Best Copy Trading Apps In Mexico
The best copy trading platform in Mexico - RoboForex
Top copy trading platforms in Mexico:
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RoboForex (CopyFx) - Offers $100 minimum deposit
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Tickmill - Provides $100 minimum deposit
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IC Markets - Minimum deposit up to $200
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AvaTrade (AvaSocial) - $100 minimum deposit
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Exness - Minimum deposit is $1
Are you a trader in Mexico looking to boost your trading career? Look no further! In this article, we'll dive into the top 5 copy trading platforms in Mexico, as expertly reviewed and compared by Traders Union. We will get into the specifics, such as copy trading fees and trading conditions, so you can make decisions that will benefit your financial future. Whether you're a seasoned pro or just dipping your toes into trading waters, these platforms could be the career-changer you've been searching for. Let's embark on this journey to uncover Mexico's top copy trading platforms.
Copy trading platforms in Mexico - comparison
Before we dive into details, let's take a sneak peek at what these top copy trading platforms in Mexico have to offer in this comparison table below:
| Minimum Deposit | Markets | ||
|---|---|---|---|
RoboForex (CopyFx) |
$100 |
Over 12.000 assets Forex, stocks, ETFs, crypto. |
|
Tickmill |
$100 |
Forex, Stocks, Crypto, Bonds |
|
IC Markets |
$200 |
Forex, CFDs, commodities, Crypto, Stocks, Bonds |
|
AvaTrade (AvaSocial) |
$100 |
Crypto, Forex, Stocks, ETF, Bonds, commodities, and CFDs |
|
Exness |
$1 |
CFDs, Forex, Crypto, commodities. |
RoboForex - Offers $100 minimum deposit
RoboForex's CopyFX is an investor-friendly platform that allows users to copy the trading strategies of professional traders without needing prior experience. With complete control over their investments, users can subscribe to professional traders, copy their transactions, and benefit from the Forex market. The platform offers user-friendly tools and a transparent interface, making it an excellent opportunity for both investors and traders.
👍 Pros
• Convenient tools for investors.
• Transparent trading control.
• Options for Traders on Profits/Commissions.
• All-in-one trading account.
👎 Cons
• Limited filters.
• High commissions.
• Registered offshore.
Tickmill - Provides $100 minimum deposit
Tickmill is a platform that offers various analytical instruments for Forex trading and copy trading. It partners with MyFxBook to provide copy trading services, and users need accounts on both platforms. Tickmill has a high entry threshold for copy trading, with a minimum investment of $1,000. The platform is licensed by respected regulators such as FCA, CySec, and FSCA, ensuring safety and regulation.
👍 Pros
• Partnered with MyFxBook for copy trading services.
• Licensed by respected regulators.
👎 Cons
• High entry threshold for copy trading.
IC Markets - Minimum deposit up to $200
To copy trades with IC Markets, users can link their account to ZuluTrade, an innovative copy trading platform that allows duplication of successful traders' positions. With over 90,000 signal contributors, ZuluTrade provides access to a wide range of traders worldwide. The platform offers advanced features like ZuluGuard for capital protection and a user-friendly interface. Additionally, Myfxbook Autotrade allows traders to copy trades directly into their MT4 account.
👍 Pros
• Fast and easy connection with top brokers.
• All-in-one trading account.
• Dedicated crypto copy trading area.
👎 Cons
• ZuluRank algorithm could be improved.
AvaTrade - $100 minimum deposit
AvaTrade is another leading trading platform offering social and copy trading services. The platform provides secure investments with high regulations, including the Central Bank of Ireland and ASIC. Users can access the AvaSocial mobile trading platform to copy top traders easily. With collaboration with top copy trading providers like ZuluTrade, DupliTrade, and MQL5, users gain access to thousands of signal providers and investors.
👍 Pros
• User-friendly mobile social trading platform.
• Collaboration with top copy trading providers.
• Wide range of instruments and markets.
👎 Cons
• High minimum deposit.
Exness - Minimum deposit is $1
Exness Trading Company has been working in the Forex market since 2008. The broker operates legally in more than 130 countries, fully complying with local laws in all jurisdictions.
The broker is also a member of the Financial Commission, providing up to EUR 20,000 insurance coverage per client in the event of a force majeure. The broker holds the leading position in Forex ratings. The company’s monthly trading turnover totals $325.8 billion USD. The broker currently has CFDs available for cryptocurrency, stocks, more than 120 currency pairs, energy and metals. Exness’s service provides favorable working conditions for traders: low commission, instant execution of orders and withdrawal of funds. There are several options for opening an account depending on the traders’ needs. A demo account is available - a training account that is useful for both beginner level traders and professional traders.
👍 Pros
• Instant withdrawal of money 24/7.
• Segregated accounts.
• Narrow spreads.
• Trading platforms: МТ4, МТ5 (desktop and mobile versions), Exness Trading Terminal (browser and mobile versions).
👎 Cons
• extend its customer service to offer support 24/7.
• Exness Training resource section is currently only available in English language only.
Read also about Exness reviews from clients In Mexico.
Rules and Regulation
Licensing in Mexico
There seems to be some conflicting information about how Forex trading is regulated in Mexico. While some sources say it's overseen by a specific body, others indicate a more indirect approach. Below are confirmed facts:
- Forex trading itself is legal in Mexico.
- there isn't a single, specific regulatory body for Forex trading.
- Forex brokers operating in Mexico need to be licensed by the Comisión Nacional Bancaria y de Valores (CNBV). The CNBV regulates the broader financial sector and ensures brokers comply with relevant regulations.
Thus, Forex trading isn't directly regulated, but brokers that act as intermediaries to those trades are subject to CNBV regulation.
Investor protection in Mexico
Forex investors are protected by the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores | CNBV) and the Mexican Financial Intelligence Unit (Unidad de Inteligencia Financiera | UIF).
The CNBV regulation might include some investor protection measures for clients of licensed brokers. This could involve:
- minimum capital requirements for brokers to ensure meeting financial obligations.
- rules of client funds maintenance, potentially requiring segregation from the broker's own assets.
- reporting requirements that ensure transparency.
Taxation in Mexico
Forex trading profits are typically subject to Mexico's progressive income tax rates, which range from 1.92% to 35% for individuals, depending on their income. Forex taxation in Mexico requires traders to accurately report their trading income, comply with tax laws and regulations, and fulfill all tax filing obligations.
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. You might be interested in learning more about free Binary options signal providers in Mexico
How to choose a copy trading broker in Mexico
Here are some steps to help you choose a copy trading broker in Mexico, according to Traders Union:
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Begin your journey by researching copy-trading Forex brokers that accept clients from Mexico. Look for reputable brokers with a track record of providing reliable copy trading services. Check if they are regulated by relevant authorities to ensure the safety of your investments.
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Once you've identified potential brokers, evaluate the copy trading platforms they offer. Consider factors such as user-friendliness, available assets, and the quality of analytical tools. A platform that suits your trading style and preferences is essential for a successful copy trading experience.
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Ensure that the broker provides robust risk management tools. These may include features like stop-loss orders, risk allocation settings, and the ability to diversify your portfolio by copying multiple traders. Effective risk management is vital to protect your capital.
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Look for user reviews and seek recommendations from other traders, both locally in Mexico and internationally. Real user experiences can provide valuable insights into the strengths and weaknesses of different copy trading brokers.
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Consider the quality of customer support and educational resources offered by the broker. Responsive customer support can be crucial when you encounter issues or have questions. Educational materials can help you improve your copy-trading skills and make informed decisions.
How can I find good traders to copy?
To find good traders to copy on RoboForex’s CopyFX, you can follow these steps highlighted by TU analysts:
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Start by logging into your RoboForex account and navigating to the copy trading section.
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RoboForex allows you to search and filter traders based on various criteria. Look for filters like performance, risk level, trading strategy, trading history, minimum deposit, and maximum drawdown. You can usually sort traders by different metrics to find the ones that align with your goals.
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Click on the profiles of traders you're interested in to get more details. Pay attention to their trading history, performance charts, risk management, and trading strategies. Look for traders with consistent profits over time and a risk level that matches your comfort zone.
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When you find a trader you want to copy, start with a small amount of capital to test the waters. This allows you to see how the trader performs in your own portfolio. Monitor their performance closely, and be prepared to adjust your settings or stop copying if necessary.
TU experts advise that you diversify your portfolio by copying multiple traders with different strategies and risk levels. This can help spread risk and improve your chances of overall success.
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?
While Forex copy trading can offer opportunities for profit, it also carries inherent risks. Forex copy trading risk level depends on various factors, primarily the choice of your broker and the trader you decide to copy. These factors play a crucial role in determining the level of risk involved. To reduce risks, it's advisable to create a portfolio of multiple traders and implement risk management measures, such as setting a maximum drawdown limit.
Summary
In Mexico, the best copy trading brokers empower traders to harness the expertise of seasoned investors. RoboForex leads the pack, renowned for its user-friendly interface and social trading features. Next comes Tickmill, offering a diverse asset selection and a community-driven approach. IC Markets impresses with its unique investor-focused tools. Avatrade follows closely, providing access to a wide range of skilled traders to follow. Finally, Exness offers a comprehensive mirror trading experience. These top copy trading apps in Mexico cater to traders of all levels, helping them navigate the financial markets more efficiently.
FAQ
Which exchange is best for copy trading?
The choice of the best exchange or platform for copy trading depends on your preferences and location. Popular options for copy trading include RoboForex, Tickmill, and IC Markets, but it's essential to research and choose one that suits your needs and is available in your region.
Does eToro allow copy trading?
Yes, eToro is a well-known platform that offers copy trading services. It allows users to copy the trading strategies of experienced traders and investors on its platform.
Does interactive brokers work in Mexico?
Yes, Interactive Brokers is available and operates in Mexico. It's a reputable brokerage firm with a global presence, offering a range of trading services.
Is eToro copy trading free?
While eToro does offer copy trading, it's important to note that there may be fees associated with it. These fees can include spreads, overnight financing charges, and other costs. It's advisable to review eToro's fee structure to understand the specific charges related to copy trading on their platform.
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.
Rinat Gismatullin is an entrepreneur and a business expert with 9 years of experience in trading. He focuses on long-term investing, but also uses intraday trading. He is a private consultant on investing in digital assets and personal finance. Rinat holds two degrees in Economy and Linguistics.
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).