Social Trading Network and Platform Reviews

Social Trading Network ReviewsBefore reading through our reviews of each social trading network please note that we’re an independent website and that we have live accounts with our own personal funds invested with all the networks we review. I.e. they’re not based on playing around with a demo application or looking at the social trading network’s marketing materials. Look at our SocialTradingGuru.com Reviews Guarantee for more info.

We’re currently only reviewing social trading networks which allow investors to auto-trade, i.e. follow and automatically follow the trades from other traders. The focus in our reviews is more on the auto-trading capability and performance, though we also touch on the social networking features. We’ve included images about the different platform interfaces which we’ll try and keep up-to-date as they evolve.

Our network and platform reviews are targeted both at total novice and more experienced traders. We try to explain most concepts within the review, though very novice traders may want to refer to our social trading terminology section in case a term if not clear.

The SocialTradingGuru.com reviews are solely based on our own experience and opinions. We appreciate that these may differ from your own and therefore openly ask you to add your constructive comments to the review pages.

When changes are made or new features released on the social trading networks we will make updates to these review pages and our opinions may change. I.e. the reviews are not static and as such some of the older comments may be slightly out of sync.

Currently we’ve reviewed the ZuluTrade, eToro, Tradency Mirror Trader, Ayondo, Tradeo, myfxbook AutoTrader, Darwinex, Copyop and Gallant Trade Copier social trading networks. We also did Currensee, FxPro SuperTrader, Signal Trader and ZipSignals but those networks are no longer available.

Below is a table summarising the pros and cons for each of these networks. However, we suggest you read through the full review, or at least the first page summarising “our opinion”, for each of them.

Review ProsReview Cons
ZuluTrade
ZuluTradeClick here to visit ZuluTrade website
  • free fully functioning demo account (i.e. try without committing money)
  • wide choice of traders (‘signal providers’) to follow
  • good choice of brokers in different countries (also means choice of account currencies)
  • customer ratings and comments directly on signal provider pages
  • low entry cost (trade from $300)
  • advanced “signal provider” search functionality
  • advanced risk protection and money management features
  • access to “signal provider’s” full trading history and all current open trades (i.e. fully transparent)
  • “signal providers” are only paid commissions in months they were successful
  • offers social binary options trading (in addition to forex)

Read our detailed ZuluTrade review

  •  for every successful consistent trader (‘signal provider’) there many more poor and inconsistent ones
  • ‘signal providers’ are not required to trade using their own money
  • money management can be complex for non Forex traders or beginners
  • requires regular monitoring until the right mix of “signal providers” is selected
eToro
eToro
Click here to visit eToro website
  • simple interface
  • integrated social trading network, trade execution interface and broker
  • can trade/copy currencies AND major indices AND commodities (oil, gold and silver) AND shares AND ETFs
  • free, fully functional demo account
  • low slippage on live accounts
  • integrated risk and money management features
  • trades copied proportionally
  • convenient display of historic performance figures
  • very active social network and excellent training materials
  • most “Popular Investors” you can copy all display their real and verified full name & photo
  • traders you copy risk their own money

 Read our detailed eToro review

  • unable to easily view the full history of all the previous trades by the “Popular Investors”
  • actual account balance of the “Popular Investors” is not shared
  • Trader Finder/Discover People functionality can still be improved (though currently much better than what it was)
  • higher eToro spreads than with some discount brokers (but if you become a top “Popular Investor” you can get spread rebates of 100%)
  • for every good performing trader to choose from, there are still plenty of poor ones (most are also longer term traders)
  • higher overnight rollover fees than most discount brokers
  • currently only able to manage your account in $ USD
Ayondo
AyondoClick here to visit Ayondo website
  • Easy to search through list of available traders (Top Traders) top follow/copy
  • Some good quality/low risk Top Traders available to follow
  • Automated risk management (proportional to the trader)
  • Top Trader’s commission is based on their performance AND on their risk management approach
  • Low slippage
  • Fully functioning demo account available to try
  • Easy sign-up with integrated broker solution (ayondo markets)
  • Low investment entry cost (from 100 $, Euro or £)
  • Deposits in personal client accounts protected up to £500,000
  • Spread-betting accounts available for UK and Ireland customers

Read our detailed Ayondo review

  • While available to view in the interface (but not easy), no ability to download trader’s transaction history in Excel or other data format for external analysis
  • Still limited amount of popular/high performing “Top Traders” though most of them now send their signals from a real money account (instead of a virtual money account)
  • Not possible to view contribution of individual traders towards your overall portfolio performance
  • No capital protection at trader level (only at account level)
Tradeo
Tradeo logoClick here to visit Tradeo website
  • Single sign-up since Tradeo acts as broker too
  • Accounts possible in 4 currencies
  • Direct interaction possible with full community or individual traders
  • Active social community
  • Full non-expiring demo available
  • Demo results realistic because they take into account slippage
  • Telephone and online chat support available
  • Below industry average slippage experienced to date

Read our detailed Tradeo review

  • Trader evaluation tools fairly basic
  • Difficult to view full trading history and not possible to download for off-line analysis
  • “Social Webtrader” platform not mobile friendly
  • Account balance or trade sizes not shared (no idea how much traders risk)
  • Experienced high trader turnover to date
  • Impossible to limit risk per trader you copy
  • Formula for Dynamic trade copying not transparent (and not know)
Tradency Mirror Trader
Tradency Mirror TraderClick here to visit the Tradency website
  • all historical trade info and current open trades available (data provided is transparent)
  • full control (open trades can be closed from within Mirror Trader interface at any time)
  • risk can be managed separately for each trader (“strategy”) copied (i.e. losses can be limited)
  • fully functioning free demo account available (though dependent on broker)

Read our detailed Tradency Mirror Trader review

  • drawdown is calculated on closed trades only and doesn’t include drawdown on open positions (making the figures not very relevant for some strategies)
  • most brokers still charge extra commission per trade to customers for using Mirror Trader
  • no social interaction possibilities with strategy providers or other traders
  • strategy providers do not need to trade their own signal from a live account
  • basic Tradency support is poor
  • most traders/systems to follow use automated robots
Darwinex
DarwinexClick here to sign up with Darwinex
  • Simple concept – Buy & Sell DARWINS
  • Low spreads
  • Risk automatically limited
  • Traders only compensated for success
  • Mobile apps
  • Comprehensive guides and good support
  • Free demo available
  • FSCS (UK) capital protection

Read our in depth Darwinex review

  • Open traders are not shared – you rely solely on Darwinex’ proprietary indicators
  • Not totally free – but you only pay on profits made
  • Still relatively new platform – earnings potential still unconfirmed
  • Some divergence/slippage
Myfxbook AutoTrade
MyfxbookClick here to visit myfxbook website
  • Decent choice of partner brokers
  • Every system and trader you copy risks their own money
  • All systems verified and monitored to meet requirements
  • Wide choice of stats and graphs (if not hidden by the system)
  • System’s historical trade data can be downloaded for own analysis (if not made private by the system)
  • Trades can be copied proportionally
  • Trader/system rewards linked to performance (paid for winning trades only)
  • Full non-expiring demo account available

Read our detailed myfxbook AutoTrade review

    • Use of “hypothetical” results & stats can give wrong expectations
    • Some interface glitches and errors experienced
    • Not all data is shared by every system you can copy
    • Partner broker costs/commissions per trade not transparent
    • Risk cannot be limited per system on individual basis (account level only)
    • Already open systems trades are copied by default (no option to disable)
    • Slippage means your results will be slightly worse than the systems you copy
    • No AutoTrade system reviews or ratings by other investors
    • No telephone or online chat support
    • Refund policy is very restricting
    • Based in British Virgin Islands

>

Copyop Social Trader
copyop logoClick here to visit copyop website
  • Every trader you copy risks their own money
  • Easy intuitive interface
  • Open – i.e. you can copy anyone
  • Risk can be clearly limited/managed
  • No slippage (because type of service)
  • Still fairly new service with some interface glitches

Read our detailed copyop social trader review

  • Trader search/discovery capability very limited
  • Very few traders with hit % > 58.62% (needed for profits)
  • No fully functioning demo account
  • No proportional trade copying (fixed amount per trade only)
  • Full trade history is not shared
  • Trader rewards not linked to their performance
Gallant Trade Copier
Gallant Capital Markets LogoClick here to visit Gallant Trade Copier website
  • All traders you can copy (“Leaders”) trade from real money accounts
  • Full account balance of the Leaders ($ amounts) is shared
  • Leaders only paid for profitable trades
  • Some decent professional looking Leaders to copy

Read our detailed Gallant Trade Copier review

  • No demo account
  • Poor Leader filter and no search functionality
  • Basic performance statistics and graphs
  • Individual Trade History not shared
  • Current Open Trades not shared
  • Basic risk management controls (using workaround)
  • Some strategies require high initial investment ($10,000)
  • pretty much all Trade Copier accounts can only be in USD
  • No US customers allowed
  • So far still new overall service and platform
  • High wire fees
  • No interaction with the Leaders possible
  • Slippage unconfirmed
Last updated: December 2, 2016
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