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EditorEditor: Alison HeyerdahlUpdated: Apr 26, 2024
AuthorAuthor: Chris Cammack

Last Updated On Apr 26, 2024

Chris Cammack

The advent of social networks over the past two decades has revolutionised the online trading world, with social and copy trading becoming increasingly popular. Both approaches have democratised trading, providing beginners with an opportunity to learn from experienced traders by mirroring their trades and studying their strategies. In this in-depth guide, we will explain how copy trading works, distinguish between social and copy trading, provide a detailed process of selecting a trader to follow, give a step-by-step guide on starting your copy trading journey, and address frequently asked questions for beginners.

These are the best copy trading brokers in Nigeria for 2024.

  • Octa - Copy Trading Broker with Best Bonuses
  • AvaTrade - Most Trusted Broker
  • HFM - Best Copy Trading Account
  • Pepperstone - Best ECN for Copy Trading
  • Skilling - Best cTrader Copy Trading Account
  • Tickmill - Best Third-Party Copy Trading Solutions
  • Exness - Copy trading Account with Best Trading Conditions
  • IC Markets - Best Low Cost Beginner-Friendly Broker
  • Axi - Best Copy Trading Broker on the MT4 Platform
  • FP Markets - Best Overall Copy Trading Broker

Best Copy Trading Forex Brokers 2024

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Broker
Broker Score
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
Octa
4.37 /5
Read Review
Visit Broker >
67.65% of retail CFD accounts lose money
USD 25
1000:1
232
150
5
10
35
CySEC Regulated Brokers
FSCA Regulated Forex Brokers
Mwali International Services Authority
OctaTrader
AvaTrade
4.59 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
USD 100
400:1
930
636
25
36
63
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
CySEC Regulated Brokers
Financial Services Agency
Central Bank of Ireland
Financial Regulatory Services Authority
Avatrade Social
AvaOptions
HFM (HotForex)
4.53 /5
Read Review
Visit Broker >
72.90% of retail CFD accounts lose money
USD 0
1000:1
1230
111
5
24
53
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
Financial Services Commission
The Seychelles Financial Services Authority
HFM Trading App
Pepperstone
4.61 /5
Read Review
Visit Broker >
89%74- of retail CFD accounts lose money
USD 0
400:1
1275
1000
17
28
100
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
TradingView
Skilling
4.37 /5
Read Review
Visit Broker >
71% of retail CFD accounts lose money
USD 100
500:1
905
750
6
16
73
CySEC Regulated Brokers
Finansinspektionen
The Seychelles Financial Services Authority
Skilling Trader
Tickmill
4.58 /5
Read Review
Visit Broker >
71% of retail CFD accounts lose money
USD 100
500:1
209
98
0
27
62
CySEC Regulated Brokers
FCA Regulated Brokers
Labuan Financial Services Authority
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
Dubai Financial Services Authority
Exness
4.32 /5
Read Review
Visit Broker >
71.67% of retail CFD accounts lose money
USD 3
0:1
221
70
0
11
100
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
Capital Markets Authority
British Virgin Islands Financial Services Commission
Financial Services Commission
Exness Terminal
IC Markets
4.56 /5
Read Review
Visit Broker >
70.81% of retail CFD accounts lose money
USD 200
500:1
1744
1600
22
25
64
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
Securities Commission of the Bahamas
TradingView
Axi
4.44 /5
Read Review
Visit Broker >
75.6% of retail CFD accounts lose money
USD 0
500:1
188
50
14
32
70
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Financial Markets Authority of New Zealand
Dubai Financial Services Authority
Financial Services Authority – St. Vincent & the Grenadines
FP Markets
4.40 /5
Read Review
Visit Broker >
79% of retail CFD accounts lose money
AUD 100
500:1
10162
10000
11
17
70
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
FSCA Regulated Forex Brokers
Capital Markets Authority
The Seychelles Financial Services Authority
IRESS

Copy Trading in Nigeria

Over the last few years, Nigeria has seen an enormous rise in copy trading adoption, heightened further during the COVID-19 pandemic. According to Google data, searches in Nigeria for “copy trading” surpassed that of developed nations, such as the US, by a whopping 1900%. By way of explanation, Nigeria faces enormous economic challenges, and for those looking to supplement their income, copy trading provides a relatively simple way to start Forex trading. 

However, the allure of making high returns in a short period, plus the absence of stringent regulations in the past, has allowed scam brokers to abound.

Our mission is to educate traders about these brokers and only highlight those that ensure the safety of their clients’ funds.  Below we have selected the best copy trading brokers for 2024.

Best Copy Trading Brokers 2024

At FxScouts, we have an experienced review team dedicated to evaluating Forex brokers. Our team of experts meticulously examines each broker in 7 different areas, amassing an enormous amount of data in the process. With over 200 individual metrics analysed, we invest hundreds of hours annually researching and scrutinising brokers to ensure that we only recommend the best in the Forex industry.

Forex Broker Scoring

Of these 7 areas, we always prioritise regulation and costs. These are our priorities because traders want to know that their broker is trustworthy and isn’t overcharging them. Brokers are always altering the products they offer, and we keep our reviews updated with the latest data available. You can find out more about our in-depth review process here.

These are the top Copy trading brokers in Nigeria for 2024, as determined by our review process.


 

Others Also Visit

Scroll for more detailsPreviousNext
Visit
Octa
4.37 /5
Read Review
Visit
AvaTrade
4.59 /5
Read Review
Visit
Pepperstone
4.61 /5
Read Review
Visit
Exness
4.32 /5
Read Review
Visit
HFM (HotForex)
4.53 /5
Read Review
Visit

Octa– Copy Trading Broker with Best Bonuses

Broker Score
4.374.37 / 5
🏦  Min. DepositUSD 25
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage1000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Copy Trading Account: Octa offers all traders a copy trading tool to replicate the trades of more experienced strategy providers, called Master Traders. By following an unlimited number of Masters, copy traders can create a balanced and diversified trading portfolio while keeping full control of each trade – which they can modify/exit at their discretion. Octa publishes the trading statistics of all Masters in the Copier Area, including the commission set by the Master. Octa supports MT4 and MT5 trading platforms.

Forex Bonuses: Octa frequently runs competitions and promotions for Nigerian clients, including demo trading contests, first deposit bonuses, and cash prizes. Octa also runs contests for traders with live accounts, offering prizes such as cars, laptops, and smartphones.

Pros
  • Fast and free withdrawals
  • Low minimum deposit
  • Tight spreads
Cons
  • Limited range of assets
  • Poorly regulated
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 and Octatrader platforms supported. Octa is regulated by CySEC.

HFM (formerly known as HotForex) – Best Copy Trading Account

Broker Score
4.534.53 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage1000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

HFM 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 can choose between four account types, including the HFcopy account, which 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 HFM’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

Broker Score
4.614.61 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage400:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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 1.00 pipson the trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4, MT5, TradingView & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, CySEC, SCB, CMA, BaFin and the DFSA.

Skilling – Best cTrader Copy Trading Account

Broker Score
4.374.37 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

cTrader Platform: Available on the Skilling cTrader Copy platform, traders can choose from over 800 different strategies and providers to follow and copy. The in-depth performance statistics available allow you to research Strategy Providers and their track record of investments as well as review their performance results and trading style to determine the strategy most suitable to you. 

Good for Beginners: Start, pause, or stop copying; Skilling Copy allows traders to edit their copying with a few simple clicks. You can also protect your funds with an Equity Stop Loss, limiting how much of your trading account you want to risk. Beginners will also be able to watch the actions of more experienced traders and learn trading ideas and strategies. Social trading is useful for traders who have no time for training or making independent investment decisions. 

Pros
  • Copy trading accounts
  • Tight spreads
  • Great platform choice
Cons
  • No swap-free account option
  • Limited education
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.70 pips on the trading account with lowest minimum deposit. Max leverage 500:1. MT4, Skilling, and cTrader platforms supported. Skilling is regulated by CySEC, the FCA, and the FSA-Seychelles.

Tickmill – Best Third-Party Copy Trading Solutions

Broker Score
4.584.58 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 4
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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 6 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

Broker Score
4.324.32 / 5
🏦  Min. DepositUSD 3
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. LeverageUnlimited:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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
  • Highly competitive spreads and low trading costs (7 USD per lot).
  • Extensive selection of trading instruments and over 100 Forex pairs
  • User-friendly trading platforms: MT4 MT5 and Exness Terminal.
  • Minimum deposit requirement of only 3 USD
  • Offers copy trading options
Cons
  • Extreme leverage
  • Limited range of share CFDs
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage Unlimited:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA and the FSA Seychelles.

IC Markets – Best Low Cost Beginner-Friendly Broker

Broker Score
4.564.56 / 5
🏦  Min. DepositUSD 200
🛡️  Regulated By
💵  Trading Cost 
USD 8
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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, ASIC, and the FSA.

Axi – Best Copy Trading Broker on the MT4 Platform

Broker Score
4.444.44 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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.

FP Markets – Best Overall Copy Trading Broker

Broker Score
4.404.40 / 5
🏦  Min. DepositAUD 100
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

FP Markets offers copy trading on both the MT4, MT5, and cTrader platforms.  Available from within the platforms are built-in copy trading functionalities in addition to an auto trading service through a third-party provider, Myfxbook Autotrade.  FP Markets’ most recent expansion includes a proprietary copy trading service, FP Markets Copy Trading.   

FP Markets Copy Trading allows traders to find, follow and copy successful traders automatically without the need to build their own trading strategy or conduct research on the forex markets.  This tool is particularly useful for people who are interested in the financial markets but lack experience and knowledge. Social traders can also diversify their portfolios by copying the trades of multiple providers that trade on different financial instruments.

Pros
  • Trusted since 2005 with top-tier regulation
  • 100 USD minimum deposit amount
  • Supports MT4 MT5 cTrader and TradingView
  • Spreads start at 1.0 pip and narrow to 0 pips with higher trading volumes
  • Welcoming South African traders with specific regulatory compliance
Cons
  • Notably higher withdrawal fees than competitors
  • Stock CFDs are limited on MT4/MT5 and primarily available through IRESS
  • High leverage up to 500:1 posing risks for inexperienced traders
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.10 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC, ASIC and BVA FSC.

What is Copy Trading?

Copy trading is a type of online trading that allows individuals to automatically copy the positions opened and managed by another selected trader, known as a strategy provider. This innovative approach allows users to mirror the trades and strategies of experienced and successful traders.

With copy trading, each time the strategy provider makes a trade, the same trade is executed in the copier’s account. The copier does not need to do anything manually; everything is handled automatically by the trading platform.

This trading method can benefit beginners who are still learning about the markets and developing their own trading strategies. It also serves as a time-saving tool for experienced traders who may not have the time to follow the markets as closely as they would like.

The copy trading process typically involves just a few clicks to choose a trader to copy, after which the system takes care of the rest. The trades are copied proportionally, meaning that even if you have a smaller account, you can still follow the trades of a strategy provider with a much larger account.

However, while copy trading can be beneficial, it’s crucial to remember that all trading involves risk. It’s possible to lose money and make it, and the past performance of a trader is not necessarily indicative of their future results. Therefore, it’s always wise to do your due diligence, understand the trader’s strategy, and consider the level of risk you are comfortable with before starting copy trading.

The Difference Between Social Trading and Copy Trading

While both social and copy trading leverage online community-based platforms, they differ substantially in their processes and levels of engagement.

Social Trading

Social trading is a holistic approach that encourages direct interaction between traders within an online network. Much like a traditional social media network, users can follow others, communicate, share insights, and discuss trading strategies. Some platforms also facilitate live feeds where traders can post updates about their trading activities, insights about market conditions, or explain their strategy’s rationale.

By providing a platform for discussion and direct observation, social trading serves as a learning ground where less experienced traders can learn from seasoned ones. Social trading is not just about replicating trades; it’s about discussing why specific strategies are employed, interpreting market events with your peers, and building your trading competence over time.

Copy Trading

Copy trading, on the other hand, is a more passive form of trading. Here, traders can select one or more experienced traders to follow. The system then automatically replicates the strategy provider’s trades into the copier’s account. This feature eliminates the need for continuous market monitoring and manual execution of trades, as it’s all handled by the platform.

The primary benefit of copy trading is its simplicity and convenience. You essentially delegate the trading decisions and actions to the trader you’re copying. This approach can be advantageous if you lack trading experience, struggle to keep up with market fluctuations, or simply don’t have the time to trade actively.

However, copy trading does not involve the same level of engagement and learning opportunities as social trading. You follow the trader’s actions but may not necessarily understand the reasoning behind those decisions unless the copied trader provides these insights on the platform.

Both social and copy trading offer unique advantages and cater to different trading styles. Your choice between the two (or a blend of both) would depend on your trading knowledge, available time, risk appetite, and interest in actively engaging with the trading community.

Choosing a Trader to Follow

One of the most crucial steps in copy trading is the selection of a trader to follow. Here’s how you can make an informed choice:

  • Analyse Trading Performance: Review the trader’s historical performance. While past performance does not guarantee future success, it can give you an idea of their trading strategy’s effectiveness over time.
  • Understand their Strategy: What markets does the trader focus on? How much risk do they take? Make sure their strategy aligns with your trading goals and risk tolerance.
  • Check their Risk Score: Most platforms provide a risk score for each trader. A lower score typically indicates a safer, more conservative approach to trading.
  • Review their Follower Count: A high follower count can indicate trust from other users, although it’s still essential to conduct your own analysis.

How to Get Started with Copy/Social Trading

Step 1: Sign Up: Register on your chosen platform by providing the necessary information. This process may include verifying your identity.

Step 2: Familiarise Yourself with the Platform: Copy-trading is available via signals on the popular MT4 and MT5 trading platforms. The cTrader trading platform has a more accessible copy trading function called cTrader copy. There are also some dedicated copy trading platforms like Zulutrade, Duplitrade and Myfxbook Autotrade, though these require a subscription fee. Whichever platform you use to copy trade, you will need to spend time exploring the platform and its features.

Step 3: Choose a Trader to Follow: Utilize the process described in the section above to select a trader whose strategy aligns with your investment goals.

Step 4: Begin Trading: You can start by either copying trades or engaging in discussions within the trading community. It’s recommended to start with a smaller investment and gradually increase it as you gain experience and confidence.

Frequently Asked Questions for Beginners

What is the minimum investment required for copy/social trading?

The minimum investment varies across platforms. For instance, on some platforms, you can start copy trading with 200 USD, while others may allow you to start with as little as 1 USD.

Is copy trading legal in Nigeria?

Yes, copy trading is legal in Nigeria. Copy trading and social trading are considered self-directed, as traders who use this function always select the trading system to copy. Prior to the explosion in social trading, copy trading was only available via a managed account. Managed accounts require a power of attorney and a large account balance and so are unpopular amongst typical retail traders.

What occurs if the trader I’m copying discontinues trading?

If the trader you’re copying decides to stop trading, your account will not open any new trades. You will then need to select a new trader to follow.

Can I terminate copy trading at any point?

Yes, you can stop copying a trader at any time, and you should continuously monitor your trades’ performance and make adjustments as needed.

How much control do I have over my trades when I’m copy trading?

Although the trades are automatically replicated from the trader you’re copying, you still retain control over your own account. You can manually close trades, pause copy trading, or stop copying a trader at any time.

Can I copy multiple traders at the same time?

Yes, most platforms allow you to copy multiple traders simultaneously. This can be beneficial as it allows you to diversify your portfolio across different trading strategies.

Can I start copy trading with a demo account?

Many trading platforms offer a demo or practice account where you can use virtual money to copy trades. This can be a good way to understand how copy trading works and test out different traders’ strategies before investing real money.

What are the costs associated with copy trading?

Costs can vary between platforms. Some platforms charge a fixed fee, some charge a percentage of profits, and others may apply spreads on trades. Always check the cost structure of your chosen platform.

How are the copied trades sized in my account?

Trades are usually copied in proportion to the amount of money you have allocated to copy a particular trader. For example, if the copied trader opens a trade using 10% of their balance, then a trade for 10% of the amount you allocated for copying them will be opened in your account.

What should I do if the trader I’m copying is consistently losing money?

If the trader you’re copying is not performing as expected, it’s essential to reassess your decision. You might choose to stop copying them and select another trader, or you might decide to pause copying and monitor their performance for a while. Remember, it’s crucial to regularly review the performance of the traders you’re copying.

Can I interact with the traders I’m copying?

On some platforms, you can communicate with other traders, ask questions, and share strategies. This feature is more commonly available on social trading platforms, and beginners may find it beneficial as it allows you to learn more about trading strategies and market conditions.

Although copy and social trading might seem overwhelming initially, with the right knowledge and approach, you can leverage the experience and strategies of successful traders. While this opportunity offers an expedited learning curve for beginners and a chance to diversify strategies for seasoned traders, it’s crucial to remember that all trading involves risk. Just because a trader has been successful previously does not mean they will continue to make a profit, so never trade with money that you cannot afford to lose.

How do I compare copy trading brokers? 

When selecting a copy trading broker, prioritising regulation is crucial as it safeguards your funds. Evaluate the associated costs if the broker’s copy-trading service uses platforms such as Zulutrade, Duplitrade, or Myfxbook. Opt for a system that provides comprehensive metrics of traders you could emulate, including risk indicators and profitability. Ensure your broker offers a broad range of traders to follow, ensuring diverse choices. It’s also essential to have a system that enables trade filtering based on your risk and return preferences, offering flexibility. Avoid brokers that lock you into copy trading for a set period. You should be able to stop copying trades instantly. Be aware of the fee structure, whether it’s a flat, success-based fee or a broker subscription; all costs should be clear and upfront. Lastly, consider the specific broker accounts that offer copy trading, their required minimum deposit, and their trading costs before committing.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).

Our Rating & Review Methodology

Our State of the Market Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers.

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

 

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