The Best Copy Trading Apps In Belgium

What is copy trading?

Copy trading is an increasingly popular kind of social trading. This strategy allows new traders to either automatically or manually copy the trades of professional traders on the Forex and other financial markets.

In 2010, eToro was the first major broker to provide a copy trading platform. The creators combined the features of a social network for traders with a platform for copying trades.

Modern copy trading platforms have features that let users subscribe to traders and start copying their trades, either with a small amount of money or their whole account balance. Each position created by the copied trader, including stop-loss and take-profit orders, is immediately executed on the account of the copier. It is also possible to generate a portfolio analogue from multiple signal providers.

How to choose a copy trading broker in Belgium

Making some covert evaluations of the broker's offerings is necessary for traders to select the best copy trading platform in Belgium. A trader should consider the following before signing up with top copy trading platforms in Belgium.

• You should start by researching Forex brokers that accept Belgian clients

• Next, check the broker's dependability and regulatory standing. A broker with a good reputation is the one you should register with

• When investigating the broker's trading terms, find out about the commissions, spreads, selection of trading instruments, and order execution quality. Traders should look for a broker with a competitive cost structure if they want to improve their profitability

• Because there are more traders to copy trades from in a larger network, social trading gives its participants better opportunities, so you should investigate network size

• Discover the settings for selecting traders, risk management requirements, and payment methods. Determine whether the operations are transparent

• Each broker employs a unique trading platform. Verify if the trading platforms are suitable for your style of trading. And remember to use demo accounts to become familiar with the platform's details before investing real money

• Beginner traders should ensure that support is available around the clock because Forex copy trading platforms occasionally have problems and traders need help using the menus

How can I find good traders to copy?

If you register with the best copy trading platforms in Belgium, finding the best trader-to-copy trading strategies becomes easy. You risk copying the trades of inexperienced traders with poor bankroll management abilities and risky trading profiles if you don't take extra precautions. However, finding the best of these traders requires effort and skill.

We will use RoboForex CopyFx to show you what to look for when choosing the best traders to copy. Open RoboForex CopyFx and sign up to view the profiles of traders whose trading methods you can copy.

RoboForex platform

Select the trader who grabs your attention in order to view their profile in a way that is particular to you.

RoboForex platform

These guidelines or pointers can help you when you are looking for copy trading platforms in Belgium to use when you want to copy trading strategies.

1 Check the followers' level of trust in the trader.

RoboForex platform

The quickest way to identify a great social trader is by assessing the level of trust that their followers have in them. Examine the profits earned by followers for similarly following the signal provider. For trader signals, find out how much other people have invested with them using real money (not demo accounts).

2 Determine the trader's annual or monthly returns.

RoboForex platform

Even though they are alluring, high returns need to be carefully considered because negative returns are undesirable. Looking at the monthly returns and determining whether the performance can be attributed to a specific month or months will allow you to estimate the yearly return without errors. Again, when dealing with traders who post winning percentages of 100% or higher, ensure you do other research about the trader, as some are not genuine.

However, glance through the trader's profit charts to see how consistently profitable they are. Avoid dealing with traders who have erratic graphical displays.

3 Determine how many trades the signal provider makes.

RoboForex platform

Another factor to observe is how many trades the signal provider executes. A high value may be an indication of a trader's expertise and the fact that their success is not accidental.

4 Evaluate the trader's highest possible drawdown.

RoboForex platform

Learn the trader's drawdown state so you know how much money they lost before making a profit again. The result is calculated by deducting the relative capital peak from the relative capital trough, and it is then expressed as a percentage of the trading account.

5 Verify the trader's past transactions.

RoboForex platform

Think about examining the trader's past transactions for a certain time frame. A trader's typical order type, trading lots, symbols, open and close prices, and profits are all listed here. Always verify that the trader uses the stop-loss function, a key risk management principle.

Should I pay copy trading taxes in Belgium?

Copy trading is an exclusive activity Forex brokers extend to traders using their platform, so it might not incur any standalone tax. But you will be paying tax if Forex trading is generally taxed in Belgium, which is why your focus should be on the tax levied on traders involved in currency trading. Remember, the moment you copy the trading strategies of other experts and eventually open positions on your account with these strategies - you are fully engaged in trading operations. Many traders, especially novice traders using copy trading platforms in Belgium, do so to reduce their propensity to lose trades.

Belgium is not an exception to the European Union's taxation of profits made from trading currency pairs. However, traders need to be aware that Belgian tax law might permit taxing Forex trading profits at the same rate as "income tax".

There has yet to be specific knowledge regarding how taxes or rates affect profitable Forex traders who use an offshore brokerage. If you want to learn more about how Forex trading is taxed in Belgium, consulting a qualified tax advisor is among your best options, especially if you need more accurate results.

How much can I earn?

Your earnings as a copy trader can depend on various factors. As a beginner, you will find it difficult to copy the trades of professional traders, hence, you may end up making low earnings. However, after choosing and copying professional traders, you might earn more.

As it said above, usually the best professional traders can make from 5% to 30% per month, however such a range is not constant. Remember that the risk of loss remains in any kind of investment.

Is Forex copy trading risky?

Yes. Copy trading in Belgium is risky, so Forex traders looking to copy the trading strategies of experts must exercise caution. Limiting the risks involved starts with your choice of broker and the trader you choose to copy their trades.

There is no guarantee that any trading strategy you copy will be profitable; keep in mind that no trader is immune from losing money. Again, if market conditions manage to change in opposing directions, both the copy trader and the expert trader could lose money. This is why traders must carefully choose a Forex broker and take the necessary steps when selecting expert traders to copy trades from.

Even though Forex market risk is inevitable (market and liquidity risks are two significant risks connected with Forex copy trading), it is a good practice to implement tools that can help you manage risks. Making a portfolio of several managers and establishing a maximum drawdown limit are preferable risk-reduction strategies.