Copy trading is a subset of social trading that allows struggling, beginner intermediate, or advanced traders to mimic the trades of other investors.
How does it work?
When you copy trade, your account will make whatever trades the investors you are following make.
This interaction is done through an online interface and by selecting traders with profitable records.
It’s important to review their strategy before copying them because you may not want to invest in stocks, currency pairs, crypto, or indices that end up losing.
In this article, I will point you to some of the best Forex and binary options brokers that allow social trading and that you can be part of to copy other investors’ trades.
My hope is that by the time you are done reading this post, you will begin making money with your trader account even if you have never traded.
How to start copying other people’s trades to begin making money as a trader.
The first thing you need to do to increase your chances of social trading is to find a broker that allows copy trading.
There aren’t too many such brokers but the few that allow this form of trading are reputable and have been around for a long time.
1). 24Option (copy trading allowed)
One such broker is 24option which offers an easy-to-use interface where you can copy the trades of other investors without any problems or issues.
The only downside to using this platform is that their minimum deposits start at just $250 which might not be ideal for you if you want to start trading with an even smaller account.
On the brighter side, the maximum returns on 24 Option reach as high as 85% on successful investments.
It offers bonuses of up to 100% and there are over 250 assets available for trading on the platform.
With all these other benefits, the $250 deposit should not be an issue for you.
2). Pocket Option (allows social trading)
Pocket Option is another broker that offers traders the ability to copy other investors’ trades.
Unlike 24Option, the minimum deposit on Pocket Option is $5 across all the accounts.
Their maximum returns reach up to100% for successful high/low predictions making it one of the few social trading brokers with high profitability rates.
Pocket Option also offers a 50% bonus on your first deposit and has an intuitive user interface that makes it easy to use.
3). Iq Option (has the social trading feature)
Iq Option is a broker that has been around for a while and offers traders the ability to copy other people’s trades.
The minimum deposit on this platform starts at $10 and it offers excellent returns of up to 92% on successful investments.
It also has an intuitive user interface, over 1000 assets for trading, and an excellent customer support system.
3). Expert Option (has the social trading feature)
Expert Option is another broker that allows traders to social trade.
It has been around for a while and it is one of the most popular binary options tradings with the copy trade feature.
The minimum deposit on this platform starts at $10 and it offers excellent returns of up to 95% on successful investments.
It also has an intuitive user interface, over 100 assets for trading, and an excellent knowledge base.
How to Make Money Copy Trading
Again, not all binary options or Forex brokers offer social trading to their clients.
This means that for you to use this feature, you will have to create an account with these or other brokers that allow social trading.
After you have created your account, move to step 2, follow successful traders.
You will need to do this before you start copying their trades; it is important that you understand the type of trader they are and how much risk they take.
This way, if your investments lose money or don’t make enough for you, there won’t be any hard feelings between yourself and other traders whose accounts made money.
Once you have found a trader to copy, fund your account with the minimum deposit required and start copying their trades.
You can also do this on a demo account just to be sure that it works before going hard with real money.
How to enable social trading in Expert Option.
To begin social trading on Expert Option, you first need to open an account with the broker.
Once you have registered and deposited funds into your account, click on the “social button” in the sidebar menu.
You will then be able to see a list of all the traders that are currently copied by other users as well as their profit/loss ratios and investment amounts.
You can also filter this list by asset, country, or even profit.
To copy a trader, simply click on the “social” button and your account will start showing trades made by other people.
If traders are buying, click on the “BUY” button and if they are selling, click on the “SELL” button.
You will make profits if these trends end up going your way.
If you want to stop copying them for any reason, just disable the social trading feature and your account will be cleared of those other traders.
How to enable social trading in Iq Option.
To enable social trading in Iq Option, you first need to open an account with the broker.
Once you have registered and deposited funds into your account, go to Google to find Followex.
This is a social trading tool that can be used on Iq Option to follow other people’s trades.
How to use the Pocket Option social trading tool.
To access this feature, go into your account and click on “Social Trading” in the sidebar menu next to “My Account”.
You will then be able to see a list of all the people you are currently following with their current investment amounts and success rates.
It is possible to add several people from different countries and different trading strategies to your list.
To follow a trader, simply click on the “FOLLOW” button next to their name which will automatically copy their trades into your account.
If you want to stop following them for any reason, just disable this feature in the same menu where it is found.
This feature is only available for real accounts.
The best part about the Pocket Option platform? You can also use it in the US!
If you find the right investors with a good track record, you can make a lot of money through social trading.
Just be sure to always do your own research before you invest and only follow traders that fit into your investment strategy.
You can also use the demo account to test out these strategies before risking any real money.