Best Binary Options Copy Trading Brokers for 2024
Best binary copy trading broker - Pocket Option
TOP binary copy trading brokers:
Pocket Option - Best for copying signals in options and Forex
IQcent - Fast signal copying
Binary.com (Deriv) - Accuracy of signals from suppliers - more than 75%
Binary options copy trading has emerged as a popular way for investors of all experience levels to potentially profit from the financial markets. By automatically copying the trades of skilled traders, it allows novice traders to gain exposure without extensive research or market knowledge. At the same time, successful traders can monetize their strategies and benefit from others following their ideas.
This guide explores the ins and outs of this copying approach within the binary options space. It examines some of the top platforms available and how their copy trading systems work. It also offers pointers on finding reputable traders to follow and strategies for managing risk. Ultimately, the article provides the necessary background for investors to assess whether copy trading could fit well within their overall portfolio approach.
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Can I copy trades from multiple traders at once?
Yes, most platforms allow copying signals from different traders simultaneously as part of a diversified strategy.
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Is binary options copy trading profitable?
It can be but success depends on properly selecting traders and managing risk. Most experts recommend copy trading as a supplemental strategy versus sole reliance.
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Is there a fee for copying trades?
Usually not, the brokers earn from your trading volume instead. However, some top traders may charge monthly subscription fees for their signals.
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Can I copy trades manually or is it automated?
Most platforms offer fully automated real-time trade copying. But some may allow manual one-time copying too for flexibility.
Best Binary Options Copy Trading Platforms
Finding the best binary options copy trading platform is an important step in starting binary options copy trading. For this article, we have researched the market and selected four of the best binary options copy trading platforms that will offer you lots of benefits and make your job easier while trading binary options. Here they are:
Pocket Option Copy Trading
Because of its FMRRC certification, the Pocket Option broker is popular among binary options traders. There are special promotional codes available on the website from both the broker and its partners. Pocket Option provides several fee-free or low-fee deposit and withdrawal options. The company's website is well-organized and available in 22 languages.
Pocket Option's copy trading platform allows traders all over the world to easily track and copy each other's trades. An investor can add one or more signal providers from the top traders to their watch list. You can copy a trader based on the top transactions on the platform, a single asset, or profitability across all transactions on the platform.
IQcent Copy Trading
IQcent is a Forex and binary options broker with a proprietary platform that allows binary options copy trading. The IQcent copy trading feature is simple to use, and there are many skilled binary options traders whose trades you can replicate. Although this broker provides bonuses to its top traders, it is not regulated by any regulatory body. Furthermore, there are a significant number of negative reviews about this broker from previous users, so you should think twice before using it.
Binary.com Copy Trading
Binary.com was among the first brokers to have binary options trading. Despite the riskiness of options trading, it has remained popular since its establishment in 1999. Binary.com is regulated by the governments of Malta, Malaysia, the United Kingdom, and Vanuatu. This ensures the safety of traders' funds and the ability to quickly resolve any issues.
One of the most attractive features of Binary.com is its copy trading feature that allows users to copy the trades of other traders that agree to have their trades copied and create an API token you can use.
Overall, Binary.com is a reliable and safe broker for binary options auto trading you should not be afraid to use as long as you copy the trades executed by experienced traders.
Raceoption Copy Trading
This service is intended for those users who want to make a profit, but not participate in the trading process. Any Raceoption client can use the service. The essence of the service is that it will automatically copy the transactions of a professional trader and thus the trader will more likely receive a financial profit.
To get started, a trader needs to open a real trading account with the company, and then click on the “Copy trading” button on the trading platform.
Users of the copying service can independently choose which trader’s transactions to repeat.
With the help of the service of copying transactions, novice traders can learn how to trade various assets by observing the work of a professional.
If necessary, the client can change traders at any time.
The profitability of the trade copying service to the trader depends on the skills of the managing trader, whose trading style and trading strategy should meet the trader’s requirements. It is also necessary to periodically monitor the profitability or loss-making of a professional’s trading strategy to choose better options.
VideForex Copy Trading
VideForex’s copy trading service allows traders to earn income even if they have no trading experience or don't want to spend time trading. The service is suitable for novice traders and professionals because the main purpose of the copy service is to provide the user with income without his having to intervene in the trading process. For example:
First and foremost, the trader needs to open a real account, make a deposit and then select the "copy trades" function in the trading platform.
The trader himself chooses whose trades to copy. In this way, he can control the income and, if necessary, refuse to copy transactions of a specialist, if the results seem unsatisfactory to the user.
For copying trades, the user pays a commission to a professional trader.
No trading experience is needed to use the copy service. All actions with assets are performed by a professional, the copy service just allows you to copy the expert’s trades to your account and thus make a profit without taking part in trading.
IQ Options Copy trading
IQ Options Copy Trading is an example of a top broker offering binary copy trading. These platforms are ideal for those who wish to get involved in the trading/investment realm with limited knowledge of the sector. In addition, IQ Options Copy trading takes place on a fully automated platform. This means users can quickly begin trading after they have signed up for the platform.
To get started, users must:
Sign up: The first step is to sign up for the broker. This will require you to provide some personal details about yourself, including your address, email, etc.
Make Sure You’re Verified: Make sure that you verify your email and any other credentials requested.
Make a Deposit: Next, you will need to make a deposit to begin trading. Make sure that you are not trading with more money than you can afford to lose.
Select Your Strategy: After that, you will need to choose your copy trading strategy and have the option to select the top investors for copy trading.
Set the Price: You will then need to set the price you wish to use for the trades. Make sure you are paying close attention to the risks associated with each trade you make.
Filter: Lastly, you need to filter your risk and money management, and you're all set!
Pros and Cons of Binary Options Copy Trading
Binary options copy trading is the act of automatically copying the binary options trades another trader makes in real-time. It sounds simple in theory, but it’s still complicated. That’s because in copy trading (or social trading), it’s not enough to just blindly copy trades. To be successful at it, you need to keep a few strategies in mind that we’ll be covering later on in the article.
Binary options auto trading is a great possibility for beginner binary options traders to make more successful trades.
👍 Here are its pros:
• Beginner traders can follow the trades of professional traders and make profits
• You do not have to spend a lot of time researching the market yourself
• You can make nice profits if the trades you copy are successful
• It limits potential losses, and you have a lower risk of losing lots of money
• It allows you to trade at all times without physically staying in front of the screen
Although binary options copy trading has very attractive pros, it also has some cons you have to be aware of before trying it.
👎 Here they are:
• There are plenty of scams where so-called ’experts’ promise high returns even though they don’t know what they’re doing
• Professional traders are prone to losses too, so you will also lose money when they do
• Some skilled traders charge a certain amount of money to let you copy their trades
How Does Binary Options Copy Trading Work?
If you were wondering how binary options copy trading works, the Traders Union experts have created a short, step-by-step strategy to show you how binary options copy trading works in Pocket Options. Here it is:
1. Go to the Pocket Option website
For this step, all you have to do is to visit the Pocket Option website and click on the “Start in one click” or on the “Free demo” button if you want to try its demo version
Sign Up or Log In at the website
2.Try the demo version
After you click on one of those two options, you go to the Pocket Option demo version, and you see a welcome message. On that page, there are three buttons. If you click on the “Continue Demo Trading” button, the welcome message banner disappears, and you will continue using the demo version. The second button, which is “How To Make Real Money With Us?”, makes a short presentation that consists of a few slides with short tips on how to use Pocket Option to appear. On those slides, you have buttons that take you to a registration form for creating a Pocket Option live account. You can either create a live account, or you can continue using the demo version. The “Video Tutorial” button should take you to a video tutorial on how to use this platform, but you first have to be registered to watch it.
If you choose to try the demo version, you have 10 000 virtual dollars to use for acquiring more experience with this platform, and see if you like it.
Get to know the platform through demo account or tutorials
3. Create a live account
If you want to use the social trading feature, you must have a live account. To create one, simply go back to the Pocket Option homepage, and register with your email address on the registration form from the right side of the page.
After you do that, you have to verify your account by answering a few questions and providing some information that is required. After your account is verified, you can choose one of the many options to make a deposit on your account balance. The minimum deposit you have to make to start trading is just $5.
Registering a live account
4. Try the social trading feature
To try social trading, click on the “Social Trading” on the menu from the right side of the page, as you can see in the image below.
Copy trading section
5. Choose a trader whose trades you want to copy
After you click on the “Social Trading” option, you can see a list of traders who have great trading results whose trades you can copy.
If you use a live trading account, you can select the top traders who had the best results in the last 24 hours.
Traders in 24-hour ranking
Or you can view a list of the traders that placed the most profitable binary options trades on the platform at that moment.
Rank of traders with most profitable open positions
You also have the option to search for certain traders by their nickname or user ID in the full rating of traders.
6. Copy a trader
If you find a trader whose trades you want to copy, you click on their profile, and you can see more trading statistics about that trader, such as their level, profile level, how many deals they have made during that day, the previous day, or all time, and other useful statistics for those time frames for that trader. If you like that trader’s results, you click on the “Copy trades” button. However, there are some cases when traders have turned off the option for other traders to copy their trades.
Selecting a trader to copy
After selecting the “Copy trades” option, you have to select the copy trading settings for copying the trades.
The settings you can select for Pocket Option copy trading are:
Copy in proportion: What proportion of the original trade you are copying. If you set it at 10%, and the trader opens a position of $100, you will make a trade of $10
Min copy trade amount: What is the smallest amount of money that will be spent for copying a trade. However, you have to know that the minimum trade amount on this platform is $1
Stop balance: What is the minimum amount of money you must have in your balance to copy the trades
Max copy trade amount: What is the maximum amount of money that will be spent on a copied trade
After you select all the settings you want, click on the “Confirm” button. Now, all the trades placed by that trader will be automatically copied on your account based on the settings you selected. Also, if you decide you want to stop copying his trades, you can always stop copying them by opening the “List of copied traders'' menu, choosing that trader, and clicking on the “Stop copying” button.
Choosing copy trading settings
Best Binary Options Copy Trading Strategies
Before you start copying other traders’ binary options trades, you should have a strategy that will ensure that you’re actually copying the best. Here are three actions you need to take:
1. Find the best traders
This is the most important thing you have to do to ensure that you will have success at copy trading. While choosing the traders whose trades you want to copy, you should carefully study their trading statistics to check if it is worth copying their trades. If you see they have lost large amounts of money while trading, it is not a good idea to copy their trades.
2. Select the right settings
After you decide to copy another trader’s trades, you should select the copy trading settings. One thing you have to pay attention to is choosing a “Max copy trade amount” that does not exceed 1-2% of your account balance. Also, if that trader usually trades with a big amount of money per trade, you should choose a “Copy in proportion” setting that is convenient for you. To save your account balance from large losses, you should set a “Stop balance” setting that is convenient for you.
3. Pay attention to the success rate of the trades you copy
Although those trades are copied automatically without your involvement, you should still keep an eye on your trading account. That is just in case you see a low performance of the trades that are copied or you lose significant amounts of money while copying them. If that is the case, you should stop copying that trader’s trades.
Can I Make Money in Binary Copy Trading?
If you’re wondering if you can make money in binary trading, the answer is yes. There is a vast potential to earn money. However, traders should be aware that the risks are high due to the nature of binary options. Moreover, copying successful traders may slightly increase the chances of success, but the significant risk remains. Therefore, those who use copy trading should always be careful not to invest more than they are willing to lose.
Binary Copy Trading Risks
Trading binary options is similar to gambling at a casino. You either lose everything or win something. The biggest binary options trading risk is losing your whole initial investment, as opposed to stocks trading or Forex trading, where you could lose a part of your investment, but rarely all of it.
No matter if you place the binary options trades yourself or you copy the trades of another, the risk of losing your money remains.
To avoid the unpleasant situations of losing much money while trading binary options, you should never risk more than you could afford to lose. Experienced traders usually do not risk more than 1% of their capital on a single trade, and rarely more than 2%.
Expert Opinion
Binary options copy trading can be a great way for novice traders to learn from experienced traders and potentially generate profits. However, it remains an inherently risky endeavor that requires careful strategy and risk management. The key is to do thorough research on potential traders to copy, understand their strategies, and diligently monitor their performance over time. It's also important to diversify your portfolio by copying multiple traders, and never risk more than you can afford to lose on any single trade.
Overall, binary copy trading holds promise but comes with caveats. For those willing to put in the effort, it can augment one's trading skills and revenues. But one must accept the real possibility of losses as well as gains. Prospective copy traders would do well to try demo accounts first, set prudent risk limits, and approach this technique as a learning opportunity rather than a get-rich-quick scheme. With prudence and patience, binary options social trading can become a valuable tool. But as with all trading, only serious investors with risk capital should consider this approach.
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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.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
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.
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). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.