Best Social Trading Platforms with Low Fees in April 2024

Social trading platforms allow you to communicate with other investors online. The main concept is that you get to share and discuss potential investment opportunities with traders of the same platform. In many cases, the best social trading platforms allow you to ‘copy’ successful traders, paving the way for a passive investment experience.

In this guide, we review the best social trading platforms to consider in 2024 and how to get started with an account today!

What Is Social Trading?

Social trading is a type of online trading that allows investors to communicate with each other, share their trades and provide insight into their strategies. Through social trading, investors can share fundamentals and technical analysis which is helpful for less-experienced users who can learn from experts.

Social trading platforms typically provide users with a feed that displays recent posts from other traders on the exchange. Some platforms also offer direct messaging and forums which allows traders to send messages to other users.

Some platforms restrict post sharing to verified ‘expert’ traders to ensure that all posts are helpful. However, other sites allow all users to share their trades, analysis and thoughts. If you choose to use one of these platforms, it is wise to be wary of less-experienced traders who may not know exactly how to navigate the market.

How does social trading work?

The trading element of social trading works similarly to a regular trading account. Users execute trades by selecting a trade size, stop loss targets and order type. Traders can then manage their trades through their portfolio.

The main difference between a regular trading site and a social trading platform is that traders can automate the trading process by copying other user’s trades. In this case, traders will not need to manually execute the trades that they place. Instead, their account will use parameters set by other traders to place orders passively.

It is also possible to use social trading to guide a manual trading strategy. In this case, traders might follow the decisions of others and use these as signals for their own trading. For example, a user may notice that a significant number of other traders have placed a ‘buy’ order for AMZN. The user might then use this as a signal and conduct their own analysis to decide whether the order is worth placing.

Pros and Cons of Using a Social Trading Platform in 2024

Social trading platforms provide insight into the strategies and decisions of other traders which can be used to guide research and analysis. However, the platforms also come with several risks that should be understood before signing up. Here is an overview of the pros and cons of using a social trading platform in 2024.

Best Social Trading Platforms Reviewed

Although social and copy trading is getting more and more popular, the number of top-rated platforms active in this space is still relatively small.

After all, not only do you need to focus on the platform’s social trading features – but other key metrics such as regulation, tradable markets, fees, payments, and more.

Taking all of this into account, below you will find a selection of the best social trading platforms to consider in 2024. Whether you’re looking for a social forex trading platform, stock trading platform, or Bitcoin trading platform, we reviewed platforms that cover all trading needs.

1. eToro – Social trading platform with over 20 million users that can be used to trade stocks, ETFs, CFDs, cryptos, commodities and more

eToro is considered to be one of the best social trading platforms – with more than 20 million clients now using the social trading platform to invest. Investors are able to see view a feed of posts, posted by other investors which shares similarities to the feed available on X.

Users can like, comment and share helpful posts and copy professional traders. The platform also provides live market data and news updates to help users stay on top of the market.

Your capital is at risk. Other fees apply. For more information, visit etoro.com/trading/fees.

As well as stocks and ETFs, the platform also supports cryptocurrencies, commodities, forex, and more. Each and every market supported by eToro has a “social element” to it. For example, if you click on Apple stocks, you’ll see a list of relevant threads that have been posted by other eToro traders. Each thread allows you to ‘Like’ and ‘Comment’, much like you would on social media! Additionally, you can elect to ‘Follow’ eToro traders that you like the look of.

With that said, the most attractive and perhaps innovative social feature offered by eToro is that of its Copy Trading tool. This takes things to the very next level, as you can copy an eToro trader like-for-like. There are thousands of verified eToro users that have joined the Copy Trading program, so you find an investor that meets your financial goals and appetite for risk. There’s heaps of data to draw from too – such as past performance, historical trades, risk profile, average trade duration, and preferred assets.

Past performance is not an indication of future results

Once you copy a trader on eToro – which requires a minimum investment of $200, everything that the individual does moving forward will be reflected in your own trading account. For example, if the trader risks 15% of their portfolio buying IBM stocks and you invested $1,000 into the trader, $150 worth of IBM stocks will be added to your portfolio.

In terms of getting started, eToro supports an assortment of payment methods – including debit/credit cards, e-wallets, and bank transfers. Finally, there are no fees to deposit if you’re an American using a USD payment method. Otherwise, there is a small 0.5% FX charge.

eToro fees

Your capital is at risk. Other fees apply. For more information, visit etoro.com/trading/fees.

2. NAGA – Leading copy trading platform that is compatible with MT4/5

NAGA is a social trading platform that covers 750+ assets. This includes CFDs, stocks, forex, and cryptocurrencies. In a similar nature to eToro, this top-rated social trading platform allows you to discuss and share ideas with your fellow traders.

In terms of finding a trader on NAGA, you can view a full host of useful information to help you decide whether or not they are worth copying. For example, you can view each and every trade that the individual has made since joining NAGA, and what this amounts to in terms of profitability and loss.

You can also dig a little deeper to see how much risk the trader likes to take and whether they prefer short-term or long-term trading strategies. Once you have selected a trader that you like the look of, NAGA offers two options in the terms of executing your position.

You can either use the proprietary NAGA Web Platform, which is simple and thus perfect for new traders. Or, you can also connect NAGA to third-party trading platforms MT4 and MT5, which you can use on your iOS and Android devices. This option is best suited for more experienced online traders. Much like eToro, NAGA also offers a top-rated mobile social trading app, so you’re never more than a click away from checking in on your copied traders.

When we explored the fee department, NAGA offers commission-free trading on forex, crypto, indices, commodities, and futures. However, there is a variable commission charged on stock CFDs and ETFs. This averages 0.20% per slide on most markets. There are no fees to deposit funds, which is another bonus.

However, unlike eToro, NAGA charges a commission when you utilize the copy trading tool. If you make less than €5 profit from a trade, this amounts to a fixed copy fee of €0.50. If the trade yields a profit of more than €5, then this changes to a variable commission of 5% – which is huge.

For example, if you stake €1,000 and trade makes you €200 – you’d pay a 5% commission of €10.  There is, of course, no copy trading commission applicable on losing positions. Withdrawals are charged at €10 per transaction and the minimum cashout amount is €50. Finally, NAGA is authorized and regulated by CySEC.

NAGA fees

There is no guarantee that you will make money with this provider. Proceed at your own risk..

3. FXTM – Social trading platform for advanced traders, trade for than 60 FX currency pairs

FXTM is primarily an online trading platform that specializes in forex and CFDs. Regarding the latter, this includes stocks, indices, commodities, and more. If, however, you’re looking for a top-rated platform that also offers social trading features, FXTM has you covered.

Much like the other social platforms we have included in this social trading review thus far, FXTM allows you to select a trader based on your financial goals, according to your projected investment decisions. For example, if you’re looking to trade currencies in a completely passive nature, FXTM allows you to filter your search by the asset class – in this case, that’s forex.

Then, you can sort the list of suitable forex market traders by specific metrics – such as monthly average returns.  When it comes to the platform itself, FXTM supports MT4 as well as its own web-trader. Either way, FXTM offers some of the best trading fees n the industry. For example, if you opt for the Cent Account, you can trade commission-free.

There are also accounts suited for large-scale traders that come with zero spreads and a low flat commission. Leverage of up to 1:1000 is also offered by FXTM, albeit, your personal limits will be determined by whether or you are a retail or professional trader. Finally, FXTM is heavily regulated in multiple jurisdictions, which includes a license with the FCA and CySEC.

FXTM fees

There is no guarantee that you will make money with this provider. Proceed at your own risk..

Zulu Trade- A user friendly social trading platform for forex, stocks, crypto, indices and more

Zulu Trade is a powerful copy trading platform that allows investors to easily follow the trades of successful traders. With Zulu Trade, investors can select from a wide range of experienced traders and allocate their funds to automatically mimic their trades in real-time. This means that even those who lack the knowledge or time to trade themselves can potentially earn profits by following the strategies of others. Additionally, Zulu Trade offers features such as risk management tools and performance analytics, which can help investors make informed decisions about which traders to follow.

Furthermore, Zulu Trade has a user-friendly interface that makes it easy for investors to navigate and find the traders that fit their investment goals. The platform allows investors to filter through a variety of parameters, such as performance history, risk level, and asset class, to find the most suitable traders to follow. This flexibility is particularly useful for investors who want to diversify their portfolio across different markets and asset classes. Zulu Trade also provides a community feature that allows users to connect with other traders and share insights, which can be valuable in helping investors make better trading decisions.

One potential downside of using Zulu Trade for copy trading is that there is always a risk of losses. Even experienced traders can have losing streaks, and investors who follow them can also experience losses. Therefore, it is important for investors to conduct their due diligence and carefully consider the risks involved before allocating their funds to any particular trader.

Nonetheless, Zulu Trade offers a comprehensive platform that can help investors gain exposure to a variety of markets and trading strategies. With its advanced features and user-friendly interface, Zulu Trade is a strong option for those looking to explore the world of copy trading.

Zulu Trade fees

There is no guarantee that you will make money with this provider. Proceed at your own risk..

Key Features of a Social Trading Platform

Although eToro is the industry leader in this space by some distance, there might come a time when you come across a social trading platform that we haven’t discussed today.

If this is the case, you’ll want to ensure that the platform is right for your trading goals before you open an account.

The most important factors that you need to explore when searching for the best social trading platform are discussed in more detail below.

✔️ Social Features

First and foremost, you need to check how ‘social’ your chosen platform is. For example, while some online brokers simply offer a copy or mirror trading service, others go one step further by offering a complete social experience. For example, eToro allows you to see what your fellow traders are speculating on once you click on an asset.

For example, if you’re thinking about trading Bitcoin, you’ll find heaps of threads and discussions on the respective trading page. You can join in the conversation by replying to specific posts, ‘Like’ your preferred viewpoints, and even follow an eToro trader that you like the look of.

✔️ Proprietary Platform or MT4

It is also important to assess whether your chosen social trading provider offers a proprietary platform. By this, we mean that you can access social and copy trading features directly from the provider’s website, so there’s no need to download or install any software.

On the other hand, some platforms will advertise social trading tools, but in reality, you’re simply using a broker that supports MetaTrader 4 (MT4). For those unaware, MT4 is a third-party trading platform that is particularly popular with seasoned pros that use trading signal providers.

The platform essentially sits between you and your chosen broker. In addition to advanced trading tools, MT4 also offers social trading features. At the forefront of this is the ability to copy other traders that are using the MT4 platform.

✔️ Copy Trading Tools

The best platforms allow you to ‘copy’ other members into the trading community. This is something that more and more brokers are starting to offer, as they understand that some individuals want to invest passively. There are a wide variety of factors that will determine whether or not the copy trading feature offered is worth considering.

This includes:

• Choice of traders
• Minimum investment
• Control of your portfolio

Past performance is not an indication of future results

✔️ Social Trading Fees

Like all trading platforms, social trading providers charge fees for placing trades. It is important to understand what fees are applicable before signing up to a platform.

• Commissions: Even if you elect to copy a trader, your chosen social trading platform might still charge a commission. If they do, this is usually a percentage of the amount you trade. For example, you might need to pay 0.10% every time your chosen trader buys and sells an asset. In the case of eToro, all markets offered by the platform can be traded commission-free.
• Deposit and Withdrawal Fees: A lot of social trading platforms charge a fee when you deposit or withdraw funds. The specific amount will often vary depending on your chosen payment method.
• Overnight Financing: If your chosen copy trader keeps a leveraged CFD position open overnight, additional fees will apply. This will be reflected in your own social trading account – at an amount proportionate to what you invested into the copy trader.

Ultimately, if your chosen copy trader incorporates fees when buying and selling assets on your behalf, you should expect to pay a proportionate amount.

✔️ Demo Account

When searching for social traders to copy, you’re likely going to base your decision on their historical trading results. Although this makes sense, it’s important to remember that past performance is never a sure-fire indicator of future results. As such, it’s best to test the trader out before risking any money.

Past performance is not an indication of future results

Without a doubt, the best way of doing this is to copy the trader via a demo account. The best social trading platforms offer demo accounts that mirror real-world market conditions. eToro, for example, offers demo accounts with a pre-loaded balance of $100,000 to all registered members.

How to Start Social Trading

In the next section of our guide, we will take a look at how to start social trading on our recommended platform eToro.

Step 1: Open an Account and Upload ID

To create an account, head over to the eToro homepage and click on the ‘Join Now’ button.

Your capital is at risk. Other fees apply. For more information, visit etoro.com/trading/fees.

Here, you’ll be asked to enter some personal information and contact details. Additionally, you’ll be asked to upload a copy of your government-issued ID and proof of address (utility bill or bank account statement).

In most cases, eToro can validate your document instantly – meaning the end-to-end account opening process should take less than 10 minutes.

Step 2: Deposit Funds

You will now be asked to make a minimum deposit. For regular trading, the minimum deposit is $20 however, for copy trading the platform requires a deposit of $200. This amount mirrors the minimum copy trading investment, so do bear this in mind. For example, if you want to copy three different traders, you’ll need to deposit at least $600.

You can choose from the following payment methods on eToro:

• Debit cards
• Credit cards
• E-wallets (Paypal, Skrill, or Neteller)
• Bank wire

As noted above, unless you opt for a bank wire, all other deposit methods are processed instantly.

Step 3: Search for a Copy Trading

Now that you have made a deposit, it’s time to browse through the many verified copy traders available on eToro. To do this, you’ll first need to click on the ‘Copy People’ button. Baring in mind there are 700,000+ traders to choose from, it’s best to use some of the filters at the top of the screen.

This includes:

• ‘Who Invest In‘: You can choose the asset class that you wish to trade via your selected investor – such as stocks or forex.
• ‘Gained at Least‘: You can select the minimum amount of profit that the copied trader has made in percentage terms.
• ‘During the‘: Leading on from the above metric, you can select the time period for your target profit percentage. For example, you might want a trader that has made at least 10% over the past 12 months.

Once you are happy with your filters, click on the ‘Go’ button.

After that, you are best advised to select additional filters so that you can find a social trader that meets your financial goals.

This includes:

• Risk Score: eToro automatically assigns a risk score to reach copied trades based on historical trades. This runs from 1 to 6 – with 1 being the lowest risk.
• Copy AUM: The AUM (Assets Under Management) illustrates how much money has been invested into the trader
• Average Trade Duration: This is an important filter as it tells you the type of trading strategy that the individual takes. For example, if the average trade duration is 5 hours, you know you are investing in a day trader. If the average duration is 10 months, then you are backing a longer-term investor.

There are many other filters available, so spend some time exploring the platform to find a trader that meets your needs.

Step 4: Invest in Social Traders

On the respective profile page of your chosen eToro trader, you’ll need to click on the ‘Copy’ button to proceed with an social trading investment.

Then, an order box will populate like the image below. First, you need to select the investment amount – which needs to be at least $200. By default, you will only be copying ongoing trades placed by the individual.

But, if you want to get the full social trading experience, you might want to tick the ‘Copy Open Trades’ box. This means that you will also be copying the ‘current’ portfolio of the trader.

Past performance is not an indication of future results

Don’t forget, you can add and remove assets to and from your social trading portfolio on eToro, so you always maintain full control over your investment funds.

Finally, confirm the order to start copying your preferred social trader!

Conclusion

Social trading platforms provide an insight into the trades, analysis and strategies of other investors. These platforms are becoming increasingly popular amongst both beginner and expert traders who use the tools to guide their own trading strategy.

There are a number of social trading platforms available to use in 2024 which can make choosing the best one a difficult task. In this guide, we have taken a look at 4 different providers to help you find a platform that suits your trading goals.

With that said, you need to spend some time researching a social trading platform yourself before signing up. We found that eToro stands out from the crowd for several reasons. The platform – which is now home to over 20 million clients and 700,000+ verified copy traders – is heavily regulated, offers thousands of markets, and doesn’t charge a cent in trading commission!

Your capital is at risk. Other fees apply. For more information, visit etoro.com/trading/fees.

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