Many traders in Sri Lanka use mobile apps to trade. Many brokers operate in this country, each offering their own platform. Before making a choice, it is important to evaluate apps to find the one that perfectly suits your goals and strategy. TU analysts compared Top 5 mobile apps. You will be able to choose the Best Copy Trading App in Sri Lanka for 2024, based on our assessments.
TeleTrade is a broker for traders who value the variety of trading instruments and trade using their PC or a mobile app. The company is a good broker both for beginners and experienced traders.
Bybit is an exchange for those who have mastered classic cryptocurrency platforms and are ready to move on to more complex derivatives. The arsenal of Bybit Wallet is still limited but the developers plan to expand it by adding BCH, ADA, DOT, and other altcoins.
Pocket Option is an unregulated broker focused on cooperating with professional traders who do not need training or additional bonuses.
Fusion Markets is a low-cost broker with low commissions and opportunities to create passive income.
XBTFX provides access to a large number of CFDs on the most sought-after assets. The entry threshold is low, a demo is available, and the minimum deposit is only $10. Spreads on the Standard account are average for the market, while on ECN they are below the market average. The fee is less than that of this broker’s leading competitors. Passive income is available in all the main options, which is a big plus. The main disadvantages are that deposits and withdrawals are made only in cryptocurrencies and this broker does not disclose some trading information on its website.
1
Best Copy Apps in Sri Lanka - TeleTrade
TeleTrade is a global broker serving clients worldwide. They offer trading on Forex, indices, stocks, metals,cryptocurrencies, and energies. While lacking PAMM accounts and certain investment options, TeleTrade boasts a robust copy trading service, a strong affiliate program, and diverse account types (ECN, NDD, crypto). With sufficient leverage (up to 1:500) and spreads from 0 pips, the broker caters to various trading styles, including scalping, intraday trading, and medium to long-term strategies.
TeleTrade supports traders with market analytics, expert forecasts, an economic calendar, and a comprehensive education section on their website.
👍 Advantages of trading with TeleTrade for traders in Sri Lanka:
•detailed analytical section;
•informative educational section.
👎 Disadvantages of TeleTrade for traders in Sri Lanka:
•no PAMM accounts or other money management options;
•a small range of trading instruments;
•few withdrawal options;
•support is available 24/5;
•withdrawals delayed;
•technical support responds slowly;
•sometimes it takes a long time to verify data.
2
Best Copy Apps in Sri Lanka - Bybit
Bybit is a leading cryptocurrency exchange specializing in derivatives trading. Its proprietary trading platform is user-friendly but caters primarily to experienced traders who are comfortable with advanced financial instruments. Integration with TradingView provides seamless market analysis and trade execution.
Bybit allows highly leveraged trading of up to 100x with a clear and transparent fee structure. For those seeking alternative investment strategies, Bybit offers copy trading programs for both derivatives and spot markets, enabling users to automatically replicate the trades of successful investors.
The exchange provides 24/7 customer support, a safe banking environment, and instant deposits/withdrawals. Additionally, Bybit offers a crypto debit card, allowing users to spend their digital assets on everyday purchases.
👍 Advantages of trading with Bybit for traders in Sri Lanka:
•It has a convenient, intuitive proprietary trading platform that is presented in the browser version, which eliminates conflicts with the operating system and braking when sending orders;
•Integration with TradingView allows users to simplify crypto market analysis and trading via a single platform;
•Combination of futures and perpetual contracts trading;
•There is an order book that allows you to assess the depth of the market and current trading volumes;
•It has a minimum entry threshold. The cost of a BTC/USD futures contract is USD 1;
•It is possible to open long and short positions with subsequent mutual recalculation.
👎 Disadvantages of Bybit for traders in Sri Lanka:
•It has conditions for trading futures that are difficult for beginners, such as the formula for calculating the leverage, the terminology of the funding size and the premium index, funding rates, etc.;
•Lacks a mechanism to protect the interests of traders in the event of controversial issues;
•The mechanism of classic cryptocurrency trading is almost undeveloped. Only USDT, ВТС, and ЕТН are available for purchase.
3
Best Copy Apps in Sri Lanka - Pocket Option
The Pocket Option broker is part of Gembell Limited holding, which was founded by a group of professionals seasoned in trading and investment activities. The company is mass-market requirements-based, therefore, it provides quality services to binary options trading in the OTC market access. The broker strives to make the trading process as simple, clear, and convenient as possible. For this reason, Pocket Option has developed a unique trading platform to ensure stable trading for traders and investors.
👍 Advantages of trading with Pocket Option for traders in Sri Lanka:
•low threshold for entering the market; the first deposit starts at $5;
•social trading platform generates passive income.
👎 Disadvantages of Pocket Option for traders in Sri Lanka:
•not licensed by any reputable regulator;
•to trade Forex through MetaTrader 5, you need to deposit at least $1,000;
•support service responds within 24-48 hours, which is also too slow.
4
Best Copy Apps in Sri Lanka - Fusion Markets
Fusion Markets is a young broker from Australia. It was created in November 2017 and began to provide full services in 2019. The company offers to trade in currency pairs and CFDs. Headquartered in Cremorne, Melbourne, Australia, the broker is regulated by ASIC (Australian Securities and Investment Commission, 385620), FSA (Financial Services Authority of Seychelles, SD096) and VFSC (Vanuatu Financial Services Commission, 40256).
👍 Advantages of trading with Fusion Markets for traders in Sri Lanka:
•Reliable regulation;
•No non-trading fees;
•Diversity of financial instruments.
👎 Disadvantages of Fusion Markets for traders in Sri Lanka:
•Limited educational opportunities;
•No cent accounts;
•Inability to trade with bonus funds.
5
Best Copy Apps in Sri Lanka - XBTFX
XBTFX is a CFD and cryptocurrency broker for BTC, ETH, XRP, LTC, BNB, and other altcoins. CFDs on more than 200 assets, such as currency pairs, cryptocurrencies, stocks, indices, commodities, and precious metals are available. There is a free demo account and two live account types, namely Standard and ECN. Clients can open an Islamic swap-free account upon request. The minimum deposit is $10. Spreads on the ECN account are raw starting from 1 pips. There are no trading fees on Standard and Islamic accounts, while on ECN, the fee is $3.5 per full lot. MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader are available to traders. The maximum leverage is 1:500. This broker offers good training with articles for novice traders and experienced market participants. Passive income options are a copy trading service, MAM and PAMM accounts, and a referral program.
👍 Advantages of trading with XBTFX for traders in Sri Lanka:
•This broker offers a wide pool of assets from different groups, which provides for diversifying risks and expanding profit potential;
•The demo account is free, while for trading on live account types a $10 deposit is required. Top trading platforms are available;
•This broker does not set restrictions on trading, thus scalping, hedging, use of advisors, and trading news are available;
•Traders’ costs are minimal with spreads starting from 1 pips (or from 0.01 pips on the ECN account);
•Educational materials are aimed at novice traders and experienced users;
•Several passive income options such as the copy trading service, joint accounts, and a referral program are available;
•Technical support works 24/7 and is available via call center and email.
👎 Disadvantages of XBTFX for traders in Sri Lanka:
•All trading instruments are CFDs;
•Deposits and withdrawals can be made only in cryptocurrencies, fiat currency is not available;
•This broker does not provide its services to residents of Belgium, Belarus, Russia, Iran, North Korea, Sudan, Yemen, etc.
Best Copy Trading App in Sri Lanka 2024: Education for Investors
When choosing the app, it is important to consider educational tools offered by brokers. TU analysts prepared a comparison of educational programs.
TeleTrade - Education for Investors
Investment Education Online
The TeleTrade website features a large educational section where every trader can find information for successful Forex trading and more. The broker provides information on the basics of analysis, trading strategies, and also offers educational courses, video tutorials. The company also holds webinars.
You can test the knowledge you gained on the TeleTrade website by using a demo account. The broker’s specialists believe it can give novice traders the experience and skills to trade on a live account.
To support traders, a separate analytical section has been created on the website with an economic calendar, news and market overview.
Pocket Option - Education for Investors
Investment Education Online
Information
There is a "Training" section on the Pocket Option website, but it is not informative enough. Find more information in the "FAQs" sub-section of the "Help" section. There is practically no information about Forex trading.
The broker allows opening a demo account, which allows you to improve on your trading skills without financial risks.
Fusion Markets - Education for Investors
Investment Education Online
There is no separate training section on the Fusion Markets website. This broker's website cannot be called informative because of its lack of training courses. Blog articles are published on average once a month, and information about trading instruments may not correspond to reality. So, for example, at the time of this writing, the site did not have conditions for trading CFDs on Share, although there is such an opportunity, as you can see from the list of available MetaTrader tools.
The most informative source of educational information from a broker is the Youtube channel.
The broker does not have cent accounts, so the only way to consolidate the knowledge gained in practice will be training on a demo account.
XBTFX - Education for Investors
Investment Education Online
Experienced traders are well aware that practice alone is not enough for success. It is necessary to learn trading methods and life hacks. The market is constantly changing, so it is extremely important to follow the current realities. Moreover, sometimes clients with practically no experience come to brokers. For this reason, some companies offer educational programs. It can be regular FAQs on the basics of trading, or full-fledged training courses. XBTFX, like many competitive platforms, is somewhere in the middle. This broker's website has several extensive and practically useful articles for both novice traders and professionals. The same block provides expert opinions and the latest news with integrated analytics.
The main disadvantage of XBTFX’s educational system is its small volume. But the articles cover almost all the most important topics, including risk management and the psychology of trading. So even experienced market participants can find a lot of useful things here.
Summary
In this review, you had an opportunity to learn about the features of 5 brokers, which traders in Sri Lanka choose the most. However, now you need to choose the best of them. You can do it using the scores given by the Traders Union. Check out the score table that will help you choose the Best Copy Trading App in Sri Lanka 2024.
| TeleTrade | Bybit | Pocket Option | Fusion Markets | XBTFX | |
|---|---|---|---|---|---|
|
Overall score |
7.19 |
8.2 |
6.87 |
7.95 |
5.92 |
|
Execution of orders |
3.21 |
9.62 |
9.52 |
7.95 |
2.77 |
|
Investment instruments |
6.7 |
6.26 |
4.29 |
8.93 |
5.55 |
|
Withdrawal speed |
7.79 |
8.28 |
9.64 |
8.86 |
9.69 |
|
Customer Support work |
8.41 |
7.52 |
4.38 |
7.37 |
5.95 |
|
Variety of instruments |
8.75 |
9.41 |
6.01 |
8.02 |
8.02 |
|
Trading platform |
8.29 |
8.09 |
7.38 |
6.55 |
3.53 |
|
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FAQ
Do all brokers offer mobile apps for iOS and Android?
Unfortunately no. Some companies focus only on one operating system. Before opening an account make sure that the broker offers the version for your operating system.
Are there updates for the apps of brokers?
Yes. Mobile apps of brokers are regularly updated and it is very important to update them in the view of proper operation of services.
Can a platform function less effectively in the app than in the web version?
The platforms of reliable brokers with good apps work as smoothly as the web version. Therefore, there are almost no instances when the app runs poorly and the web version runs well. That may happen only in case of technical failures, which also happen rarely if the app is good.
How are the apps protected against unauthorized access?
As a rule, in addition to the username and password, other security measures apply, for example two-factor authentication. In this case, you will need to enter a unique code to access your account.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.