Copy trading is a fun way of getting into the trading world and learning from more experienced actors in the business. Many modern trading platforms online offer copy trading and copy trading tools. The degree of flexibility will vary, so chose with care to find an offer suitable for your specific style. Some followers prefer programs that carbon-copy each of the master´s trades, while others want more control and input.
Can I engage in copy trading on my smartphone?
Yes, many copy trading brokers and platforms are available for smartphone and tablet trading. Apps are available for both Android devices and iOS (Apple) products.
A lot of different asset types are available for copy trading, such as:
- Foreign currency (FX)
- Cryptocurrency (such as Bitcoin, Litecoin and Ethereum)
- Company shares
- Exchange Traded Funds
Important: CFDs are also available for copy trading. Through Contracts for Difference (CFD:s), you can speculate on price movements without ever owning the underlying assets.
A few examples of trading platforms that offer copy trading
Copy trading at MetaTrader (MT4)
Meta Trader 4 (MT4) is an electronic trading platform utilized by a lot of different retail brokers. It is thus not tied to any specific broker and if you want to use MT4 for copy trading there are a wide range of brokers to chose among. MT4 is chiefly (but not exclusively) used for FX trading.
It is easy to engage in copy trading at MT4 and you can adjust certain parameters in advance. Masters are ranked and listed based on accomplishments.
If you are interested in copy trading, you can test it for free using a play-money MT4 Demo Account.
MT4 has been developed by MetaQuotes Software, and the first version of MT4 was released back in 2005. The successor Meta Trader 5 was launched in 2010, but a lot of brokers and traders are still using MT4.
Note: The signals tab in MT4 features over 3 200 different signals for FX trading. Some signals are free to use, some come with a fee.
Copy trading at MetaTrader 5 (MT5)
Just like MT4, the MT5 platform offers copy trading and come with a wide range of built-in tools that makes copy trading easy. You get access to a wide range of masters, since they don´t need to be signed up with the same broker as you are. MT5 has fixed subscription fees.
MT5 has received a lot of praise for their super-fast order execution times for copy trading.
Copy trading at DupliTrade
This is a handy platform that gives you a lot of flexibility in your copy trading. You can for instance set the parameters to copy only a certain percentage of each trade, instead of going for the full amounts. You can also give orders to copy for a larger amount than the master.
All the available masters have gone through a detailed qualification process, to promote high-quality copy trading.
Several asset types are available for copy trading at DupliTrade, including company shares, foreign currency and commodities. Speculation on indices is also allowed.
Copy trading at cTrader
At cTrader, you can adjust the settings for each individual master, giving you a fairly high degree of control over your copy trading. All the masters are displayed alongside individual information regarding factors such as accomplishments, past performance, risk profile, fees, etcetera. This makes it easier for find the optimal masters for your preferences