Share this:

There are many reasons, but most likely there are psychological factors coupled with a lack of sufficient time. However, a novice trader who has a little bit of time will also have the opportunity to earn money, and at the same time gain valuable experience with minimal risks if he uses automated Forex trading or auto trading.


Auto trading is when a trader does not formulate a transaction himself but copies the information from another trader who has successfully traded over a long time. That is, you easily get a transaction from a successful trader and thereby substantially increase your own chances of winning consistently by using the other trader’s trading strategies. That assumes you have chosen a good trader to copy from in the first place, of course. In exchange for sharing his strategy with you, usually, you will pay him a small percentage of your earnings as a commission on each transaction, thereby creating a win-win situation.

Guide on how to set up and use Forex copy trading:

  • Register an account at the Traders Union website.

  • Select a broker providing this service from the list in the table below.

  • Familiarize yourself with the conditions for connecting to the copying transactions service at the broker's website.

  • Open your trading account and make a deposit.

  • Select the trader whose transactions you will copy.

  • Download and run the trading platform.

  • Add his account to yours in the Accounts section.

Copying transactions is often called auto trading because it is an automated process. That is, you do not need to independently monitor and analyze the actions of your managing trader or conduct transactions. His transaction(s) are copied directly to your personal account along with any parameters you specify.

Many brokers provide such an opportunity, and there are several methods of copying transactions at Forex. You can engage in automated Forex trading through:

  • special brokerage services;

  • social networks of traders;

  • MT4 and MT5 trading platforms (directly);

  • ZuluTrade, MirrorTrader, and similar platforms.

Please note:

Auto trading at Forex is not related to PAMM accounts. In the case of the latter, you invest funds on the account of the manager, who conducts transactions of his own free will and independently of you. When auto copying, all operations with your funds take place solely on your own account, and you merely duplicate other people's transactions.

How to set up Forex copy trading and receive income?

Auto trading is the easiest option to start investing at Forex because it does not require market analysis or predicting. However, the question must be approached thoughtfully because you need to take two important steps — choose the best Forex broker or account manager with whom you will work, and the best trader whose transactions you will copy.

Choosing a broker

Today, many Forex brokers provide the opportunity to copy transactions of other traders; and so, many of them have their own auto trading services. For example, Forex4you broker has a service called Share4you. It allows you to copy the transactions of many traders. Copying occurs instantly and accurately because the process is fully automated with your choice of more than 150 trading instruments. Fun fact: You do not need to turn on your terminal to copy transactions.

Choosing a broker

Brokerage services for auto trading vary in functionality and interface. Choose a broker that has: many traders available to copy from; a large selection of trading instruments; a commission for auto trading; and a rebate (partial return of a spread). Study all these parameters and decide upon the broker whose conditions best fit your investment plans. Review his minimum deposit rules, although you may need US$500 to start trading. Again, that depends on the broker’s in-house rules.

Choosing a trader

On average, the success of a trader’s successful transactions using auto trading at Forex may be as high as 70%. So be careful when selecting a top trader/manager. Be sure to pay attention to the profitability of the target trader. There are traders whose profitability is 30,000% or even higher, but they also have the highest risks. You must decide for yourself, but remember to be prudent.

When selecting a trader for auto trading, consider the following:
  • Profitability.

    This is a key parameter. It reflects the success of the trader-manager’s transactions over time. Depending on the service, you can view the profitability for a certain period, for example, per day or per month. It is advisable to focus on longer periods because they objectively reflect the professionalism of a trader. On the other hand, if you see that a trader is generally successful, but is down more often in the last week or month, then it is better not to work with him now because everyone can have a bad streak of luck.

  • Duration of trading.

    This parameter shows how much time a trader has been active. Please note: this is not the general experience of a trader at the Forex market, because previously he could trade at another service with another broker. Professional traders change brokers quite often, but something else is important here. The longer the duration of a trader working for a broker the greater the number of statistics on that trader’s background. On the other hand, some real jewels may be found among novice traders with a short duration of trading.

  • The number of people copying transactions.

    This is the number of service users who have chosen to copy transactions as a type of investing at Forex and work with a given trader. Theoretically, the more people who are copying there are, the more in demand the trader is, which means that the more successful and experienced he is. However, we have just said that even among traders with a short duration of trading, you can sometimes find incredibly successful players. They will not have many people who are copying them, but it still may make sense to focus on such promising traders.

  • Maximum risk.

    This indicator is calculated based on a trader’s loading of his deposit and equity drawdown. That is, the more funds a trader uses regarding all the funds available to him, the higher the level of risk is. Also, the calculations take into account the leverage with which a trader works. Accordingly, the larger the leverage is, the higher the risk is. However, the potential income is also higher.

  • Commission of a trader.

    It's simple: this is a percentage of a successful auto trade transaction. Each trader sets its amount himself. It is logical that if a transaction was unsuccessful, a copied transaction was also unsuccessful, and if you have not earned anything, then you do not pay a commission. Usually, rollover (a payment of commission by traders on their copied transactions for the previous day) occurs daily, in the morning.

Please note

that these parameters may be called by different names at different services. Also, some Forex brokers can provide other indicators, for example, a trader’s own funds, which he uses on the trading account, and the funds of those copying that they use to copy transactions at the Forex market. However, in any case, it is beneficial for both a broker and a trader who provides his transactions for copying to give you maximum information. Therefore, do not feel embarrassed but feel free to compare. Then it only remains to deposit funds on your account and start auto trading through the selected trader.

Best Copy Trading Forex Brokers in 2020

  • Roboforex

    Roboforex.

    The company was founded in 2009 and is regulated by IFSC. Auto trading is through its own CopyFx service. Features: it works on the MetaTrader 4 platform; there is a cross-copying system; operations are transparent, and there is a large number of trading tools. The minimum deposit is $100.

  • FXТМ

    FXТМ.

    This brokerage company was founded in 2011. FXTM operates under the regulation of CySEC (Cyprus Securities and Exchange Commission), FSCA (Financial Services Board), FCA (UK Financial Conduct Authority), and FSC (Mauritius Financial Supervision Commission). The company has the FXTM Invest program, from which you can copy successful traders’ deals. The minimum deposit with FXTM is $10.

  • Instaforex

    Instaforex.

    The company was founded in 2007, and regulated by BVI FSC. Auto trading is through its own ForexCopy service. Features: Different types of accounts with transparent statistics; many methods of copying; the ability to copy transactions of several traders (there is an internal rating). The minimum deposit is US$10.

  • XM Group

    XM Group.

    The company was founded in 2009. Today the activities of the XM Group are controlled by several reputable regulators: the Cyprus Securities and Investments Commission (CySEC), the International Financial Services Commission (IFSC), the Australian Financial Services License (AFSL), the Dubai Financial Services Authority (DFSA). The XM Group provides access to MQL5 trading signals from which the company's clients can copy trading signals and receive passive income. The minimum deposit is $5.

  • FxPro

    FxPro.

    The company was founded in 2006, regulated by FCA, DFSA, CySEC, FSCA, SCB. Auto trading is through its own SuperTrader service. Features: the service is in the format of a web application, there is no client agency; many traders work without commission, and there are many proven strategies offered by the broker. The minimum deposit is $10,000 (credit line from $2,000).

Once again, today many brokerage companies offer the opportunity to copy transactions at Forex. Now we have considered the Top 5 of the best brokers for this based on who received the best reviews from traders on the pages of our site. We would like to bring to your attention the full rating of brokers for copying transactions at the Forex market below so that you can study them and choose the one best for you.

List of Copy Trading Forex Brokers

The table below provides basic information on the brokerage companies that provide auto trading opportunities. In addition to the broker's rank in the overall ratings and the minimum deposit required to open an account, the table shows the rebate (return of a spread) that you receive by registering with the broker through Traders Union.

Rating Number

Name

Logo

Minimum deposit

Rebate

1

Roboforex

$10

40% of broker’s profit

2

Swissquote

$1,000

0.6 pips per lot

3

Instaforex

$10

1.6 pips per lot

4

FXTM

$10

$8 per lot

5

FxPro

$10,000 (credit for $2,000)

$4.8 per lot

6

AvaTrade

$100

$8 per lot

7

IC Markets

$200

0.32 pips per lot

8

XM Group

$5

$8 per lot

9

Admiral Markets

$1

20% of broker’s profit

10

Tickmill

$100

$8 per lot

11

FXOpen

$1,000

12% of commission

12

Alpari

$20

80% of affiliate reward

Social Trading Platforms and Trading Signals

Auto trading through the brokers’ own services is the most popular form of investing at Forex. However, it is not the only way to copy transactions. We have also mentioned the second most popular option, which is to work with brokers who do not have their own service, and transactions are conducted based on signals received from the auto copy platforms (for example, MQL5 and ZuluTrade). We will separately consider two more types of services for copying transactions:

  • Copying through platforms.

    In this case, a trader does not work with a broker but works directly with a platform where any trader can deliver signals (transactions for copying). The most famous platforms are MetaTrader (from MetaQuotes), ZuluTrade, and MirrorTrader. Each platform has its own rating of traders; there is paid and free copying; and you can set different modes, such as fully automatic, semi-automatic, and manual copying of transactions. This is of interest to signal providers because platforms provide bonuses for attracting investors.

  • Copying through social networks of traders.

    Such social networks, as a rule, are also created by brokers, but registration and interaction there occur independently. The idea is to combine an auto copy platform and a social network. Here, the ratings of successful traders who deliver signals are also formed, but social networks have three conceptual differences from platforms:

    • 1

      you will learn the most detailed information about a trader and can chat with him directly;

    • 2

      not only can you copy transactions but you can also duplicate decisions of other successful investors; and

    • 3

      there is no commission for a copied transaction because payment is deducted from the spread.

The most popular social networks of traders are eToro (CopyTrader system), DUB Investments Ltd (xSocial platform), and Liteforex (Social trading). Resources differ in terms of cooperation and they are in high demand. However, Traders Union recommends copying transactions at Forex through the services of trusted brokers because they are always more reliable and there are more opportunities to diversify risks.

Pros and Cons of Automated Copy Trading

Forex trading always has a certain level of risk, even if you copy the transactions of experienced traders. However, the risks of auto copying can be successfully diversified by distributing the deposit among several signal providers. In this case, if one trader has an unsuccessful transaction at some point, you will be able to level the drawdown or even climb into positive territory due to the success of the second or third trader on exactly the same bid.

Pros and Cons of Automated Copy Trading

The second way is to distribute your deposit among different assets. For example, (i) choose different traders (ii) AND select different types of asset accounts. In other words, send a part of your deposit to a standard currency pair, i.e., US$/Eur; and another part to a gold or oil account. Typically, traders use several tools. Those that focus on one or two currency pairs only are rarely successful or promising.



Another opportunity to diversify risks is to study or even copy someone else's entire investment portfolio. Not all sites provide this service, but if the option is available, use it at least as a guide. There are no 100% perfect strategies. You can always learn something from another trader by looking at a successful solution. As for the general advantages and disadvantages of Forex trading through auto copying, we have put them in a table for clarity:

👍 Advantages:

  • The emotional factor is excluded (because it is not you who decide on the transaction)
  • Risks are as diversified as possible (transactions are conducted by a successful professional)
  • Knowledge of the Forex market is not required (because you do not analyze the economic field, but only the conditions of brokers and traders)
  • There is a large choice of brokers, traders, and conditions for auto copying
  • Due to the various methods of diversification and the use of leverage by a trader, you can get good income

👎 Disadvantages:

  • You do not practice making predictions and, as a result, your knowledge and experience in trading remain static (although you can learn a small amount from studying your managing trader)
  • Risks still remain, however, because even top traders make strategic errors.

Tips for Choosing a Managing Trader to Conduct Forex Copy Trading

When copying transactions, choosing a service for copying is only the first step. The second and often the most important one is selecting a successful trader whose transactions you will copy. After all, it is his professionalism and trading results that your income will depend on directly.



The auto copying functions of all brokers have similar features which include the ratings of successful traders who deliver the trading signals for copying, and the reflection of the main indicators for them.

Tips for Choosing a Managing Trader

We emphasize once again that this is not a PAMM account because here you manage your finances yourself, therefore the choice of a managing broker is very important.

In order to make a good choice, use the following procedures:

  • Open the rating of successful traders who are inviting you to copy their transactions, and select your options from among the Top 5 or even the Top 10.

  • Compare top traders by profitability and look at their profitability over 1-3 months (not just the last few days) to view their overall trading successes.

  • Next, look at how long each of these traders has been trading on this particular platform and how many investors who regularly copy his transactions.

  • Profitability, duration of trading, and the number of traders copying from them are the main parameters that need to be compared for all the top traders. You should choose not the best in one parameter, but the one who is better than the others in a combination of all three parameters.

  • Additionally, consider the maximum risk (if such an option is available). Perhaps, at first, it is more advisable for you to work with traders who will bring you less income, but who will have fewer risks.

  • Finally, compare the traders’ commissions. As a rule, the best traders will have similar commissions. Some traders allow you to copy their transactions for free, but this is not a reason to treat them with suspicion.

If after these steps you still cannot decide on a trader for auto copying, study other available parameters, for example, reviews of other traders on our website because very often, you can find useful background information there.

Traders’ Feedback on Forex Copy Trading

  • Like
    Anthony Voit

    Anthony Voit

    Auto copying is the best option for a novice trader. The risks are minimal, especially if you distribute your deposit among several traders and assets. I’ve been using auto trading for half a year now and I am still in the black!

  • Like
    Robert Garner

    Robert Garner

    For me, copying transactions is not only a good variant of investing in the Forex market. I constantly monitor the transactions of my managing trader, evaluate his strategies, and draw conclusions. This is an invaluable experience from the top market players.

  • Like
    Mila Lilova

    Mila Lilova

    I have been copy trading at Forex quite successfully. And I recommend it to everyone because it is the best way to earn money at the beginning stages without losing significant amounts that can discourage you from progressing further.

  • Like
    Dean Lewis

    Dean Lewis

    I think auto copying is not just a possible option, but it should be mandatory for novices. For a meager commission, the pros make bets for you, and you get paid. Is there an easier way to make money? Then you study and enter the game yourself, although many people remain satisfied with just auto copying.

Copy Forex trading | Expert’s Opinion

Copying transactions at Forex allows you to diversify the risks of foreign exchange trading. Signal providers’ commissions cannot hold a candle to a potential profit. Also, auto copying allows you to learn from the best players in the Forex market, gaining live practical experience and tested strategies. For novices, this is the best way to invest.

Antony Robertson, Traders Union Analyst

Antony Robertson

Traders Union Analyst

About the Author of This Review

Jack Moore
Jack Moore
Financial AnalystTrader
  • Jack has been engaged in trading and forecasting in the Forex market for more than nine years. During this time, he’s gone from a novice to an expert in stock and financial markets. Jack consults for well-known brokerage companies and he also helps private clients to choose a broker.
  • In 2013, he worked at System Capital Group (trading stocks and currencies online using the investments of companies and individuals). He held this position for five years.
  • Jack Moore advises all traders to work with brokers through Traders Unions. Throughout his professional career, he has been proud to receive excellent recommendations from numerous clients who have been satisfied with his advice.

FAQs Regarding Copy Trading

Why is it worth investing in the Forex market?

Because it is one of the few real ways of earning money that does not require special knowledge. An education in economics will be an advantage, but it is not necessary because millions of people of all professions and specialties successfully trade at the foreign exchange market.

How does copying transactions help me make money?

The decision on the prospects of the transaction is not made by you, but by an experienced trader with high success and profitability. This significantly increases the likelihood of your success, and splitting your deposit among several assets and top traders minimizes your risks.

How can I protect myself when entering the foreign exchange market?

It is wise to register not directly with a broker but through Traders Union. Traders Union works only with trusted licensed brokers and provides its members with additional legal support. At the same time, everything remains the same as far as your trading goes.

What economic benefits do I get from Traders Union?

The main benefits are rebates, which are the return to you of a part of the spread that a broker charges you as a commission. Also, Traders Union constantly holds contests among its traders, which may become an additional and significant source of income.