Best Social Trading Platforms

Over the past years, social trading platforms have become extremely popular and in demand in the online trading world. These platforms simply enable users to interact with other traders, share trading ideas, and copy trades of other top-performing traders within the same network.

To help you find the best social trading platform available, in this guide we are going to list some of the best brokers that offer social trading software. We’ll also explain what is social trading, what are the benefits of using a social trading platform, and show you how to get started.

Best Social Trading Platforms 2021 List

Here are the top 5 best social trading brokers to choose from:

  1. eToro – Overall best social trading platform in the world
  2. AvaTrade (AvaSocial) – Best social trading platform for beginners
  3. Zulutrade (via VantageFX) – Best social trading forex platform
  4. DupliTrade (via VantageFX) – High quality copy trading platform
  5. NAGA – Top-notch social and copy trading platform

Best Social Trading Platforms Reviewed

Below, we are going to take a closer look at each of the 5 best social trading platforms in 2021.

1. eToro – Overall Best Social Trading Platform in the World

etoro brokereToro is undoubtedly the most famous social trading network in the world with more than 17 million users and a plethora of social trading tools and features. As a matter of fact fact, eToro is primarily a CFD and forex broker that gives users access to social trading software that is easy to use for any trader who wants to get involved with social trading. It was also the first brokerage firm in the world to launch a social trading online platform way back in 2006.

Crucially, the great thing with eToro is that it provides returns for investors that allow other users to copy their trades. This makes this social trading platform ideal for both sides – those who are willing to share their trading activity and in return get paid, and those who want to copy other top-performing investors. If you wish to get copied, then eToro has a program known as the Popular Investor Program that enables expert traders to generate returns for allowing other users to mimic their trades.

eToro investor popular program

But, while the eToro CopyTrade feature is perfect if you are an experienced trader that wants to make an extra income by sharing your trading activity, the eToro social trading platform is especially useful if you are a beginner trader that simply wants to trade the financial markets without having to spend time analyzing the markets and get involved in trading throughout the day. Best of all, eToro social trading network works like any other popular social network over the internet. You have a profile page, news feed from other users, and you get access to lots of social trading tools. The most famous of all is the eToro CopyTrade tool that allows you to view what other traders are doing in real-time and automatically copy their trades.

Another great thing with eToro social trading platform is that you can choose a certain market or product. For example, you can choose an investor that focuses on the crypto market, or actively trades a certain crypto coin like Bitcoin.

eToro copytrading tool

Another tool that is available at eToro is the social copy portfolios. These are basically portfolios of several assets based on a predefined strategy that enables you to take a long-term investment plan on a certain market, region, or sector. Notably, eToro offers three types of CopyPortfolio to choose from – Top Trader CopyPortfolios, Market CopyPortfolios which bundle together a combination of assets in a specified market, and Partner CopyPortfolios which have been created by one of eToro’s partners – Tipranks, WeSave, and Meitav Dash.

For example, among the huge selection of eToro’s copy portfolios, you’ll be able to invest in BitcoinWorldWide, GoldWorldWide, 5G Revolution, The Big Banks, Diabetes-Med, Fashion Portfolios, Drone Tech, Gig Economy, China Car, Cyber Security, and many more.

eToro copyportfolios

All things considered, eToro is certainly the best choice if you want to start social trading. The broker also does not charge any fees for using the social trading platform as well as copy trades of the other top-performing investors. Finally, it is heavily regulated by the FCA, CySEC, and ASIC and ensures clients’ are safe by the Financial Services Compensation Scheme (FSCS).

Pros

  • Largest social trading in the world with more than 17 million members
  • Offers commission-free trading
  • Excellent copy trade tool
  • Over 2,400 markets
  • Offers users to choose an investor to copy based on risk, market, return, etc
  • Features built in managed CopyPortfolios
  • Heavily regulated and covered under the FSCS
  • Easy to use social trading platform

Cons

  • Charges withdrawal and inactivity fees

67% of retail investor accounts lose money when trading CFDs with this provider. 

2. AvaTrade (AvaSocial) – Best Social Trading Platform for Beginners

Founded in 2006, AvaTrade is among the most trusted forex and CFD brokers in the industry that offers users access to the markets. The broker is regulated by 7 agencies across 6 continents and has developed a great trading environment for traders including a very wide range of platforms and advanced trading tools.

In terms of social trading tools, AvaTrade is offering two of the most notable social trading tools in the markets – the ZuluTrade and the DupliTrade. However, early on this year, the broker has launched a new innovative copy-trading system known as the AvaSocial in order to help users connect with other traders and copy their trades. Essentially, this social trading app offers you to interact with other members within the AvaTrade trading community, find trading mentors, ask questions, and, of course, copy trades of the best traders on the network.

AvaSocial

Another feature that is available on the AvaSocial trading app is that you can copy as many traders as you want, pause them when you like, or simply be part of the AvaTrade community. So far, the Ava social trading app has great reviews online – 4.5 on the. Apple Store, and 3.9 on Google Play.

Overall, AvaTrade has been a great platform for intermediate and experienced traders for many years. It offers a range of trading platforms, low spreads, and FX options trading. Therefore, the AvaSocial platform is ideal for beginners who want to connect with more professional traders. At the same time, it is also a great option for successful traders with a proven track record that want to make an extra income by sharing their trading activity.

Pros:

  • Regulated in 6 different jurisdictions
  • The AvaSocial comes with real-time trading signals
  • Competitive spreads
  • Wide range of trading platforms
  • Offers users to earn rewards for sharing their trading activity
  • MetaTrader platform is available
  • Offers options trading

Cons:

  • There’s a lack of information about the AvaSocial as it relatively new
  • Limited range of assets

71% of retail investor accounts lose money when trading CFDs with this provider

3. Zulutrade (via VantageFX) – Best Forex Social Trading Platform

ZuluTradeZuluTrade is a social and copy trading platform that was founded in 2007 and since then, it has become one of the largest social forex trading platforms in terms of active traders. That said, unlike eToro and AvaTrade, ZuluTrade is an external social trading software that connects through an API with other brokers that support the MetaTrader 4 or/and the MetaTrader 5.

One of the best forex brokers in the world that integrates with ZuluTrade is VantageFX, an Australian regulated broker that offers a high leverage ratio and true ECN connection to the forex market. Basically, VantageFX offers an integration of the ZuluTrade social network to the MetaTrader4, and thus, you’ll be able to choose the traders you want to follow and mimic the trading performance on your VantageFX MT4 account. Overall, you can trade any market that is available on VantageFX, though the broker primarily focuses on the forex market.

VantageFX zulutrade

Further, as VantageFX directly integrates with ZuluTrade, you can get a view of all the best traders within the VantageFX network, and choose the exact market and risk. Additionally, ZuluTrade has a nice feature called Combos, which are basically portfolios that comprise different trading strategies.

VantageFX ZuluTrade

In order to get started, you need to open an account at VantageFX and ZuluTrade, and then link your live VantageFX account to ZuluTrade. The Australian broker maintains a minimum deposit requirement of $200 and does not charge any fees for depositing funds.

Pros

  • High leverage ratio of 500:1
  • Features a simulation tool that allows you to test the selected trader’s performance according to the settings of his/her account
  • User-friendly social trading platform
  • You can utilize the ZuluGuard, a risk management tool that informs you when the chosen investor has deviated from its expected loss profile
  • No deposit fees
  • A focus on forex market

Cons

  • Charges inactivity fee
  • Limited range of products

67% of retail investor accounts lose money when trading CFDs with this provider. 

4. Duplitrade (via VantageFX) – High-Quality Copy Trading Platform

DupliTrade logoBesides ZuluTrade, VantageFX also offers the DupliTrade, which was founded in 2017 as a trading service provider for Forex and cryptocurrency trading. This automated trading platform is mostly known as a professional network for traders, largely due to its strict process of approving traders to become strategy providers on the DupliTrade network and the fact that it was invented by traders for traders. And, much like ZuluTrade, DupliTrade works in a way that requires users to open an account with one of DupliTrade partner brokers.

Vantage FX is one of the safest brokers that partners with DupliTrade. You can simply open an account at VantageFX and DupliTrade and link your DupliTrade account to your MT4 software. You should note, however, that VantageFX requires a minimum deposit of $2000 in order for you to be able to use DupliTrade social trading services.

DupliTrade VantageFX

Nonetheless, if you make a deposit of at least $2000, then you’ll be able to use DupliTrade’s advanced auto-execution mirror system. In that aspect, the key feature of DupliTrade is the description of the strategy – you get a view of the market, trading method, trading frequency, trader type and style, and leverage ratio.

DupliTrade strategy

All in all, DupliTrade is perhaps not the most user-friendly social trading platform, however, it is very effective and has great reviews online.

Pros

  • A true ECN broker
  • Heavily regulated
  • Professional traders only – DupliTrade has a strict process for allowing traders to become strategy providers
  • VantageFX allows testing your portfolio on a demo account
  • Does not charge inactivity fee

Cons

  • A minimum deposit of at least $2000

67% of retail investor accounts lose money when trading CFDs with this provider. 

5. NAGA – Top-notch Social and Copy Trading Platform

Naga logoAnother popular online brokerage firm that provides social trading tools is NAGA. Much like eToro, NAGA offers a mirror trading tool and trading on more than 950 instruments. This includes stocks (CFDs and real stocks), cryptocurrencies, ETFs, indices, commodities, and futures.

Overall, NAGA has more than 1 million registered users on its network that get access to a user-friendly social trading platform available on any web browser and a mobile application (Android and iOS). In terms of social trading tools, NAGA offers the NAGA feed, NAGA messenger, and the NAGA CopyTrade.

NAGA social trading

From the NAGA dashboard, you get access to a full-on trading interface including feed, markets, academy, wallet, etc. Once you navigate to the ‘Top Trader’ tab on the top menu, you have the option to view thousands of traders and choose the one you would like to copy by clicking on the AutoCopy button. And, much like other social trading platforms, NAGA has a filter that helps you choose the best trader for you (though the NAGA  filter is not as effective as other social trading platforms like eToro and ZuluTrade)

NAGA copy trading

The only downside of NAGA, when compared to other social trading platforms on our list, is that they charge a fixed or variable fee for using their copy trading service. Nonetheless, it is clearly one of the best all-in-one trading solution platforms in the market that gives users access to a range of markets and tools, and excellent social trading software.

To get started, NAGA requires a minimum deposit of at least $250. The broker is regulated by CySEC and keeps clients’ funds in segregated accounts with major regulated EU banks.

Pros

  • A high leverage ratio of up to 1000:1
  • Innovative trading platform – available on desktop and mobile
  • Over 950 instruments
  • Regulated by CySEC
  • Huge selection of investors to copy
  • Offers a demo account with $2500 of virtual money

Cons

  • Charges a fixed/variable fee for copy trading

67% of retail investor accounts lose money when trading CFDs with this provider. 

Social Trading Platforms Comparison

Below you will find a fee comparison table for the best social trading platforms in our list:

Broker Social Trading Assets Fees for Social Trading
Overall Rating out of 5
eToro Over 2400 – Forex, commodities, shares, ETFs, indices, cryptocurrencies None. Only spreads.

Charges inactivity and withdrawal fees

5
AvaSocial More than 250 instruments None. Only spreads.

Charges inactivity and withdrawal fees

4.7
Zulutrade (via VantageFX)
Over 300 instruments Charges commission per lot (VantageFX is an ECN online broker). No inactivity fee, low deposit and withdrawal fees 4.6
DupliTrade (via VantageFX)
Over 300 instruments Charges commission per lot (VantageFX is an ECN online broker). No inactivity fee, low deposit and withdrawal fees

*A minimum deposit of $2000

4.5
NAGA Over 950 instruments Charges fees for copy trading activity 4.2


What is Social Trading?

Simply put, social trading is a form of trading where traders can share trading ideas and their trading activity. It is based on the notion that the collective is better than the average individual performance and as such, users can interact with other members in the network and use a copy trading system to connect accounts.

Notably, while social trading is not a new concept as it was used by many traders for several decades – it has emerged as a vital tool to investors when the internet became accessible. eToro was one of the first social trading platforms in the market that started operating around 2006. Other famous social trading platforms that have emerged since then include NAGA, ZuluTrade, and Duplicate.

Benefits of Social Trading

Trading on a social trading platform is a fascinating way to approach the markets. Below, we’ll give you the top reasons why social trading can be beneficial on your journey to create a profitable portfolio.

  • Unlike traditional trading platform, social trading networks are much more fun to use
  • Free flow of information from other users
  • It is extremely easy to use
  • Copy Trading – Social copy trading enables you to trade the markets without having to spend time on research and trading in front of the computer
  • You get to interact with other members of the network and share trading ideas
  • Removes the tension and stress of self-trading
  • Risk management tools – In some of the social trading platforms available in the market, you can choose the risk you’re comfortable with.

How to Start Social Trading on eToro

Following this review, we can confirm that eToro’s social trading platform is the most effective one in the market. As such, we’ll show you the full process of opening an account and start social trading with this broker.

Step 1: Open an Account and Verify Your Identity

To get started with eToro, you first need to visit the broker’s website and open an account. At first, you need to click on the ‘Join Now’ button and submit your email address and create a username and password. Alternatively, eToro allows you to sign up with your Facebook or Google account.

eToro sogn. up

Then, once you have provided the registration details, you are required to confirm your email address and verify your identity before you are allowed to trade with real money. This is because eToro is regulated by several financial agencies and must verify the identity of all users. To do that, you need to upload proof of ID (a copy of your passport or driver’s license) and proof of address (a copy of a bank statement or utility bill).

Step 2: Deposit Funds

The verification process at eToro takes 2-3 days, however, meanwhile, you can use eToro’s demo account to understand how the platform works and find the investor you want to copy. Then, once you are ready to start trading, you need to make a deposit of at least $200 as this is the minimum amount you can invest in another trader. You can use one of the following payment methods to make a deposit: credit and debit card, bank wire transfer, PayPal, Neteller, and Skrill.

Step 3: Search for an Investor

As soon as the funds have reached your account, you can start searching for the investor you would like to copy. From the eToro dashboard, click on the CopyPeople tab on the left side menu and choose the country (or everywhere), the market, the investor’s return, and the duration.

eToro search for investor On the next page, you’ll see all the investors you can copy and more filter options such as risk, number of copiers, AUM (asset under management), return, trader’s status, etc.

eToro copy trade systemPast performance is not an indication of future results

Step 4: Start Social Trading

Once you have set your mind on the investor you want to copy, simply click on the ‘Copy’ button on the investor’s box. You’ll then see an order form where you need to insert the amount you want to invest in copy trading, and set the amount of money you are willing to lose. Finally, to allow the eToro system to copy the trades of another investor for you, simply click on the Copy button.

eToro choose investor copy trade

Now, the eToro system basically copies for you all the trades of the chosen investor. All that is left to do is to follow the trading activity and make the necessary changes in case you have any issues with the trading style or the performance of your copied traders.

eToro – Overall Best Social Trading Platform

The bottom line, there’s a reason why social trading has risen in popularity over the past decade. Nowadays, when every person has a mobile device and a laptop, social trading has become accessible for all. Moreover, number of users has grown tremendously on social trading networks, it is very likely that these platform are now much more efficient and profitable.

Throughout this guide, we have discussed the benefits of social trading and suggested the top social trading platforms currently available for retail traders. In conclusion, this review found eToro as the best social trading platform due to the high selection of assets, the zero commission policy, and the effective copy trading and copy portfolio tools it offers.eToro stock broker

67% of retail investor accounts lose money when trading CFDs with this provider.

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