2. Ayondo
Ayondo was founded in Germany in 2009 and is one of the biggest social trading networks in Europe. Since it is based in Europe, Ayondo allows traders to open accounts in Euro and GBP in addition to USD.
Traders in this network tend to be focused more on day trading than in executing long-term investment strategies. Since Ayondo is also a brokerage platform, you can enter trades directly through their system. This is especially helpful if you want to follow one of the successful traders in the network. Ayondo will automatically execute their same trades in amounts proportional to the money available in your account.
Ayondo not only lets you copy other traders in the network but also let you earn money based on the success of your trades and popularity of your profile. Traders are ranked based on the time they are members, the number of trades executed, risk management, and portfolio performance. Ayondo has a free demo version available, so you can test it out before committing any money to the platform. To start trading, you’ll need to put at least 100 Euro into your account. You’ll pay the broker spread for trades executed as well as an additional fee for broker roll costs.
3. Tradeo
Tradeo launched its social trading platform in 2012. Initially, traders could only access the platform through an existing brokerage account, but now all trades can be executed through the Tradeo platform. You, however, can place trades for foreign exchange and contract for difference derivative securities. One of the things that Tradeo does well is making it easy to trade from within a research screen. There are trading options from within the social networking screens as well as the charting screens.
Although you can find and follow successful traders, you cannot automatically copy their trades like you can on other platforms. Also, Tradeo doesn’t pay commissions to traders who share their trades. You can get a fully functioning account for free if you want to see what you can do with Tradeo, but you’ll need to open an account with at least 250 EUR/GBP/USD to start trading.