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AuthorBy Chris Cammack
Updated: May 5, 2022

Copy trading, also known as social trading, enables individual traders to invest their trading funds with other successful traders and copy their trading strategies, usually for a small fee or a cut of the investing trader’s profit. Copy trading platforms can either be automated, semi-automated or manual, which gives the trader varying levels of overall control.

To test these brokers, we signed up and verified a copy trading account and checked the broker regulation. After we installed the trading platform where newcomers discover experienced traders to follow, we tested the different copy trading tools available to make manual trade adjustments, as traders should have the opportunity to maintain full control of trades in line with a long-term plan and risk management strategy. These are the best copy trading brokers in Nigeria for 2022, according to our testing and our research.

  • AvaTrade - Best Overall Broker
  • HotForex - Best Copy Trading Account
  • Pepperstone - Best ECN for Copy Trading
  • Tickmill - Best Third-Party Copy Trading Solutions
  • Exness - Copy trading Account with Best Trading Conditions
  • IC Markets - Best Low Cost Beginner-Friendly Broker
  • FXTM - Best Copy Trading Platform for Beginners
  • Axi - Best Copy Trading Broker on the MT4 Platform

Best Copy Trading Forex Brokers 2022

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Broker
Overall Rating
Official Site
Copy Trading
Min. Deposit
Max. Leverage (Forex)
Autochartist
Trading Central
Trading View
Total CFDs
Share CFDs
Commodity CFDs
Indices
Currency Pairs
Regulators
Platforms
Compare
AvaTrade
4.48 /5
Read Review
Visit Broker >
Your capital is at risk
USD 100
400:1
872
625
25
33
55
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
British Virgin Islands Financial Services Commission
Financial Services Agency
CySEC Regulated Brokers
Central Bank of Ireland
Avatrade Social
AvaOptions
HotForex
4.49 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5
1000:1
1169
71
5
24
53
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
Financial Services Commission
Pepperstone
4.61 /5
Read Review
Visit Broker >
Your capital is at risk
USD 0
400:1
0
0
17
28
70
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Dubai Financial Services Authority
Bundesanstalt für Finanzdienstleistungsaufsicht
Securities Commission of the Bahamas
Capital Markets Authority
Tickmill
4.48 /5
Read Review
Visit Broker >
Your capital is at risk
USD 100
500:1
207
98
0
27
62
CySEC Regulated Brokers
FCA Regulated Brokers
Labuan Financial Services Authority
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
Exness
4.12 /5
Read Review
Visit Broker >
Your capital is at risk
USD 3
2000:1
201
0
0
11
100
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
IC Markets
4.46 /5
Read Review
Visit Broker >
Your capital is at risk
USD 200
500:1
1744
1600
22
25
64
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
Zulu Trade
FXTM
4.33 /5
Read Review
Visit Broker >
Your capital is at risk
USD 10
2000:1
791
172
3
11
62
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Financial Services Commission
Axi
4.34 /5
Read Review
Visit Broker >
Your capital is at risk
USD 0
500:1
188
50
14
32
70
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Financial Markets Authority of New Zealand
Dubai Financial Services Authority

How to compare copy trading brokers

Most brokers offer some form of copy trading, and while some have their own copy trading systems, third-party communities like Duplitrade, Zulutrade, and myFXbook are also available. When comparing brokers by their copy trading functionality, consider:

Regulation: Always verify that your broker is regulated. Regulation is the safety of funds and an absolute requirement for any trader.

Trading platform: Are you using the broker’s copy-trading service, or is it via Zulutrade, Duplitrade or Myfxbook, which may have additional monthly costs if not provided for free.

Transparency and risk: A better copy trading system will provide traders with a detailed breakdown of the traders to copy. These metrics should include risk metrics, profit (short-term, medium-term, long-term) and max drawdown. Finding winning traders is important, but equally important is finding winning traders who share your risk appetite. 

The number of quality of traders to copy: Your broker must have a larger set of traders for you to follow. A limited set of traders will mean that you may not find the appropriate trader with the right metrics to follow. 

Flexibility: Copy trading is not mirror trading, where your trading account mirrors the trading activity of the person you are following. Flexibility will let you filter which trades to copy, using preset parameters for cost/risk/return to guide you.

Binding period: A trader should be able to stop copying trades instantly and not be locked in for a set time. A trader should refuse any attempt by a broker or a third-party service to legally bind you to a copy trading provider.

Paying the provider: Are you paying a flat fee, or are you only paying a fee for profitable trades? Are you paying a subscription fee to the broker? The cost directly owed to the signal provider should be transparent. 

Copy trading accounts: Copy trading may be limited to specific broker accounts. Find out which accounts offer copy trading, understand what the minimum deposit on that account may be, and if the cost of trading (spreads and commission) is different on that account before signing up and making a deposit.


Hotforex – Best Copy Trading Account

Hotforex is a well-regulated global CFD broker offering trading on a number of instruments, including Forex, metals, energies, indices, shares, commodities, bonds, and ETFs.  Traders have the choice of five account types, including an exclusive HFcopy account.  The HFcopy Account is available to both Strategy Providers and Followers who have joined HFcopy.  Strategy Providers can open an HFcopy Account aiming to build their inventory of Followers and trade in exchange for a Performance Fee. Followers only pay Strategy Providers if their strategies are successful. 

The HFcopy account offers slightly different trading conditions to Hotforex’s regular accounts, including a minimum opening deposit of 500 USD for Strategy Providers, and 100 USD for Followers.  HFcopy accounts are only denominated in USD, spreads start at 1.0 pips on the EUR/USD, and no commissions are charged.

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts Nigerian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

Pepperstone – Best ECN for Copy Trading

A leading ASIC-regulated ECN/STP broker, Pepperstone offers trading on multiple assets, including Forex, indices, shares, commodities, cryptocurrencies, and indices.   Known for its tight spreads, ultra-fast execution, and broad platform support, Pepperstone also offers a number of powerful third-party copy trading systems for traders to choose from, including MetaTrader Signals, Duplitrade, and Myfxbook.

MetaTrader Signals takes the guesswork and emotion out of trading by allowing traders to access thousands of trading strategies and signals from traders in real-time. It also allows traders to diversify their trading and reduce their portfolio risk by using different signal providers with different approaches. Similarly, Duplitrade allows traders to engage in automated trading, using signals from proprietary traders, which helps them to build their trading knowledge and gain an understanding of pro techniques.  Myfxbook is an account mirroring service that allows traders to copy the trades of the top Forex traders.  There are no performance or management fees, and Myfxbook provides accurate statistics, allowing traders to quickly analyse and improve their performance. 

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.77 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone Group is regulated by the FCA, ASIC, and the DFSA.

Tickmill – Best Third-Party Copy Trading Solutions

Tickmill is a well-regulated MT4 and MT5 broker and while it does not offer its own copy-trading solution, it does support two of the better third-party copy-trading platforms in Myfxbook AutoTrade and the Pelican Trading mobile trading app.

The Myfxbook AutoTrade solution is free of charge for Tickmill clients; trading terms are the same as Tickmill’s Pro Account (tight spreads and a 4 USD round turn commission), though Myfxbook does mark up the spread by 0.6 pips per side (1.2 pips total).

Pelican Trading is available on both iOS and Android and is more than just a copy-trading app; it acts more like a social trading platform, allowing traders to chat, share tips and copy each other’s trades. It’s a simple process to connect a Tickmill account to the app, but users should be aware that some trading groups have a fee attached and this will be separate from the money you deposit with Tickmill.

Pros
  • Tight spreads
  • Well regulated
  • Fast and free withdrawals
Cons
  • Limited base currencies
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.00 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles.

Exness – Copy trading Account with Best Trading Conditions

Founded in 2008, Exness is a regulated market maker that offers trading on both the MT4 and MT5 platforms. With two standard instant execution accounts, and three market execution professional accounts, spreads start at 0.3 pips on the EUR/USD, and traders are afforded unlimited leverage.  Exness also offers a Social Trading service on the MT4 platform where novice traders can copy the trades of strategy providers.  When a strategy provider makes a profit, they also earn a commission at a mutually agreed rate (between 0% – 50%). 

Exness offers two trading accounts for copy trading: the Social Standard Account and the Social Pro Account.  The minimum strategy deposit on the market execution Social Standard Account is 500 USD, and 2000 on the instant/market execution Social Pro Account. Spreads start at 0.3 pips (EUR/USD) on the Social Standard Account, and 0.1 pips (EUR/USD) on the Social Pro Account.  Note that social trading is only offered on Forex, metals, and cryptocurrencies.     

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • 24/7 customer service
Cons
  • Limited education
  • Limited market analysis
  • Unavailable in Europe
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.

IC Markets – Best Low Cost Beginner-Friendly Broker

IC Markets is a beginner-friendly CFD broker offering trading on multiple instruments, including Forex, commodities, indices, bonds, digital currencies, stocks, and futures.  IC Markets is one of the few brokers to offer support for all three major trading platforms, including MT4, MT5, and cTrader, alongside an array of trading tools, including Autochartist, Trading Central, a free VPS service, and two copy trader tools – Zulutrade and Myfxbook Autotrade.  It also offers excellent educational materials and 24/7 support to get beginner traders started. 

Zulutrade, a third-party copy trading tool that allows traders to choose between 100,000 signal providers from 192 countries.  Zulutrade’s sophisticated algorithm ranks Signal Providers by analysing their overall performance, stability, exposure, and minimum equity required.  It also offers Zuluguard, a highly advanced account protection feature that monitors the performance of traders 24/7 and protects copy traders’ invested capital.  The other copy trading tool, Myfxbook Autotrade, allows traders to copy the trades of any system directly into the MT4 account.  No volume-based fees are charged, and traders do not have to install any complex software – they simply connect their account to Myfxbook and select the system they would like to copy.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.

FXTM – Best Copy Trading Platform for Beginners

A well-regulated market maker/ ECN broker, FXTM offers a variety of account choices on both the MT4 and MT5 platforms.  FXTM also provides a powerful copy trading system, which is helpful for beginner traders who lack the expertise and skills in CFD trading.  FXTM Invest allows investors to choose a strategy manager from a list of top-rated traders.  Once an investor makes a minimum deposit of 100 USD/GBP/EUR, the Investor account will be activated and clients can then copy the trades of the strategy managers.  With this system, investors can follow suitable strategies and receive a portion of the profits, and Strategy Managers can earn extra money by generating profits for their investors.   

FXTM also provides a plethora of educational and market analysis materials to help beginner traders.  The materials offer a good overview of Forex trading in its guides and tutorials, articles, webinars, seminars, e-books, trading glossary, and videos.  Much like FXTM’s education section, its market analysis materials are comprehensive, frequently updated, and provide an accurate analysis of the markets. 

Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
  • Copy trading accounts
Cons
  • Expensive withdrawals
AlertAccepts Nigerian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.

Axi – Best Copy Trading Broker on the MT4 Platform

An Australian ASIC and FCA-regulated ECN broker, Axi offers trading on 140 Forex pairs, precious metals, commodities, indices, and cryptocurrencies.  By providing exclusive support for the MT4 platform, Axi offers an innovative and customisable MT4 experience, including a range of tools as part of its NexGen package.  These include a sentiment indicator, a correlation trader, an intuitive terminal window, and an automated trade journal.

Axi also offers a number of powerful copy trading tools, including Trading Signals, which allows traders to auto trade and copy thousands of strategies from across the globe straight into the MT4 platform; Myfxbook, a third-party automated analytics tool that allows traders to organise and monitor all trading accounts and systems in one centralised place; and Zulutrade and Duplitrade, popular social trading networks that allow clients to copy top-performing traders from other brokers

Pros
  • Low minimum deposit
  • Tight spreads
  • Innovative trading tools
Cons
  • MT4 only
  • Limited range of assets
AlertAccepts Nigerian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA.

How does Copy Trading Work?

Copy trading requires two traders and a Forex broker, which provides the platform for them to co-operate. One trader is the provider, or manager, and they will make their trading strategies available for others to follow. The other trader, or investor, selects the provider they wish to follow – usually for a fee or a cut of the investor’s profits. The broker provides the social platform for the provider and the investor to meet and co-operate, brokers also provide the trading platform that the provider will use to trade.

Most copy trading platforms will also display the manager’s investment return, risk profile, length of experience and trading style. It is essential to also examine the manager’s largest drawdown, this the largest single peak to trough decline in the manager’s trading account. If you are thinking of investing a smaller amount than the manager’s largest drawdown you are putting yourself at serious risk of losing all your capital.  Controls for investors are also a key feature, allowing you to choose how much money to invest with a provider and which strategies to follow.

Is copy trading legal?

Yes, copy trading is legal in almost all jurisdictions. Prior to the explosion in social trading, copy trading was only available via a managed account. Managed accounts required a power of attorney and a large account balance, and so are unpopular amongst typical retail traders. Copy trading, or social trading, on the other hand is considered self-directed by most regulators, as traders who use this function always select the trading system to copy.

A brief history of Copy Trading

Prior to the merging of Forex trading and social media, the only form of copy trading available was managed account trading. While managed accounts are still an integral part of institutional trading, on a retail level they have been almost completely eclipsed by the rapid rise of copy trading.

Also called mirror trading, auto trading and social trading, copy trading began in the late 2000s with the advent of the eToro and ZuluTrade platforms. eToro has since become one of the most successful Forex brokers in the world, purely based on the strength of their social trading platform, while ZuluTrade is one of the most popular copy trading platforms in the Forex community.

The success of these early pioneers means that most major brokers now offer some form of copy trading or social trading, either through their own platforms or via a third-party, such as ZuluTrade, Mirror Trader or Myfxbook.

Which broker is the best for Copy Trading?

eToro, FXTM and AvaTrade are the best brokers for copy trading.

eToro’s unique social trading platform allows for users to copy each other’s trades and share trading tips. Easy-to-use and web-based, the eToro platform has won many awards over the years for innovation and simplicity. With over 6 million clients, eToro has successfully made social trading an integral part of Forex industry.

FXTM run the FXTM Invest platform, which connects investors with Strategy Managers. Strategy Managers are graded on several metrics and investors can filter Strategy Managers to find the right combination of return and risk they feel comfortable with. Investors only pay a fee on successful trades.

Avatrade offers multiple direct and indirect copy trading options. AvaTrade has also partnered with the Mirror Trader and ZuluTrade platforms to offer a wide range of copy trading functionality. Mirror Trader allows investors to switch between manual copy trading, semi-automatic trading, or automatic trading when following a provider. ZuluTrade is a community of providers, who have been ranked using various practical parameters including maximum drawdown and average profitability.

Read this more detail on how to compare Forex brokers yourself outside of copy trading alone. 

How do I choose the best copy trading system?

The best copy trading system will not always be the most profitable. It is important to look at a provider’s long-term strategy and risk management to make sure these align with your account balance and goals. Aggressive strategies may make money in the short-term – and may even be successful for those with larger account balances over the long term – but can lead to account wipeouts for those with smaller balances.

Like with all Forex trading, it is important to do your own research and manage your risk appropriately.

Final Word

While a relatively recent method of Forex trading, copy trading has fast become one of the largest. The advantages are obvious for beginner traders, and many experienced traders also swear by it. But, like all Forex trading, it must be entered into with education, caution and a thought for risk management.

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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