10 Best Copy-Trading Software in 2024

The emergence and advancement of copy-trading have substantially transformed how individuals can engage in FX markets, altering them to mirror the transactions executed by proficient traders. This breakthrough technology has expanded the variety of avenues for financial industry firms to provide enhanced services to their customers and has streamlined the procedure for inexperienced traders to gain valuable trading expertise.

This article will explain what copy-trading is and how it works, the functions of copy-trading products, and the benefits it can bring to a business. In addition, you will learn about the top 10 best companies producing copy-trading and social trading solutions in 2024.

Forex copy-trading software refers to computer programs or applications that simplify the copy-trading process. It is a technology that assists users in autonomously replicating the trades of selected signal suppliers or traders. The copy-trading system acts as an intermediary between the signal transmitters and the copiers, executing trades on behalf of the copiers based on the actions of the signal traders.

Here are some key features and functionalities typically found in copy-trading software:

The copy-trading tool automatically duplicates the trades made by signal providers in the copiers' trading accounts. When a signal provider opens or closes a trade, the software executes the same trade in real time, mirroring the action in the copiers' accounts.

The software ensures the copied trades are proportionally allocated to the copiers' account balances. If a signal provider invests a certain percentage of their account balance in a trade, the software replicates that proportionate amount in the copiers' accounts.

Copy-trading service often allows copiers to set specific parameters and customise their copying preferences. Copiers can define parameters such as the maximum amount to invest per trade, the risk level they are comfortable with, or the number of signal suppliers they want to copy simultaneously.

Copy-trading products typically provide copiers with performance data and signal provider statistics. These may include historical trade data, win rates, average returns, risk profiles, and other relevant performance indicators. Copiers can use this information to evaluate and select the signal makers they wish to copy.

Some copy-trading brokers provide the software that includes social trading tools like, for example, risk regulation to help copiers manage their exposure and protect their capital. These tools may allow copiers to set stop-loss orders, trailing stops, or other risk mitigation measures to limit potential losses.

Trade copiers can assess the performance of suppliers by using copy-trading systems. They can track each copy-trading data provider's trades, profits, losses, and overall performance. The software may also implement reporting functionality, allowing copiers to create productivity reports and analyse their copying operations.

Copy trading today is one of the most advanced and commonly practised trading techniques among ordinary traders and representatives of small, medium and even large businesses represented by companies whose activities are not always directly related to electronic trading on the capital markets. Such popularity is due to the exhaustive list of advantages this trading style provides within the brokerage framework. Here are the main ones:

Copy trading is an appealing feature for many traders, particularly those new to the markets or lacking more time and expertise to trade independently. By offering copy-trading, businesses can attract a broader customer base and increment client acquisition. Moreover, providing a reliable and intuitive copy-trading platform can enhance customer satisfaction and loyalty, leading to higher client retention rates.

copy-trading can serve as an additional revenue stream for businesses. While traditional brokerage services rely on commissions or spreads, copy-trading platforms often charge fees or commissions on the trades executed by signal servers or copiers. This broadening of revenue sources can contribute to the financial stability and growth of the business.

copy-trading can stimulate trading activity among clients. When traders have the option to pick up and copy profit-making signal sources, they may be more engaged and motivated to become involved in the markets. The increased trading activity can culminate in heightened trading volumes, increased transaction fees, and improved overall market liquidity.

Social trading exchanges routinely foster a social trading ecosystem where traders tend to share information, exchange ideas, and learn from one another. This community element can enhance the overall user experience, create a sense of belonging, and encourage users to stay engaged with the platform. The community may also facilitate knowledge dissemination, which can benefit both established traders and newcomers.

Offering copy-trading functionality can help businesses differentiate themselves in a keenly competitive market. By providing a robust and feature-rich copy-trading platform, businesses can position themselves as innovative and customer-centric. This can attract traders who value convenience, access to successful ways to trade, and the ability to learn from savvy traders.

copy-trading engines generate vast amounts of data on traders' behaviours, trading patterns, and profitability. Businesses can leverage this data to gain significant insights into market behaviour, user behaviours, and trading patterns. These insights can inform business decisions, product development, and marketing strategies, leading to improved offerings and a better sense of client needs.

Current trends in the copy-trading software market continue to drive systematically increasing demand from businesses, often through machine learning and AI-based solutions extending such systems' capabilities and benefits.

This has led to an increase in the number of companies developing services and solutions related to copy trading and its related trading styles. This allows businesses to utilise all the latest developments and innovations as a competitive advantage in the copy-trading systems market.

Several leading copy-trading platforms are currently accessible to users. Each system possesses distinct features and capabilities, delivering a wide range of tools and services necessary for prospering social and copy trading in 2024.

B2Copy is one of the top copy-trading software companies that offers an investment platform specialising in copy/social trading, PAMM, and MAM services for MT4/5 and cTrader. The platform comprises two main components: the Back Office and the Clients' Web UI. Within the Back Office, users can manage their investment platform settings, create and oversee master and investment accounts for clients, handle subscriptions, track trading statistics on client accounts, and customise the Web UI to cater to clients' needs.

On the other hand, the B2Copy Web UI empowers users to create master and investment accounts, deposit and withdraw funds, manage subscriptions, monitor trading statistics, and adjust account and subscription settings. Moreover, B2Copy's investment platform can be seamlessly integrated into the client's room, B2Core, or implemented as a standalone solution.

eToro stands out as a renowned social trading service that enables users to emulate the trading patterns of wealthy investors or gain unique benefits by sharing their trading tactics.

A distinctive aspect of eToro is its CopyTrader tool, which autonomously permits individuals to duplicate the trades of proficient traders. This functionality is advantageous for inexperienced investors lacking the expertise or insight to formulate their investment choices.

Moreover, eToro provides a social feed feature that facilitates communication among users, allowing them to engage with friends, exchange ideas, and deliberate on investment strategies.

Established in 2006, AvaTrade is a well-known global Forex and CFD trading broker that operates in various countries. Regulated in three tier 1 and tier 2 jurisdictions, AvaTrade provides a secure trading environment for investors. One of the critical features of AvaTrade is its copy-trading platform, which allows users to replicate the trades of qualified investors.

AvaTrade offers a range of copy-trading platforms, such as MetaTrader, giving traders various options. This diversity in trading platforms gives such a solution a competitive edge in the market. Additionally, it assures that its traders are protected from negative balances, offering them peace of mind while engaging in trading decisions.

cTrader stands out as a multi-asset Forex and CFD trading space, equipped with a wide array of charting tools, advanced order options, level II pricing, and rapid trade entry and execution. Its sleek user interface connects to state-of-the-art backend computing systems, ensuring a seamless trading experience across desktop, web, and mobile platforms.

Its copy-trading system, the cTrader Copy, enhances the platform by offering a fully integrated application that is a versatile investment tool. Traders can effortlessly copy-trading strategies or share them for replication by fellow traders. With a lightweight UI, transparent fee structure, and detailed strategy information and history, cTrader Copy provides a convenient copying mechanism to ameliorate the overall trading journey.

Pepperstone provides an expanding selection of tradable markets, comprehensive research resources, and assistance for various social copy-trading platforms. With the availability of both MetaTrader and cTrader. It offers a diverse range of platforms as wel as its extensive collection of third-party tools and plugins further enriches its already remarkable suite of platforms.

For high-volume and high-balance traders seeking to focus on the most popular FX and CFD instruments, Tickmill proves to be one of the best platforms for copy-trading with highly ranged functionality and scalability.

Alongside its diverse selection of trading options, Tickmill offers a range of copy-trading products such as Pelican Trading and Myfxbook’s AutoTrade feature, altering traders to effortlessly replicate the tactics of high-profile traders and improve their trading effectiveness.

At IC Markets, traders have access to a wide spectrum of copy-trading options designed to suit their individual needs. These options encompass the Signals market from MetaTrader, cTrader's Copy module, Myfxbook's AutoTrade and the IC Social mobile app powered by Pelican Exchange. However, it is worth mentioning that the availability of these platforms is subject to the regulations and requirements of the country of residence of traders.

Established in 1999, FXCM, a subsidiary of Jefferies Group, has built a strong reputation as a premier provider for global FX and CFD traders. FXCM boasts a variety of trading products designed for algorithmic trading and social copy-trading, in addition to its own suite of platforms and compatibility with MetaTrader 4.

This platform is an excellent choice for novice traders. It offers a wealth of educational facilities and flexible programs, including automatic synchronisation with the popular TradingView platform. While FXCM has expanded its market offerings by introducing share trading, pricing may be average compared to other solutions.

Vantage stands out among the numerous copy-trading applications, providing a robust social trading feature called copy-trading. Through this functionality, traders can follow the trades executed by Vantage's leading traders, called signal brokers. This practice, known as mirror trading, enables traders to effortlessly duplicate the trading signals of accomplished traders with unique paths to profitable trading in specific markets such as FX, commodities, indices, and cryptos.

Admirals comes with a platform that integrates with MetaTrader's Signals service, enabling users to utilise social trading and copy-trading services. This integration allows traders to track and mimic the trades of competent and income-generating traders. In doing so, inexperienced traders can acquire valuable knowledge, broaden their investment profiles, and improve their trading outcomes.

The connection to MetaTrader's Signals service allows users to connect with suppliers and automate their trading signals. This functionality offers a great chance for first-time traders to learn, as they can gain from seasoned experts' knowledge, tactics, and results.

Using copy-trading software presents several advantages for businesses operating in the financial field. By enabling clients to replicate the trades of lucrative signal services or traders, establishments can effectively attract and retain clients, branch out their revenue streams, boost trading activity, foster a vibe of community through social trading, establish a unique brand identity, and gain key insights from data analysis.