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Best Forex Copy Trading Platforms allowed to trade in India. Rating with real reviews
Forex trading seems to be difficult. To make a profit, you don't necessarily need to trade on foreign currency markets. Copy trading has existed on the market for a long time. This allows you to copy transactions from successful traders into your account. Connect to the service, and choose an account that you want to copy in order to make profits.
Copy trading is an automated trading system that copies transactions from one account to another. How is this possible, you ask? Transactions can be copied from specific platforms. After you have registered on a platform you can select a provider to receive his signals. After the trader completes his transactions, they will be automatically replicated in your trading account.
JustForex Pros
Although the profit margin is lower, the risk of losing all your money is reduced.
A losing deal can be hedged with a profitable one
This will help to reduce losses and keep you from losing all of your money at once
This allows you diversify your risk exposures
You can select as many signal providers you wish
Enjoy more time. You don't need to spend too much time looking at the market.
Your trading style. The signals provider that best suits your trading style can be chosen
Professional traders trade
Transactions can make you money, no matter your level of skill
JustForex Cons
Always turn on the trading platform/terminal
The brain can be relaxed if the muscles aren't used.
You don't pay enough attention to the market and don't learn from your errors. This makes it difficult for you to do technical and fundamental analysis.
You could lose your originality by copying another person's deal
Copy trading can be dangerous
Even though trades can be profitable, signals providers may make mistakes and turn negative.
Forex can be unpredictable and ambiguous.
OctaFX provides a low-cost, basic MetaTrader platform experience along with its social copy-trading platform. Although it has made significant progress in pricing options for traders but lacks a wide range of tradeable instruments as well as a variety of educational content, OctaFX is still a poor choice. OctaFX is also a holder of one regulatory license.
OctaFX Pros
OctaFX was founded in 2011 and is regulated by only one tier-2 jurisdiction (Cyprus). This makes it a high-risk broker in forex and CFD trading.
Keeps an increasing number of well-organized research with trading ideas, weekly forecasts and third-party content.
OctaFX is a brand new platform for social copy-trading.
OctaFX Cons
Customers who are served by the broker's offshore non-regulated entity in Saint Vincent & the Grenadines, (SVG), do not receive any regulatory protection.
OctaFX seems to have competitive trading costs. However, its listed spreads don't have corresponding date ranges and are paired only with a small selection of over 50 tradeable symbol pairs.
OctaFX is unable to compete in education with multi-asset brokers.
OctaFX no longer offers cTrader's platform.
Trade Nation's intuitive, well-designed trading app is a great platform for beginners in forex and CFD trading. Trade Nation may not have the advanced features that you would expect from top trading platforms, however, it might be a problem for seasoned traders.
Trade Nation Pros
Regulated in Australia and the U.K., South Africa, and the Bahamas
Trade Nation's web and mobile platforms are well-designed and simple to use. This has earned them a Best in class ranking in the Ease category.
Smart News, available on the web platform and mobile app, curates tweets and news headlines.
ChartIQ on Trade Nation powers charts for mobile and web.
Trading signals powered by Acuity Trading can be easily copied using a click in a trade ticket.
Fixed spreads are competitive for CFD and forex trading, except during rollover.
Loyalty rebates in South Africa or the Bahamas offer discounts starting at 10% on spreads and a maximum of $2,500 per client.
Trade Nation Cons
Web platform lacking headlines and market research beyond smart news feature.
Blog updates are only occasionally available on market research.
It is very limited in terms of educational content and the videos and articles are not varied.
MetaTrader Suite is no longer being promoted.
Interactive Brokers is a trusted multi-asset broker that offers a wide range of global markets. It offers competitive fees, high-quality education and research, and a modern, institutional-grade trading platform. MetaTrader will be a great platform for professional traders. It offers advanced trading tools and order types that are very sophisticated. However, this may prove overwhelming to beginners.
Interactive Brokers Pros
Interactive Brokers was founded in 1977 and is publicly listed (NASDAQ: IBKR). It is regulated in six Tier-1 jurisdictions making it a safe broker (low risk) to trade forex and CFDs.
Interactive Brokers has a trustable, well-capitalized brokerage with Ending Client Equity in excess of USD 373.8 billion and Equity Capital in excess of USD 10.01 trillion. Interactive Brokers allows customers to trade on a wide range of financial markets worldwide, including stocks and options, futures and spot forex.
Traders have access to 135 markets centers in 33 countries and 23 currencies. Not available for U.S. residents: Retail spot forex trading cannot be done. (For U.S. forex trades, please see our U.S. Forex Trading Guide). forex brokers guide
Interactive Brokers' web-based Client Portal has been improved and is easier to use for forex trading. It also includes news headlines and an economic calendar.
The Trader Workstation (TWS), a desktop platform that allows for advanced trading tools, is a great choice for professionals and seasoned traders.
This allows for highly complex order types, which can prove to be an advantage in advanced forex trading strategies.
Spot gold and spot cryptocurrencies were launched in 2021, including bitcoin trading in the U.S.
More than a dozen micro-futures are available, including major forex pairs.
Interactive Brokers Cons
Although it is great for professionals, the Interactive Brokers' Trade Workstation (TWS), desktop platform for traders, can be too complex for novice traders.
MetaTrader does not exist as an alternative platform option.
Plus500 is a global trusted brand that provides an easy-to use trading platform for online traders. It also offers access to share trading and a wide selection of CFDs.
Plus500's simplified trading platform is a great choice for beginners who are looking for an easy-to-use experience. However, active traders will be disappointed by its lack of educational content and limited market research.
Plus500 Pros
Plus500 was founded in 2008 and is part the FTSE 250 Index.
Plus500 is licensed in four tier-2 and three tier-1 jurisdictions. This makes it a safe broker (low risk) for online trading.
The Plus500 web-based trading platform proved to be very user-friendly. It is a solid choice for beginners. Disclosure: A trading platform that is recommended for beginners doesn't make it easy to make money. It is risky to trade.
Plus500's mobile app and web platform feature robust charting that is consistent across all devices.
This site offers a wide range of tradeable symbols that include CFDs, shares and more than 2,000.
Plus500 seems to offer spreads that are close to the industry average for most of its major forex pairs.
CFD option contracts can be purchased on 24 most popular symbols.
Offers cash rebates to active traders through its Professional Account.
Plus500 Cons
Plus500 is a basic platform that makes it less appealing to active traders.
Plus500 doesn't offer extensive educational content for learning financial markets.
The Plus500 platform suite does not have a news calendar.
Plus500's research content is limited to a handful of daily articles and lacks market analysis or updates.
Saxo Bank, a multi-asset broker that specializes in research and trading platforms, offers a unique experience with a remarkable selection of over 40,000 securities.
Saxo Bank offers a rich, immersive trading experience for active traders, or those who are able to afford the high account balance requirements.
Saxo Bank Pros
Saxo Bank was founded in 1992 and has three regulated banks. It is licensed in six Tier-1 jurisdictions. This makes it a safe broker (low risk) to trade forex and CFDs.
Saxo Bank offers access to more than 40,000 instruments, including micro-futures, forex options and crypto derivatives depending on where you are located.
SaxoTraderGo is Saxo Bank's flagship platform. It includes everything traders need to navigate the markets.
Complex orders can be handled with account protection features.
Saxo publishes average spread data by order size and not just across trading sessions per day. This highlights its ability to provide best execution at scale.
Corellian Academy content on risk management is an excellent addition to the existing educational offerings of Saxo Bank.
The pricing for Platinum and VIP account holders is very competitive. Classic account holders pay less on pairs like the EUR/USD than the industry average.
Saxo Bank Cons
Saxo Bank is a producer of high-quality videos to support its research and education but it wasn't actively creating video content in 2021.
Although the educational content is excellent, there are still areas for improvement. For example, you can add progress tracking and quizzes to your lessons and expand the number of videos and written lessons.
The minimum deposit requirements are very high. A Classic account requires a $2,000 minimum deposit, while VIP and Platinum accounts require a minimum of $200,000 and $1,000,000. Consider CMC Markets or IGH instead if you feel the minimum deposit requirements are too high.
Although the SaxoTraderPRO desktop platform can be an incredible trading tool, it is difficult to customize. We would welcome more pre-defined layouts.
IG is the best trading platform, offering excellent research and trading tools, industry-leading education and a wide range of tradeable markets.
Trusted multi-asset broker, IG has global regulation and is publicly traded. We rank IG as the top overall broker in 2022 because of its exceptional experience.
IG Pros
IG was founded in 1974 and is listed on the public (LON:IGG). It is also regulated in six tier-1 countries, making it a safe broker for CFDs and forex trading.
In our 2022 Review, IG was ranked as the most trusted broker in forex and CFDs.
IG is the ultimate forex broker and finished 1st Overall in our 2022 ranking.
IG was second in Platforms and Tools and first in Research. IG also finished Best In Class (top 7) in Offering of Investments (with more than 19,000 tradeable instruments), Commissions and Fees and Education.
IG acquired tastytrade for $1B to introduce options trading and listed derivatives (i.e. Futures) trading to U.S. customers.
IG Smart Portfolios, share-dealing and forex trading are just a few of the offerings that IG has.
IG Cons
IG's web platform, which is the best in its industry, is amazing. However, it lacks predefined layouts so some manual configuration is required.
IG's MetaTrader offer only has 76 tradeable instruments, despite the premium MT4 addons from FX Blue and Autochartist integration.
Upstox, a low-cost tech-first broking company in India, offers trading opportunities at unbelievable prices. Upstox provides trading in equities, currencies, futures, and other segments through its Upstox Pro Web or Upstox Pro Mobile trading platforms. Upstox also offers website-based and mobile trading. RKSV has built Upstox's trading platform in-house. This makes it easy to place orders via mobile and web browser. Upstox currently does not offer a trading terminal.
Upstox Pros
These are some of the benefits of Upstox. Before opening an Upstox account, you should read the Upstox benefits and disadvantages. Upstox pros & cons will help you determine if it is right for your investment needs.
Maintaining an account with Rs 0 Demat is free.
Flat Rs 20 per trade brokerage in all segments, including intraday, delivery, and F&O at BSE or NSE.
Mobile trading app for Android and iOS. There are no software charges.
Both web and mobile versions of After Market Order (AMO), and Cover Order are both available.
Trailing-Stop/Stop-Loss (SL) is available in both web and mobile.
Orders for Good-Tilling-Triggered (GTT), are available in Equity or commodity.
Upstox Pro Web Trading Platform provides multiple indicators that allow you to monitor the markets wherever you are.
Upstox Bridge for AmiBroker allows you to code and execute your trading strategy with the AmiBroker FLE editor.
Upstox Developer Console allows you to create (code) your trading app using languages like Python.
Upstox Option Chain Tool allows traders to find Spot, Future rates, vertical comparison of rates, and details such as circuit levels. Customers can also use it to calculate volatility, open interest, performance indicator, and check greeks.
Upstox MF Platform has 1000's of mutual funds to choose from. Customers have the option to choose between SIP or Lumpsum investment.
Margin Against Shares is possible.
Online IPO Application (UPI), is now available.
Upstox Cons
These are the cons and drawbacks of Upstox. You can see the full list of Upstox drawbacks.
The cost of equity delivery brokerage is Rs 20 per trade. Brokerage free stock market investment is offered by most other brokers.
Margin Funding cannot be used on delivery trades.
Upstox does not offer unlimited monthly trading plans.
Additional Rs 20 is charged for call and trade fees per executed order (Rs20 Brokerage + Rs20 Call & Trade Fee).
For intraday square MIS/BO/CO order that are not squared off by the customer, an additional Rs 20 is added to each executed order.
It doesn't offer stock tips or recommendations.
Because the company does not offer banking services, 3-in-1 accounts cannot be opened.
Customer service is not available 24/7.
Since Jan 2018, Upstox NRI trading and demat accounts are no longer available
Upstox does not offer API access to automate trading.
Alpari's mission is to help clients succeed and grow the financial services industry in all countries where we operate. We innovate constantly and make sure that the services we provide are as relevant as possible. Sponsorship programs have been an integral part of our work since the beginning of our 20 year history. We have supported many sports teams. We reached the North Pole in 2018, planted the Alpari flag there, and set two world records. We have many more plans for the future. In 2005, the Alpari Charitable Fund began to be established. The charity has supported more than 37,000 people over the past 15 years. The charity has hosted more than 750 fundraising events, and paid over 1,200 children for medical care. It also provided humanitarian aid to more than 18,000 families. The fund has over 10 programs that allow it to concentrate its efforts and accomplish more. Currently, the Alpari Charitable Fund has more than 100 volunteers.
Alpari Pros
You can trade with many different types of trading accounts to suit your goals and experience.
Customer support provides efficient and high-quality customer service
There are many different ways to replenish your deposits or withdraw funds.
There are many educational tools.
It is a good choice for beginner traders. It offers automated trading and participates in many projects.
Binary Options can be used to trade.
Alpari Cons
They do not accept clients from Russia and Japan.
Withdrawing funds can be done after some delays
Only VIP traders can receive commissions for withdrawals or deposits.
OANDA is a trusted global brand that stands out for its quality market research and reputation. OANDA's strong regulatory record and support for third-party functions bolster its overall offering.
OANDA's low-quality CFDs and pricing places it behind , the best forex brokers.
OANDA Pros
OANDA was founded in 1996 and is licensed in six tier-1 jurisdictions. This makes it a safe broker (low risk) for forex trading.
Market Pulse hub offers high quality market research articles as well as daily analysis updates.
OANDA has its own podcast series, Market Insight. I found it informative.
The fxTrade app for mobile is well-balanced and easy to use.
OANDA's market analysis, news and research tools are excellent.
ZuluTrade allows you to trade social copy, but it does require a $500 deposit.
TradingView platform available alongside many VPS services to host MT4 servers.
OANDA Cons
It offers fewer market updates than its competitors.
OANDA's educational content is excellent, but it isn't comprehensive. Most of the video content is platform tutorials.
OANDA offers multiple options for algorithmic trading via API, as part of its Algo Labs offering.
Spreads at OANDA are lower than average and trail discount leaders CMC Markets (IG) by a large margin.
OANDA's fxTrade desktop is great, but not great - and trails platform leader IG and Saxo Bank.
Is copy-trading a good idea?
Many people feel hesitant to try new things. They often feel they lack the skills to achieve results. Copy trading is a great choice for new and inexperienced traders. It’s possible to start slowly and learn how trades work. Forex trading is easy in India. You can learn while you earn. You can feel confident in your ability to profit from trading by following the tips of experienced traders right from the beginning. It simply means that you’ll be supported and guided by experienced Forex traders through every trade you make.
Is copy-trading a good option for beginners?
Copy trading could be the ideal way to get started if your trading skills are limited. Instead of spending time and effort learning about markets, you could just copy the success of someone else.
Can you get rich copy trading?
If the trader can find a successful trader to copy, copy trading in India can bring high profits. The greatest risk to a trader copy-trading is market risk. Copying a strategy could cause them to lose money. Trading also exposes traders to liquidity risks if their instruments are in liquid conditions during volatile markets. Finally, traders could be subject to systematic risks if their product experiences dramatic declines or rallies.
How do you start copy trading in India
- 1. Choose a trader. Look for traders based upon their performance, assets, risk scores, and many other factors.
- 2. Set an amount. Select a total amount.
- 3. Click Copy. To copy trader positions automatically click the “Copy” link.
It is very easy to set up your copy trading. Simply select the user to copy and then click COPY. Their positions will be copied in real time, proportionally. You can immediately stop or begin copying another user.
Is copying legal in India?
Yes, copy trade is legal in India provided your broker has been properly regulated by the Commodity Futures Trading Commission for forex and the Securities and Exchange Commission of the Philippines for stocks.
How much does it take to get started in copy trading in India
Copy trading is possible in India with no minimum capital. However, you can start with as little capital as $100. You might be limited in your opportunities with this amount.
It is a good idea to start small and limit the number of signal service providers that you use. This will allow you to quickly exhaust your margin. You will need to invest minimum amounts in order for trades to go through.
Which broker is best for copy trading in India?
List of top copy trading platforms in India
- • JustForex.
- • Oanda.
- • Plus500.
- • OctaFX.
- • IG.
- • Saxo Bank.
- • Interactive Brokers.
- • Webcom E-Trade
- • Upstox.
- • Trade Nation.
Copy trade is it possible to charge a fee?
It’s possible to replace existing traders at any moment. But you’ll still need separate Invest accounts for each trader. You don’t have to pay any additional fees for copy trading, other than the one you pay the Strategy Manager every time they make a loss.