10 Best Free Copy Trading Platforms and Apps for 2023

Copy trading has revolutionised how people approach investing and trading in financial markets. Allowing users to replicate the trades of experienced traders automatically offers beginners an opportunity to learn from the experts and potentially earn profits. This article will explore the ten best free copy trading platforms and apps for 2023, highlighting their key features and suitability for newbies and advanced traders.

10. TD Ameritrade

TD Ameritrade is a renowned brokerage firm that offers a comprehensive copy trading platform. Its advanced tools and security features provide a seamless experience for users interested in copy trading. At the same time, the platform also boasts a user-friendly interface that makes it easy for beginners and experienced traders to navigate. 

For ease of use, TD Ameritrade provides clear instructions on searching for, selecting, and starting copying traders.

9. eToro

eToro is a popular and innovative copy-trading platform that has gained significant recognition in the industry. It offers a unique social trading experience, allowing users to connect with millions of traders worldwide and automatically copy their trades.

The platform also boasts an intuitive and visually appealing interface designed to be user-friendly, with straightforward navigation and a seamless copy-trading process.

8. Robinhood

Robinhood is a well-known commission-free trading platform offering a copy trading feature. Its easy-to-use interface and mobile app cater to users who prefer a simplified and accessible trading experience. Robinhood’s interface is clean, minimalistic, and optimised for mobile devices, making it ideal for beginners and those who prefer a straightforward trading process.

7. Interactive Brokers LLC

Interactive Brokers LLC offers a copy trading platform called “IBKR Covestor” that allows users to automatically replicate the trades of experienced investors carefully vetted by Interactive Brokers known as “Model Managers”.

While it offers powerful features, beginners may find navigating slightly complex.

6. TradeStation

TradeStation is a comprehensive and highly secure trading platform that offers copy trading functionality through its “TradeStation Salutes” program. This program allows users to follow and automatically copy the trades of successful traders.

The platform offers customisable charts, advanced order types, and intuitive navigation, making it suitable for both beginners and advanced traders.

5. Merrill Edge

Merrill Edge, a subsidiary of Bank of America, offers a copy trading platform called “Merrill Edge Select Portfolios”. It allows users to invest in portfolios managed by professional advisors, providing a hands-off copy trading experience.

The platform simplifies the copy trading process by offering pre-built portfolios managed by experts.

4. MetaTrader 4

MetaTrader 4 (MT4) is a widely used platform offering copy trading functionality that caters to forex traders who want to automatically replicate successful signal providers’ trades.

MT4 provides advanced charting tools, technical indicators, and a straightforward copy trading setup, making it popular among forex traders.

3. Firstrade

Firstrade is a brokerage platform that offers a copy trading service called “Firstrade Social” that enables users to follow and automatically copy the trades of successful traders.

Firstrade’s copy trading feature is seamlessly integrated into the platform, making it easy for users to search for and follow their preferred traders.

2. NinjaTrader Group, LLC

NinjaTrader is a popular trading platform with a copy trading feature called “TradeStation Salutes” that allows users to automatically replicate the trades of successful traders, known as “Strategy Providers”.

The platform offers advanced charting, technical analysis tools, and a seamless copy trading setup, making it suitable for beginner and advanced traders.

1. SoFi

SoFi is a financial technology company that offers a copy trading feature through its Invest platform. It allows users to automatically replicate the trades of expert investors, known as “SoFi Invest Masters”, which provides a modern and user-friendly interface. The copy trading feature is seamlessly integrated, making it easy for users to discover and follow their preferred SoFi Invest Masters.

Conclusion

Copy trading is one of the best ways for newbie investors to learn the tricks of the trade. Rather than risk making ill-timed trades and losing funds, it’s a great idea to subscribe to a copy trading platform and copy trades from any one of several hundred or thousands of expert traders. 

To choose the best platform for you, consider its reliability, security, user interface and presence of onboarding tools.

Frequently Asked Questions

Is Copy Trading Safe?

Yes, copy trading can be safe if you choose a reputable and regulated platform. It’s essential to research and select platforms prioritising security measures, such as encryption of personal data and segregated client funds. 

Can I Customise My Copy Trading Preferences?

The level of customisation varies among copy trading platforms. Some platforms offer customisation options where you can set parameters such as trade size, risk tolerance, and asset allocation. Others may have more limited customisation options. 

Do I Need Prior Trading Experience for Copy Trading?

No, you don’t need prior trading experience for copy trading. It is designed to make trading accessible to beginners by allowing them to replicate the trades of experienced traders. However, it’s still important to educate yourself about the markets, trading strategies, and the risks involved.