4. Tradency Mirror Trader
The unique feature of Tradency Mirror Trader is that you can enable full, automatic mirror trading or semi-mirroring. When you allow semi-mirroring, you’ll get an alert when specified accounts place a trade. You can decide which trades you want to mirror and which ones you do not want to make. Tradency has a mobile app available, but it has limited functionality.
Unlike some of the other social trading networks, Tradency is only a software solution and not a brokerage platform. To use the system, you must have a brokerage account with one of the 40+ brokerages worldwide that pay to subscribe to Tradency. If your brokerage connects to Tradency, however, you’ll be able to use the platform to trade currencies, stocks, indices, commodities, contract for difference (CFD) derivative securities, gold, silver, and oil. Although anyone can share a trading strategy with other Tradency users, only those from traders with proven records are available for others to see.
5. ZuluTrade
Like Tradency Mirror Trader, Zulutrade is a social trading network but not a brokerage. To place a trade through the platform, you’ll need to sign up for an account with one of the 40+ worldwide brokers who support the Zulutrade software. You can follow and mirror trading strategies in foreign exchange, commodities, CFDs, indices, gold, and silver.
Zulutrade has a unique feature incorporated into its social charts. While looking at a security’s chart, you can make comments and discuss the chart with other users. So, you can interact in real-time with other users as market events happen. Zulutrade ranks traders based on historical performance, risk management, and follower comments. It is free to open an account with Zulutrade, and it is also free to follow traders on the platform. The only fees you have are those that your broker places on your account.
If you don’t want to open a new brokerage account but want to utilize a social trading network platform, check to see if your broker subscribes to Zulutrade or Tradency Mirror Trader. Of the two, however, Tradency has a greater number of securities and trading options. If you are willing to set up a new account, look at Ayondo, eToro, and Tradeo. eToro requires that you open an account using USD, but it also provides the highest number of options to traders. eToro has a web platform as well as an app, and you can execute trades in a wide variety of securities. You can follow other traders or share your strategies and earn bonuses for gaining a social following.
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
For additional info, contact eToro at info@etoro.com