The best copy trading platforms in Australia

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A copy trading platform is a service that allows traders to copy the trades of other successful traders. This platform can be helpful for new or experienced traders who wish to diversify their trading portfolio or don’t have the time to trade themselves.

Several copy trading platforms are available in Australia, so it’s important to compare features and fees before choosing one that best suits your needs. You may want to consider the types of assets offered, minimum deposit requirements, and customer support.

eToro

eToro is a social trading and investment platform that allows users to copy the trades of other successful traders. The platform offers a wide range of assets, including stocks, commodities, indices and cryptocurrencies. eToro has a minimum deposit requirement of $200 and offers customer support through live chat and email.

ZuluTrade

ZuluTrade is a social trading platform that allows users to copy the trades of other successful traders. The platform offers a wide range of assets, including stocks, commodities, indices and cryptocurrencies. ZuluTrade has a minimum deposit requirement of $500 and offers customer support through live chat, email and phone.

AvaTrade

AvaTrade is an online broker that offers a wide range of assets, including stocks, commodities, indices and cryptocurrencies. AvaTrade has a minimum deposit requirement of $1000 and offers customer support through live chat, email and phone.

Pepperstone

Pepperstone is an online broker that offers a wide range of assets, including stocks, commodities, indices and cryptocurrencies. Pepperstone has a minimum deposit requirement of $200 and offers customer support through live chat, email and phone.

FXCM

FXCM is an online broker that offers a wide range of assets, including stocks, commodities, indices and cryptocurrencies. FXCM has a minimum deposit requirement of $50 and offers customer support through live chat, email and phone.

Plus500

Plus500 is an online broker that offers a wide range of assets, including stocks, commodities, indices and cryptocurrencies. Plus500 has a minimum deposit requirement of $100 and offers customer support through live chat, email and phone.

XM

XM is an online broker that offers many assets, including stocks, commodities, indices and cryptocurrencies. XM has a minimum deposit requirement of $5 and offers customer support through live chat, email and phone.

IQ Option

IQ Option is an online broker that offers a wide range of assets, including stocks, commodities, indices and cryptocurrencies. IQ Option has a minimum deposit requirement of $10 and offers customer support through live chat, email and phone.

What are the risks of copy trading?

Over-dependence on a single strategy

When you copy trade, you’re essentially relying on someone else’s trading strategy. If the copy trade strategy fails, your account will also suffer losses. It’s essential to diversify your copied trades among different traders and strategies to mitigate this risk.

Lack of control

Another risk of copy trading is that you don’t have any control over the trades being made in your account. You could incur losses even if you’re following a successful trader. Before copying their trades carefully, it’s essential to research each trader to mitigate this risk.

Slippage

Slippage is the difference between the executed price and the price at which it was intended to be executed. Slippage can occur when a market is highly volatile or when there is a lack of liquidity. When copying trades, you may experience slippage if the trader you’re copying is using a different broker than you. Choosing a copy trading platform that offers tight spreads and low commissions is essential to mitigate this risk.

Fraud

Unfortunately, some evil people in copy trading may try to take advantage of you. For example, they may promise high returns but use your money to trade recklessly and incur losses. It’s essential to choose a reputable copy trading platform and do your research before investing any money to mitigate this risk.

Volatility

The markets are constantly changing, and their volatility can significantly impact your account balance. For example, if you copy trade a forex pair and the market moves against you, you could incur heavy losses. It’s essential to monitor the markets carefully and only invest money you can afford to lose to mitigate this risk.