Currently there are half a dozen social trading networks which let you follow and copy traders or their trading signals. It is easy to get confused and hard to choose the best one without an overview. In the table below we compare the options and functions of the 5 most popular ones
eToro is free of charge and host huge base of users measured in millions. eToro has their own proprietary platform making it a one stop shop, but ZuluTrade acts as a bridge letting traders connect trough different forex brokers. If you have a broker to which you are used to then ZuluTrade can be a good option, but if not then there are some drawbacks – synchronizing trades across multiple brokers
inevitably leads to trade execution delays (slippages). The strong side of ZuluTrade is their signal provider filtering system which is more advanced than the one of eToro. ZuluTrade also offers a slightly more detailed and sophisticated trader statistics, but the problem is that most of the signal providers are anonymous whereas eToro has recently launched rules that require the top traders to provide their real names. This is a great step towards more transparency and trust.
You can try with a demo account – Open an eToro Demo Account Here
YOU DON'T NEED TO BE AN EXPERT
TO INVEST LIKE A TOP PERFORMER!
If you are not yet familiar with the “copy trading” you might think that before opening an account and starting trading you necessarily have to master tons of different theory and complex strategies.
Learning them of course is always useful, but it takes a lot of time, the time which you could be using on building your trader portfolio and letting them work for you. By using the Copy Trading you can start without deep economical know-how and you can do it already today! After reading this bog you will be closer to your potential profits.
What is Copy Trading?
With Social Trading you can make experienced traders work for
you and teach you. And this knowledge is for free as it is a
win-win model both for the copiers and the copied traders /
signal providers.
eToro Openbook is used both by beginners and experienced traders who share their strategies. This is very useful for beginners and people who don’t want to spend all day in front of complex charts and financial news reports. Social investment networks join thousands and millions of traders in a friendly
environment where anyone can tap into the wisdom of crowd. Best strategies are no longer kept secret but shared as the guru traders/signal providers earn commissions by the amount of followers and copiers they have or by the amount of copied deals.
Followers can see detailed performance statistics of the seasoned traders; ask them questions, read their discussions and posts.
With a click of a button one can copy individual or all trades of a preferred trader. The positions are opened proportionally, meaning that if the guru trader opens a position of 1000 $ which constitutes 5% of their account, the copier will also enter with 5% of his smaller account thus greatly minimizing exposure to risk.
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