Best Copy Trading Apps in Turkey
Best copy trading platform in Turkey - RoboForex
TOP copy trading platforms in Turkey:
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RoboForex CopyFx - best copy trading software provider by users reviews
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Tickmill - offers the MyFxBook copy trading service and other features for Forex analytics
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IC Markets - works with the top social trading platform providers – ZuluTrade and MyFxBook Autotrade
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AvaTrade (AvaSocial) - best copy trading app for beginners
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Pepperstone - offers access to over 300 trading instruments for copying
The acceptance of Forex social trading, sometimes referred to as copy trading, has been escalating for more than ten years. Providing copy trading as a service can considerably boost a broker's revenue because it gives Turkish traders and anybody else interested in the financial markets additional chances. Copy trading is the process of making use of technology to replicate the Forex trades made in real time by other live traders you want to follow.
There are numerous alternatives available and Turkish traders can select the best copy trading app software that fits their trading strategy and budget. Some applications could impose a fee for specific trading attributes or types of accounts, while other applications might not. Experts from Traders Union compared Turkey's top 5 copy trading platforms. This article provides reviews of the top copy trading platforms available in Turkey, along with information on copy trading costs and trade terms.
Copy trading platforms in Turkey - Comparison
As a result of Forex copy trading, new traders can begin their trading journey with more assurance. Copying the trades executed by successful traders is an excellent method to learn from them. With copy trading techniques, you can just replicate the strategies used by professionals. In the table below, TU specialists have compared the top 5 copy trading platforms that are accessible by Turkish traders:
| Minimum Deposit | Markets | ||
|---|---|---|---|
RoboForex (CopyFx) |
$100 |
Forex, CFDs, ETF, commodities, Crypto, and stocks |
|
Tickmill |
$100 |
Bonds, CFDs, and Forex |
|
IC Markets |
$200 |
CFDs, Forex, crypto, stocks, bonds and commodities |
|
AvaTrade (AvaSocial) |
$100 |
Crypto, Forex, Stocks, ETF, Bonds, commodities, and CFDs |
|
Pepperstone |
$200 |
Forex, Stocks, Crypto, Bonds |
RoboForex (CopyFx)
RoboForex's CopyFX is an investor-friendly platform that allows users to copy the trading strategies of professional traders without needing prior experience. With complete control over their investments, users can subscribe to professional traders, copy their transactions, and benefit from the Forex market. The platform offers user-friendly tools and a transparent interface, making it an excellent opportunity for both investors and traders.
👍 Pros
•Convenient tools for investors.
•Transparent trading control.
•Options for Traders on Profits/Commissions.
•All-in-one trading account.
👎 Cons
•Limited filters.
•High commissions.
•Registered offshore.
Tickmill
Tickmill is a platform that offers various analytical instruments for Forex trading and copy trading. It partners with MyFxBook to provide copy trading services, and users need accounts on both platforms. Tickmill has a high entry threshold for copy trading, with a minimum investment of $1,000. The platform is licensed by respected regulators such as FCA, CySEC, and FSCA, ensuring safety and regulation.
👍 Pros
•Partnered with MyFxBook for copy trading services.
•Licensed by respected regulators.
👎 Cons
•High entry threshold for copy trading.
IC Markets
To copy trades with IC Markets, users can link their account to ZuluTrade, an innovative copy trading platform that allows duplication of successful traders' positions. With over 90,000 signal contributors, ZuluTrade provides access to a wide range of traders worldwide. The platform offers advanced features like ZuluGuard for capital protection and a user-friendly interface. Additionally, Myfxbook Autotrade allows traders to copy trades directly into their MT4 account.
👍 Pros
•Fast and easy connection with top brokers.
•All-in-one trading account.
•Dedicated crypto copy trading area.
👎 Cons
•ZuluRank algorithm could be improved.
AvaTrade (AvaSocial)
AvaTrade is another leading trading platform offering social and copy trading services. The platform provides secure investments with high regulations, including the Central Bank of Ireland and ASIC. Users can access the AvaSocial mobile trading platform to copy top traders easily. With collaboration with top copy trading providers like ZuluTrade, DupliTrade, and MQL5, users gain access to thousands of signal providers and investors.
👍 Pros
•User-friendly mobile social trading platform.
•Collaboration with top copy trading providers.
•Wide range of instruments and markets.
👎 Cons
•High minimum deposit.
Pepperstone
Pepperstone is a prominent copy trading platform that allows users to replicate successful traders' strategies. With access to platforms like MyFxBook, MQL5, and DupliTrade, users can open accounts with Pepperstone and its partners to engage in copy trading. They offer a wide range of markets and strategy providers, requiring a minimum investment of $1000.
👍 Pros
•Access to renowned copy trading platforms like MyFxBook, MQL5, and DupliTrade.
•Extensive selection of strategy providers and markets, including Forex, CFDs on stocks, stock indices, and commodities.
•Licensed and regulated by reputable authorities, including ASIC, FCA, BaFin, and CySec.
👎 Cons
•Copy trading is not directly available on the Pepperstone platform; users must connect to partner platforms.
•Minimum investment requirement of $1000 may be a barrier for some traders.
Rules and Regulation
Licensing in Turkey
Forex trading in Turkey is overseen by the Capital Markets Board of Turkey (CMB) and the Central Bank of the Republic of Turkey (CBRT). The CMB regulates financial markets, including Forex trading, ensuring transparency and integrity. Meanwhile, the CBRT manages monetary policies and oversees foreign exchange transactions, contributing to market stability.
Investor protection in Turkey
The CMB's regulations in Turkey aim to protect investors by fostering transparency and fairness in the Forex market. Through strict oversight and investor education, the CMB works to prevent fraud and market manipulation, empowering investors to make informed decisions.
Taxation in Turkey
Profits from Forex trading are subject to income tax, ranging from 15% to 35%, based on profit levels. Traders must maintain accurate records and comply with tax regulations to avoid penalties. Seeking guidance from tax professionals helps manage tax liabilities effectively.
What is copy trading?
Copy trading is a trading method in which you copy the positions managed and opened by other traders. It shouldn't be confused with mirror trading since that involves mirroring every action of the copied trader.
Meanwhile, in copy trading, traders can copy certain strategies of the investor they want to emulate. Modern copy trading platforms allow traders to earn money through this method by using the following features:
Showing the trade analytics of investors to be copied;
Giving options to distribute equity among multiple traders with different trading instruments and strategies;
Offering an option to stop trade copying when certain risk tolerance is reached;
Setting maximum risk level for particular investments.
How to choose a copy trading broker in Turkey
Finding the right broker is the first step in picking a social trading platform. The following is a list of recommendations from TU specialists for the top copy trading brokers in Turkey:
Find out which Forex trading brokers in Turkey accept clients.
Since many brokers, especially those with dubious credibility, offer copy trading tools, pick a platform that is subject to regulation.
Analyze the trading costs and terms of the broker because there are brokers that demand extra in the form of spreads when providing this type of service, which could significantly affect the outcome.
You can increase your possibilities of succeeding by using the best platforms, which provide detailed parameters for trader decision-making and risk management criteria. Pick a platform that offers superior technical performance.
Keep an eye out for an open platform. It is very important that the managers' entire statistical data set be made available to the public and capable of being independently audited.
Select a social trading site with a larger network since a larger network offers its users greater options.
How can I find good traders to copy?
Success in Forex copy trading relies on results. With just a click, let professional traders make your trading decisions and handle the tedious tasks so you can focus more time on something else. Never again stay up late watching the markets. Experts from the Traders Union advise considering a number of important factors when choosing reputable copy traders.
Evaluate a trader's record because the longer the period that a trader has a profitable run, the more likely it is that his success is due to his professionalism rather than merely good fortune. You should choose a person whose profit has been increasing steadily over a sustained period of time. A smooth, gradual increase in profits should be able to demonstrate this.
Evaluate the trader's risks because bigger returns can be obtained by using riskier copying tactics, but losses also increase rapidly with risk. By creating an individual analytical algorithm for calculating risk, RoboForex and other top copy trading brokers have made the difficult work of striking the right balance between the risks and profit possibilities considerably simpler. You can choose traders depending on their level of risk by using the filter.
The second thing to consider is to look for reputable sellers by counting the number of copiers. There is a reason to exercise caution if the trader lacks interest. He might not be as successful as he seems. The quickest way to identify a great social trader is to look at how trustworthy they are. Look at how much other people have invested with the trader to get hints from them.
The benefits that followers receive from adhering to a specific signal provider should also be taken into consideration. This information can be found on the person's profile page.
Is copy trading legal in Turkey? Is it safe?
Copy trading is legal in Turkey, and Yes, it’s safe too. Certified brokers may offer these services to clients in the area.
Should I pay copy trading taxes in Turkey?
Yes, Turkish investors are subject to taxation on the gains they make through trading. Depending on how much a person makes, different percentages apply. For profits up to 13,000 Lira, the tax is 13%; however, for gains up to 30,000 Lira and 110,000 Lira, the tax is 20% and 27%, respectively.
Summary
Turkish traders need to be cautious because copy trading involves potential risks and shouldn't be done carelessly. If you are new to trading, it is important to carefully research these kinds of features because they are made to make things easier for traders, but they won't give you anything for free. It is also recommended to begin with a platform that enables you to have a DEMO account, such as eToro, so you may test out several techniques without taking any financial risk.
FAQ
Which platform is best for copy trading?
The greatest copy trading platform available will provide a range of trading techniques, comprehensive research resources, data, and a history of each trader's record. That group includes websites like Pepperstone, Tickmill, IC Markets, AvaTrade's AvaSocial, and CopyFx from RoboForex.
Can you make a living from copy trading?
Yes, You certainly can. It is doable, yet difficult. The majority of traders lose money, and copycats imitate them.
How much money do I need to start copy trading?
Most copy trading platforms only need $100, although this can change depending on the trader.
Is copy trading good for beginners?
Yes, while no prior experience is necessary, TU experts highly recommend you have a basic understanding.
Team that worked on the article
Winnifred Emmanuel is a freelance financial analyst and writer with years of experience in working with financial websites and businesses. Her expertise spans various areas, including commodities, Forex, stocks, and cryptocurrency. Winnifred tailors her writing to various audiences, including beginners, while also providing useful insights for those who are already familiar with financial markets.
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.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).