In this post, you will know the best social trading platforms in 2024.
If you’re a trader, or wish to be a trader, you’ve come to the right place.
Even if you don’t have enough skills, knowledge or time, this piece is just for you. Social trading has gained massive credence especially after the GameStop adventure.
Point being, the world realised social trading is something that’s possible and shared knowledge helps all involved parties.
Hence, if you wish to learn how to trade or simply copy trades from the experts, keep reading!
Disclaimer: Nothing in this article is financial advice. Everything is here purely for educational and research purposes only. The creators of this article can’t be held responsible for any losses of any kind. Do your own research before any investments. You’re (the reader) solely responsible for all your actions.
Table of Contents
As the name suggests, these are social platforms but for traders. New investors may learn from the experts and experts may use it to share knowledge.
Of course the exact features depend on the exact platform you’re using. Some platforms offer in-built communications features, copy trading (mirror trading/partial copying), paper accounts etc.
Do note that social trading is often used interchangeably with copy trading. That’s incorrect. Copy trading is just a feature of social trading platforms while social trading encompasses a lot more.
Let’s dive deeper then!
Why should you believe this list? What makes the options here worth your time? Well, here are the metrics I paid attention to when picking the list:
- Trader profiles: It’s best if more experienced and profitable traders are available on the platforms. It’s even better if the platform has some kind of “trader profile” to verify stats for the trader.
- Features: The platform should preferably offer features such as copy trading, search filters, paper trading, performance trackers etc.
- Communication tools: Features for chats, adding to lists/following/ or maybe even sharing files is desirable.
- Trading tools: Platforms that support trading directly on the platform and offer advanced features and charts for the trades are prioritised here.
- Licensing and regulation: Of course, only the most highly regulated and properly licensed platforms are included on the list.
- Fee: Of course the fee you pay for trades, connecting with someone, signing up or for anything else has been taken into consideration as well.
Immediate Avage 360
Immediate Avage 360 isn’t directly a social trading platform, it’s more like a mediator between you and the platform.
The reason I’m mentioning it at the top here is it has the highest chances of connecting you to the most suitable platform.
It’s 100% free and has no learning curve whatsoever. All you need to do is sign up (free) and give the team a way to contact you.
Once you sign up, the team gets in touch with you. You’re then shown the top social trading platforms that fit you best.
Immediate Avage 360 offers platforms for crypto, mutual funds, oil and many other investments. It’s available for everyone except the citizens of the U.S.
eToro
Primary features:
- Established: 2007
- 30million+ social trading community
- Copy trades/ smart portfolios
- Multiple licences
eToro is probably the most popular social trading platform out there. It facilitates trading Cryptocurrencies, stocks, fiat currencies and a lot more. The platform itself is nearly 15 years old today which says a lot about it, doesn’t it?
Its social trading feature flaunts over 30 million users! It was one of the first companies to introduce copy trading to the industry. It also has something called “smart portfolios”. You can copy investment strategies for entire “industries”.
It’s also bankruptcy-proof and user funds are held in a separate account. It’s also licensed from multiple licensing agencies (FINRA/CYSEC/FCA/ ASIC etc.) in multiple countries.
The fee structure differs depending on the exact commodity you’re trading, type of transaction and so on. The withdrawal fee is set at $5.00.
ZuluTrade
Primary features:
- Established: 2007
- 2million+ leaders (expert traders)
- Copy trades and other advanced features
- HCMC licence (Greece)
ZuluTrade is built primarily on the copy trading principle. It has “leaders” who share their trades and expertise to be copied by the other users.
It lets you trade instruments such as forex, cryptocurrencies, indices, stocks and so on.
The leaders are ranked based on performance. It shows you the number of followers and copiers so you know how popular the trader is. It also shows the ROI so you know the exact profitability. This helps you pick the better traders without having to run complex calculations of your own. It also offers 40+ search filters so you can find someone who fits best with you.
It’s licensed in Greece by the HCMC.
Exness
Primary features:
- Established: 2008
- 2 “social trading” packages available
- Multiple licences
Exness has a very direct approach to social trading. It was launched in 2008. It offers 2 plans an expert trader may register and benefit from. The “Social Standard” and “Social Pro” plans let expert traders share their knowledge and earn profits for doing so. The minimum deposit required in each account is what makes one plan different from the other.
Exness supports Cryptocurrencies, Forex and metal trading. There’s no fee for swapping Cryptocurrencies or withdrawals.
It’s licensed in Curacao, Seychelles as well as by the FSC in the British Virgin Islands. It also has a demo trading account that can be used to sharpen your skills and learn better.
XM
Primary features:
- Established: Domain registered since 1994.
- Social trading through MQL5.
- Multiple licences
The XM group has been here for quite a few decades. It functions in over 190 nations and boasts multiple licences including ASIC, CySEC etc. The company is based out of Cyprus.
It offers dozens of ways to enter the market including cards, Google Pay, Neteller, Perfect Money etc.
Social trading on the platform is offered via MQL5. This means there’s a slight learning curve as you’ll need a MQL 5 account as well.
The search filters are impressive and you can filter for profits, number of trades, drawdown etc.
Do note that it’s not free. You’d need to pay. The amount may not be very high but expect it to be around $50.00/month.
AXI
Primary features:
- Established: 2007
- 30million+ social trading community
- Copy trades/ smart portfolios
- Multiple licences
AXI facilitates trading all the major instruments including Cryptocurrencies, stocks, forex, IPOs etc.
It has a massive arsenal of traders you can copy trades from. Filters exist as well to let you make the best choices. You can look at returns, total trades, and their top markets. I like the fact that you can set your own risk tolerances regardless of what your trader has set for his/her trade.
It lets you start trading using your cards, PayPal, bank transfers, Skrill and even direct Crypto deposits.
It’s licensed in the St Vincent and the Grenadines. The FCA (UK) as well as ASIC (Australia) have licensed the company.
These should be more than enough options to get you started with social trading, don’t you agree?
In my opinion, Immediate Avage 360 is a great stepping stone if you’re completely new to this. Of course, going with eToro or ZuluTrade can’t go wrong either.
The later options may require more technical knowledge and setup but they also offer more freedom and in some cases cheaper fee.
You of course can find other platforms by filtering them based on the metrics we discussed in the initial sections of this piece.
At the end, understand that there’s no guarantee that your trades will or will not work out. Only invest what you can afford to lose.
