Novice investors with little experience in retail trading are encouraged to take advantage of copy trading. You do not need to be highly skilled to copy trade. Simply mimic professional traders’ positions and let the platform automate the activities.
For you to start copy trading, you need to choose a trusted broker that meets your trading requirements. Below, we have recommended the best copy trading platforms in the UK. They have all undergone hours of multiple testing, and we guarantee you that they will make your trading experience worthwhile.
In this guide
Best Copy Trading Platforms in the UK 2021
- 1. eToro – Overall Best Copy Trading Platforms in the UK
- 2. Pepperstone – Best Copy Trading Platforms for Beginners in the UK
- 3. IG Markets – Commissions Free Copy Trading Platform in the UK
- 4. eToro – Most Trusted Copy Trading Platform in the UK
- What is Copy Trading?
- Pros & Cons of Copy Trading
How we test?
Our test process is really based on two different aspects: our independent tests and research, as well as user reviews from Google Play, the App Store, and Trustpilot, etc.
The first thing we do when testing is to check every detail and test every tool and instrument. Our experts spend more than 200 hours on every article. We pay special attention to the specific function or the criteria that we’re comparing during the comparing stage. This means that we must determine which broker is more suited for beginners, and which is better suited for experts, for example. Find out more about our test process here.
Compare the Best Copy Trading Platforms in the UK
Our team of experts spent more than 150 hours testing various copy trading platforms in the UK. We must admit that it wasn’t an easy process, but the results are rewarding. We mainly based our research on the following metrics:
Additionally, we reviewed honest user ratings from Google Play, the App Store, and Trustpilot. Take a look at our findings from these reviews.
1. eToro - Overall Best Copy Trading Platforms in the UK
One of the reasons that make eToro popular in the UK is its ability to offer a world-class copy trading platform. It was the first broker to launch the copy trading feature, and this has set the bar high for eToro, making it successfully register more than 10 million traders globally.
Since Its launch in 2007, eToro continues to provide its CopyTrader feature that allows you to locate expert traders that match your trading requirements and copy their trades. The CopyTrader is flexible and will enable you to stay in control of your portfolio.
If you are an expert trader, eToro will compensate you for every trade copied through its popular investor program. This does not mean that the newbies will pay an extra fee for the CopyTrader feature since eToro offers it free of charge.
For you to receive notifications about expert traders’ new trades, eToro offers the social news feed feature. You can use it to post your trading ideas, comment on other traders’ posts, and learn their strategies to improve your trading skills.
Ultimately, eToro has a minimum deposit requirement of approximately £150 for you to start investing. You can trust this broker with your investment capital since it is regulated by the UK’s FCA.
- CopyTrader feature that lets you automatically copy trades from the experts.
- Expert traders to receive rewards for every trade copied.
- Stock trading is commission-free.
- Allows various payment methods, including bank transfers, debit/credit cards, and e-wallets like PayPal.
- Customer support is only available five days a week.
- High financing costs for open overnight positions.
2. Pepperstone - Best Copy Trading Platforms for Beginners in the UK
If you are a novice trader looking for an easy-to-use trading platform in the UK that is easy to navigate, Pepperstone tops the list. Its trading platform performs seamlessly on all devices, and you can also download its WebTrader app on your desktop for easy accessibility.
What makes Pepperstone one of the best copy trading brokers is its third-party social trading platforms including, myfxbook, MetaTrader Signals, and DupliTrade. You can use these platforms to share trading ideas and strategies. Pepperstone also lets you mirror expert Traders’ trades and increase your chances of making good profits. With this advantage, it will be easier for you to automate your trading activities and learn trading strategies to improve your overall experience.
Other than the social trading platforms, Pepperstone also has the cTrader, MetaTrader 4, and MetaTrader 5 platforms, which are user-friendly and highly customisable. They come with multiple built-in technical indicators, expert advisors, and charting tools to help you efficiently analyse the markets and stay on top of your trading activities.
Additionally, these platforms are loaded with a plethora of educational materials, including tutorial videos, webinars, and articles. These can be of great assistance in helping you to quickly understand the trading market. There is also a risk-free demo account on Pepperstone. You can use it to test how this copy trading broker works before you start investing your capital.
- Various trading platforms to choose from, which are user-friendly and fully-customisable.
- Social trading feature for copy trading.
- Heavily regulated by the Financial Conduct Authority (FCA) in the UK.
- Plenty of educational and research materials.
- Minimum deposit of £200, which is relatively high compared to other brokers.
- Financing costs for open overnight positions are high.
3. IG Markets - Commissions Free Copy Trading Platform in the UK
IG Markets allows access to its IG Community trading platform free of charge. With this platform, you can interact with other global traders through an online forum and share trading ideas. You can also copy the expert traders’ positions, making it easier for you to learn and improve your strategy.
IG Markets is also backed up with other trading platforms, including ProRealTime, MetaTrader 4, and L-2 Dealer. Whether you are a novice or an expert trader, these platforms will serve you best. They are easy to use and customisable with an advanced charting package for market analysis. The L-2 Dealer also offers the Direct Market Access feature, which lets you deal directly in the markets’ order books.
You will trade on over 17,000 markets on this broker’s platform. With a long track record that goes back to 1974, trust and believe that IG Markets is safe for your investment capital. It is also regulated by the Financial Conduct Authority (FCA) to offer its services to UK clients.
Even though IG Markets has high trading charges, many traders like it because of its many research materials, including access to an advanced charting package and news feed for effective market analysis. Plenty of educational materials are also available in IG Markets to help you quickly improve your trading skills.
- Advanced charting package for market analysis.
- Various trading platforms to choose from.
- Free access to IG Community for copy trading.
- MT4 trading platform that executes trades fast and fully customisable.
- Trading fees are high.
4. eToro - Most Trusted Copy Trading Platform in the UK
Once again, eToro excels as the most trusted copy trading platform in the UK. This is no surprise since it was the first broker to introduce the copy trading feature. It is also the largest copy trading platform in the UK, let alone globally. No wonder it has registered more than 10 million clients worldwide.
eToro was founded in 2007, and up to to date, it boasts of its CopyTrader feature that allows investors to interact and share trading ideas. New investors will not feel left out since they can imitate the trades of the experts. Additionally, the copy trading platform is supported on all devices, including mobile, making you keep track of your activities on the go.
You can trade more than 2,000 markets on eToro, including forex, stocks, commodities, and CFDs. The broker also offers margin trading, allowing you to leverage (i.e., borrow money to trade with) up to 30:1. You will also have access to the Direct Market Access feature that allows you to be in complete control of your trading activities.
eToro’s trading charges are relatively high. Therefore, before creating a live trading account, confirm if you can afford it. Take advantage of its free demo account to see how it works. It might just be the broker that compliments your trading requirements.
- Regulated by world-class authorities, including the Financial Conduct Authority (FCA).
- User-friendly and highly customisable trading platform.
- +10 million global users.
- Expert traders receive rewards for every copied trade.
- Limited research and educational tools.
- High trading charges.
What is Copy Trading?
Copy trading is a form of trading that allows you to easily kick start your trading activities, especially if you do not have enough time to learn trading strategies. This trading method lets you imitate the trades of the most professional investors by automating all the activities.
You can apply copy trading across various markets, including forex, shares, and CFDs. Note that copy trading is a high-risk form of trading, and so we advise you to first research how it works before committing fully.
Pros & Cons of Copy Trading
Like any other form of trading, copy trading has its pros and cons. Below, we have summarised a few to give you a better understanding.
- A good option for beginners: As a beginner, it is best to note that it takes time for you to familiarise yourself with how trading works. Therefore, with copy trading, you can imitate expert investors’ trades and increase your chances of earning profits.
- It is rewarding: If you are an expert investor, copy trading allows you to participate even more in the trading market. Most brokers will reward you for every copied trade, making you open positions more frequently.
- Trade on diverse markets: No matter what your preferred market is, copy trading allows you to trade on a wide variety of instruments, including forex, stocks, commodities, among others.
- Creates a social community: While you can imitate trades, copy trading also brings you closer to other investors through a chat platform. You get to interact with each other and exchange trading strategies, hence improving your trading experience.
- Risky: Note that even the expert traders have bad days they lose. Therefore, in case the trader you are copying loses, you also go down the drain.
- Limits your performance: Since you will entirely be depending on another trader’s strategies, you will have less control of your trading activities.
- Provides traders with little incentive: A trader can become too comfortable with copy trading and stay demotivated from conducting market research and improve their own strategies.
How to Choose the Best Copy Trading Platform in the UK
Choosing the best copy trading platform in the UK is challenging. You need to identify a platform that meets your trading requirements to increase your chances of being successful.
Below are the factors to consider during this process:
Following the UK’s trading laws, the best copy trading platform must be under a broker that is licensed and regulated by world-class authorities, including the Financial Conduct Authority. Confirming a copy trading platform’s credibility is one way of securing your investment capital.
When looking for a copy trading platform, you probably know the markets you wish to invest in. Not all brokers will let you copy trade on all market assets. Therefore, choose a copy trading platform according to your trading needs.
Copy trading on most broker’s platforms is free. However, you will still incur the usual trading charges before you open a position. For this reason, the copy trading platform you choose should offer trading charges that you can afford.
The best copy trading platform in the UK should have a customer support system that you can rely on in case of any trading issues. You should reach them through various communication channels, including phone, email, and live chat.
When making deposits and withdrawals, you will need a flexible payment method for your trading needs. Our recommended brokers above offer a wide range of payment methods, including bank transfers, debit/credit cards, and e-wallets.
Absolutely. Copy trading is a practical means of increasing your chance of earning profits. Remember to first understand how it works and the risks it carries before engaging in it.
Yes. Since you will be imitating the trades of expert investors, you will make money only when they execute successful trades.
Copy trading is a form of trading that allows you to imitate the trades of professional investors. It is an advantage to novice investors who are still familiarising themselves with the trading markets.
Yes. Copy trading is legal in most global countries, including the UK. Note that you can only copy trade on brokers that are licensed and regulated by tier-one authorities, including the Financial Conduct Authority (FCA).
Copy trading allows you to mimic the trades of expert traders automatically. On the other hand, social trading lets you interact with other traders and share trading ideas and strategies to improve your trading activities. When it comes to mirror trading, it slightly differs from copy trading by allowing you to copy trades executed by automated trading and signal services. It is best suited for advanced investors.
Novice traders in the UK should note that copy trading is not a sure-fire way to make profits. You need to learn how to strategise, manage your trading activities, and choose a suitable broker for your trading requirements. We advise you to consider our recommended brokers that have been tested and proven to deliver the best service there is.