| Online Broker | Minimum Deposit | Forex Social Trading Platforms |
|---|---|---|
| Vantage | $50 Minimum Deposit | Vantage provides MT4, MT5 and ProTrader. Vantage offers a wide range of social trading platforms: ZuluTrade, Myfxbook, DupliTrade and Vantage Social Trading Forex Social Trading Platforms |
| IC Markets | $200 Minimum Deposit | IC Markets provides MT4, MT5 and cTrader. IC Markets offers social and copy trading on Myfxbook AutoTrade and ZuluTrade Forex Social Trading Platforms |
| ZuluTrade | $100 Minimum Deposit | ZuluTrade is a user friendly social and copy trading platform which the trader connects with a broker's trading account. The trader may sign up for ZuluTrade and then connect with a broker Forex Social Trading Platform |
| Pepperstone | $200 Minimum Deposit | Pepperstone is a Forex broker offering MT4, MT5, TradingView and CTrader. Depending on the trader's region, Pepperstone supports Forex social and copy trading via DupliTrade and Myfxbook and MetaTrader Signals, which the trader can connect with their MetaTrader account Forex Social Trading Platforms |
Forex Social Trading - Drawing On The Ideas Of Other Traders
Forex is a complex market. Examination of the chart shows clear patterns across time frames. However these very patterns create complex moves up and down. The trader can find that working out what pattern is forming at a given time can be hard, as this tendency to move up or down can turn a forming pattern into something else. This said, trends and ranges do form and analysis which suggest a direction can work out. However getting to that direction may consist of moves against the direction. As such moves can turn into reversals, the trader needs to gauge how deep a retracement they can tolerate.
One way around this to some extent is to use robots which execute the strategy without and thus can trade through retracements. On the other hand, this capacity can produce losses in the trader's account, sometimes rapidly. If the trader executes their own trades, and manages them, then they can exercise discretion. However the complexity of the market can make this a difficult thing to do.
Another approach is for the trader to draw on the experience of other traders. Social trading lets the trader see what other traders are saying about markets and market events. Thus the trader can solidify or change their views on what is happening, based on their analysis and the ideas of other traders. So social trading can potentially be another approach to tacking the hardness of the Forex market, in conjunction with the trader's own analysis. Knowledge of the markets and trading can be a way for the trader to be better able to understand what other traders are saying and if thy wish to do so, to choose traders to follow.
Best Forex Social Trading Platform
The pick is eToro's platform. eToro firstly has a user friendly platform which integrates social trading information into the platform. For example bringing up a market brings up a social feed. The trader can interact and add comments themselves. So the capacity to trade with others and use their knowledge is there, in a user friendly package.
The platform contains tools the trader may want to analyse markets using technical analysis, such as charting tools and technical indicators. So the trader can use social trading information in tandem with their own analysis.
However eToro is perhaps best known for its copy trading. This lets the trader choose and copy the trades of other traders on the network (and become a trader to be copied). This is another type of automation where the trader lets more experienced traders trade for them. So with eToro it is up to the trader to decide how and what approaches to use from this toolbox of possibilities to trade the Forex market.
