Forex Brokers for Social Trading
- Written By thinkforexbrokers
- Updated:
Online retail trading connects millions of investors, making access to the forex markets easier than ever. Many retail forex brokers now host extensive social trading networks, bringing together traders from all around the world. Within these communities, members can share trading ideas, strategies, and insights to potentially enhance their long-term performance and increase profits. Traders can review each other’s performance, build investment portfolios, and get guidance on developing new trading strategies.
Finding a trustworthy social trading broker, however, takes time and research. It often requires testing multiple networks to select the best fit. Our team examined numerous platforms to determine the top retail forex brokers that support social trading and stand out as preferred choices for community-focused traders.
74-89 % of retails CFD accounts lose money
73.85 % of retails CFD accounts lose money
Trading leveraged product is risky
74 to 89 % of retails CFD accounts lose money
75.5% of retails investor accounts lose money
The vast majority of retail client accounts lose money
76% of retails investor accounts lose money
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61 % of retails investor lose money
IC Markets
70.64 % of retails investors accounts lose money
CMC
69.64 % of retails investors accounts lose money
As the term implies, social trading involves investors using user-generated forex trading content from various sources to guide their investment decisions. Equipped with this data, traders can make more informed choices and craft new trading strategies. To participate, investors need to subscribe to a social trading service and link their online trading accounts.
This setup enables them to analyze market trends, evaluate different strategies, share insights, and interact with other community members. It is especially valuable for beginners, as it can accelerate the learning process and help them improve their trading skills. Social traders follow other market participants in a manner similar to following people on social media platforms like Facebook.
Traders can monitor the performance of others over time, view their open positions, join discussions, and both seek and offer advice. Community members can post updates on their results and comment on others’ posts. This collaborative environment, along with exposure to a wide range of strategies, makes social trading appealing to both novice and experienced investors.
How Is Social Trading Different from Copy Trading?
Although copy trading is a widely used form of social trading, it differs in several key ways. Copy trading is best suited for individuals seeking a passive investing approach. It allows users to follow successful traders and have their positions automatically replicated in their own portfolios.
This method simplifies the investment process for forex beginners, enabling them to select skilled traders whose strategies match their risk tolerance, budget, and investment objectives. Beyond the initial setup, there is minimal involvement required. Users simply create an account on a copy trading platform, choose the signal providers to follow, and their trades are mirrored in real-time.
Copy trading is largely hands-off and does not require deep market knowledge, as users rely on the expertise of experienced traders. Social trading, in contrast, demands more active engagement. It focuses on collaboration and interaction with other community members.
Social trading platforms act as hubs where traders of all experience levels can meet, exchange ideas, provide feedback, discuss market trends, and share strategies in real-time. This fosters a collaborative environment where traders learn from one another rather than merely copying trades. Despite their differences, both copy trading and social trading promote greater participation in the markets.
11 Best Forex Brokers for Social Trading
1. AvaTrade
AvaTrade stands out as a dependable choice for traders seeking access to the forex markets within a fully regulated framework. The broker offers more than 1,000 financial instruments and holds licenses from top-tier regulators such as ASIC and CySEC. It also provides an advanced social trading experience through its AvaSocial platform, launched in late 2020, which allows trading across 250+ currency pairs, equity indices, stocks, commodities, and more.
The AvaSocial mobile platform quickly gained popularity by enabling users to connect with others, copy trades either automatically or manually, receive real-time updates, and showcase their results—all within a single, centralized network. Traders can also create their own follower chat groups, and the built-in instant messaging feature makes communication with other traders smooth and efficient.
Risk Warning: CFDs (Contracts for Difference) are complex instruments and carry a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should carefully consider whether you understand how CFDs work and whether you can afford the high risk of losing your money.
2. eToro
eToro stands out as a pioneer in social trading, having offered reliable copy trading services since 2010 through its proprietary OpenBook platform. The broker connects over 30 million users across more than 140 countries, enabling them to interact, share ideas, and replicate each other’s trades. eToro provides advanced crowd trading tools and a personalized social news feed with social media-style features.
Users can post updates, tag financial instruments and fellow traders, comment on posts, and receive push notifications. Its sophisticated CopyTrader tool allows following and copying up to 100 traders simultaneously, with a minimum investment of $200 per trader. Account verification is required for users who want others to copy their trades, while privacy settings allow those who prefer not to be followed to maintain control over their profiles.
CFDs are complex instruments and carry a high risk of rapid financial loss due to leverage. About 61% of retail investor accounts lose money when trading CFDs with this provider. You should carefully consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
3. Fusion Markets
Fusion Markets is a versatile online brokerage that opened its doors to retail clients in 2019. The broker offers over 250 tradable instruments, including more than 90 currency pairs, and holds licenses from regulatory authorities in Vanuatu, Seychelles, and Australia. It is well-regarded for its low spreads and industry-leading commissions. Additionally, Fusion Markets provides a dedicated social trading platform called Fusion+.
New users can quickly register on Fusion+ and share their profiles to allow others to copy their trades. Invitations can also be sent via email to attract more followers. The platform is free to use for those who trade at least 2.5 lots per month in forex and metals, while less active users are subject to a fixed monthly fee of $10.
Gleneagle Asset Management Limited (ABN 29 103 162 278), trading as Fusion Markets, is the issuer of the Fusion Markets products discussed in this communication. Trading these products carries the potential for both profit and loss, and losses may exceed your initial deposit. Such products are not suitable for all investors. Before investing, you should carefully read the Financial Product Service Terms, Product Disclosure Statement (PDS), and Financial Services Guide, all available on the Fusion Markets website. Consider your financial situation, investment objectives, and needs, and seek independent financial advice where necessary.
4. FP Markets
FP Markets is a globally regulated broker offering hundreds of tradable instruments, including more than 60 currency pairs. The broker holds licenses from respected financial authorities such as CySEC, ASIC, and the FSCA, reinforcing its strong reputation. FP Markets supports social and copy trading via MT4 and MT5, allowing new clients to register either as copiers or signal providers.
Traders can copy positions automatically or handpick top-performing signal providers to follow and receive real-time updates. The broker features a dedicated rating page where copiers can evaluate providers based on performance, profits, and detailed trading histories. There are no limits on the number of providers a user can follow, and disabling the copy trading function is quick and straightforward through the broker’s social trading portal.
Risk Warning: CFDs are complex instruments and carry a high risk of rapid financial loss due to leverage. Approximately 72.92% of retail investor accounts lose money when trading CFDs with this provider. You should carefully consider whether you fully understand how CFDs work and whether you can afford to take the high risk of losing your money.
5. BlackBull Markets
BlackBull Markets is a well-established online broker regulated in New Zealand and the Seychelles. It provides access to an extensive selection of over 26,000 financial instruments, offers maximum leverage of 1:500, and ensures fast execution with average speeds below 20 milliseconds. Traders can utilize copy trading through its award-winning proprietary platform, which integrates seamlessly with MetaTrader 4 and MetaTrader 5 accounts.
The platform allows users to follow top-performing signal providers with proven track records. It includes advanced risk management tools, enabling copiers to customize strategies according to their individual needs. There are no limits on the number of signal providers a user can follow at the same time. Additionally, transparent leaderboards allow traders to review the historical performance, trading strategies, overall returns, and equity of all featured signal providers.
6. Pepperstone
Trusted by thousands of traders across more than 160 countries, Pepperstone stands out with its ultra-tight spreads and a comprehensive product offering of over 1,200 tradable markets. The multi-licensed broker also supports social trading, allowing clients to select from thousands of verified signal providers and automatically copy their trades into MetaTrader 4 or MetaTrader 5 accounts.
Pepperstone developed its copy trading platform in collaboration with Pelican Exchange, a leading provider of social trading solutions. Followers can customize their risk settings, including the number of trades copied, drawdown limits, and trade sizes. Additionally, users can become signal providers themselves and earn performance fees from their followers, with charges capped at 50% on Pepperstone.
CFDs are complex financial instruments that carry a high risk of rapid losses due to leverage. Approximately 75.5% of retail investor accounts lose money when trading CFDs with this provider. You should carefully consider whether you fully understand how CFDs work and whether you can afford the high risk of losing your money.
7. Vantage FX
With over 15 years of experience in the financial markets, Vantage has earned a reputation as a reliable broker offering competitive pricing across a wide range of products, including more than 40 currency pairs. The broker is fully regulated in Australia, South Africa, and Vanuatu, ensuring a safe trading environment. In 2022, Vantage expanded its offerings with V-Social, a dedicated copy trading platform developed in partnership with Pelican Trading.
To participate in social trading, clients need to open separate live accounts, with the US dollar currently being the only supported base currency. The intuitive V-Social platform integrates seamlessly with MT4 accounts, allowing users to subscribe to top-performing traders or act as signal providers themselves, earning performance fees. Copiers can either mirror all trades of a chosen signal provider or select individual strategies from their profiles, making mirror trading highly flexible.
8. CMC Markets
Launched in 1996, CMC Markets is an ideal choice for traders of all experience levels, offering an extensive portfolio of over 11,000 financial instruments. The FCA-regulated broker features more than 330 currency pairs with competitive spreads starting from 0.7 pips. CMC Markets emphasizes transparency, exceptional order execution, and trader education.
The broker also hosts a vibrant social trading community, enabling clients to copy trades, provide signals, and engage in dedicated forums via its proprietary Next Generation platform. These forums allow both experienced and novice traders to exchange ideas, discuss strategies, analyze major news events, and share insights on technical indicators. Customers can stay connected through social news feeds and trade chats, fostering collaboration and knowledge-sharing among the community.
Spread betting and CFDs are complex financial instruments that carry a high risk of rapid loss due to leverage. In fact, 69% of retail investor accounts lose money when engaging in spread betting or trading CFDs with this provider. You should carefully consider whether you fully understand how these products work and whether you can afford to take the high risk of losing your money.
9. IC Markets
IC Markets stands out as an appealing choice for traders seeking tight spreads, rapid order execution, and deep liquidity within an ECN trading environment. As a reputable retail broker, it operates under licenses from FSA, CySEC, and ASIC, offering over 2,200 tradable instruments with raw spreads starting from zero pips. Customers can access a range of award-winning trading platforms, including the innovative IC Social.
IC Social, the broker’s dedicated social trading app, allows users to copy trades, act as signal providers, and share strategies with other community members. Traders can join existing discussion groups or create their own, while the built-in instant messaging feature enables seamless communication—exchanging ideas, asking questions, or challenging trades. Overall, IC Social delivers an intuitive, feature-rich environment for both social and active traders.
CFDs are complex financial instruments that carry a high risk of rapid loss due to leverage. Approximately 70.64% of retail investor accounts lose money when trading CFDs with this provider. You should carefully consider whether you fully understand how CFDs work and whether you can afford to take the significant risk of losing your money.
10. Axi
Axi is an award-winning online broker committed to providing transparent and fair trading conditions for clients in over 100 countries. The brokerage is regulated by top-tier authorities, including the FCA, ASIC, and CySEC, and offers a diverse product range of over 220 instruments, including forex, shares, commodities, indices, and cryptocurrencies.
The broker features an intuitive copy trading app available on both Android and iOS. By connecting your MetaTrader 4 account to the app, you can start copying trades immediately. Signal followers can invest any amount that meets trade requirements, while signal providers must deposit a minimum of $500 to be followed. Axi does not charge commissions for copy trading, although performance fees may apply on profits earned from copied trades.
CFDs are complex financial instruments that carry a high risk of rapid losses due to leverage. The majority of retail client accounts experience losses when trading CFDs. It is important to carefully consider whether you fully understand how CFDs work and whether you can afford the high risk of losing your invested capital.
11. Global Prime
Global Prime, established in 2010, is a leading forex and CFD broker known for its transparency and trustworthy trading environment. In addition to offering MT4 and MT5 platforms for web, desktop, and mobile, the broker provides a proprietary Copy Trading Platform. Approved traders can become Strategy Providers, allowing their trades to be automatically mirrored in other Global Prime clients’ accounts.
Getting started is straightforward. Traders first apply to become a GP Strategy Provider via the Global Prime Client Hub, then invite followers to copy their trades using a unique link. Followers can sign up or link their existing accounts and accept the platform’s terms and conditions. The service is free as long as each account trades at least 2.5 lots of FX/Metals per month; otherwise, a \$10 monthly hosting fee applies. Strategy Providers may charge performance fees of up to 30%.
Global Prime is a trading name of FMGP Trading Group Pty Ltd (ABN 74 146 086 017), regulated by ASIC and licensed to provide financial services in Australia under Australian Financial Services License No. 385620. Additionally, Gleneagle Securities Pty Limited, trading as Global Prime FX, is a registered company in Vanuatu (Company Number 40256) and regulated by the VFSC. The Global Prime website is owned and operated by FMGP Trading Group Pty Ltd, ABN 74 146 086 017.
Forex Brokers for Social Trading Ranked by Trustpilot Score
Forex Broker | Trustpilot Reviews | |
9066 | ||
2307 | ||
46540 | ||
10546 | ||
3921 | ||
3072 | ||
4167 | ||
3072 | ||
8593 | ||
28198 | ||
Comprehensive Comparison of the Top 10 Forex Brokers for Social Trading
Forex Broker | Min Deposit | Regulators | Number of FX pairs | Min Spread | Platforms | Fees | Features |
$50 (AU$100) | ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines), SCB (Bahamas) | 70+ | 1.0 pips Standard; 0.0 pips Raw | MT4, MT5 | Free | Copy Trading, Signal Provision, Signal Provider Ratings | |
$0 (Standard) $2,000 (Prime) $20,000 (Institutional) | FSA (Seychelles) (No. SD045), FMA (No. FSP403326) | 70+ | 0.8 pips Standard; 0.1 pips Prime; 0.0 pips Institutional | BlackBull CopyTrader | Free to join and use BlackBull CopyTrader | Copy Trading, Signal Provision, Advanced Risk Management Tools | |
$200 | FSA (Seychelles), CySEC (Cyprus), ASIC (Australia), SCB (Bahamas), CMA (Kenya) | 62 | 0.8 pips Standard, 0.0 pips Raw Accounts | IC Social | Monthly performance fees of up to 50% | Copy Trading, Signal Provision, Instant Messaging, Inverse Trade, Interactive Profiles, Group Chats | |
$100 | FFAJ (License No.1574), CySEC (No. 347/17), ISA (No. 514666577), IIROC, ADGM / FSRA (No.190018), CBI (No.C53877), BVIFSC (No. SIBA/L/13/1049), FSCA(No.45984), ASIC (No.406684), JFSA (No. 1662) | 50+ | From 0.9 pips (retail), 0.6 pips (pro) | AvaSocial | Signal providers may charge performance fees | Copy Trading (Automatic, Manual), Signal Provision, Instant Messaging, Group Chats, Real-Time Performance Monitoring, Trade Updates | |
$0 | ASIC, FSA (Seychelles), VFSC (Vanuatu) | 80+ | from 0.9 pips Classic; from 0.0 pips Zero | Fusion+ | $10 monthly fee for accounts with less than 2.5 lots activity on forex/metals | Copy Trading, Signal Provision | |
$0 | FCA, ASIC, MAS, CIRO, BaFin, FMA, BMA, DFSA | 330+ | From 0.0 pips (UK), 0.3 pips (SG, AU), 0.2 pips (IE) | Next Generation | Performance fees may apply | Copy Trading, Signal Provision, Live News Feeds, Social Trading Forum, Client Sentiments | |
$0; $5 (EU and UK) | ASIC, FCA, CySEC, DFSA, FSA (Saint Vincent and the Grenadines), FMA | 80 | From 0.0 pips (Elite and Pro Accounts), 0.9 pips (Standard Account) | Axi Copy Trading (connects to MT4) | Free | Copy Trading, Signal Provision | |
$0 | ASIC (No. 414530), UK FCA (No.684312), CySEC (No. 388/20), BaFin (No.151148), DFSA (F004356), CMA (128), SCB Bahamas (SIA-F217), FSA (SD108) | 90+ | From 0.0 pips (Razor Accounts), 1 pip (Standard Accounts) | Copy Trading by Pepperstone | Performance fees of up to 50% may apply | Copy Trading, Signal Provision, Risk Management Tools | |
$50 ($10,000 for Pro ECN accounts) | FCA (license no. FRN: 590299), VFSC (reg. No. 700271), ASIC (license no. no. 428901), FSCA (license no. 51268), CIMA (no. 1383491) | 60+ | 1.1 pips on Standard Account; 0.0 pips on Raw, Cent, and Pro Accounts | V-Social | Free | One-Click Copy Trading, Auto Copy Trading, Signal and Strategy Provision | |
$50 or $100 based on country ($10 for the UK, $1 in the US) | FCA, CySEC, ASIC, MFSA, FSRA, FSA, FINRA/FinCEN, AMF, SEC, GFSC | 55 | From 1 pip | OpenBook | Free (performance fees may apply) | Copy Trading, Signal Provision, Social News Feeds, Popular Investors Program |
Common Forms of Social Trading
As previously discussed, copy trading allows you to select experienced investors to follow and have their positions automatically replicated in your own trading account. It is one of the most widespread forms of social trading, particularly suited to individuals who lack the time or expertise to navigate the complexities of the forex markets.
With this approach, you identify signal providers whose trading styles match your risk tolerance, allocate a portion of your account balance, and have their trades mirrored in real time. Access to historical performance data enables copiers to make informed decisions about which providers to follow. While most platforms automate the replication process, manual copying is often available as an option.
Signal providers may charge commissions or performance fees, which are clearly indicated on the copy trading platform. Copiers can monitor the performance of their portfolio continuously, observing profits and losses, and can switch to alternative signal providers if desired.
Mirror Trading
Mirror trading is closely related to copy trading, but instead of following specific investors, you replicate entire trading strategies developed by strategy providers. First introduced in the early 2000s, this method is commonly used in forex trading but is also applicable to stock market investing.
Users access brokers’ platforms to review historical strategy performance and select an approach based on factors such as risk appetite, investment goals, budget, and the specific currency pairs involved. Once a strategy is chosen, the system automatically mirrors all trade actions—opening and closing positions—in the accounts of mirror traders.
Reputable brokers thoroughly vet strategies before making them available, often requiring at least one year of positive historical results. However, traders should remember that market conditions and emerging trends can significantly influence a strategy’s future performance.
Crowd Trading
Crowd trading leverages the collective sentiment of a broad community of traders to guide investment decisions. By analyzing the behavior of larger groups on social trading platforms, traders can identify trends and patterns that may indicate potential market movements.
For example, if a majority of traders are bearish on a currency pair, this could signal an opportunity to go short. Conversely, widespread bullish sentiment might indicate a favorable time to open a long position. Crowd traders frequently monitor dedicated forums and social media channels to gather insights. Some brokers support this approach by providing real-time market sentiment data to help guide trading decisions.
Social Trading on Third-Party Platforms
In addition to broker-specific platforms, many traders use third-party social trading networks like TradingView. While TradingView does not offer native copy trading, it enables users to share ideas, charts, and analyses with a large community of traders.
Traders can interact by liking, commenting, or following others to receive notifications on new posts. TradingView also supports live streaming, allowing users to demonstrate trades in real time. Public and private chat rooms facilitate seamless exchange of insights and strategies, making it a versatile hub for social trading activities.
Who Should Engage in Social Trading?
Social trading can be advantageous for both beginners and experienced traders. For novices, it accelerates market participation by providing access to the expertise and strategies of seasoned traders. Beginners can replicate the trades or strategies of those with proven track records while sharpening their skills through discussions and idea exchanges within the social trading community.
New forex traders, for example, can leverage insights from successful investors to make informed decisions on their next orders. Meanwhile, experienced traders often use social trading platforms to generate additional income passively. Copy trading, in particular, appeals to those who understand the markets but lack the time for active trading. Signal providers can earn extra revenue by allowing others to replicate their trades.
Despite its benefits, social trading carries inherent risks. Following the herd without proper analysis can lead to costly mistakes. Traders are encouraged to diversify the signal providers they follow and adopt strategies to optimize their social trading approach.
When applied thoughtfully and cautiously, social trading becomes a powerful tool to enhance decision-making and improve order execution. Success relies on conducting due diligence—evaluating the experience, knowledge, and risk tolerance of the signal providers you choose to follow.
Are There Any Downsides to Social Trading?
Social trading provides several advantages, such as shortening the learning curve and offering opportunities to connect with fellow traders. However, it also comes with notable drawbacks. Some social trading tools require paid subscriptions, which can be a barrier for beginners or those trading on a limited budget.
Copy trading, in particular, may involve extra costs like commissions or performance fees charged by signal providers. Traders should also keep in mind that forex trading carries inherent risks, and long-term success is never guaranteed, regardless of how much time is spent engaging with the community. Not all traders provide reliable insights, and some may exaggerate their results or expertise.
Because of these risks, social trading should be approached cautiously. Signal providers should be carefully assessed based on multiple factors, including trading style, experience, and historical performance. Importantly, past success does not guarantee future profits. By conducting thorough research and due diligence, social and copy traders can make informed decisions while participating in social trading.
Social Trading Brokers Q&A
Top social trading platforms are fully mobile-friendly, allowing traders to connect, share ideas, and monitor their activities on the go. This flexibility ensures you can stay updated on the forex markets without being tied to a desktop. You can seek guidance from experienced traders, track the performance of copied trades, and discuss or test new strategies directly from your mobile device.
MetaTrader 4 (MT4), widely used by retail brokers, includes features that support social trading activities. A key example is the Sentiment Trader tool, which enables users to conduct in-depth market sentiment analysis and access detailed charts with historical sentiment data.
This tool shows the number of traders holding long and short positions on specific currency pairs and other assets, drawing its data directly from real trading accounts rather than just price movements.
Copying another trader’s positions can sometimes involve extra fees, which vary depending on the trader you follow and the profits earned from the copied trades. It’s important to account for these potential costs when planning your trading budget.
tarting with social trading is simple. First, choose a trustworthy platform, create an account, and pick traders to follow. The brokers listed here are all licensed and operate in a regulated environment, offering access to verified signal providers with proven performance histories.
Similar to social media platforms, you’ll receive notifications whenever the traders you follow post updates, initiate discussions, or open new positions—particularly if you’re copying their trades. Likewise, you’ll get alerts if someone begins following you and mirroring your trades.
What Is Social Trading?