Social trading platforms have become a popular pick for both new and experienced retail investors. There are plenty of benefits when using social trading brokers to get some automatic investing inspiration. And in most cases, social trading software is built into the platform, so there’s no need to be a computer expert to start trading.
Because of the popularity of this investing format, there’s been a huge increase in the number of social trading platforms available to investors. On one hand, more choice is great. On the other hand, it can make finding the best platform more difficult.
To help you discover the right social trading broker for your needs, we’re going to compare all the best social trading apps and platforms available in 2023.
Best social trading apps and platforms for 2023
eToro | Social trading and 0% commissions on stocks and ETFs
Established in 2007, eToro is a fintech company that allows investors to safely invest in multiple assets such as ETFs, Stocks, Cryptocurrencies and CFDs on Stocks, ETFs, Commodities, Forex, Indices and Cryptocurrencies. In CopyTrader™, you can mirror the portfolios of top investors.
Disclaimer: eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Darwinex | Unique copy trading system
Copy trading fintech Darwinex transforms traders’ strategies into a new asset, a “Darwin”, protecting traders’ intellectual property. You can list your strategies as indices with verified track records that other investors can view.
NAGA | Social trading on assets and CFDs
NAGA is a social trading and investing broker owned by The NAGA Group AG, a listed company on the Frankfurt Stock Exchange. It allows you to copy top investors’ trades or invest in global financial markets. You can trade worldwide Stocks, ETFs, Cryptocurrencies, Futures, Forex, and CFDs on Indices and Stocks.
ZuluTrade | Social trading focusing on forex
ZuluTrade is the second largest social trading network, specialising in forex copy trading. You can trade currency pairs and popular cryptocurrencies using Manual Trade or CopyTrade. Makes it easy to find “Leaders” to copy based on risk, outlook, and how much you can invest.
Trading212 | Social trading using AutoInvest & Pies
An online broker offering real stocks, ETFs, and CFDs across various asset classes. Copy trading isn’t at the core of this broker’s offering, but the ‘AutoInvest’ and ‘Pies’ features mean you can copy other investors’ Pies.
How the best social trading apps compare
| Platform | eToro | Darwinex | NAGA | ZuluTrade | Trading 212 |
| Supported Countries | Worldwide – Exceptions include India and Japan | Worldwide (with some exceptions inc. US, Africa, South America) | Most of Europe (not available in US, Japan, Canada, Belgium) | Worldwide (with some exceptions) | Worldwide (with some exceptions) |
| Regulator | FCA, CySEC, ASIC | FCA, CNMV | CySEC, FCA, CNMV, BaFin, CONSOB | HCMC, General Japan Investment Advisers Association | FCA, CySEC |
| Social Features | Copy trading, news feed, popular investor program, social media linking (Twitter) | No | Social investing network (NAGA Feed, NAGA Messenger) | Forums, comment sections, upload photos and videos, review traders, provide tips and ask questions | Social Feed and Communities |
| Copy Trading | Yes (CopyTrader™ and CopyFunds™) | Yes | Yes (Autocopy) | Yes (CopyTrade) | Yes (Pie Copying and Autoinvest) |
| Users | 31 million+ | 40,000+ | 1 million+ | 2 million + | 2 million + |
| Assets available to copy trade | Stocks, ETFs, Cryptos and CFDs on Stocks, ETFs, Commodities, Forex, Indices and Cryptocurrencies | Forex, CFDs (stocks, indices, commodities, cryptos) | Forex, stocks, CFDs on stocks, indices, commodities, cryptocurrencies, ETFs. | CFDs, Forex, Stocks, Cryptos, Commodities, Indices | Stocks and ETFs |
| Demo Account | Yes | Yes | Yes | Yes | Yes |
| Broker service | Yes | Yes | Yes | No (3rd party brokers) | Yes |
| Minimum Deposit | $50 (varies between countries) | $500 USD | $250 | $50 (depends on broker) | €1/£1 |
Best social trading platforms reviewed
1# eToro
eToro at a glance
eToro was founded in 2007. It’s famous not only for allowing investors to buy and sell financial instruments but also for its social (copy) trading features. Today, it’s one of the most well-known social trading brokers, with over 30 million users worldwide.
On the platform, you can discuss investments, speculations, and market news with other traders – and, of course, copy their strategies. The platform offers a wide range of assets suitable for beginners and riskier assets recommended for advanced traders, such as cryptocurrencies and CFDs (on Stocks, ETFs, Commodities, Forex, Indices and Cryptos).
You can open a demo account to practise your investments before trading with real money. In terms of brokers, eToro is definitely up there amongst the best social trading apps available to every type of investor.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
2# Darwinex
Darwinex at a glance
Darwinex started in 2012 and was originally just a technology provider but has since expanded into a fully FCA (Financial Conduct Authority) regulated brokerage. The business mostly operates out of the UK and Spain.
On the Darwinex platform, you can create and copy a ‘Darwin.’ So, social trading is done by buying and selling assets that represent a particular trading strategy. It’s a pretty unique social trading platform.
With Darwinex, you can also use a demo account to try things out first. Darwinex isn’t the simplest social trading platform, but it will likely appeal to experienced traders and investors.
3# NAGA
NAGA at a glance
NAGA is part of The NAGA Group AG, founded in 2015 and publicly listed on the Frankfurt Stock Exchange. This German FinTech has over 1 million active traders and is regulated by CySEC (Cyprus Securities and Exchange Commission).
You can open a multi-currency account and easily copy the trades of thousands of active lead traders and investors. The NAGA website has plenty of information and resources (including live webinars, eBooks, and economic calendars).
If you want to try out the platform first, you can use a demo account with a $10,000 virtual balance. Allowing you to learn the ropes before you start investing real money using its social trading app.
Check out our full NAGA 2023 review to find out more.
4# ZuluTrade
ZuluTrade at a glance
ZuluTrade was founded in 2007 and is one of the largest (and oldest) social trading platforms available. Headquartered in Greece, ZuluTrade isn’t a social trading broker itself. But it lets you connect trading accounts held with brokerages to allow social (copy) trading.
According to ZuluTrade, 73% of investors profit when copying top leaders’ trades. This is much higher than manual investors’ 11% – 26% success percentage. Unlike some other social trading platforms, the ZuluTrade software is quite easy to use, making it one of the best social trading software apps for beginners.
ZuluTrade also offers plenty of tools and learning resources for those completely new to social and copy trading.
5# Trading 212
Trading 212 at a glance
Trading 212 is a well-established trading platform loved by investors across the world. It doesn’t offer extensive social trading features, but it has recently introduced some copy trading elements to the platform.
Since December 2020, Pies has started to get social. On the app, you will notice a Pie Library, Pie Comments and Pie Copying. The Pie Copying feature allows you to copy other people’s Pies and interact with other community members. Just keep an eye on your Pie since it does not automatically adjust when the original Pie (you copied) changes.
So, this may not be the best social trading app in the purest form. However, it is a great all-round investing platform that’s cheap to use. You can also get one free share up to €100 by using the code IITW when signing up.
If you want to find out more, check out our full Trading 212 review. Or, learn more about Trading 212 Autoinvest and Pies here.
Important factors when choosing a Social Trading Platform
#Number of users and signal providers
Social and copy trading derives from people. Thus, one of the most important factors is the number of users and the number of strategies/traders you can copy/follow. It increases your range of choice, the chances that you will find good traders, and it is also a way to use the crowd’s wisdom in your favour (if it has the most number of users, chances are it shouldn’t be that bad).
#Reliability and security
Is it regulated by top-tier institutions? Does it offer investment protection? Where is it based, and operating for how long? Is it publicly listed? What do their customer reviews say?
#Products and Markets
Is the platform specialised in forex? Or does it offer a more broad product portfolio? More products and markets mean more diversification possibilities for the average investor, so it is better, but it will depend on your own profile and preference.
#Copy feature
Many social trading platforms don’t allow you to replicate the signals automatically but only to communicate and see real-time signals from other traders. You then have to place them manually after making your own judgement, if that’s what you wish
#Social feature
Does it allow you to communicate with other traders/investors? You might want to know why a certain trader has behaved in a certain way, so this is also an important feature to consider.
#Supported Brokers
Some social trading platforms operate with their own brokerage; with others, you will have to connect it to a 3rd party broker.
#Data about the trader
You should understand, analyse, and assess their strategies, style, and track record: the more information, the better.
#Fees
This is a very tricky part. Most social trading platforms differ in terms of the fees charged. It can be tricky to understand them and optimise them to ensure they aren’t burning your profits. For example, most social trading platforms only operate in USD, so you will incur huge currency conversion fees when you deposit EUR
The Bottom Line on Social Trading Platforms
Social trading platforms and apps have been around for a while, but in recent years they’ve gained more popularity amongst retail investors. Each platform will suit different types of investors and traders. So, it’s all about finding the best social trading app for your needs.
Keep in mind that some social trading platforms do not have integrated broker services, and it’s simply a piece of social trading software.
Let us know in the comments which social trading platform or app you plan on trying!
Other FAQs
What is copy trading?
This is when you copy or mirror the actions and positions of other traders. So, instead of researching your own moves, you mimic the trades of other investors (ideally successful and experienced traders).
‘Copy trading’ and ‘social trading’ tend to be used interchangeably. Social trading, however, can mean additional features like communities, forums, news feeds, and other ways to interact with like-minded investors or traders.
What is a social trading app or platform?
This is somewhere that facilitates copy trading and social investing. One important distinction is that not all social trading apps are brokerages. Some of these apps and platforms are just pieces of software or technology you need to integrate with a broker service to make trades.
Pros and Cons of Social Trading
Advantages
- Sometimes better odds of making a trading profit
- Benefit from the experience of successful traders
- Some platforms are cheap and easy to use
Disadvantages
- Lack of control
- Can be complex to use
- Still risk losing money
Franklin is a CFA Level III Candidate with 3 years of experience in Wealth Management as a Fund Research Analyst and the Host of the "Edge Over Hedge" YouTube Channel.
