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Let’s face it. Becoming a successful trader isn’t something one can achieve overnight. It requires time, effort, and a lot of practice to become a master of trading. But suppose I told you that there’s a way in which you can possibly earn returns while you’re still learning the basics? Enter copy trading, the game-changer for newbies. It allows you to replicate the trades of skilled traders, which gives you a chance to earn money from their experience without doing all the trading yourself.
Of course, in order to start copy trading you will need a good trading platform that supports this feature. With so many options around, choosing the best one might be overwhelming. To ensure you acquire the best, I took on the responsibility myself. I checked and analysed some of the most trustworthy copy trading platforms available in the UK, and narrowed down the list to the top 3 which truly stand apart from the others.
List of the Best Copy Trading Platforms
Below, find my list of best copy trading platforms. I personally chose them after studying large market samples.
- eToro – Overall Best Copy Trading Platform UK
- FP Markets – Best Copy Trading Platform for Forex Traders
- FxPro – Best Copy Trading Platform for Advanced Traders
In This Guide
Compare Brokers Table
All the traders who wish to invest in the financial market with the assistance of copy trading platforms must invest their time in research. The last thing you would want is to make the wrong choice of broker, hence having a horrible experience.
I understand how tiresome and overwhelming the process of research can be. That is why I have compiled a comparison table below highlighting some of the features I consider important when selecting a copy trading platform. I am sure the features that I have put in the table will help you make the most informed choice.
| Best Copy Trading Platform | Licenсe & Regulation | Support Service | Support Service | Payment Method | Demo Account |
|---|---|---|---|---|---|
| eToro | FCA, MAS, CySEC, FSCA, ASIC, SFSA ADGM, MFSA, FSAS, GFSC, SEC | 24/5 | eToro investing platform and app, Multi-asset platform, Social Trading, Copy Trader, Smart Portfolios | Credit/debit cards, Bank transfer, Klarna, PayPal, Skrill, Neteller | Yes |
| FP Markets | FCA, MAS, FSCA, ASIC, CMA, CySEC, FSA | 24/7 | MT4, MT5, TradingView, cTrader, WebTrader, Mobile App, Copy Trading | Debit/credit cards, Neteller, Skrill, Bank transfer, Google Pay, Apple Pay | Yes |
| FxPro | FCA, FMA, CySEC, FSCA, SCB | 24/5 | FxPro Mobile App, MT4, MT5, cTrader, FxPro WebTrader | Credit/debit cards, Bank wire transfers, Neteller, Skrill, PayPal | Yes |
Fees & Commissions
If one thing I’ve learned about trading is the ability to chew up profits in next to no time because of clandestine charges. That’s why I’m ever vigilant for brokers that offer good, upfront fees. No one likes surprises, so I check that the site I’m dealing with has nothing up its sleeve – no hidden charges, no assumptions.
I also ensure that the copy trading platform supports the assets I require to trade. It won’t be of any use to join if my favorite stocks, forex pairs, or crypto options are not available.
To save time, I’ve created tables for you to compare the assets and fees I encountered while looking over the top copy trading platforms in the UK.
Fees
| Best Copy Trading Platform | Minimum Deposit Requirement | Commission/ Spreads | Deposits/ Withdrawals | Inactivity Fee |
|---|---|---|---|---|
| eToro | £100 | From 0% | £5 withdrawal fee | £10 monthly |
| FP Markets | £100 | From 0.0 pips | Free | £0 |
| FxPro | £100 | From £3.50 per lot | Free | £10 monthly |
Brokers Reviews
Copy trading is one of the features that make a broker exceptional in the UK. Based on my research, most traders, particularly beginners, prefer trading platforms with this feature. This is so they can maximise their profitability while learning the ropes.
Below are mini-reviews of the UK’s top copy trading platforms. Keep in mind, I personally screened and ranked hundreds of providers, and what follows were the best. Familiarise yourself with each platform’s feature so you can make the best decision.
1. eToro – Overall Best
After testing so many platforms, I find myself returning to eToro as the top copy trading platform in the UK. The platform is very user-friendly and allows traders to easily replicate the strategies of the best-performing traders with a single click. When I tested it, I enjoyed that it enabled me to replicate the strategies of seasoned investors while at the same time investing in actual stocks and other investments.
The best part about eToro’s CopyTrader tool is that it is completely free, meaning there are no extra fees to deal with. You can follow tips from thousands of top traders, replicating the actions of a single one or even creating a squad of as many as 100 pros. And once you become experienced enough, eToro offers a Popular Investor Program, where you can get paid when others copy your trades.
Apart from copy trading, eToro also offers exposure to over 7,000 instruments, including forex pairs all the way to indices, stocks, and ETFs. With more than 35 million active users worldwide and client funds held securely in custody by trusted institutions like J.P. Morgan and Deutsche Bank, it’s a platform that I trust for long-term trading prosperity.
eToro
✔5000+ financial instruments
✔Cost-free deposits
Pros & Cons
Fees
Trading Assets
Pros
- Smooth, simple interface
- Offers access to over 7,000 financial assets
- Leading performers make money
- Excellent customer support
- Comprehensive learning materials
Cons
- £10 monthly fee for inactivity
- £5 fee per withdrawal request
If there’s anything that can eat away at your profit margins, it’s unnecessary costs. Thankfully, eToro fees UK are reasonable and pocket-friendly. We acquired a new account without paying a single cent, which was quite a relief. We also noticed that you can enjoy free deposits by using USD. That said, eToro supports many other currencies, including GBP, EUR, and RMB.
You will incur conversion fees if you use any currency other than USD. And if you use any currency that eToro doesn’t support, you must pay conversion fees to your payment provider. The exact conversion fees you may incur at any moment will depend on various factors, including your preferred currency and payment method.
Please note that eToro subjects each withdrawal request to a £5 fee. The platform uses this money to pay expenses arising from international money transfers. Most importantly, you can’t withdraw less than £30 from the eToro trading platform.
While depositing money into our account, we noticed that eToro has strict minimum deposit requirements. Britons using this platform have to deposit at least £100 the first time. Afterwards, you can fund your account with as little as £10, depending on your preferred payment method.
Commission-wise, eToro is very friendly to people who trade ETFs or invest in real stocks since the broker charges 0% for these assets. On the other hand, if you buy or sell crypto on this platform, expect to pay a 1% fee. CFD trading also attracts variable spreads depending on the involved instruments. For instance, the spreads for currencies and commodities start from 1 pip and 2 pips, respectively.
Not to forget, eToro charges a £10 monthly inactivity fee that kicks in after 12 months of dormancy.
2. FP Markets – Best for Forex Traders
If you’re into forex, FP Markets is a platform that you just have to try out—especially with copy trading. I’ve personally used it, and it offers a great way to copy top-performing traders with greater control over your strategy. You can use copy trading on MT4 and MT5, which automates your activities once activated. FP Markets also has cTrader, TradingView, and web trader platforms, known for their quality resources.
What impressed me the most was the variety of trading options. With over 70 currencies and low spreads from 0 pips, it’s a cost-saving option. I also got to trade with leverage, up to 500:1. It is best suited for professional traders who want the returns. Beyond forex, FP Markets has over 10,000 CFDs on equities, commodities, indices, etc., and can be considered a one-stop provider for diverse trading.
Besides the Standard and Raw accounts for forex trading, FP Markets offers Islamic trading accounts. These are specifically tailored for Muslims and free from swaps. The accounts impose no interest or overnight swaps on positions, in accordance with Sharia teachings. It’s a thoughtful touch that makes FP Markets welcoming and inclusive.
FP Markets
✔10,000+ tradeable financial instruments
✔Free deposits and withdrawals
Pros & Cons
Fees
Trading Assets
Pros
- Copy trading feature is free
- Over 10,000 products available to trade
- Traders enjoy excellent support 24/7
- Tight spreads of 0.0 pips
- Solid trading platforms like MT4 and MT5
- No inactivity fees
Cons
- Limited educational materials
- Forex and CFD trading only support
Before going any further, note that the FP Markets minimum deposit is £100. You can’t fund your account with anything less than the mandated amount. Also, as a trader, expect to cover stipulated FP Markets fees and commissions. Let’s expound on that.
FP Markets has different trading and non-trading fees. However, the costs you will likely incur depend on where you are from. Take London as an example. If you’re from this city, you’ll incur a 0.10% commission per side while trading equity CFDs. You’ll also have to pay a £60 monthly fee if you use Iress Trader or ViewPoint.
But here’s the good news. You won’t incur additional costs while depositing or withdrawing money from your FP Markets trading account. Moreover, unlike many other brokers, this service provider doesn’t have inactivity fees for dormant accounts.
Please visit FP Market’s official site for a comprehensive overview of all fees and commissions.
3. FxPro – Top Option for Advanced Traders
I’ve spent time trying out FxPro‘s CopyTrade system, and it’s little wonder that the advanced traders are fans. The system offers entirely automated, manual-free trading, perfect if you want to cut your strategy to the bone. Its Trade Copier System is its crowning glory. It mirrors all of the moves made by experienced traders, eliminating the need for guessing and enabling you to aim higher returns.
One thing I appreciate about FxPro’s Trade Copier System is how seamlessly it can connect to MT4 and MT5 accounts. It does everything, including opening, hedging, and closing positions for you automatically. That added feature of in-built risk management means that you have the option of customising your risk settings to suit your requirement.
FxPro also offers a commission-free wide range of trading opportunities. You are able to trade over 70 currency pairs, including popular ones like GBP/JPY and EUR/GBP, indices, metals, and futures. This is ideal for diversification and exploring other markets.
FxPro
✔User-friendly platform
✔Low minimum deposit requirement for UK clients
Pros & Cons
Fees
Trading Assets
Pros
- Intuitive, well-organized interface
- Powerful MT5 and MT4 platforms are available
- Robust copy trading platform
- Free withdrawal and deposits
- Good customer support
Cons
- Expensive copy trading subscription fees of up to £99.99 monthly
- There is a £10 inactivity charge each month for dormant accounts
From our broker analysis and comparisons, we find FxPro to be one of the most affordable brokers for Ul clients. For starters, this broker has a free account opening procedure that takes minutes to complete. Moreover, it has a £1000 minimum deposit requirement, though you can deposit as little as £100. And when it comes to transaction costs, FxPro doesn’t impose any. We believe this makes it suitable for newbies who are sceptical about spending a lot of money and low-budget traders.
When it comes to trading charges, FxPro imposes low fees compared to other brokerage firms. For instance, forex trading attracts low fees, starting from 0.0 pips on major currency pairs. However, expect to incur additional costs for positions left overnight. There is also an inactivity fee of £10 monthly should your account remain dormant for over six months.
How to Choose Copy Trading Platform
Copy trading is increasingly becoming a popular trading method, especially for those who want to learn from expert traders or automate their plan. However, not every copy trading platform is of the same caliber. To help you make the best decision, I’ve outlined the key considerations to check when choosing a platform.
Security
Fees
Customer Support
Assets
Online Reputation
Educational Resources
Let’s begin with the most important consideration, and that is security. You’re investing in a platform, so you need to be certain it’s legitimate. I always check that the platform is regulated by the likes of the FCA (UK), CySEC (Cyprus), FSCA (South Africa), and so on. Regulation keeps them to high standards, which keeps your funds safe. I also ensure there are extra protections in place, like segregated accounts, which keep your funds apart from the company’s funds. If a platform is unregulated, I steer clear of it because I believe it’s just not worth the risk.
Fees can sneak up on you and eat into your profits, so I always check the fine print. Some platforms charge a fee for copy trading in the form of a percentage of your profit or a flat fee. Then there are spreads, commissions, and swaps. All these will amount, especially if you are a high-volume trader. I look for platforms that have low spreads (of 0 pips) in order to save money. Also watch out for hidden fees like maintenance or inactivity fees. An open-fee platform is always better.
A good support is a lifesaver. I always test a platform’s support first. I’ll pose them a question and see how quickly and helpfully they respond. Live chat is my favorite because it’s fast, but email and phone support are also required. And make sure their hours are convenient for you so you never lack help when you need it.
The number of assets a platform offers is significant to me. I’d like platforms with extensive variety, including forex pairs, stocks, commodities, indices, and even cryptocurrencies. If you’re a forex person, make sure they have plenty of currency pairs. If you’re a stock person, check if they offer CFDs on popular companies. Some platforms even enable you to trade international markets, which is great for portfolio diversification. The greater the options, the better.
Besides checking for verification features, I always consider what others have to say about a platform. I’ll look at reviews in the App Store, Google Play, and Trustpilot to get an idea of their reputation. I don’t just glance at the positive reviews. I read the bad reviews too. They typically raise points you wouldn’t have thought of. I also check trading forums and social media groups to hear from real users. If a platform has a lot of complaints or unresolved issues, I rule it out.
Even if you are an experienced trader, there is always something new to learn. Choose a copy trading platform that offers guides, video tutorials, and webinars. These are excellent means of learning about the platform’s features and improving your trading skills. Some platforms even offer live sessions with experts, which I find very helpful personally. If a platform invests time in educating its users, it’s a good indication that they care about your success.
How to Start with Copy Trading Broker
Once you’ve got a good copy trading platform, the next thing you should do is start. I have already done this and though it appears somewhat intimidating in the beginning, it’s actually pretty easy if you follow these steps:
Step 1: Visit the website of the service provider
Step 2: Create your account
Step 3: Verify your account
Step 4: Fund your account
Step 5: Trade
Start by visiting the website of your chosen broker. Take some time to get to know the tools, products, and features of the platform. If you are new to copy trading, look for learning resources like tutorials or guides to find out how it works. Don’t forget to read the company’s terms and conditions and policies. It is important to know what you are getting yourself into.
Then you will be required to create an account. Provide your information accurately, using your name as reflected on your official documents. Ensure that all the information you provide is accurate and up-to-date. Once you have registered, do not forget to verify your email and phone number. This is to ensure your account.
After you’ve registered, you’ll be asked to activate your account. This is usually done by uploading documents like your ID, proof of address, and sometimes a utility bill or bank statement. Make sure the copies or photographs you upload are clear and legible so you don’t delay. Verify that the information on your documents is identical to what you’ve input during registration.
Once your account is verified, it’s time to make a deposit. Check the list of payment methods accepted. Bank transfers, credit/debit cards, and e-wallets like PayPal or Skrill are typically accepted by most sites, including the ones listed above. Take note of the minimum deposit of the site. If you’re new, I would recommend depositing a small amount until you get used to it.
Explore the platform and look for top-performing traders to copy. Take your time to vet their strategies, risk levels, and performance history. Choose someone whose approach aligns with your trading goals. Once you’ve picked a trader, start copying their trades. Remember to monitor your positions regularly and don’t hesitate to switch traders if their performance isn’t meeting your expectations.
How we test
I am a trading expert and researcher, but to deliver the best results, I work with a team of experts. Our testing process is rigorous and unbiased since we consider one another’s opinions to make informed decisions. We start our research process by selecting as many copy trading apps as possible, with priority to their regulatory standing. We then test all apps using demo accounts to review speed of execution, ease of use, and reliability.
In addition to conducting various tests, we also examine genuine user feedback on platforms like Trustpilot, the App Store, and Google Play. We leave no stone unturned with an objective judgment while making a recommendation. Interested in our full process? More information on our How We Test page.
Final Thoughts
Achieving optimum success doesn’t start and stop at picking a good copy trading platform. You must also find a good trader to copy. That’s the key to consistent returns. When considering if a trader is worth copying, look at the performance history, trading style, and experience of the trader. Also, seek recommendations from others who’ve copied your target trader in the past.
Finally, copying trades exposes you to losses and does not guarantee profits. Risk only what you can afford to lose without affecting your way of life.
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Great guide! It was really helpful for me