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Copy trading is becoming increasingly popular as new and less experienced traders enter the market. Since copy trading allows traders to copy the positions of other, more experienced traders, it allows you to make successful trades based on someone else’s strategy. In this article, we have listed the six best copy trading platforms in India.
Our evaluation criteria cover various aspects including the ease of working with Indian citizens, the reliability of the platform, and the copy trading features the platform offers. By considering all these factors, we ensure that your experience with our recommended platforms will be a satisfying one.
Please note that you must have a profile on each of these platforms to benefit from their services and features. Here is a look at our favorites.
What is Copy Trading?
Copy trading is a method of trading where you copy the positions that other traders manage and open. It should not be confused with mirror trading as it involves copying every action of the copied trader. Meanwhile, in copy trading, traders can copy certain strategies of the investor they want to imitate.
Modern copy trading platforms allow traders to earn money through this method with the following features:
- View trading analysis of investors to copy
- Provide options to distribute equity among multiple traders with different trading tools and strategies
- Provide the option to stop copying trades when a certain risk tolerance level is reached
- Set maximum risk levels for specific investments
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Best Forex Brokers for Copy Trading
1: What is a stock?
eToro
Price: eToro is still a little more expensive than most of its competitors, although spreads have recently been reduced and it applies a $0 commission when trading US stocks. However, I find that the additional cost of the increased spreads is offset by the fact that you get eToro’s copy trading service for free, as you would otherwise have to pay separately for copy trading.
AvaTrade
Pepperstone
Vantage Markets
Forex and CFD trading are the strong points of online broker Vantage Markets. They offer three separate account types in addition to the ability to trade on nine separate markets. Once you have determined that you meet the requirements, you will be able to sign up immediately and start exploring the options on offer, which can include low spreads, educational resources, and even Islamic accounts.
Vantage offers a variety of trading strategies and offers competitive commission rates, leverage of up to 1:,500, and 24-hour customer support, all of which are very beneficial for traders operating in international markets. CFDs on a variety of indices, commodities and other underlying investments offer non-US clients the opportunity to diversify their investments although the platform would benefit from the addition of additional trading tools, particularly those for fund managers.
Benefits
- When you visit the site, you will see the most popular pairs at the moment, allowing you to jump right into exciting investments.
- The minimum deposit of $50 allows you to start on the ground floor, where you can learn what to do and how to do it You can pool your funds into dedicated accounts
Disadvantages
- Money managers who want to use the site may want more trading services simply because they are responsible for creating strong portfolios for their clients,
HYCM
HYCM is a highly reputable forex broker that offers clients access to 69 different currency pairs. In addition to currency trading, HYCM also offers clients leveraged stock and ETF trading, as well as commodities and other markets. Opening an account is quick and simple; it should take you no more than ten minutes to open a currency trading account.
This currency trading platform has a user-adjustable fee structure, with something to offer investors of all skill levels. The site provides all users with access to a wealth of educational content as well as investment-related tools. Unfortunately, HYCM does not offer its services to US clients; however, it is still a great option for anyone living in one of the other 140 countries.
Pros
- Customizable pricing structure
- MetaTrader 4/5
- Islamic accounts available for traders who need swap-free accounts
- Leverage 1: 500
- Mobile app with simple trading experience
- Great selection of educational and research tools
Cons
- Inactivity fees
- No customer support on weekends
- Limited passive trading opportunities
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Forex Copy
Forex Copy is a specialized copy trading platform focused on the forex market. It offers a wide range of Forex trading signals from various providers and allows traders to customize their copy trading strategy based on their risk and reward preferences.
Features:
- Specialized in Forex Copy Trading
- 1000+ Forex Signals on all strategies
- Advanced risk management tools
- Custom algorithmic strategies
- Detailed performance metrics and statistics
- Integration with MT4, MT5, cTrader
- Competitive pricing structure
Benefits:
- Large pool of Forex trading signals
- Create custom algorithms for algorithmic trading
- Powerful risk management settings
- Strong experience in Forex copy trading
- Subscription costs are often lower than competitors
Disadvantages:
- Focuses only on Forex trading, not stocks or other assets
- Signal providers lack transparency
- Background Complicated interface, not ideal for beginners
For traders with a specific focus on Forex, Forex Copy offers access to a wide range of trading signals. These complex tools are aimed more at experienced traders who can benefit from effective risk management, customizable algorithms, and automated strategy integration.
CopyKat
CopyKat is a simple yet effective copy trading platform that allows users to copy trades from experienced traders in real-time. It provides a wide range of curated trading signals and provides risk management tools to help traders protect their investments.
Features:
- Selection of professional traders and trading strategies
- Real-time copy trading with customizable settings
- Detailed performance metrics for risk analysis
- Built-in risk management tools like stop loss
- Supports MT4, MT5, cTrader platforms
- Intuitive and easy-to-use web interface
Benefits:
- Selection of approved signal providers
- Real-time copy trading capabilities
- User-friendly design suitable for beginners
- Has solid risk management fundamentals
- Seamless integration with popular trading platforms
Disadvantages
- Portfolio for small traders to copy
- Lack of advanced analytical tools
- Higher membership fees than competitors
CopyKat achieves its goal by providing an intuitive and accessible copy trading experience for novice traders. While the number of traders is limited, the curated selection emphasizes quality over quantity. Real-time copying and basic risk protection measures make copy trading easier. The lack of advanced features is aimed more at beginners.
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Tips for Successful Copy Trading
Here are four tips for successful copy trading to ensure that the copier gets the best possible results.
- Choose the right broker – This forms the backbone and safety net for any copy trader. We recommend choosing a broker that suits your trading needs with a trustworthy reputation and a trader-friendly fee structure.
- Find the right account – Trading from an account that suits your capital will improve your trading results.
- Choose the ideal signal provider – This is the most difficult aspect. We encourage traders to research each trader and choose a trader with a similar account size.
- Appropriate Settings – Copiers must follow similar settings to the traders they follow. Otherwise, copied trades may result in losses.
Rules and Regulations
1. Licenses in India
In India, brokers are regulated by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). The former oversees foreign exchange and the latter regulates the stock market. The conditions for obtaining a license are: sufficient capital, detailed business plan, compliance with rules and regulations, qualifications of key personnel, and professional reputation of the applicant.
2. Investor Protection in India
For dispute resolution, traders can approach the RBI and SEBI, which are agencies that prevent fraudulent and dishonest activities in the securities market.
3. Taxation in India
Traders in India are subject to two main types of taxes: direct and indirect. Direct taxes include income tax ranging from 5% to 30%. Capital gains tax is 15% on short-term gains and 10% on long-term gains. Business income below 2.5 lakh Indian Rupees is not taxable.
Best Online Course to Learn Forex Trading
An online Forex trading course may not be necessary. But it will definitely increase your learning speed and the depth of your knowledge and understanding of the practical side of things. Have you heard about the online Forex trading course offered by the Entri app? Join the Entri Online Forex Trading Course to learn Forex trading and make regular profits from it. Learn not only Forex trading but also smart money concepts and risk management techniques. This is also from professional traders.
The benefits of the online Forex trading course provided by the Entri app are Expert advisors, Experienced instructors, Step-by-step research methodology, Real trading training, Live sessions, Daily market analysis, Live advisor support, Course certificate.
After completing the online course with the Entri app, you will have a good knowledge of the following elements such as: Market Knowledge, Capital Management, Generating Trading Ideas,The Concept of Smart Money.
Conclusion
Since the advent of copy trading in Forex, significant changes have occurred in the world of investing. Its inherent characteristics are the combination of factors such as accessibility, return on investment and education that make this type of trading very unique. With its unique set of features, it has attracted a number of investors to the Forex investment market. Whether you are a beginner or an experienced trader, it is important to weigh the pros and cons before getting started.
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To potentially improve your trading performance and results, you should follow best practices such as conducting detailed market analysis from time to time and even maintaining a rational approach to investing in it. Also, like any investment strategy, successful copy trading requires patience, diligence, and a commitment to constantly learning and adapting.
