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Updated: Mar 21, 2024Last Updated On Mar 21, 2024
Copy-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. It is mostly beginners who are interested in copy-trading, as it requires little financial knowledge and is a good opportunity to learn from more experienced traders. But all types of traders can benefit, especially as copy-trading requires little time to implement and monitor.
To test these best brokers for copy-trading, we checked their regulation, opened a copy-trading account, and followed other traders. We also tested the different copy trading tools available to make manual trade adjustments, as traders should have full control of their trades in line with a long-term risk management strategy.
These are the best copy trading brokers in the Philippines for 2024, according to our testing and our research.
- Pepperstone - Best ECN for Copy Trading
- NAGA - Most Trusted Broker
- AvaTrade - Best Mobile Experience for Copy Traders
- Exness - Copy trading Account with Best Trading Conditions
- HFM - Best Copy Trading Account
- IC Markets - Best Beginner-friendly Broker
- FP Markets - Best Overall Copy Trading Broker
- Axi - Best ECN Broker on the MT4 Platform
- Fusion Markets - Three Copy Trading Solutions
Best Copy Trading Forex Brokers 2024
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Broker
Official Site
Copy Trading
Min. Deposit
Max. Leverage (Forex)
Autochartist
Trading Central
Trading View
Total CFDs
Share CFDs
Commodity CFDs
Indices
Currency Pairs
Compare
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.
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.
Accepts Filipino Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, CySEC, SCB, CMA, BaFin and the DFSA.Avatrade – Best Mobile Experience for Copy Traders
Avatrade is a leading global CFD market maker broker with excellent regulation offering trading on multiple assets, including Forex, cryptocurrencies, ETFs, options, bonds, and vanilla options on one live commission-free account with competitive trading conditions. With full support for a range of platforms, including MT4, MT5, and its award-winning app, AvaSocial, Avatrade provides a user-friendly and innovative trading environment that allows beginner traders to profit from the sophisticated trading strategies of more experienced traders.
The Avasocial App allows traders to discover successful traders and qualified mentors, displaying their risk profile, length of experience, and trading style. Copy traders will receive continuous real-time updates about the state of their trades and can talk on-on-one to providers. Avatrade has also partnered with Mirror Trader and Zulutrade to offer a wider 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.
Accepts Filipino Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.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.
Accepts Filipino 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 FSC.HFM (formerly known as Hotforex) – Best Copy Trading Account
HFM is a well-regulated global CFD broker offering trading on a number of instruments, including Forex, cryptocurrencies, 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 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.
Accepts Filipino Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.IC Markets – Best 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.
Accepts Filipino Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC, ASIC, and the FSA.FP Markets – Best Overall Copy Trading Broker
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.
Accepts Filipino Clients. Average spread EUR/USD 0 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.Axi – Best ECN Broker on the MT4 Platform
Broker Score
4.44 / 5
4.44 / 5| 🏦 Min. Deposit | USD 0 |
| 🛡️ Regulated By | FCA, CySEC, ASIC, DFSA |
| 💵 Trading Cost | USD 10 |
| ⚖️ Max. Leverage | 500:1 |
| 💹 Copy Trading | Yes |
| 🖥️ Platforms | MT4 |
| 💱 Instruments | Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals, WTIs |
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
Accepts Filipino 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.Fusion Markets – Three Copy Trading Solutions
Founded in 2017 in Melbourne, Fusion Markets in an ASIC-regulated broker with exceptionally low trading costs, MT4 and MT5 support, and no minimum deposit requirements. Alongside an excellent range of market analysis materials, Fusion Markets also offers no less than three different copy-trading solutions.
Its own Fusion+ copy trading platform is only available in a proprietary trading platform, but it also offers Duplitrade and Myfxbook Autotrade – one of the largest Forex social trading communities in the world.
In terms of traditional trading, Fusion Markets is one of the lowest-cost brokers in the world. EUR/USD spreads start at 0 pips on its Zero Account with a very low commission of 4.5 AUD. The only drawbacks are a relatively limited number of CFDs (though 85 Forex pairs, many more than most brokers) and no education to speak of, so beginners will have to educate themselves elsewhere.
Accepts Filipino Clients. Average spread EUR/USD 0 pips with 0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader platforms supported. Fusion Markets is regulated by ASIC, FSA (Seychelles), & VFSC.What is Copy Trading?
The biggest advantage of copy trading is that it allows beginner traders to profit from the sophisticated trading strategies used by professional traders. The downside is that beginner traders may end up following risky trading strategies without fully understanding the consequences.
Most Forex brokers now offer some form of copy trading function, but there are major differences between the products they offer and how they integrate into trading platforms.
The best copy trading and social trading brokers will offer a clear explanation of how the copy trading platform works with detailed metrics on each trader offering their services. These metrics should include the return as a percentage over time (days, weeks, months, years), largest drawdown (peak to trough decline), average daily profit, the total time the trader has been active and a risk rating.
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.
Copy Trading on Major Platforms
MT4, MT5 and cTrader all have built-in copy trading functionality. This means that traders with a preference for these specific trading platforms will find a copy trading community.
Best MT4 Brokers with Copy Trading Accounts
These are the MT4 brokers with copy trading accounts that we have reviewed, ordered by overall score.
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Broker
Official Site
Copy Trading
Min. Deposit
Zulutrade
Duplitrade
MyFxBook
Cost of Trading
Compare
Official Site
Visit Broker >
74% of retail CFD accounts lose money
Yes
USD 100
No
No
No
USD 7
Visit Broker >
74% of retail CFD accounts lose money
Visit Broker >
77% of retail CFD accounts lose money
Yes
USD 100
No
No
No
USD 7
Visit Broker >
77% of retail CFD accounts lose money
Visit Broker >
75.3% of retail CFD accounts lose money
Yes
USD 0
No
Yes
Yes
USD 10
Visit Broker >
75.3% of retail CFD accounts lose money
Visit Broker >
76% of retail CFD accounts lose money
Yes
USD 100
Yes
Yes
Yes
USD 9
Visit Broker >
76% of retail CFD accounts lose money
Visit Broker >
72% of retail CFD accounts lose money
Yes
USD 100
No
No
No
USD 6
Visit Broker >
72% of retail CFD accounts lose money
Visit Broker >
72% of retail CFD accounts lose money
Yes
USD 100
No
No
No
USD 6
Visit Broker >
72% of retail CFD accounts lose money
Visit Broker >
N/A of retail CFD accounts lose money
Yes
AUD 100
No
No
Yes
USD 10
Visit Broker >
N/A of retail CFD accounts lose money
Best MT5 Brokers with Copy Trading Accounts
These are the MT5 brokers with copy trading accounts that we have reviewed, ordered by overall score.
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Broker
Official Site
Copy Trading
Min. Deposit
Zulutrade
Duplitrade
MyFxBook
Cost of Trading
Compare
Official Site
Visit Broker >
74% of retail CFD accounts lose money
Yes
USD 100
No
No
No
USD 7
Visit Broker >
74% of retail CFD accounts lose money
Visit Broker >
77% of retail CFD accounts lose money
Yes
USD 100
No
No
No
USD 7
Visit Broker >
77% of retail CFD accounts lose money
Visit Broker >
75.3% of retail CFD accounts lose money
Yes
USD 0
No
Yes
Yes
USD 10
Visit Broker >
75.3% of retail CFD accounts lose money
Visit Broker >
76% of retail CFD accounts lose money
Yes
USD 100
Yes
Yes
Yes
USD 9
Visit Broker >
76% of retail CFD accounts lose money
Visit Broker >
72% of retail CFD accounts lose money
Yes
USD 100
No
No
No
USD 6
Visit Broker >
72% of retail CFD accounts lose money
Visit Broker >
72% of retail CFD accounts lose money
Yes
USD 100
No
No
No
USD 6
Visit Broker >
72% of retail CFD accounts lose money
Visit Broker >
N/A of retail CFD accounts lose money
Yes
AUD 100
No
No
Yes
USD 10
Visit Broker >
N/A of retail CFD accounts lose money
Best cTrader Brokers with Copy Trading Accounts
These are the cTrader brokers with copy trading accounts that we have reviewed, ordered by overall score.
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Broker
Official Site
Copy Trading
Min. Deposit
Zulutrade
Duplitrade
MyFxBook
Cost of Trading
Compare
Official Site
Visit Broker >
75.3% of retail CFD accounts lose money
Yes
USD 0
No
Yes
Yes
USD 10
Visit Broker >
75.3% of retail CFD accounts lose money
Visit Broker >
70.81% of retail CFD accounts lose money
Yes
USD 200
Yes
Yes
Yes
USD 8
Visit Broker >
70.81% of retail CFD accounts lose money
Visit Broker >
79% of retail CFD accounts lose money
Yes
AUD 100
No
No
Yes
USD 6
Visit Broker >
79% of retail CFD accounts lose money
Visit Broker >
75% of retail CFD accounts lose money
Yes
USD 100
No
Yes
Yes
USD 14
Visit Broker >
75% of retail CFD accounts lose money
Visit Broker >
71% of retail CFD accounts lose money
Yes
EUR 100
No
No
No
USD 7
Visit Broker >
71% of retail CFD accounts lose money
Visit Broker >
N/A of retail CFD accounts lose money
Yes
USD 50
No
No
No
USD 15
Visit Broker >
N/A of retail CFD accounts lose money
Visit Broker >
N/A of retail CFD accounts lose money
Yes
USD 0
Yes
No
Yes
USD 8
Visit Broker >
N/A of retail CFD accounts lose money
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.
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.
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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