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Best Social Trading Networks and Platforms

Best Social Trading Networks & Platforms

We get asked a lot of times, “Which is the best social trading platform or network?”. And to be honest, our normal response is that “this really depends on what your looking for”. For example, some investors will want detailed research features, advanced risk management and trader interactions while others may want simplicity and a total hands-off approach. However, in an effort to please everyone asking us the question, here’s our list of top 10 social trading networks and platforms. Please note that this list is purely based on our personal opinion, though as you’ll notice from the other content on our website, we’ve got plenty of social trading experience and have live accounts with most networks as well.

For each network and platform we’ve given a score for each of the following key components: Features, Traders, Costs and Support/Social:

  • Features: Rates the amount & quality of the data and features available on the site to analyse the traders to copy, as well as the platform capabilities for investors to manage risk and open trades. We are very much in favour of complete transparency with regards to the historical and open trade data shared on the platform, so penalise networks which don’t do so.
  • Traders: The choice and quality of the traders available on the social trading platform for investors to follow and copy. Availability of traders who risk there own money and have long positive trade history data will rate higher. Choice is important too since not everyone wants to copy the same type of trader or strategy.
  • Costs: This rates not only the cost of using the platform (subscription, management and/or performance fees), but also takes into account other factors which have an impact on the overall cost to you. E.g. account deposit and withdrawal fees, average spreads and slippage (i.e. difference between the price you get as investor and the price the trader got – high slippage means less profit or more loss for you and hence is a cost too).
  • Support/Social: By this we take into account not just the customer support offered by the network, but also the user guides, FAQs and other support documentation available on the sites. Social refers to the interaction possibilities offered between investors themselves as well as between the investors and the traders/strategy providers (often this is in the form of forums, comments or ratings).

In addition to looking at the table below, you can also consider looking at the comparison of all the social trading platforms features and read the individual network reviews.

Best Social Trading Platform and Network Table:

Platform Feat. Trad. Costs Sup. Key +positives -negatives
ZuluTradevisit/try 4.5 3.5 4 4.5 + fully transparent data, best search/risk management features
– for each decent trader there are many poor one
eTorovisit/try 3 3 4 4.5 + intuitive interface, easy for beginners
– data not transparent
FxPro SuperTradervisit 4 4 4 4 + all traders vetted and send signals from live accounts, data fully transparent
– still new service with limited trading history on traders
Ayondovisit/try 3 4 4.5 3.5 + fully transparent data, best search/risk management features
– for each decent trader there are
Currenseevisit 2 3.5 2 3.5 + traders vetted
– data not transparent, very high slippage and costs
Tradencyvisit/try 3.5 3 3 2 + transparent data
– mainly automated strategies
Signal Tradervisit/try 3 3.5 3 2.5 + all traders trade with real money, long established
– high entry costs
Myfxbookvisit/try 3 3.5 3 3.5 + active community, traders use real money, excellent stats
– autotrading new, high slippage, not suitable for beginners
Tradeovisit/try 3 2 3 2.5 + advanced tradestation workbench
– very new, not many traders to copy
Gallant Capital Markets Logovisit 2 3 3 2.5 + traders use live account
– data not fully transparent

We prefer if you leave comments on the individual social trading network review pages. The above table is only a summary and will change regularly once new features are added or quality of traders improves/declines on the platforms. While the above table includes only the “best” 10, you can find a longer list of social and mirror trading platforms here.