5 Best Copy Trading Platforms in Australia 2024
Copy trading is revolutionising the Forex trading world. Users can now copy the positions taken by top traders, allowing them to reap high returns. Consequently, it has made it easier for new users to enter the market and perform exceptionally.
If you are in Australia, this article is for you. We have compiled a list of the top five best copy trading platforms in Australia for you. We used well-thought-out criteria, including the level of user-friendliness for Australian citizens, reliability, and features the platform offers.
The criteria above give you a copy trading platform that offers the best experience. All you have to do is create a must-have profile, and you can access their services.
Let's look at our top favourite social trading apps in Australia.
Copy Trading Platforms in Australia - Comparison
Here is a table comparing the top copy trading platforms in Australia.
| Minimum Deposit | Assets for copy trading | Social Trading Platform | ||
|---|---|---|---|---|
$200 |
Over 2000 trading instruments. Forex, Stocks, ETF, Cryptocurrencies, Commodities, CFDs |
eToro CopyTrader |
||
$100 |
Over 250 assets: Forex, Stocks, Cryptocurrencies, Commodities, CFDs, Bonds, ETF. |
AvaSocial, DupliTrade, ZuluTrade, MetaTrader MQL5 |
||
$200 |
Forex, CFDs |
MyFxBook, MetaTrader MQL5, DupliTrade |
||
$200 |
Markets: Forex, CFDs, commodities, Crypto, Stocks, Bonds |
MyFxBook, ZuluTrade |
||
$100 |
Markets: Forex, Bonds, CFDs |
MyFxBook |
eToro (Copy Trader)
eToro is a market leader in Forex trading. It was one of the first brokers to offer copy trading as an investment and launched in 2010. It has continued to serve experienced and novice traders, including Australian citizens. The broker is regulated in the United States, Cyprus, and Australia.
Usability
eToro offers an online trading platform for its users. You'll access it easily through a web browser on your phone or computer. It is easy to go through, and the instruments are well displayed.
If you are a beginner with limited capital, you can start with a minimum $10 deposit and enjoy copy trading without special requirements. You can also access a demo account where you can practice for free.
eToro offers you over 2300 instruments, including Forex, CFDs, Stocks, ETF, Cryptocurrencies.
Safety and Regulation
You can trade on eToro knowing that your investment is safe. Top regulators from various regions regulate the broker, meaning they are continuously monitored for compliance.
Here are the licences from top regulators that eToro has:
The Financial Conduct Authority (UK);
Cyprus Securities and Exchange Commission (CySEC);
Australian Securities and Investments Commission.
Copy Trading Features
EToro offers the best copy trading services in Australia. You'll not need to open a new account for copy trading, and you'll access the web version of the broker or trading app on your phone.
Once you log into your eToro platform, you'll access profiles of top successful traders based on our editors and special algorithms. In addition, you'll be able to choose a trader to copy using various filters, including risk score, returns, period and assets under management.
You can also manage your risk by setting a maximum amount for each trader, and you can change orders or cancel a trade if the trader takes another approach.
eToro Copy Trading Platform ReviewAvaTrade - Best Copy Trading App
AvaTrade is a leading trading platform offering social and copy trading services. The platform assures secure investments thanks to its high regulations, including the Central Bank of Ireland and the Australian Securities and Investments Commission (ASIC).
Let's look at the trading platform closely.
Usability
AvaTrader offers users a mobile social trading platform, AvaSocial, that enables you to copy top traders using a user-friendly app. You'll access thousands of signal providers and investors on the platform thanks to its collaboration with three top copy trading providers- ZuluTrade, DupliTrade and MQL5.
The minimum investment is $100, and you can access over 1,250 instruments and markets like Forex, CFDs, Bonds, Indices, Stocks, and Cryptocurrencies.
Safety and Regulation
Using AvaTrade is safe. The copy trading platform is highly regulated and has licences from several jurisdictions. Additionally, all copy trading platforms except ML5 are regulated.
Here are the licences AvaTrade holds:
British Virgin Islands Financial Commission
Financial Regulatory Services Authority (FRSA)
Japan FSA
South African Financial Sector Conduct Authority (FSCA)
ASIC
Central Bank of Ireland
The risks with AvaTrading are the expected and known trading risks.
Copy Trading Features
AvaTrade requires you to open an account before you can use their platform. However, the process is simple; all you need to do is provide the necessary information.
Once you log in, you'll access ratings of top managers on the first page. Next, you'll see the Top Trader Spotlight and Best of the Week. Then, on the trader's page, you'll see the number of copiers, followers, and when the trader joined. You'll also access the trader's trading history, open positions, achievements in the community, the groups a trader is a member of, etc.
You can settle on various traders to copy and diversify your trade by subscribing to multiple signals. Depending on your risk tolerance, you'll also set parameters at which trading stops.
AvaTrade Copy Trading ReviewPeppertone - Safest Copy Trading Platform in Australia
Pepperstone is a leading copy trading platform that offers users an opportunity to make money by copying successful traders. The firm provides access to well-known platforms- MyFxBook, MQL5 and DupliTrade.
Usability
Pepperstone doesn't offer users the opportunity to copy trade on their platform. However, you'll get to copy trade on their partner's platforms. As such, you'll open accounts with Pepperstone and one of the partners.
The minimum investment for copy trading is $1000, and you'll have access to 182 strategy providers and markets such as Forex, CFDs on stocks, stock indices, and commodities.
Safety and Regulation
Pepperstone holds licenses from highly respected regulators, meaning its services are legit. Some of the licenses they have include
Australia – ASIC AFSL No. 414530
UK – FCA No. 684312
Germany – BaFin No. 10151148
Cyprus – CySec No. 388/20
Copy Trading Features
To trade on Pepperstone, you must connect it to your preferred partner. If you decide to use MyFxBook, you'll need to open an account by providing the required information. Then, head to the portfolio and choose a trading platform. Select MetaTrader 4 and choose Pepperstone.
For copy trades, specify your name and the rest of the fields are filled by traders who want to become strategy providers. Save, and you can start selecting traders.
You'll use strategies to get a trader you want to copy or leverage filters through indicators like
Name
Gain
Drawdown
Pips
Discussion
Test Ended
Modelling Quality
Chart
You'll access all the traders who offer their trades to be copied.
Pepperstone Copy Trading ReviewIC Markets - Most Cost Effective Social Trading platform in Australia
If you are looking for an Australian-based and 'born' copy trading Platform, IC Markets is perfect. It is an international company that offers various countries some of the most cost-effective services.
The trading platform also offers low commissions and is regulated in Australia and the European Union.
Usability
IC Markets doesn't own a proprietary copy trading platform and offers its services through strategic partnerships with top social trading platforms- ZuluTrade and MyFxBook Autotrade.
While IC Markets is cost-effective, it compares poorly to other trading platforms in terms of minimum deposits; it requires a minimum of $200.
Safety and Regulation
We believe IC Markets is a reliable and safe platform for social trading in Australia. First, the headquarters are based in Australia, licensed by respected Australian regulators like the Australian Financial Services License (AFSL No. 335692).
The social trading platform is also licensed in the European Union by the Cyprus Securities and Exchange Commission (CySEC License Number 362/18). In addition, their partner ZuluTrade social trading platform is licensed by the Cyprus Securities and Exchange Commission.
Copy Trading Features
Since IC Markets has no proprietor platform, you'll have to utilise one of the partners. The easiest way is to use ZuluTrade.
You'll first open an account on ZuluTrade and provide the necessary information. Then, verify the account since you can't trade with an unverified account.
Once you log in, you'll access the most successful signal providers in the Top Traders section. They are divided into various categories like return growth dynamics, number of copiers, and the amount under management.
You can also search for traders using filters such as criteria such as performance, slippage, and experience.
How to use IC Markets copy trading to earn moneyTickmill - Best Social Trading Platform
Tickmill is a trading platform slowly making a name for itself in the industry. It offers various analytical instruments for Forex trading and copy trading as an opportunity for additional income. Let's closely look at what it has to provide a user.
Usability
Tickmill doesn't offer its users a proprietary trading platform and relies on its partner's MYFxBook trading platform to offer services. You'll have to open accounts on both sites as the partner offers the signals.
The copy trading platform also has a high entry threshold, with the minimum investment for copying at $1,000. In addition, you'll have access to 162 strategy providers and markets such as Forex, CFDs on precious metals, indices, and bonds.
Safety and Regulation
The number of licenses held by Tickmill shows that it is safe, in our opinion. In addition, they have licenses from highly respected regulators such as FCA (UK), CySec (Cyprus) and FSCA (SAR).
Other jurisdictions where they are licensed include Labuan (Labuan FSA) and Seychelles (FSA), and the licenses held include:
FCA – 717270
CySec – 278/15
FSCA – FSP 49464
Labuan FSA – MB/18/0028
FSA – SD008
Copy Trading Features
You'll need a Tickmill and MyFxBook account to copy trade. First, open your MyFxBook account by providing the necessary information and link it to your Tickmill through the MetaTrader 4 option in the account section.
To find a trader to copy, use the search directly on MyFxBook. You can seek traders using the following indicators
Gain
Drawdown
Pips
Discussion (reviews)
Test ended
Modelling quality
Chart
You'll also access a trader's statistics to look deeper before copying their trade.
Tickmill Copy Trading ReviewIs Copy Trading legal in Australia? Is It Safe?
Going through the platforms above, you may have already selected one. But is it legal to use a copy trading app in Australia?
Yes. Copy trading is allowed in Australia. However, it is advisable to use only regulated platforms such as eToro. Ensure the platform holds a license from a well-respected regulator.
Summary
You can make extra money through copy trading in Australia. You'll get to leverage the expertise of successful traders, earn and learn in the process. So, you must choose a platform with the best reliability, features and usability. The guide above gives you five secure top options that will provide you with returns if you trade well.
FAQs
Can I make money from Copy Trading in India?
Yes. You can make money through copy trading in Australia if you choose the right platform and the best traders.
What is the Best Copy Trading App in Australia?
eToro is the best copy trading platform in Australia, but other good options include Peppermint, AvaTrade, IC Markets and Tickmill.
Is Copy Trading Safe?
Every trade has risks. If you do your copy trading correctly, you can minimise the risk.
How much can I earn from Copy Trading?
There is no standard of earning through copy trading. However, the top 50 traders on eToro earned an average of 29%.
Team that worked on the article
Andrey Mastykin is an experienced author, editor, and content strategist who has been with Traders Union since 2020. As an editor, he is meticulous about fact-checking and ensuring the accuracy of all information published on the Traders Union platform. Andrey focuses on educating readers about the potential rewards and risks involved in trading financial markets.
He firmly believes that passive investing is a more suitable strategy for most individuals. Andrey's conservative approach and focus on risk management resonate with many readers, making him a trusted source of financial information.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.