Top 5 Best Social Trading Platforms in 2022

The foreign exchange market is the largest and busiest financial market. Your choice of trading platform may determine your success in this market. Each online trading platform offers different services to its customers. 

For example, some provide social trading in copy or mirror trade programs. While others only offer educational and research materials. It is vital for either beginner or seasoned traders to carefully make the right choice of the vast number of trading platforms. 

Social trading is becoming increasingly popular because it allows traders to help one another in making refined financial decisions. Forex novices can now learn from their preferred market experts and imitate their trading tactics. Professionals can also interact and take advantage of what others are doing. 

Top 5 Best Social Trading Platforms in 2022

There is no standard for choosing the best social trading platform. However, you may need to check for specific criteria before making your choice. 

An excellent trading platform must, of course, offer top-notch services in every aspect. But more importantly, they must charge reasonable prices and guarantee safety. Also, registering an account and making deposits should be straightforward.

Now, let’s look at each of the top social trading platforms in 2022. 

MTrading

MTrading is the leading online trading platform, perfect for social trading. The copy trade feature in MTrading can improve your trade experience. It is already used by millions globally. With MTrading, your funds are protected with a vast array of deposit and withdrawal options for customer convenience. 

In addition to the website trading, MTrading has an online trading app that is simple to understand, even for beginners. The web and mobile trading platforms are compatible with Mac and Windows PCs. The mobile trading feature allows you to execute and monitor your trades anywhere and anytime. 

MTrading offers you an excellent social trading experience. You can easily share ideas, discuss strategies, and many more on the platform.

Pros

• Excellent customer services
• No intrusive adverts
• Top-notch research and educational materials
• Low trading fees

Cons

• Absence of standalone research tools.

You can copy trades with the MTrading online trading platform for the best social trading experience. 

eToro

If you are looking for a trustworthy trading platform, eToro is an excellent choice. Besides forex trading, eToro allows you to trade other financial instruments, such as cryptocurrencies, stocks, CFDs, and ETFs. 

This trading platform provides its customers with lots of high-quality research and educational materials to ease trading, increasing the chances of success. This is beneficial to both novice and advanced traders. In addition, their website features a user-friendly interface that is easy to understand. 

However, eToro only operates with USD; if you are funding in other currencies, you may be charged a few dollars. Also, traders pay $5 for every withdrawal. 

Pros

• High-quality research and educational materials
• User-friendly interface
• Excellent for both beginner and professional traders and investors

Cons

• Traders are charged on every withdrawal
• Charges fees for long-term inactivity. 

Vantage

Vantage is another reliable social trading platform that enables clients to reach their goals more quickly and easily. Setting up an account on this trading platform is entirely digital, taking only a few minutes. 

This platform provides traders with a series of options for funding their accounts. Vantage ranks among our best social trading platforms not just because of its copy trading program. It allows you to trade up to 9 nine different currency pairs with low trading fees. Also, they do not charge additional fees for withdrawal or inactivity. 

However, Vantage has limited products – forex and some CFDs with a minimum deposit of $200. Also, it contains some ads and promotional content that may make the trading experience uninteresting.

Pros

• No withdrawal fee and inactivity fee
• Low trading fee
• A minimum of $200 is needed to activate the account

Cons

• No price alert feature

AvaTrade

As a forex or crypto trader, AvaTrade may be your best trading platform. AvaTrade is a secure and reliable multiple for social trading. With AvaTrade, you can invest and trade in crypto, forex, and CFDs. Also, there are different withdrawal and funding options available to traders and investors. The platform supports bank transfers, eWallets, debit and credit cards, etc.

This trading platform boasts traders in more than 100 countries. Like every top-notch social trading platform, they provide you access to tutorials and educational videos, which may benefit those new to trading.

In addition, AvaTrade offers mobile trading, which permits on-the-go trading for traders and investors, as they can trade on their smartphones from anywhere in the world. The trading fee on AvaTrade is low; however, an inactivity fee is deducted for dormant accounts.

Pros

• Many free deposits and withdrawals options
• Free tutorial and educational materials
• Low trading fee

Cons

• The product range is limited

Tastyworks

Are you an expert in the financial market?  Then Tastyworks may just be right for you. This platform assists beginners in trading more wisely. They can see what market experts are doing and generate their brilliant ideas. 

Tastyworks is ideal for experienced US traders that deal mainly in futures. Novices may also employ it as there are tutorials and educational materials. The trading fee is quite reasonable. But for non-US clients, traders pay a certain amount for wire transfers.

This trading platform is useful for investors that deal mainly in cryptos, stocks, ETFs, and futures. This broker provides investors access to more than 20 cryptocurrencies. Also, with the quick order adjust feature, a right click allows you to modify your trade orders.  

Pros

• User-friendly website
• Charges no fee on deposits 
• Provides traders with price alerts

Cons

• Not appropriate for novices

Conclusions

Social trading is an excellent way of improving your chances of success in the currency market. Both newbie and experienced traders can benefit from social trading, as they can interact with other traders and investors in a community. 

When selecting a social trading platform, do not hesitate to refer to this article as we discussed the best. However, you may need to compare its features and pros and cons to find the one that suits you best. 

Anyway, Mtrading is an excellent social trading platform. Traders and investors have access to high-quality research and educational materials. Also, the copy trading program is excellent and improves your chances of success in the market.