How I became a Consistently Profitable Trader!
Since the advent of social trading a little over a decade ago, the number of networks that claim to offer one form of social trading or the other, continue to rise. It will surely interest you to know the social trading networks that are on top of their game. Here we’ll share our top 10 social trading networks and briefly review each of them to give you some insights about its unique features.
This network is both a broker and a social trading platform. Though it wasn’t the first social trading platform to emerge, it has been the company that made the social investing field very popular. Apart from offering brokerages services themselves, other features that made eToro unique include
- Automated copy trading with unique settings to manage your risk and exposure.
- Constant news feeds which made it possible for investors to ‘manually copy’ their favorite traders
- The ability of the investors to interact with each other just like any social network.
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This was the first copy trading platform to come into the forex social trading market. Since 2007 when it’s founded, it has never looked back, introducing new capacities by the day — recently introduced the Binary Option Copy Trading.
With ZuluTrade, investors can analyze and automatically copy signal providers, completely customize their risk and money management and interact with the signal providers as well as read comments made by other investors about the signal provider.
Strategy used by Legendary Traders
Though relatively young, it has a robust system of rewarding the signal providers for trading safely and limiting risks and drawdowns. The system stimulates the trader to be risk-conscious. This made ayondo a unique platform as investors feel a little bit more secure with their traders. However, the platform lacks social features as investors can’t interact with themselves or with the signal providers.
This is basically a social network for traders. It makes it possible to see the charts and signals of other traders. The platform has highly developed social features through which users can directly interact with each other and with the community. The Tradeo trading network offers you the ability to see what other traders are doing as well as the capacity to automatically copy them if you so wish. You also have the opportunity to use a demo account first.
- Naga Trader
Formerly known as SwipeStox, Naga Trader was initially a smartphone app called the “Tinder of Trading”. In 2017, the leaders rebranded their services, converting SwipeStox to Naga Trader, a trading platform of the Naga Group AG.
This platform offers social networking, social trading, copy trading, and other investment services such as NAGA portfolios. The Naga group offers cryptocurrency and blockchain services and even have their own coin called Naga coin which can be used as the base currency in the Naga social trading platform.
This is a unique platform in the social trading industry. Rather than offering just copy trading platform, traders’ strategies are packaged as real assets called Darwins. An investor can buy a Darwin of any chosen trader and include in his portfolio. This asset grows as the trader makes money with his strategy. Darwinex continuously monitors the Darwins while investors are given some automated tools for risk management. Though Darwinex is new to the social trading industry, they are offering something unique.
This platform is structured like ZuluTrade such that once you open a trading account with a broker that supports the platform, you can connect your account to the platform. Once connected, you can use their numerous performance analysis tools to analyze the signal providers and choose the ones you prefer to copy. You also have several settings for controlling risk and managing your money.
- FX Junction
This is a traders’ community where traders share ideas and trading strategies. It also functions as a social trading network where professional traders can create their own profile and connect it to MT4 or MT5 platforms through which they can sell their trading signals. Through FX Junction, investors can see these professional traders, analyze them, and copy the ones that suit them.
- Myfxbook AutoTrade
This famous network for verifying trading account record also offers a social trading platform — Myfxbook Autotrade. This service is more like mirror trading service rather than copy trading service, the reason being that only Myfxbook-vetted strategies are made available for investors to ‘copy’. As Myfxbook is not a forex broker, for you to access this service, you need to have an account with a supported broker.
This platform pioneered the forex social trading sector in 2005 when it launched its Mirror Trading Network through which investors can access several automated trading strategies and mirror the signals into their accounts. Tradency has remained true to this style till today.
These are the top 10 names in the social trading landscape. The most interesting thing is that you can start with a demo account first for any one of them. Try them out and see; meanwhile, happy trading.
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