Best Copy Trading Forex Brokers for 2024

Below you will find a list of Forex Brokers offering trading accounts featured by the option to copy trades of other clients (signal providers). Basically, any broker with MetaTrader 4 or MetaTrader 5 platform offers the opportunity to receive trading signals from various professional traders. Metaquotes Software Corp (the developer of MT4 and MT5) has own enormous pool of participants sharing their trading activity for free or for money. Still, we tried to make a list of brokers that have own distinctive copy-trading service, different from what Metaquotes offers at their proprietary platforms.

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RoboForex RoboForex (2009) Leverage: up to 1:2000 Deposit: from 10 USD Spreads:  low  low Location: Belize Instruments: Currencies Indices Metals Energies Stocks ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Specific Social Platform Wire Transfer Credit Cards PayPal Skrill Neteller Perfect Money Trustly iDeal Sofort Bitcoin Bitсoin Cash Ethereum Liteсoin Ripple Tether Giropay SticPay AstroPay Przelewy24 PrimeXBT PrimeXBT (2018) Leverage: up to 1:1000 Deposit: from 0.0001 BTC Spreads:  low  low Location: Marshall Islands Seychelles Instruments: Currencies Crypto Indices Metals Energies Platforms: Web Specific Wire Transfer Credit Cards Bitcoin Ethereum Tether HFM HFM (2007) Leverage: up to 1:2000 * Deposit: from 5 USD Spreads:  low  low Location: UK Cyprus South Africa UAE Saint Vincent and the Grenadines Seychelles Instruments: Currencies Crypto Indices Metals Energies Softs Bonds Platforms: Web MetaTrader 4 MetaTrader 5 FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller PayRedeem FasaPay UnionPay WebMoney Bitcoin Ethereum Liteсoin Tether BitPay FirewoodFX FirewoodFX (2014) Leverage: up to 1:1000 Deposit: from 10 USD Spreads:  mid  mid Location: Saint Vincent and the Grenadines Instruments: Currencies Metals Platforms: Web MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay Perfect Money Tether OctaFX OctaFX (2011) Leverage: up to 1:500 Deposit: from 25 USD Spreads:  low  low Location: Saint Lucia Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Specific Wire Transfer Credit Cards Skrill Neteller Bitcoin Ethereum Liteсoin Tether Admiral Markets Admiral Markets (2001) Leverage: up to 1:1000 * Deposit: from 200 USD Spreads:  low  low Location: Australia UK Cyprus Seychelles Instruments: Currencies Crypto Indices Metals Energies Stocks Bonds ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller UnionPay Trustly iDeal POLi AstroPay SafetyPay Klarna Przelewy24 ZotaPay FP Markets FP Markets (2005) Leverage: up to 1:500 Deposit: from 100 AUD Spreads:  low  low Location: Australia Cyprus Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds ETFs Platforms: Web MetaTrader 4 MetaTrader 5 cTrader TradingView Specific Wire Transfer Credit Cards PayPal Skrill Neteller FasaPay Perfect Money Bitcoin Bitсoin Cash Ethereum Liteсoin Dash Ripple Tether Google Pay Apple Pay SticPay Axi Axi (2007) Leverage: up to 1:500 Deposit: from 5 USD Spreads:  low  low Location: Australia UK UAE Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Softs Platforms: Web MetaTrader 4 FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay iDeal Sofort Bpay POLi Giropay FXTM FXTM (2011) Leverage: up to 1:2000 * Deposit: from 10 USD Spreads:  low  low Location: UK Cyprus Mauritius Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller PayRedeem FasaPay UnionPay WebMoney Perfect Money Yandex Money Qiwi Bitcoin Ethereum Liteсoin Dash Tether Google Pay DusuPay DixiPay CashU InstaForex InstaForex (2007) Leverage: up to 1:1000 Deposit: from 10 USD Spreads:  high  high Location: Cyprus Saint Vincent and the Grenadines British Virgin Islands Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Specific Binary Platform Wire Transfer Credit Cards Skrill Neteller UnionPay Trustly Qiwi ePayments iDeal Sofort Bitcoin Liteсoin Tether POLi Giropay Przelewy24 NAGA NAGA (2015) Leverage: up to 1:500 Deposit: from 50 USD Spreads:  mid  mid Location: Seychelles Instruments: Currencies Crypto Indices Metals Energies Softs Stocks ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Specific Social Platform Wire Transfer Credit Cards PayPal Skrill Neteller iDeal Sofort Bitcoin Bitсoin Cash Ethereum Liteсoin Dash Giropay LiteFinance LiteFinance (2005) Leverage: up to 1:1000 Deposit: from 50 USD Spreads:  mid  mid Location: Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 4 MetaTrader 5 cTrader Specific FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller Perfect Money AdvCash Bitcoin Bitсoin Cash Ethereum Liteсoin Ripple Tether MTrading MTrading (2014) Leverage: up to 1:1000 Deposit: from 100 USD Spreads:  low  low Location: Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller FasaPay Perfect Money Bitcoin Tether Forex4you Forex4you (2007) Leverage: up to 1:1000 Deposit: from 1 USD Spreads:  low  low Location: British Virgin Islands Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 Specific FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller WebMoney Tether NordFX NordFX (2008) Leverage: up to 1:1000 Deposit: from 10 USD Spreads:  low  low Location: Saint Lucia Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller FasaPay Perfect Money Bitcoin Ethereum Liteсoin Tether SticPay AMarkets AMarkets (2007) Leverage: up to 1:3000 Deposit: from 100 USD Spreads:  low  low Location: New Zealand Saint Vincent and the Grenadines Mwali Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Neteller FasaPay Perfect Money AdvCash Bitcoin Ethereum Liteсoin Tether XtreamForex XtreamForex (2015) Leverage: up to 1:1000 Deposit: from 5 USD Spreads:  low  low Location: Marshall Islands Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay WebMoney Perfect Money Qiwi Bitcoin JFD Bank JFD Bank (2011) Leverage: up to 1:400 * Deposit: from 500 USD Spreads:  mid  mid Location: Germany Cyprus Vanuatu Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Specific FIX API (protocol) Wire Transfer Credit Cards Skrill Sofort SafeCharge SuperForex SuperForex (2013) Leverage: up to 1:2000 Deposit: from 1 USD Spreads:  mid  mid Location: Belize Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Platforms: MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay Perfect Money Bitcoin Liteсoin Dash Ripple Tether BitWallet SticPay AstroPay MultiBank Group MultiBank Group (2005) Leverage: up to 1:500 Deposit: from 50 USD Spreads:  low  low Location: Australia Austria Germany Spain UAE Singapore British Virgin Islands Cayman Islands Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller UnionPay Perfect Money Bitcoin POLi PayTrust88 TeleTrade TeleTrade (2000) Leverage: up to 1:500 Deposit: from 100 USD Spreads:  mid  mid Location: Cyprus Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller FasaPay WebMoney Yandex Money Qiwi Traders Trust Traders Trust (2009) Leverage: up to 1:3000 * Deposit: from 50 USD Spreads:  mid  mid Location: Cyprus Bermuda Seychelles Instruments: Currencies Crypto Indices Metals Energies Platforms: Web MetaTrader 4 cTrader Wire Transfer Credit Cards Bitcoin Tether TIO Markets TIO Markets (2019) Leverage: up to 1:1000 Deposit: from 10 USD Spreads:  low  low Location: Saint Vincent and the Grenadines Mwali Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller FasaPay Bitcoin Ethereum Tether Tifia Markets Tifia Markets (2011) Leverage: up to 1:1000 Deposit: from 10 USD Spreads:  mid  mid Location: Vanuatu Instruments: Currencies Indices Metals Energies Platforms: MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller FasaPay Perfect Money Bitcoin Skilling Skilling (2016) Leverage: up to 1:500 Deposit: from 100 USD Spreads:  low  low Location: Cyprus Seychelles Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 cTrader Specific Wire Transfer Credit Cards PayPal Skrill Neteller WebMoney Trustly Google Pay Apple Pay AstroPay Klarna Fondex Fondex (2017) Leverage: up to 1:500 Deposit: from 1 USD Spreads:  low  low Location: Cyprus Seychelles Instruments: Currencies Crypto Indices Metals Energies Stocks ETFs Platforms: Web cTrader Wire Transfer Credit Cards PayPal Skrill Neteller WebMoney Yandex Money Sofort Bitcoin Bitсoin Cash Ethereum Liteсoin POLi Giropay PaySafeCard Przelewy24 PayTrust88 Trade Nation Trade Nation (2019) Leverage: up to 1:200 Deposit: from 10 USD Spreads:  low  low Location: Australia UK South Africa Bahamas Instruments: Currencies Indices Metals Energies Stocks Bonds Platforms: Web MetaTrader 4 Specific Wire Transfer Credit Cards Skrill M4Markets M4Markets (2019) Leverage: up to 1:1000 Deposit: from 5 USD Spreads:  low  low Location: Cyprus UAE Seychelles Instruments: Currencies Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Social Platform Wire Transfer Skrill Neteller PayRedeem FasaPay UnionPay Perfect Money BitWallet SticPay Alipay Juno Markets Juno Markets (2014) Leverage: up to 1:500 Deposit: from 100 USD Spreads:  mid  mid Location: Vanuatu Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: MetaTrader 4 FIX API (protocol) Wire Transfer Skrill Neteller FasaPay UnionPay Bitcoin Ethereum Tether Alipay ZFX ZFX (2017) Leverage: up to 1:2000 Deposit: from 50 USD Spreads:  low  low Location: UK Seychelles Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller Perfect Money Tether AdroFx AdroFx (2018) Leverage: up to 1:500 Deposit: from 25 USD Spreads:  low  low Location: Saint Vincent and the Grenadines Saint Lucia Vanuatu Instruments: Currencies Crypto Indices Metals Stocks Platforms: Web MetaTrader 4 Specific Social Platform Wire Transfer Credit Cards Skrill Neteller PayRedeem Perfect Money Bitcoin Ethereum Tether Uphold SticPay Payeer Opoforex Opoforex (2021) Leverage: up to 1:1000 Deposit: from 100 USD Spreads:  mid  mid Location: Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: MetaTrader 4 Perfect Money AdvCash Bitcoin Ethereum SAM Trade SAM Trade (2015) Leverage: up to 1:1000 Deposit: from 10 USD Spreads:  low  low Location: Australia Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Platforms: MetaTrader 4 Wire Transfer Credit Cards Tether PU Prime PU Prime (2015) Leverage: up to 1:1000 Deposit: from 50 USD Spreads:  low  low Location: Seychelles Instruments: Currencies Indices Metals Energies Softs Stocks Bonds ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Social Platform Wire Transfer Credit Cards Skrill Neteller FasaPay AximTrade AximTrade (2020) Leverage: up to 1:3000 Deposit: from 10 USD Spreads:  low  low Location: Australia New Zealand Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay Tether Alipay CapitalXtend CapitalXtend (2005) Leverage: up to 1:1000 Deposit: from 100 USD Spreads:  mid  mid Location: Kazakhstan Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Perfect Money Bitcoin Ethereum Liteсoin Tether PayTrust88 Fusion Markets Fusion Markets (2010) Leverage: up to 1:500 Deposit: from 20 AUD Spreads:  low  low Location: Australia Seychelles Vanuatu Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 4 MetaTrader 5 cTrader Wire Transfer Credit Cards PayPal Skrill Neteller FasaPay Perfect Money SticPay AstroPay CXM Direct CXM Direct (2015) Leverage: up to 1:2000 Deposit: from 10 USD Spreads:  low  low Location: UK Saint Vincent and the Grenadines Mauritius Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: MetaTrader 4 Wire Transfer Perfect Money Ethereum Tether XSocio Markets XSocio Markets (2016) Leverage: up to 1:2000 Deposit: from 1 USD Spreads:  mid  mid Location: Saint Vincent and the Grenadines Instruments: Currencies Indices Metals Energies Platforms: MetaTrader 4 MetaTrader 5 Credit Cards FasaPay Tether Crystal Ball Markets Crystal Ball Markets (2020) Leverage: up to 1:1000 Deposit: from 50 USD Spreads:  low  low Location: Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web Specific Binary Platform Wire Transfer Credit Cards Perfect Money Bitcoin Bitсoin Cash Ethereum Liteсoin Dash Ripple Hantec Markets Hantec Markets (1990) Leverage: up to 1:500 * Deposit: from 10 USD Spreads:  mid  mid Location: UK Mauritius Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Social Platform FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller UnionPay Bpay TopFX TopFX (2010) Leverage: up to 1:1000 Deposit: from 10 USD Spreads:  low  low Location: Cyprus Seychelles Instruments: Currencies Crypto Indices Metals Energies Stocks ETFs Platforms: Web MetaTrader 4 cTrader Wire Transfer Credit Cards PayPal Skrill Neteller PayRedeem UnionPay Perfect Money Bitcoin Ethereum Liteсoin Tether Google Pay Apple Pay PayTrust88 FXCL FXCL (2006) Leverage: up to 1:2000 Deposit: from 10 USD Spreads:  low  low Location: Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Platforms: MetaTrader 4 Wire Transfer Credit Cards FasaPay Perfect Money Bitcoin Fxcess Fxcess (2020) Leverage: up to 1:1000 Deposit: from 10 USD Spreads:  mid  mid Location: Bermuda Instruments: Currencies Indices Metals Energies Stocks Platforms: Web MetaTrader 4 Wire Transfer Credit Cards ForexMart ForexMart (2015) Leverage: up to 1:3000 Deposit: from 15 USD Spreads:  low  low Location: Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 Specific Social Platform Wire Transfer Credit Cards Skrill Neteller FasaPay Bitcoin Bitсoin Cash Tether Quinnix Quinnix (2021) Leverage: up to 1:1000 Deposit: from 10 USD Spreads:  mid  mid Location: Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Platforms: MetaTrader 4 Wire Transfer Bitcoin Tether 4XC 4XC (2018) Leverage: up to 1:500 Deposit: from 10 USD Spreads:  low  low Location: New Zealand Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay Perfect Money Bitcoin Bitсoin Cash Ethereum Dash Tether SticPay FXGiants FXGiants (2020) Leverage: up to 1:1000 Deposit: from 10 USD Spreads:  mid  mid Location: Bermuda Instruments: Currencies Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 4 Specific Wire Transfer Credit Cards UnionPay Bitcoin BitWallet Fortune Prime Global Fortune Prime Global (2022) Leverage: up to 1:500 Deposit: from 40 USD Spreads:  low  low Location: Marshall Islands Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 Wire Transfer UnionPay Tether FXPremax FXPremax (2021) Leverage: up to 1:1000 Deposit: from 1 USD Spreads:  mid  mid Location: Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Platforms: MetaTrader 4 Specific Credit Cards Skrill Neteller FasaPay UnionPay Bitcoin Tether PaySafeCard Fullerton Markets Fullerton Markets (2015) Leverage: up to 1:1000 Deposit: from 100 USD Spreads:  low  low Location: New Zealand Saint Vincent and the Grenadines British Virgin Islands Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay Bitcoin Ethereum Ripple SticPay Cabana Capitals Cabana Capitals (2017) Leverage: up to 1:500 Deposit: from 10 USD Spreads:  mid  mid Location: South Africa Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Platforms: MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller Perfect Money Bitcoin DNA Markets DNA Markets (2019) Leverage: up to 1:500 Deposit: from 100 USD Spreads:  low  low Location: Australia Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller Bitcoin Tether FXCentrum FXCentrum (2019) Leverage: up to 1:1000 Deposit: from 10 USD Spreads:  low  low Location: Seychelles Instruments: Currencies Indices Metals Energies Softs Stocks Bonds Platforms: Web Specific Wire Transfer Credit Cards Perfect Money Bitcoin Tether AstroPay ZotaPay Woxa Woxa (2019) Leverage: up to 1:500 Deposit: from 25 USD Spreads:  low  low Location: Saint Vincent and the Grenadines Mauritius Instruments: Currencies Crypto Indices Metals Energies Stocks ETFs Platforms: Web Specific Social Platform Wire Transfer Credit Cards TenTrade TenTrade (2020) Leverage: up to 1:500 Deposit: from 50 USD Spreads:  low  low Location: Seychelles Instruments: Currencies Crypto Indices Metals Energies Softs Stocks ETFs Platforms: Web MetaTrader 5 Social Platform Wire Transfer Credit Cards Skrill Neteller Perfect Money Bitcoin Tether Exclusive Markets Exclusive Markets (2018) Leverage: up to 1:2000 Deposit: from 200 USD Spreads:  low  low Location: Seychelles Instruments: Currencies Crypto Indices Metals Energies Softs Stocks ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Skrill Neteller FasaPay Perfect Money BitWallet SticPay PayTrust88 EBC Financial Group EBC Financial Group (2022) Leverage: up to 1:500 Deposit: from 100 USD Spreads:  low  low Location: Australia UK Cayman Islands Instruments: Currencies Indices Metals Energies Platforms: Web MetaTrader 4 Wire Transfer Credit Cards PayPal Skrill UnionPay SticPay
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Who are Copy Trading Brokers?

Copy trading brokers are brokers that provide a platform for less experienced traders to copy the trades of other more experienced traders. The signals are usually implemented automatically on the accounts of the traders who are copying the trades, using an in-built copy trading engine.

Copy trading should not be confused with social trading. In social trading, the action of following another trader’s trades is a manual and voluntary action. In copy trading, the copying of another trader’s positions is an automated process.

How Copy Trading Works

The hallmark of the copy trade process is automation. This is an advancement of the previous signals system, where traders would receive trade alerts and implement these on their accounts manually. In the copy trade system, these trades are automatically implemented as they happen. All the trade components such as entry price, exit price and stop loss settings, are also copied automatically.

Copy trading brokers provided a system which has a front end and a back office component. At the front end, the trader who wishes to copy another trader, or the trader who wishes to have his/her trades copied, will have access to the copy trade platform. At the back end, we have the administrators and the developers behind the engine. Some copy trade platforms provide some elite traders access to a system where the click of buy or sell buttons leads to automatic implementation of signals on the accounts of those who follow the signals.

Therefore, the system on the platforms of copy trade brokers is made up of the following entities:

  1. Followers
  2. Leaders
  3. Aggregators (usually the brokers)

How do these three groups of participants interact with a copy trade broker platform?

Infographics: 3 main entities of copy trade brokers

1. Followers

Those who want to copy the trades of other traders are known as Followers. This is because they “follow” other traders’ trades. The profile of a follower is that of a trader that does not have the required skills, knowledge or experience to trade profitably. Sometimes, they may also be investors who simply want a passive way to get returns on their forex investments without having to go through the daily grind of watching the charts and picking trade opportunities off them.

What does the Follower have to do to start copying the trades of other traders? They will be given access to the Leaderboard, which usually displays traders that have stellar results in trading based on an algorithm that is worked out by the copy trade brokers. What is displayed is a simply a preview shot for each Leader: statistics shown include % profitability, the risk profile being applied by that trader and how many months that trader has been on the platform. Some platforms will also show you how many people are copying these traders, but this particular data set should really be ignored because it has been shown time and time again that the herd mentality really does not make for good results in forex.

Followers can make a choice of one or more traders to follow. Certain parameters can be set by the trader during selection. These parameters include risk settings, capital allocation, etc. In order to start copying trades on a copy trade broker platform, you must open an account as a Follower.

2. Leaders

Leaders are those traders who feel that they have what it takes to be profitable in the forex market, and they submit their trades to the copy trade system so that the Followers can copy their trades. They are also provided with front end access where they have to register their profiles as Leaders. Usually, some significant trade history that spans at least 6 months must be generated before a trader can open a profile as a Leader.

Criteria and algorithms used to display the top Leader performers on the leaderboard will differ as you move from one copy trade broker platform to another. Some platforms are very strict with this factor and will even restrict the number of traders who can work as Leaders on a platform. Leaders have a lot of responsibility and with platforms always changing their selection algorithms, Leaders have to stay on top of their game. It is a high pressure environment for any Leader as consistency of profitability over a long period of time is not an easy feat to achieve. Leaders will have the opportunity to see how many people are following them, and how much they have earned from their work as Leaders.

3. Aggregators

The copy trade brokers are the aggregators: they use their platform to bring together the Leaders and Followers and provide the entire technology backbone that keeps the copy trade engine up and running. The aggregator team is composed of system administrators, developers, programmers and cyber-security experts. These experts work together to provide a transparent algorithm for display of Leaders on the leaderboard, and also maintain the function and integrity of the core copy trade engine. This engine also enables every trade delivered by all Leaders to be implemented with as little latency as possible on the accounts of their followers.

Control of accessibility to the system by both Leaders and Followers is maintained by the System Administrators. The use of secure web socket technology such as SSL keeps the database safe and secure.

The Mechanics of Copy Trading

From the side of the Follower, the process goes as follows:

From the Leader’s angle, the process is as follows:

Our list of copy trade forex brokers shows the forex brokers across the world that we have found to be worthy providers of this service. There are those who offer their copy trade service within the context of the MT4 and MT5 platforms, and there are also brokers that have developed their own proprietary trade engines. No matter what channel these brokers use for their copy trade service, the principles of listing of Leaders and selection of these Leaders by Followers remain basically the same.

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