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Copy-trading is one way that traders can make passive income through investing. Copy Trading is the process of automating your trading strategy inline with another trader in order to reduce the amount of research and analysis that goes into each trade. This guide will cover the best copy trading platforms in the United Arab Emirates and everything you need to consider before starting yourself.

Best Copy Trading Platforms in the UAE (List)

  1. eToro – Best Copy Trading Platforms in The UAE
  2. Skilling – The Best Copy Trading Platform In The UAE For Beginners And Experienced Traders
  3. IG – One Of The Best Copy Trading Platforms In UAE With 45 Years Of Experience
  4. ZuluTrade – The Best Copy Trading Broker For Beginner Users In UAE

Best Copy Trading Platforms in the UAE- Reviewed

Choosing the right copy trading platform can be a complex process. You need to look at a variety of factors when deciding which platform is right for you. Each platform comes with its own benefits and drawbacks.

It is also important to know what fees and commission you will need to pay to copy trade as well as which financial markets you can access.

Following reviews of dozens of providers, we have compiled a list of the best copy trading platforms.

1. eToro – Best Copy Trading Platforms in The UAEFree day trading simulator

First of all we have eToro, considered by many to be the best platform for copy trading in the UAE. There are over 20 million users on eToro. Perhaps the vast majority of these users use the platform’s innovative copy trading feature. The process can be considered simple and takes very few minutes.

The first thing you need to do is to open an account, if you already have one just go to the platform’s website, there are thousands of verified traders available on the platform who are enrolled in the copy trading program. Before choosing the perfect trader for what you are looking for, the platform offers a filtering system. With this, it is possible to filter the information according to what you are looking for from earnings per year, type of assets, average trades among many others.

Once the information has been filtered, it is possible to further analyze the complete performance of each trader on eToro. With this, you can, for example, analyze how much each trader has lost or gained since joining the platform as well as their risk rating. With this information you can analyze very thoroughly if they are a strong trader to copy.

etoro copy traders

The minimum deposit to start copy trading with eToro is 500 dollars. However, one of the biggest advantages of eToro is that it does not charge any commission for using the copy trading service.

The assets available on this platform include indices, currencies, cryptocurrencies, metals, and stocks. As eToro is a commission-free platform, all assets can be bought and sold without any problem. Deposits in dollars are completely free and if you want to make them in another currency, you have to pay an exchange fee of 0.5%.

eToro is fairly simple to use. A debit or credit card can be used to deposit funds, as can e-wallets like Paypal, Skrill, and Neteller. eToro is regulated on three fronts which means that your capital is relatively safe. CySEC (Cyprus), ASIC (Australia) are among the regulatory agencies that support eToro. If you live in the UK, you will be covered by FSCS, as eToro is also registered with FINRA (USA).

Pros:

  • Super user-friendly trading platform with 20 million+ clients
  • Buy stocks without paying any commission or share dealing charges
  • 2,400+ stocks and 250+ ETFs listed on 17 international markets
  • Trade cryptocurrencies, commodities, and forex
  • Deposit funds with a debit/credit card, e-wallet, or bank account
  • Ability to copy the trades of other stock trading pros
  • Regulated by the FCA, CySEC, ASIC and registered with FINRA

Cons:

  • Not suitable for advanced traders that like to perform technical analysis

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. Skilling– The Best Copy Trading Platform In The UAE For Beginners And Experienced Traders

Skilling was established in 2016 to offer online CFD trading. The trading platform is a private company owned by Scandinavian investors from Sweden and headquartered in Nicosia, Cyprus.

Skilling offers its customers a variety of options for trading stocks and forex, unlike most of its competitors. In addition, it offers a good selection of financial instruments, including CFDs on commodities and cryptocurrencies.

This platform is suitable for experienced and novice traders, offering them all the tools they need to succeed—this includes the MetaTrader 4 platform for forex trading as well as two different platforms for fast trading and analysis. Mobile apps are also available at Skilling. The minimum deposit for Skilling is $100, and credit cards, wire transfers, and e-wallets are all accepted methods of payment.

Pros:

  • There are 73 CFDs on forex and 700 on stocks
  • No commissions and low spreads when trading shares
  • There are very few account fees and a low minimum deposit requirement
  • The platform for charting high-quality data
  • Trading algorithm support
  • Forex traders have access to MetaTrader 4
  • A user-friendly iOS and Android app

Cons:

  • Trading ETFs is not supported
  • Limited hours of support are available
  • It is not possible to demonstrate algorithmic trading
  • Research and analysis are very limited
  • No price alerts are available

Your capital is at risk.

4. IG – One Of The Best Copy Trading Platforms In UAE With 45 Years Of ExperienceVirtual trading account

IG was founded in 1974, and since then, it has offered various services such as CFD, copy trading, and spread betting on 17,000 available markets.

The platform has a range of risk management tools and alerts available. With these tools, traders can minimize their risk and maximize returns.  For example, IG offers a 'negative balance protection', which means you will never lose more than you can afford.Practice investing online

IG has been in the market for more than 45 years which means that it has a great reputation. IG is focused on forex, stocks, copy trading, indices, and commodities. It is easy to open an account with the broker, as it offers a mobile app for iOS and Android.

Pros:

  • Regulated by FCA (UK) & CFTC, NFA (US.)
  • Trade without paying capital gains taxes or stamp duties
  • Good emphasis on research and education
  • Losses are limited to your account balance
  • Over 239 000 traders on the platform
  • Possibility of receiving price alerts

Cons:

  • High share Spread Betting fees
  • Slow customer support

Your capital is at risk.

5. ZuluTrade – The Best Copy Trading Broker For Beginner Users In UAE

If you are new to copy trading, ZuluTrade may be a strong option to consider. Opening an account here takes a couple of minutes and you can start copy trading as soon as the account setup is complete.

Finding your right trader can also take time to select the right experienced trader. There are about 10,000 investments that are part of ZuluTrade's copy trading program available. In contrast to eToro, this platform is unregulated, meaning you must link your account to an online broker. Most users do this with AvaTrade.

After you have linked your account to a third party broker and you will need to meet the minimum deposit requirements. After this, you can start choosing traders to copy. It's that simple. The comissions charged by Zulutrade vary accordingly.

Pros:

  • Supports MT4, MT5, and ZuluTrade
  • Commission-free platform
  • Wide range of tradable instruments
  • Educational materials
  • Islamic trading account
  • ASIC regulated

Cons:

  • Does not offer traditional stock ownership – CFDs only
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Your capital is at risk.

What is Copy Trading?

Copy Trading is the process of placing trades based on another trader's strategy  and decisions. As the name indicates, one user will "copy" another user who may be more active and have much more experience in the market. This is a great way for beginners to learned from seasoned pros.

For example, if the trader that you choose to copy decides to sell his Airbnb shares, you will will also sell your Airbnb shares. The main idea is to make trades without analyzing the market in depth. All this is because when you choose the trader, they are the one who makes all the investment decisions. Within this decision-making process, there is also the analysis of market charts, research, and the placement of orders.

It is the same whether the copied trader generates profits or losses. The amount is equivalent to the amount invested. Depending on the selected platform, you may have to pay commissions.

Any profit or loss your chosen copy trader makes will be reflected in your brokerage account. Of course, the amount will be proportional to what you have invested, and there may be some fees or commissions.

Let's look at an example:

  • Your initial copy-trading platform deposit is $1,000.
  • That $1000 is managed by a professional commodity trader.
  • The commodity trader risks 10% of his portfolio by going long in gold.
  • Likewise, your portfolio is risked by $100.
  • This operation generates a profit of 30%.
  • You made a profit of $30 on your $100 bet.

It is important to remember that copy trading does not always generate financial profits. Every action that the trader makes in his portfolio is reflected similarly. Therefore, both profits and losses must be taken into account.

Copy Trading Techniques

After analyzing the best social trading platforms in UAE, you will be able to see what each of these platforms can offer you.

That said, you must select the one that best suits what you are looking for. We also suggest that you consider the following aspects.

Signals

The forex signal service can prove to be a very useful technique for Copy Trading. Signals are essentially trade suggestions that can be sent by a platform or expert trader. The signal provider will send trading options based on previous research and analysis. It is then your decision whether or not to execute the trade.

Below is an example of what a trading signal looks like:

  • Asset: BTC/USD
  • Order: Long (Buy)
  • Entry: $51,500
  • Stop-Loss: $49,600
  • Take-Profit: $54,050

If you choose to execute the trade, you will have to place the suggested trades with the chosen broker. This may be a better option if you want to copy trades in a more controlled manner rather than automating the entire process.

Robots and Algorithmic software

Next, you can use an automated robot to copy trade. Trading robots, also known as 'bots' or 'EAs,' are pre-programmed by third parties and backed by algorithms.

An automated system cannot 'think' like a human trader. Instead, trades are executed based on the underlying code the robot has been programmed to follow.

The robot may short the forex pair if an identified support level is broken. If cryptocurrencies rise by at least 10% over a day, the robot will go long on them. Anytime you use a copy trading robot, it will work around the clock.

As humans can only devote a limited amount of daily time to trading, this is already significant advantage. However, robots are intransigent by nature, which is a major drawback. As a result, they cannot comprehend or study financial news or fundamental analysis because they can only follow pre-programmed code.

Also, third-party platforms like MT4, MT5, and cTrader must be installed with robots and automated software programs. In addition to the brokerage platform, you will need to find a suitable brokerage site.

Copying individual traders

Some platforms offer the ability to copy trades that are placed by individual traders. As opposed to signals or robots, human traders will be influenced by human emotion and are able to trade according to news. This is an advantage when markets are volatile and is an excellent way to learn from someone more experienced than yourself.

How to Chose Traders To Copy

Although it is not necessary to intervene in copy trading, it is necessary to conduct research before choosing which trader to copy. It is important to determine which provider is the best fit for what you are looking for.

For example, eToro gives you may have access to many certified traders, so it is important to understand how to pick between your options.

To help you clear up any doubts, here are some relevant factors to keep in mind when you feel ready and want to look for the best copy traders.

Assets

The first step is to think about which assets you want to trade passively. For example, suppose you want to copy someone who trades forex regularly or someone who invests in stocks on a long-term basis.

Would you like to try cryptocurrency trading or a volatile commodity such as gold? The best option is to stick with a trader specializing in your asset class.

Performance

Analysing past performance is crucial if you want to copy the best copy traders in the market. You can do this by looking at key metrics such as annual returns and risk level. Most copy trading platforms will make this information accessible. Moreover, you can filter the information with the following categories.

Percentage of Profit: This function allows you to enter the minimum winning percentage you want the trader to have earned.

Period: Here, you can specify the period, ranging from one month to two years.

Risk

Any digital asset investment will represent a risk, which is why many platforms reviewed in this article cannot calculate how much risk is taken when choosing an investor.

You may have access to a percentage in terms of drawdown, but this does not mean that it is an accurate idea of the risk the trader likes to take.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

eToro shows a risk rating of all its copy traders, which is very important when choosing a specific trader.

A trader who focuses on volatile assets such as Bitcoin and oil and has an above-average maximum loss would be given a high-risk rating. On the other hand, a trader with a diversified portfolio may be assigned a low-risk rating if they focus on blue-chip stocks and index funds. Depending on the risk rating, the risk is either 1 (lowest) or 6 (highest).

How To start Copy Trading In The UAE

Below are the steps that you will need to follow to start copy trading in the UAE.

Step 1: Open an Account and Verify ID

eToro requires you to create an account before partaking in any trading. As this is a regulated platform, you will need to enter your information and contact details and you will need to verify this via documentation.

Identification and proof of address (issued within the last 3 months) are suggested identity documents. With eToro, your documents are verified almost instantly.Paper trading uae

Step 2: Deposit Funds

To proceed, you must deposit funds that meet the minimum threshold. To make an immediate deposit, you can choose between debit/credit cards and e-wallets. If you wish, you can transfer funds from your bank account. However, this may take several days.

Minimum account balances vary depending on your residence. Most nations require deposits of at least $200 to $1,000. It is important to note that the minimum investment for copy traders is $500, regardless of your place of residence.

Step 3: Choose a Trader to Copy 

When your eToro account funded, you can search for a trader to copy. First, select the "Copy people" button on the left side of the screen.

In addition to the tens of thousands of verified copy traders, you can filter the results using the filter buttons. To learn more about choosing an invester, see the section on How to choose inverters to copy.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Step 4: Invest in a Copy Trader 

eToro requires that you click 'Copy' once you have selected a trader to copy. This will display an order box where you can enter your investment amount. You must invest at least $500. Copying ongoing trades is also an available option. To complete your investment, click on the 'Copy' button.

Conclusion

The purpose of this article is to review the best copy trading platforms in the United Arab Emirates. We have also gone over the different strategies that you can use when you want to use copy trading along with possible risks.

You may consider other platforms but on a general level we must say that eToro is the best platform today. It is a fully regulated and commission free platform.

In this guide we have also gone over the process of opening an account with eToro. If you want to open an account on this platform just click on the link below.

eToro – Best Copy Trading Platforms in The UAE

Virtual trading account

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

FAQs

What is copy trading?

Copy Trading involves copying the trades of experienced investors on the markets to create a portfolio

Does copy trading work?

Copy trading is very simple. Once you select a trader that you would like to copy, you need to decide how much you wish to invest (minimums apply). Then, anything that the trader buys or sells will be mirrored in your own brokerage account like-for-like. As such, this allows you to follow the investments of a trader that has a long-standing track record in the online trade arena.

How to copy trade in eToro UAE?

It is necessary to meet all the requirements and open an account. Remember that the account opening process is explained in this article.

How to copy trade in UAE?

You can copy trade in the United Arab Emirates through any of the platforms described in this article.

About Carlos Sereno
About Carlos Sereno

Journalist from Universidad Jorge Tadeo Lozano. Translator of Spanish and English. English as a second language. Interested in International media and sports media.