learn about different copy trading systems, what to look for when choosing traders to copy, and more.

What is Copy Trading

In the simplest form, copy trading is the process of executing the same trades as another trader. You can do this manually or automatically. 

Traders who use stock trading apps or commodity trading apps with copy trading features look for traders with good profit history.

Choosing profitable traders to copy is important because each trade you copy is not guaranteed to be profitable. You’re only in profits if the trade your model opens is in profit, and once the trade enters loss, yours does as well. 

Here’s a simple illustration to get familiar with how copy trading works:

Assume you invest $2500 into one of the best day trading apps to copy trade an expert trader.

If the day trader you’re mirroring risks 10% of their portfolio shorting copper, you automatically risk $250 of your own portfolio on the same trade. If the trade yields 30% for the day trader, you gain 30% in profits, which is $75. 

Even though you’ll experience different trading scenarios, the point to note is that copy trading simulates everything in your copy trading provider trade on yours. 

 Your capital is at risk

Copy Trading Systems

When hunting for the best AI stock trading apps with copy trading features, understanding the different copy trading systems will help you know which one is your best fit. 

All-in-One Copy Trading Brokers

If you prefer an all-in-one copy trading system, then eToro is right for you. eToro presents an all-in-one copy trading system combining all forms of copy trading styles, strategies, and features.

You’ll gain access to a community of copy traders where you can get strategies amidst discussions among top traders—a copy trading style usually referred to as social trading. 

You also get access to copy trades from diverse high-performance investors. As one of the best free stock apps, eToro does not charge any trading commission, making copy trading cost-effective and rewarding. 

Robots and Algorithmic Software

Another copy trading system worth considering is the automatic robot trading software. 

These trading robots are programmed with specific trading strategies using high-level programming languages. All you need to do is install the software, connect it to your trading account, and the bot begins to execute trades automatically. 

You don’t need to assist the bot in the trading operation; it’ll automatically determine entry and exit points. However, you can adjust your risk management settings. 

Unlike human traders who factor several considerations into their trades, trading bots work on a criteria basis. For example, a bot could be programmed to go long if a crypto coin rises by more than 7% in 24 hours. 

This trading method can be beneficial because it eliminates the negative impact of emotional trading. On the other hand, it’s also tricky because it doesn’t factor in external events while executing trades. 

Signals (Semi-Automated)

Signals is another popular copy trading system. It’s not fully automated because you have to execute your trades manually. However, it comes with all the features you need to enter and exit a trade at a profit. 

After thorough market research and asset analysis, signal providers update their clients with the latest trading suggestions. 

Some signal providers send trading signals to their subscribers and give feedback on how they executed the trade. This way, users can track how effective their trading signals are before using them on their own trades. 

Here’s a typical format of a trading signal: 

Asset: BTC/USD

Order: Long (Buy)

Entry: $20,550

Stop-Loss: $19,600

Take-Profit: $24,400

Sometimes, you may see multiple take-profit points to accommodate traders who prefer long-term trades. 

Signals are great if you have more time on your hands and you want to be in control of your trades. Using a signal service will allow you to vet each trading suggestion to determine whether it’s worth executing. 

Copy Strategies

Copying trading strategies is fast becoming popular among forex traders. A copy trading app like DupliTrade works by providing a platform where skilled traders can provide trading strategies and earn commissions. 

Some common trading strategies these traders use include scalping, day trading, trend and momentum trading, and intra-day trading. You’ll also find tons of other carefully derived strategies. 

Whether you’re exploring crypto presales or trading forex instruments, once you select your preferred strategy, the platform automatically uses the strategy to trade on your behalf. Like in robot trading, the whole trading process becomes automatic and passive.  

How to Choose Traders to Copy

Copying trades is pretty straightforward, but choosing a trader to copy can take a bit of work. You’ll encounter thousands of traders in the copy trading session when using forex or mutual fund apps. 

There are key factors to consider to identify an ideal trader to copy. In the following sessions, you’ll learn how considering assets, trading performance, and risk profile can help you streamline your search and narrow down the best trader to copy. 

Assets

Begin by clarifying the asset class you want to trade passively. If you prefer crypto, you’re better off exploring traders on Defi apps. And if trading currencies excites you more, check out traders focusing primarily on currency pairs.

After determining the asset class of your choice, use the available filters to sort through the traders list and choose traders trading your preferred asset class. On eToro, you can easily do this by using the Who Invest In sorting icon to choose an asset class. 

Trading Performance

Now that you’re focusing on traders trading the same asset class, review their trading performance to pinpoint the best traders to follow. You can use a filter to rank them based on their return.  

In addition to reviewing the return a trader has accrued, check the breakdown of their performance over time. This will give you insight into how experienced and profitable a trader is in the long term. 

Risk

Risk is also a key factor when choosing a copy trading model. The more risk-averse a trader is, the better their capital preservation skills. Many forex and ETF trading apps do not give a direct trader risk profile. 

eToro solves this issue by using machine learning to detect the risk score of each trader. You can find the risk score of each trader on a scale of 1 to 10. With this information, you can choose a trader with a comfortable risk profile.

 Your capital is at risk

Best Demo Trading App – Conclusion

This guide covered copy trading, popular copy trading strategies, and how to choose profitable traders to copy. It also featured top copy trading apps from eToro to MetaTrader 4 to DupliTrade. But among all the extensively reviewed copy trading apps, the best is eToro. With an investment of $200, you can join over 20 million eToro users to copy the trades of high-performing investors. 

As one of the best paper trading apps, eToro allows users to test their copy trading skills in a demo account. Using a demo account allows you to copy trade without using real money.  Once you’ve tried and validated that your copy trading strategy works, open a trade in your standard account to make money and cash out. 

 Your capital is at risk

FAQs