Copy trading has become an increasingly popular way for beginner investors and traders to get started in the financial markets. Copy trading allows you to automatically copy the trades of experienced, successful traders. This eliminates the steep learning curve associated with trading and investing. Here are the top 5 best copy trading platforms for beginners in 2024.
1. HFM
HFM is the best copy trading platform for beginners. It allows you to browse and copy thousands of successful traders from around the world. You can view traders’ detailed statistics and performance metrics to find the right trader to copy based on your goals and risk tolerance.
HFM has a user-friendly interface, making it easy for beginners to set up an account, deposit funds, and start copy trading in minutes. They also provide new users with a demo account and extensive educational resources to learn copy trading. HFM has competitive fees and currently supports copying for stocks, forex, cryptocurrencies, and CFDs.
2. eToro Copy Trading
eToro is one of the largest and most well-known social trading platforms. eToro allows you to copy trade stocks, crypto, forex, and CFDs. They have a global community of over 27 million users. You can browse traders by risk score, assets traded, and past performance.
eToro has a simple web-based and mobile app trading platform. The minimum amount to copy a trader is only $200. eToro also provides new traders with a free demo account with $100,000 in virtual funds. The main downside is that withdrawal fees can be expensive.
3. Naga Trader
Naga Trader is a multi-asset copy trading platform regulated in the EU. You can automatically copy trades in stocks, crypto, forex, and CFDs. Naga provides traders statistics filtered by time frames, risk levels, and more criteria.
Naga has some of the lowest minimum deposits and trade sizes for copy trading starting at $50. They also have a user-friendly mobile app in addition to the web platform. Naga offers new traders a 30 day free demo to try copy trading risk-free.
4. Tradeo
Tradeo is a rapidly growing copy trading platform based in Cyprus. They thoroughly vet all trading masters before allowing them on the platform. You can view detailed profiles and statistics to find the right traders to copy.
Tradeo offers copy trading on stocks, forex, crypto, commodities, and indices. They have competitive pricing with no commissions on trades. The easy to use platform and mobile app make it ideal for beginners starting out.
5. Upstox Pro
Upstox Pro allows you to copy successful traders in stocks and futures. It is regulated by SEBI and provides access to NSE, BSE, MCX.
Upstox Pro provides detailed trader statistics and analysis tools to help you pick the traders with returns and risk levels aligned with your goals. Upstox also provides new users with tutorials and a practice account to learn copy trading.
These platforms make it simple for any new investor to start copy trading stocks, crypto, forex, or CFDs. Copy trading eliminates the steep learning curve and lets beginners tap into the knowledge of experts.