Best Social Trading Platforms – The Top 3 Networks

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Social Trading has spread rapidly in the recent years. A lot of investors/traders love this form of trading because it requires limited skills and experience, while enabling to tap onto the strategies and profits of successful traders.

If you are looking to hop onto the bandwagon, you will first need to choose a suitable network. Choosing the right platform is key to making the most amount of profits on your investments. You need to choose wisely to enjoy high returns and experience a friendly platform as you invest your own money.

You might be wondering, which is the best social trading platform out there? Well, you are in luck because we are going to discuss three of the best platforms for social trading.

Below are the leaders in the industry:

#1 eToro

I know, you probably guessed this would be the first platform on the list. Yes, eToro has been highly-hyped for many years, and all that is because the platform is the best any day trader would consider trying.

Best social trading platform - eToro
Source: eToro homepage

eToro entered the Forex market world back in 2007, and it has offered a reliable platform for any trader that wants to enjoy social trading. The platform has given traders a chance not only to trade but also interact freely. Picture it as a Facebook platform that lets you trade your shares.

It was founded by expert entrepreneur Yoni Assia, who is still the CEO. The platform is regulated by CySec in Europe, the National Futures Association (NFA) in the US, and the Financial Conduct Authority in the UK.

What does that tell you? eToro is a registered broker that adheres to the social trading rules and regulations. In other words, you wouldn’t have to worry about being duped when using this platform for day trading.

What are the top eToro features?

Quick question: If you’re to choose any online platform or software, what is the first thing you would consider? Let me guess; you would check if the platform has the suitable features to let you carry out your social trading, right?

Luckily, eToro has some of the coolest features you would want to have on a social trading platform.

Here is a look at some of them;

CopyTrader program

This is the first feature you would love about the platform. It offers you the chance to crowd with your fellow traders. What makes it even more interesting is that you do this by copying the best traders on the platform’s trading network.

Once you copy the trades, they will go directly to your account. This will give you an easy time to manage the trades whenever you want. Fortunately, you can easily view all the top traders on the landing page.

Furthermore, you also see the win ratio, gain percentage, and the number of copiers (followers) of the top traders. Fun and easy, huh!

Personal investment program

With this feature, traders can learn how to use the accumulated trades to build and monetize their investment portfolios. Typically, you will get to learn how to trade wisely and earn a good monthly income with profits.

HTML5 web app

If you have used eToro in the past, then you are aware of the OpenBook and WebTrader platforms. However, these two platforms have been altered to make it easy and more reliable for the traders to handle their shares.

The platforms have been redesigned so that they can fit every device. Specifically, it has been altered to make it easy to access the platform using your mobile device.

Here is where they use their responsive HTML5 web app;

Facebook-like platform
Etoro platform
Source: Etoro

You obviously have used Facebook, and you probably used it not long ago. One thing that makes Facebook outshine competitors like Twitter and Instagram is its appealing dashboard/platform. On Facebook, you can view the news feeds, friends’ profiles, notifications, along with plenty of other interesting content.

eToro has borrowed that idea, and it lets traders view their portfolios, trading history, news feed, watchlists (top traders), risk levels, and stats. The platform will display all the content you would want to know about when day trading.

Easy-trading

The platform is not only easy to use or navigate, but it is also very easy to trade. If you are browsing through the screens, you can easily place your trading with just one click.

Search-to-find

If you’re completely new to the platform and you want to find something quickly, simply use the search tab to do so.

With the search tab, you can search the location, duration of trade, or returns percentage. It gives you an easy time to know how the trades are performing on the market.

sorting traders on etoro
Surce: eToro

What are the trading instruments available?

eToro gives the traders a wide selection of trading instruments. You can trade international stocks, precious metals, indices, commodities, ETFs, and forex. Furthermore, you can also trade cryptocurrency Bitcoin. However, it lets you trade cryptocurrency as financial security that will track the Bitcoin prices on the market.

What kind of accounts are available on eToro?

Any day trader would want to know the available accounts on a broker platform. Fortunately, eToro offers two super-friendly accounts.

Demo account – This is a start-up account that is considered a practice account. One of the best things about the eToro Demo account is that it gives traders a virtual currency deposit of $100,000. With this money, you can conduct trial runs of their trading with the aim of experiencing the platform before you decide to purchase the real-money based account.

Swap-Free/Islamic account. I know you could be thinking that this account is only developed for Muslims. Yes and no. Typically, it is designed for those that want to conduct day trading without breaching the Islam Sharia Laws. So you can still use it even if you are not a Muslim.

If you want to start trading on the platform, you will need to have a standard account. The standard account will require you to deposit at least $50 to commence trading.

What is good about eToro?

  • It is user-friendly
  • You have plenty of withdrawal options
  • Low minimum deposit required to start using it
  • It has a demo account to allow you experience it before using real money
  • Plenty of financial instruments
  • Social-friendly platform (you can trade and interact with other traders)
  • Easy Copy trading

What isn’t so good about the platform?

  • Customer support is not available on weekends
  • It has high spread fees when compared with other platforms

So, is eToro worth trying?

If you are looking for the best social trading platform, eToro has no competitor. You can easily copy trades from experienced users and interact with other traders with ease. This is a good platform for both the experienced and the beginners. Furthermore, it has low deposit requirements, so yes, it is worth trying.

Want more? Read our in-depth eToro review.

#2 ZuluTrade

Best social trading platform - ZuluTrade
Source: ZuluTrade homepage

Just like eToro, ZuluTrade was also founded in 2007 by a professional entrepreneur. Leon Yohai is the founder and the CEO of ZuluTrade, and the platform has been a top performer in the social trading market through the years.

One of the things that make ZuluTrade popular and a top choice for many traders is the fact that it covers both Forex Social Trading and Binary Option Social Trading. You can enjoy some incredible social features that let you interact with other traders on the platform.

ZuluTrade features

Some of the features you would enjoy on the platform include the following;

ZuluRank

This is a feature that ranks traders by analyzing specific factors. For instance, when you start trading, ZuluRank will take note of the trading activity, the number of times you log in, sharp ratio, how long traders stay open, or the signal provider (ZuluTrade user) age. These factors will be used to determine your rank on the platform.

ZuluGuard

This is a feature that offers protection to the account holders. It monitors the behavior of each trader and gets rid of the bad traders automatically. Typically, it will detect any radical trading strategy. How cool is that? This feature can be set to manual or automatic.

Automator

Traders love this feature because it lets them carry out their trades anytime and from anywhere. The feature will notify you whenever any trade is made. It lets you enjoy the trades as the platform does it automatically.

Search tool

There is a search tool that lets you find the top traders, who are called the Signal Providers. This way, you can copy their trades with ease.

You will enjoy this platform whether you are a pro trader that wants to build a client base, or you simply want to enjoy the profits when the trades are done automatically.

What’s to love about ZuluTrade?

  • It protects the clients’ trades
  • It comes with a demo account
  • Easy to find Signal Providers (top traders)
  • Trades can be made anytime and from anywhere with the Automator feature
  • Trading accounts are held by a regulated Forex Trader broker
  • Multiple withdrawal options
ZuluTrade features
Source.: ZuluTrade Homepage

The not-so-good

  • It is not regulated by the FCA
  • You don’t get a VPS with ZuluTrade
  • Some Signal Providers might be risky and non-profitable

Is it worth trying?

ZuluTrade is a great Social Trading platform that offers protection to the users. However, it comes with one account that requires a minimum deposit of $500. It supports all mobile platforms including Android, iOS, Windows, Kindle Fire, and Blackberry.

It is supported in 28 languages, and it has decent customer support. However, the customer support is not available on weekends during the day.

It is a great choice for AAAFx, which is ZuluTrade’s own brokerage. So, if you are not sure of the Forex broker to start with, consider this platform.

For a more detailed analysis of ZuluTrade, read our honest review.

#3 Tradeo

Tradeo might not be a top Social Trading platform like eToro, but it still qualifies as one of the best. This one was launched back in 2012, making it the newest platform in the social trading market.

Tradeo social trading
Source: Tradeo Homepage

Regardless of that, the platform has proven to be a good broker for traders that want to enjoy copy trading with a social touch.

Furthermore, the platform is regulated by the Malta Financial Service Authority {MFSA}, which means users can enjoy protection when trading on the platform.

Tradeo features

The top features of this platform include the following;

Economic calendar

This will sort the data updates concerning the asset type or importance.

Trader evaluation

This feature lets you filter the traders on the platform with regard to their approach, account age, trade duration, and average leverage. This way, you can find the perfect trader to copy when trading.

Social WebTrader

With this feature, you can easily interact with other users on the platform. It lets you view the News Feed, Social Feed, Trading Feed, as well as a Chat Screen.

This is one of the two platforms offered by Tradeo. The other platform available is the MetaTrader4 (MT4). MT4 is the standard trading platform on the day trading market. It is also easy to use, so you won’t have any issues when trading on it.

Demo account

The demo account comes with a deposit of $50,000 in virtual money. This way, you can experience the platform before you use real money. Also, you can use the demo account for as long as you choose.

There is only one account, which is the Standard account that requires a minimum deposit of $100. Luckily, you can trade more than 60 currency pairs, and you have a leverage ratio of 200:1.

What is good about Tradeo?

  • The minimum deposit requirement is not that bad
  • It supports more than 60 currency pairs, which gives you more options
  • The platform has a live chat
  • The social community is active
  • Unlimited demo account
  • It is mobile friendly

The not-so-cool

  • It doesn’t support auto-copy trading like eToro and ZuluTrade
  • The Social WebTrader feature is not available on mobile platform
  • The trade size and account balance are not shared
  • You may find it hard to view the entire trading history

Is it worth trying?

Even though the platform is not highly hyped, it is still decent enough. It is a good platform if you are a new day trader.

Best social trading platform - Tradeo
Source: Tradeo Homepage

This platform will let you make the trading process easy with the click of a button. It does have a demo account that you can try if you are not sure about its performance.

Furthermore, the minimum deposit requirement is only $100, which is worth the bargain.

Conclusion

Out of all these social trading platforms, eToro still takes the lead if you want a great broker for day trading while interacting with the traders. It also comes with the lowest minimum deposit requirement.

So which platform would you prefer to use? The choice is yours. But whatever platform you choose, ensure that it favors you concerning your preferences and trading goals.

Is there any platform you recommend that should be on this list? Let us know by leaving a comment.

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