Best Social Trading Platforms: Compiled by Traders Union

The world of trading has evolved tremendously with the advent of social trading platforms, revolutionizing how investors and traders interact and collaborate. These platforms are a game-changer, leveling the playing field for novice traders by providing them access to the expertise of seasoned professionals.

TU experts revealed the best social trading platforms, bringing the most reliable and user-friendly options to the forefront. Moreover, TU experts have listed the criteria for choosing the best platform.

What Is meant by social trading and copy trading network?

TU experts describe social trading as a concept rooted in the principles of social networks, where traders come together to communicate and invest collectively. This collaborative approach has significantly altered the financial market dynamics, allowing traders to join forces against the market instead of competing against each other. Consequently, novice traders now have the opportunity to achieve the profitability of professional traders.

Copy trading, a subset of social trading, enables beginners to link their accounts with those of experienced traders. By doing so, they can either automatically or manually copy the trades of seasoned traders. The investment threshold varies across platforms, ranging from $1 to $5,000. However, even professional traders are not immune to losses, and the more people who copy a particular strategy, the less effective it becomes.

Main risks of social trading platforms

TU experts highlight the following risks associated with social trading networks:

  1. Past performance is not indicative of future results. A trader’s financial success in the past does not guarantee it will continue in the future. Traders can improve their performance or suffer losses, as nobody is immune to mistakes.
  2. High-yielding strategies carry higher risks in the financial markets.
  3. Unforeseen expenses. Some copy trading systems charge management fees, while others may have higher spreads for copying systems. Always account for broker commissions and monitor earnings after deducting all expenses.

Tips for choosing the best social trading broker

According to TU experts, there are five essential steps to selecting a reliable broker for social trading:

  1. Reliability and regulation assessment. Choose a broker with trustworthy regulation, such as FCA, CySEC, or ASIC.
  2. Trading conditions. Consider commissions, diversity of trading instruments, and order execution quality.
  3. Studying the scale of the network. More extensive networks offer better opportunities for investors and managers.
  4. Transparency. Ensure that all statistical data of managers is publicly accessible and available for independent audits.
  5. Platform’s technological effectiveness. The best platforms provide comprehensive settings for selecting traders and managing risks.

Best Social Trading Platforms

TU experts have identified the following top social trading platforms:

  1. RoboForex: RoboForex offers a minimum investment of $10, a wide range of assets for copy trading, and is regulated by CySEC. Its social trading platform is CopyFX.
  2. XM: XM requires a minimum investment of $5, supports various assets for copy trading, and is regulated by ASIC, CySEC, and IFSC. The platform offers social trading through MetaTrader 4 and 5.
  3. IC Markets: IC Markets has a minimum investment of $200, offers numerous assets for copy trading, and is regulated by ASIC and FSA. Its social trading platform is Myfxbook AutoTrade.
  4. AvaTrade: AvaTrade requires a minimum investment of $100, provides a diverse selection of assets for copy trading, and is regulated by multiple authorities, including ASIC, FSCA, and JFSA. Its social trading platform is ZuluTrade.
  5. Tickmill: Tickmill has a minimum investment of $100, a wide range of assets for copy trading, and is regulated by FCA, CySEC, and FSCA. The platform supports social trading through Myfxbook AutoTrade and MetaTrader 4.

InstaForex is another best copy trading platforms in 2023. To learn more about social trading, the best social trading platform reviews in 2023, and their risks and benefits, visit the official website of the Traders Union.


Social trading platforms have transformed the trading landscape by offering a collaborative approach to investing. These platforms provide novice traders with access to professional expertise, increasing their chances of achieving profitability. However, it is crucial to carefully choose a reliable broker and be aware of the risks involved. Visit the Traders Union’s official website to learn more about the best social trading platforms and make an informed decision for your trading journey.