Copying other traders’ deals is a good way to earn at minimum time and effort expense. Besides, it allows beginners to start making money from the very start without prior learning and to avoid major losses related to lack of experience. Hence, we believe that our guide on copy trading and the corresponding providers will come in handy for every reader.
First, let us find out how this approach works. There are special trading platforms that allow their users to subscribe to each other so that newbies can copy trades performed by experts. In such a case, more experienced traders get an additional source of income as their subscribers pay a certain fee for access to their records. At the same time, newbies receive an opportunity to earn profits at a minimum effort by just copying others’ steps either in a manual or automated mode. As for brokers, they benefit from a significant increase in trading volume.
How to use such copy trading software?
1. Choose a provider. We recommend you pay attention to such aspects as fees, functionality, interface, convenience, reputation, payment option, and technical support in the first place. Based on our analysis, as of now, the leading platforms for social trading are RoboForex, AvaTrade, eToro, ZuluTrade, NAGA, FXTM, InstaForex, IC Markets.
2. Get a profile. We will use RoboForex with its product CopyFX as an example since it is a number-one choice among traders, as of today.
3. When your account is ready, select a trader, which you want to copy. You can see the corresponding rating in the Personal Members Area menu.
4. Before subscribing, check the terms. For that, open the personal card of the trader chosen. There, you will learn which commission you are supposed to pay and which minimum balance you should have. After accepting all the requirements, press “Invest”.
5. Adjust the parameters of your subscription via the PMA. If you see that there are several suitable traders for subscribing on the left, choose a single one. Then, click on “Set up subscription manually”, select a suitable mode, and complete the subscription.
To summarize, if you want to practice day investing but do not have enough time for proper daily market monitoring, copy trading is a perfect choice for you. Choose a suitable provider from our list, find a trader with a decent winning index, and start getting regular profits at minimum risk and time expense.