3 Main Factors To Consider Before You Choose A Copy Trading Platform

Trading or investing in financial instruments is one thing, and choosing the best online trading platforms is another thing entirely.

I tried out copy trading for the very first time in 2011. Guess what! I lost the money I invested into it. 

You may ask why? Yes, it turns out I did not do thorough findings before venturing into such investment. I totally had zero knowledge about copy trading; most especially the right platform to choose from.

Thus, for that reason I had to embark on this study about the online financial market platforms that offer copy trading.

Therefore, we suggest that before you invest your had earned money into copy trading do consider the 3 factors we highlighted below. 

And again, by the time you are done going through them we believe you will have a better approach to copy trading, generally.

1. Quantitative Data Evaluation On Online Brokers

2. Qualified Opinions Of Expert Researchers

3. Qualitative Data Evaluation On Online Brokers. 

 1. Quantitative Data Evaluation On Online Brokers 

Quantitative data are informations in numeric form. 

You can either count them, such as:

 the number of customers who are registered with a given platform or compare them on a numeric scale.

Example, the number of customers who said that the products or services of said platforms are satisfying or somewhat satisfying.

In this note, you want to focus on star ratings as well as testimonials of their existing customers.

2. Qualified Opinions Of Expert Researchers

On the other hand, you want to know the declaration of the experts on the uncertainty of the online brokers financial statements.

which generally represent their company's performance fairly.

How does this qualified opinions matter to you as an investor?

Although, most investors feel more comfortable with unqualified opinions rather than the qualified opinions because, they feel that the financial statements are not as trustworthy as they could be.

Therefore, your aim is to weigh how the online brokers offering copy or mirror trading handle their financial performances.

3. Qualitative Data Evaluation On Online Brokers. 

Again, qualitative data evaluation is non-numeric evaluation, but rather appears textual or narrative in it's form.

Now we talk about the quality of individual online brokers that offer mirrow or copy trading.

For example, expert researchers take notes, open-concluded interview or questioneir responses, and also notes of their observations on the platform they evaluate.

So, you want to focus on the quality of the products or services of a given broker.

 Now, according to report by forexbrokers.com

"Our evaluations of online brokers and their

products and services are base on our collected quantitative data as well as the qualitative observations and qualified opinions of our expert researchers".

Therefore, to save you the time and stress looking for trusted online brokers that offer mirrow or copy trading, we have been able to list top 5 best trading platforms you can choose from. 

These individual online brokers are filtered out of 39 brokers across 113 similar platforms:

1. eToro

Base on overall extensive rating reports. eToro is the best mirror or copy trading platform. Their trust score is 90. You can deposit as low as $10 and above.

 During the time of this report, their tradable symbols total at 3479.

eToro is best for it's simple-to-use copy trading platform, this is a place where traders can copy the trades of skillful investors or accept perks for sharing their own trading strategies.

2. AVATRADE

Avatrade is ranked as one of the best global firm that offer an impressive trading platforms.

One thing that makes them unique is their exceptional educational contents. They can pride themselves of the ability to offer good average pricing.

Again, we've find out that avatrade is great for copy trading, Zulu trade, avasocial and Dupltrade. Those are available in their platform.

The minimum you can deposit is $100 and their trust score is attractively 94.

3. Pepperstone

Pepperstone is yet another mirror trading platform that delivers a growing range of tradable assets. The platform also has good quality research.

They also offer meta trader 5 and Ctrader, as well as support for many social copy trading platforms.

Pepperstone also has a wide range of third party tools and plugins available to enhance it's impressive suit of accessible platforms.

The platform has metatrader, myfxbook and Dupltrade. Their minimum deposit is $200, trust score 95, and tradable symbols total at 2342.

4. FXCM

When it comes to copy trading FXCM is a good alternative. The company supports Zulu trade and also a good choice for traders who value advanced trading tools, as well as quality research.

Sincerely, their range of market is fairly narrow, and again their pricing is not large, but equally average.

They offer Zulutrade as I mentioned earlier and algorithmic trading. Their minimum deposit is $50 while their trust score is 95. Then, tradable assets total at 440.

5. ICmarkets

ICmarkets offers multiple mirror or copy trading choices such as trading signals from metatrader, Ctrader's copy module, Zulu trade, AutoTrade and their mobile app called IC social that is powered by pelican Exchange.

The company's minimum deposit is $200, tradable assets total at 3683 and their trust score is 84.

You can also check out our recent post on the 47 forex market lessons that would prepare you for advanced strategies.

Conclusion:

What Do You Think?

Over to you:

Which of these copy trading platforms from the list is your favorite? 

Was it the best list? Or which other good and highly rated mirror trading platforms that you feel were not listed? 

Either way, drop your comment below to let us know.

 

 

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