Forex social trading is a rapidly growing trend across the globe. Social investment networks allow investors to copy profitable trading strategies from other investors in their network or share their market knowledge with other traders, sometimes for a profit.
What social trading platforms do is provide an avenue for retail traders to learn from expert and talented peers so that they can minimize investment risks and boost returns. The reason forex social trading is on the rise is that it is perceived to produce more winners compared to conventional forex trading platforms where you have to rely on individual efforts to beat the market and that is sometimes hard for new traders.
The following are some of the most popular social platforms for currency trading.
eToro boasts 5 million registered traders
eToro is one of the largest and most popular social forex trading networks. The platform, founded in 2007, has more than 5 million registered traders.
eToro recently announced withdrawal from its domestic market in Israel amid regulatory challenges. Besides currency trading, eToro members can also trade equities, indices and commodities.
On eToro, you can learn trading strategies from the expert traders on the network or share your strategies with other traders. There is a small commission charged on those who copy strategies from expert investors with a profile of profitable trades. Copying of trades in eToro can be manual or automated.
Many forex traders are finding eToro an important platform to build skills on their way to becoming pro forex investors.
Tradeo launches native brokerage division
Tradeo was founded in 2012 as a social forex trading network. In addition to providing members with a social trading platform, Tradeo is also a licensed broker of investment securities. It recently launched a brokerage unit under its own brand after years of relying on third-party providers to offer its subscribers brokerage services.
Tradeo has raised about $10.5 million from American venture capitalists and angel investors to help it expand operations.
A standard forex trading account at Tradeo requires a minimum deposit of $250 and subscribers have access to an array of investment instruments and tools. Outside forex, Tradeo members can trade in commodities and CFD.
Unlike other social trading networks, copying of strategies on Tradeo is 100% free of charge. Members on Tradeo can sign up for a demo account so that they can begin to put real money into their accounts once they feel they are comfortable with what they are doing.
Tradeo is an affiliate of UR Trade Fix, Ltd.
ZuluTrade expands list of brokers
ZuluTrade is a platform where investors can execute trades in a variety of investment instruments such as forex, stocks, commodities and binary options. The platform also enables members to share their trading strategies with other traders or learn from expert and talented traders with a profile of profitable trades.
Earlier this year, ZuluTrade added AETOS Group UK to its list of partner brokers. AETOS has some 25 offices across the world. ZuluTrade has more than 70 collaborating brokers in its network.
ZuluTrade offers one standard account that requires a minimum deposit of $500. However, you can sign up for a demo account before you go live with a real money account so that you ensure that you are comfortable with what you are doing. ZuluTrade social trading platform has been around since 2007.
