Can I copy trades in India?
Copy trading allows traders to simulate the positions of more experienced traders. As this type of trading is becoming increasingly popular, modern copy trading platforms have evolved and added more beneficial features for traders.
Copy trading is legal in India, although it is also challenging, there are so few regulated platforms. The article provides an insight into what copy trading is, the legality of copy trading in India, and the criteria for choosing a trustworthy copy trading platform in India. Traders Union will also examine some of India's best copy trading platforms.
Do you want to start trading Forex? Open an account on RoboForex!What is copy trading?
Copy trading is when a trader uses certain strategies and positions of more experienced traders to make their own trades profitable. Copy trading differs from mirror trading, in which a trader mirrors every strategy of the copied trader.
Amateur traders copy strategies of professional traders to make their trades more successful. Modern copy trading platforms come with the following features:
showing the analytics of investors to be copied;
offering options to distribute equity to numerous traders with various trading strategies and instruments;
giving the option to stop trade copying when risks get too high;
setting a maximum risk level for specific investments.
Is copy trading legal in India?
Copy trading is legal in India. Indian traders are free to use both local and foreign copy trading brokers, with no restrictions on the activity. It is important, however, to ensure that the broker you choose is regulated to keep your investments safe and provide you with a pleasant trading experience. With its increasing popularity around the world, copy trading is quickly becoming an attractive option for Indian traders looking to make a profit.
How do I choose a trustworthy copy trading platform in India?
Traders Union conducted a thorough research of the best copy trading platforms in India and listed them along with their reviews, making it easy for you to choose one that you can trust.
Reliability
Always make sure that the copy trading platform you’ve chosen is reputable and trustworthy. Platforms have customer reviews and ratings, so you can check whether they’re reliable. Trading with a platform that isn't reliable can be risky.
Regulation
A regulated copy trading platform is better than a non-regulated one. There are a lot of digital scams these days, so you should always use a copy trading platform that is regulated by SEBI and/or by other reputable countries to avoid these scams.
Advanced managers
The best copy trading platform will have a vast network of advanced managers available to help traders get the most out of their trades.
Risk management tools
Copy trading platforms offering good risk management tools are considered to be the best. These tools help traders manage any risks arising from their trades.
Platform’s technology
The best way to manage risk is to trade on a platform that is well-averse to technology. You should look at the platform’s features and then choose the one that suits you. The benefit of using a platform with great features is that it provides risk management settings that can save you from future losses; moreover, it can save your time with its easy to use features.
Best copy trading platforms in India
Copy trading is relatively new in India; thus, there are only a few copy trading platforms offering this option. These platforms are regulated and have many different features. If you are looking for the best copy trading platforms in India, Traders Union has listed three of them below.
eToro
eToro is regulated in the U.S., Australia, and Cyprus. This broker has created the world’s largest social trading network. eToro is a user-friendly, reliable, and regulated platform that offers so many instruments necessary for copy trading. The minimum deposit on eToro is $10. There are no exceptional conditions for copying and trading. Moreover, the platform provides access to over 2,000 instruments, including Forex, cryptocurrencies, and CFDs. This platform offers copy trading via mobile and web. It also provides risk management settings and extensive statistics on signal providers.
RoboForex
RoboForex is the best copy trading platform for beginners in India. It offers 12,000 instruments with eight asset types. RoboForex lets traders change their copy trading options to include the features they like best. RoboForex is registered in Belize and is overseen by a local regulator. It also has a "Traders Rating" tab where traders can find top traders to copy.
AvaTrade
AvaTrade is a well-known brand for social and copy trading. The top seven global authorities, including the Central Bank of Ireland, regulate the brokerage company. AvaTrade works in collaboration with MQL5, DupliTrade, and ZuluTrade. The platform is highly regulated and safe in India. AvaTrade features the ability to view each copy trading signal provider’s ranking. A trader can also review other traders' trading histories and risk management strategies. Finally, it allows traders to set risk parameters based on their specific needs.
FAQ
What is the process of copy trading?
Copy trading in India is a convenient way to take advantage of experienced traders’ knowledge and strategies. To begin, a trader must open a trading account with an online broker that offers copy trading services. Once the account is set up, they can select which trader or traders they want to follow. They can utilize the broker’s platform to track the performance of their preferred traders, and they can make decisions about when to replicate their trades.
With copy trading, Indian traders can easily follow strategies of experienced traders without having to spend time researching and analyzing the markets themselves. However, it is important to remember that copy trading still carries risks and it is not suitable for all investors. As with any type of investment, it is important to research and understand the risks involved before making any decisions.
Is it safe to copy trade in India?
Yes, copy trading can be safe if the trader is properly researched and their results are tracked regularly. It also has the potential to result in higher returns than other forms of trading. However, it is important to remember that there is always a risk involved when trading.
Why should you copy trade in India?
Copy trading in India is becoming increasingly popular as it offers a convenient way to trade without having to do extensive research or analysis. Copy trading eliminates the need for manual trading and gives traders access to the strategies of experienced investors. With the regulatory framework in place, copy trading is a safe option for Indian traders looking to maximize their returns. However, it is important to ensure that you are trading with a reliable broker and taking the time to understand the trading strategies of experienced investors.
How do I choose the best copy trading app in India?
India's best copy trading platforms and apps should be regulated and have a good reputation. They should also have advanced managers and settings for risk management. This will ensure that you make the most of your copy-trading journey and earn the most profit possible.
Team that worked on the article
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
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.