Best Social Trading Platform 2022
May 26, 2022 (Investorideas.com Newswire) If you've always wondered what social trading is, the answer lies in the name itself. Roughly speaking, you follow the trades of successful and professional investors. Using social trading platforms, you can get very good profits without any superhuman effort. Besides, social trading always has a clear structure, so all you need to do is find the right platform with which to make the investment process successful. That is what we will do, which is try to choose the best platforms for social trading.
Selecting the Best Platforms
Social trading platforms are simply the best thing that can be in the field of investment and commerce. They allow us to copy professional investors who share their trading information and skills.
Just imagine, you watch what experienced traders are doing and repeat after them, not only do you make money, but you learn at the same time. We've selected for you the top 3 platforms that will help you succeed in your business.
Let's start with one of the best platforms in our opinion called NAGA. This platform covers over 800 assets and is of course social trading. It's not just the best social trading platform that allows you to discuss and share ideas with your peers. It also includes cryptocurrencies, stocks, CFDs, and of course forex. It is also very easy and convenient to find a trader to copy. Because a wide range of information is provided about trader, which will help you to decide whether to trust him or not. In other words, you can look through all his trades and see if they are profitable or not.
- CySEC license
- Variety of depositing methods
- The platform has a user-friendly interface and is easy to use
- Wide range of trading instruments.
- Discuss trading ideas
- The broker does not provide cent accounts
- Lack of trading bonuses: welcome, for depositing, etc.
- Supports only 800 markets
eToro is the world's largest social trading platform that was founded in 2007. You can only imagine that the customer base of this platform has about 19 million people. This platform is licensed by the FCA, CySEC, and ASIC and is also registered with FINRA.
Therefore, you can have no worries at all and be completely confident in the safety of using this platform. Of course, this platform is one of the best forex brokers and it just can't be unregulated. eToro supports a wide range of asset classes - including over 2,300 equities and 240 ETFs from over 16 international markets.
- Variety of deposit methods
- Regulation in reliable jurisdictions
- Convenient functionality for passive investing
- 100% commission-free
- You can also trade stocks, indices, cryptocurrencies, etc.
- Regulated by FCA, ASIC, and CySEC
- Absence of the most popular MT4 and MT5 platforms in Europe and CIS
- Not appropriate for skilled traders who like to conduct technical analysis
- High spreads
Looking for a platform that specializes in CFD or Forex for a long time? Then you simply must try FXTM. But that's not all, if you need a high-end platform that also offers social trading features, FXTM is a very good choice for you.
Like the other high-level platforms that are already at this top, FXTM allows you to choose a trader based on your financial goals, according to your intended investment decisions. Let's imagine a situation, you have a desire to trade currencies passively, then you can easily filter your search by asset class - in this case, it's forex.
Also, this platform offers some of the best trading commissions in the industry. For example, if you choose the Cent account, you will have the opportunity to trade with absolutely no commission.
- A wide range of trading accounts;
- A large number of training materials;
- Opportunity to use automated programs in trading;
- Available minimum deposit - 10$;
- The most popular trading platforms - MT4 and MT5;
- Proprietary mobile trading application - FXTM Trader;
- Only the deal copying service is offered for investing;
- Does not support traders from the USA
How do we Make a Choice?
Do you have difficulty finding a social trading platform where you can trade and communicate at the same time? Then you just need to look through the tips we have prepared for you.
Remember that a license always comes first, and you should evaluate whether any trading site has one. After all, you will be depositing money on this platform, and it should be protected by a tier one authority.
If you want everything to be as convenient and easy as possible, we advise you to choose a platform that supports your favorite payment method. So if you like to pay, for example, from an electronic purse, then check whether there is such a method on the site of your choice.
If you decide to try copy trading, make sure the platform is completely transparent. In other words, you should be able to view every trade the selected trader has ever made.
- Easy reporting
In our business, no one has abolished convenience, so we should pay more attention to platforms where we can view statistics in an easy-to-read form. That way it will be easier for us to understand and figure out how consistent the copy about the trader is.
- Financial tools
We're going to be trading with real assets, right? So we should explore how many financial instruments we will have access to. After all, if you want to build a very diversified portfolio of copy-traders, you need to have access to as many asset classes as possible.
- Fees and commissions
Don't forget that not only do we have to take into account trading commissions, but we also have to use the trade copying feature. In the case of some platforms, you will not pay any commission at all for mirroring other users' trades. However, some sites still charge you a commission when you copy trades, so you should pay attention to that.
So, in conclusion, we can say that recently the interest in social trading platforms from random traders is growing very rapidly, and this is a very good thing. And for good reason, because the main feature of such platforms is that you trade and invest while sitting in a comfortable chair. We've tried to give you the clearest possible description of what social trading is all about and we've also chosen the best platforms in the field. Be sure to try them out and pick your favorite.
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