Some binary options brokers offer social trading through a dedicated platform, which can be either a web-based platform or a downloadable one. These brokers may offer social trading in binary options, social trading in traditional forex & CFDs, or a combination of both.
In binary options trading, social trading platforms are a bit different from social trading platforms for forex & CFDs in that they are not designed to automatically copy the trades made by other traders. Instead, social trading platforms for binary options are mainly designed to let traders understand market sentiment, that is to see how “the crowd” is trading. If done right, so-called crowd trading can be very effective, especially for traders using contrarian trading strategies.