Do you want to know what is the greatest Copy Trading Platform? If that's the case, we've got you covered in this article.
I’m sure you’ve heard of copy trading platforms before. If not, stick around because we are going to provide a full review of the best copy trading platform in the Forex industry.
A copy trading platform is a platform/software that is used for trading, such as opening, closing, and managing market positions via a financial intermediary such as an online broker. Brokers typically provide online trading platforms for free or at a reduced charge in return for keeping a funded account and/or performing a certain number of deals per month. The finest trading platforms combine powerful functionality with minimal cost.
Before we get into the meat of what is the greatest copy trading platform, let’s define the term “copy trading.”
Copy-trading, often known as, is a technique of automating your trading by copying other traders’ forex signals or trades. It is frequently employed by newcomers who do not yet know how to trade, and it has the extra benefit of helping to teach them along the way. Because all Forex signals or trades are automated, more experienced traders may be able to move away from their screens if necessary.
The purpose of copy trading, like regular trading, is to open positions on various financial markets, such as FX, CFDs on stocks, commodities, indices, and cryptocurrencies, and then close the position, ideally, once the asset’s value has increased. However, just like trading for yourself, you might lose money here as well.
The most advanced and professional way to copy trading is by using trade copiers like TelegramFxCopier, which we will discuss in detail later in this article. But for now, let’s recapitulate what you can expect to learn from this article.
Although it is commonly acknowledged that there are other copy trading platforms, we cannot dispute that AvaTrade is largely regarded as the greatest copy trading platform in the Forex business to date.
AvaTrade is a privately held online forex and CFD broker that was started in 2006 as AvaFX and claims to be “dedicated to allowing consumers to invest and trade with confidence in an innovative and dependable environment; supported by best-in-class personal service and uncompromising integrity.”
AvaTrade is headquartered in Dublin, Ireland, and has satellite offices around Europe and the Asia-Pacific area. The company is registered in numerous jurisdictions worldwide. AvaTrade, like many other copy trading platforms, does not allow US traders.
AvaTrade provides a wide range of tradable products, including forex, stocks, commodities, cryptocurrencies, and indices, with industry-standard spreads, on a “vast range of trading platforms for both manual and automated trading, across a number of device types.”
AvaTrade is regarded as a low-risk copy trading platform, having a Trust Score of 93 out of 99 and 4.7 on TrustPilot. AvaTrade is not a publicly listed company, does not have a bank, and is regulated by three tier-1 regulators (high trust), four tier-2 regulators (average trust), and one tier-3 regulator (low trust). AvaTrade is authorized by the Australian Securities and Investment Commission (ASIC), the Investment Industry Regulatory Organization of Canada (IIROC), and the Japanese Financial Services Authority (JFSA) (JFSA).
The best copy trading platform, AvaTrade, is designed for newbie investors who want to learn the fundamentals of FX and CFD trading. AvaTrade is perfect for inexperienced and undercapitalized traders looking to develop on restricted skill sets, with a product portfolio that offers diversity, moderate spreads, and a choice of user interfaces.
The markets offered at AvaTrade, as the best copy trading platform in the forex industry, are determined by the trading platform you select and which of the brand’s worldwide organizations maintains your account. AvaTrade provides 1,260 symbols in MT5 and almost the same amount in WebTrader, albeit a few hundred of those symbols are sometimes unavailable.
Note: AvaTrade offers cryptocurrency trading through CFDs, but not by trading the underlying asset (e.g. buying Bitcoin). Crypto CFDs are not offered to retail traders or residents of the United Kingdom via any broker’s U.K. business.
The table below outlines the various investment packages accessible to AvaTrade clients.
The proprietary applications given by AvaTrade provide a mobile experience that will satisfy most traders (even beginners), though they are not as complex as the mobile apps provided by industry leaders like Saxo Bank, CMC Markets, or TD Ameritrade (U.S. residents only). Having said that, AvaTrade continues to make incremental improvements in this sector and offers a well-rounded set of applications.
AvaTrade offers its own mobile platforms, AvaTradeGO and AvaOptions, as well as the whole MetaTrader suite (MT4 and MT5) for Android and iOS smartphones.
Ease of use: The AvaTradeGo app is quite similar to its web cousin, and it has a comprehensive default set of synchronizing watchlists as well as a volatility protection tool called AvaProtect. AvaProtect allows a trader to lessen the risk of an open deal by partially hedging it with an fx option – for a cost.
Charting: The AvaTradeGo program includes 93 indicators on its charts, but we found that accessing them needs too many steps. But, there are no sketching tools and just three chart kinds to choose from. Trading Central offers integrated research and associated tools that are similar to what is offered on the online platform. Overall, AvaTrade’s mobile charts are nice, but they might be better.
AvaOptions: The AvaOptions app is well-designed and employs a novel method of showing option-chain data. AvaTrade overlays strike prices on a chart, allowing traders to modify the strike price by moving it higher or lower — a feature I found really useful. There are 14 basic options-trading strategies available, and picking an option plan will at once load the order ticket with the corresponding options contracts. The whole app experience was presented in landscape format, forcing me to deal with my phone like a game controller.
Customer service is one of the most crucial factors a trader should consider before joining up with this copy trading platform. Things might go wrong from time to time, and you don’t want your copy trading platform to be inaccessible in the case of a catastrophic financial disaster. You’ll want many support channels and as close to 24-hour assistance as feasible.
During our AvaTrade assessment, we validated 24/5 customer support via four channels:
To begin, practically every nation in which AvaTrade provides services has a dedicated phone line, including the United Kingdom, most of Europe, Australia, Japan, South Africa, Nigeria, China, and many more. Customer service hours are described as starting on Sunday night at 21:00 GMT and ending on Friday at 21:00 GMT — 24/5 service.
While AvaTrade’s social trading programs, RoboX and Mirror Trader, as well as AvaTradeAct, its dedicated platform, and Metatrader replacement, have been terminated, the AvaTrade, the best copy trading platform, continues to provide a wide range of platforms for manual and automatic traders.
WebTrader is the copy trading platform’s default browser-based interface. It’s easy to use and understand, although it’s a little plain and lacks certain essential functionality that rivals provide. Clients who want to use the industry-standard Metatrader 4 (MT4) or the newer MT5 to execute traditional technical or fundamental trading techniques can (MT5).
To help clients in their trading decisions, AvaTrade includes other relevant information under the “Trading Info” page on its website, such as “Order Execution Policy,” “Holiday trading hours,” “Economic calendar,” “CFD Rollover” information, and “Stocks Results Releases.” The “Forex Calculator” link also informs traders about prospective earnings, losses, and costs associated with trading, such as overnight interest estimates. All of the features stated above have helped AvaTrade gain a favorable reputation, making it the finest copy trading platform of all time.
Deposits – AvaTrade provides a number of deposit alternatives to its customers. Traders may fund their accounts using credit cards (VISA, MasterCard, and debit cards), bank wire transfers, and a variety of e-wallets including Paypal, Skrill, NETELLER, and WebMoney. The initial deposit needs to start an account is only $100.
Withdrawals – Traders may get their money back using the same ways they used to deposit it. Requests for withdrawals may take up to 5 business days to complete. Withdrawals will be performed as soon as the methods allow it once they have been processed. The Ava Debit Mastercard, which traders may apply for once they’ve set up an account, is the fastest way to withdraw money.
AvaTrade, being the top copy trading platform, provides its customers with a variety of unique tools to help them in their trading adventure, including:
Free trading coaching course: Some free trade courses were included in the latest promotion of the partnership with Manchester City Football Club. More details here.
Range of assets: There is a large selection of assets to pick from, making this brokerage ideal for both novice and experienced traders.
Education: AvaTrade offers an excellent learning center. With videos, eBooks, lessons, glossaries, and more, it may be the greatest one we’ve ever seen. Their website has a whole section dedicated to training their traders. Also, the whole site is quite useful for traders.
Trading tools: AvaTrade provides a bunch of tools geared for successful day traders. Their automatic trading software bundles, which are excellent for day and copy trading, are one of their most amazing features.
You should now have a general idea of what the best copy trading platform is and why AvaTrade has taken the top spot. “Is that it?” is the main question. “Does that cover all I’ll need to get started copy trading?” If I were permitted to respond, I would say no. Copy-trading takes a lot of time and effort to learn and execute, and losing is an unavoidable part of the process. TelegramFxCopier, on the other hand, was created to solve this problem. TelegramFxCopier is an AI-powered trade copier that is designed to copy Forex signals automatically from Telegram channels/groups to MT4/5 within a fraction of a second.
Make your copy-trading journey count with TelegramFxCopier.