Social trading has exploded in popularity in recent years. Platforms like MyFXBook allow traders to connect, share ideas, and automatically copy profitable trading strategies. But with so many options now, how do you know which platform is right for you?
In this comprehensive review, we compare MyFXBook to the top social trading platforms of 2024 based on features, fees, community, copy trading performance and more. Read on to discover which platform is best for your needs.
Introduction
Social trading combines social media with trading platforms, allowing users to interact, discuss, learn and automatically copy successful traders. This collaborative approach makes trading more transparent, accountable and educational.
MyFXBook is a pioneering social trading analytics and autotrading platform launched in 2011. Users can connect trading accounts to track and analyze performance, share trade ideas and history, find investors and automatically copy signals from top performers.
But today there are many excellent social trading platforms to choose from. In this review, we will compare MyFXBook to other top platforms in 2024:
- eToro
- NAGA Trader
- Darwinex
- ZuluTrade
- Tradency Mirror Trader
- Collective2
- Tradeo
We evaluate fees, community, copy trading capabilities, platform features, supported brokers and more. By the end, you’ll know which platform is the best fit for your trading style and goals.
MyFXBook Overview
History: Founded in 2011 by Emil Svoboda and Vladimir Hrebicek. Acquired by InsTrader in 2021.
Fees: Free to join. Fees for premium services like investor accounts and extra tools. Signal providers are charged commission on copiers’ profits.
Users: Over 4 million members. Popular globally but strongest in Asia and Latin America.
Community: Active forums and Network section to connect with traders. Followers and rating systems.
Copy Trading: Manual and automatic options. Over 25,000 strategies available. Advanced account filtering and risk management tools.
Features: Trading journal, statistics, analysis tools, economic calendar, competitions, alerts and more.
Supported Brokers: Connect to any MT4 broker plus integration with 16 leading retail brokers.
Regulation: MyFXBook is not directly regulated but partner brokers are regulated. Offers investor protection fund.
eToro Overview
History: Founded in 2007 by Yoni and Ronen Assia. Now licensed in Europe, UK and Australia.
Fees: No fees for trading. Spreads slightly higher. $5 withdrawal fee. Popular Investor fees for copied traders.
Users: Over 27 million users worldwide. Very strong in Europe.
Community: Built-in social network for sharing trading ideas and strategies. Leaderboards and Popular Investor program.
Copy Trading: Manual and automatic options. Over 800 Popular Investors available to follow and copy. Advanced risk controls.
Features: Mobile app, virtual portfolio, research and news, tutorials and more.
Supported Brokers: eToro exchange only.
Regulation: FCA, ASIC, CySEC regulated ensuring strong investor protections.
NAGA Trader Overview
History: Founded in 2015 by Yasin Sebastian Qureshi and Benjamin Bilski.
Fees: No account, commission or software fees. Tight spreads. Swap and withdrawal fees apply.
Users: Over 1 million members globally. Strong presence in Europe.
Community: Social feed, groups, chat, Leaderboards and free education from experienced traders.
Copy Trading: Manual and automatic options. Hundreds of Strategy Managers to follow and copy signals from.
Features: Trading platform, analysis tools, screener, sentiment indicators, economic calendar.
Supported Brokers: NAGA exchange only.
Regulation: Regulated by CySEC under European MiFID standards.
Darwinex Overview
History: Founded in 2012 by Juan Colon. Pioneer in Darwinia biometric copying algorithms.
Fees: No account fees. Tight spreads. 20% performance fee for successful copy traders.
Users: ~60,000 traders. Strong in Western Europe.
Community: Leaderboards, trader attributes, forum, chat and trading strategy summaries.
Copy Trading: Fully automated Darwin biometric copying algorithms. Over 2,000 strategies.
Features: Web & mobile app, analysis tools, risk management, trading strategies.
Supported Brokers: Darwinex exchange only.
Regulation: FCA regulated providing strong oversight and protections.
ZuluTrade Overview
History: Founded in 2007. Acquired by Japanese broker Rakuten Securities in 2020.
Fees: Free to join. Signal providers charged commission on copiers’ profits.
Users: Claims over 1 million members. Popular globally.
Community: Forums, trader statistics and bios, follower counts, Signal Provider rankings.
Copy Trading: AutoTrade fully automated signal copying from top traders. 10,000+ strategies available.
Features: Advanced analytics, risk management tools, customizable dashboards, alerts.
Supported Brokers: Compatible with 70+ brokers via MT4/MT5 integration.
Regulation: Self-regulated following industry best practices and standards.
Tradency Mirror Trader Overview
History: Founded in 2005. White label social trading technology provider.
Fees: Free for users. Brokers pay Tradency licensing fees.
Users: Available via partner brokers like FXCM, Oanda, IG and Saxo Bank.
Community: Leaderboards and statistics available on partner platforms. Limited social features.
Copy Trading: Fully automated strategy mirroring based on algorithms. Hundreds of strategies.
Features: Advanced risk management and allocation tools for optimal copy trading.
Supported Brokers: Offered as a platform feature by dozens of leading brokers.
Regulation: Regulation depends on the partner broker.
Collective2 Overview
History: Founded in 2000 by Matt Biener as a pioneer in social investing.
Fees: 1% annual account fee. 5% quarterly fee for strategy developers. Fees for premium features.
Users: Tens of thousands globally. Focused on US investors.
Community: Leaderboards, trader profiles and limited social features.
Copy Trading: Automated system-based trading strategy mirroring. Over 19,000 systems available.
Features: Investor portal, system developer tools, dashboards, analytics, alerts.
Supported Brokers: Link any brokerage account. Integrates with Interactive Brokers.
Regulation: Registered with the NFA, SIPC insured and follows US regulations.
Tradeo Overview
History: Founded in 2014 under Superorder Technology Ltd.
Fees: Free for users. Fees for strategy developers on profitable copiers.
Users: Claims over 60,000 users. Strong in Asia.
Community: Profiles, statistics, forum, chat, leaderboards and social features.
Copy Trading: Automated copying of strategies from top providers. Over 1,500 strategies available.
Features: Desktop and mobile apps, analysis tools, risk management, integrations.
Supported Brokers: Compatible with dozens of MT4/MT5 brokers.
Regulation: Registered in Saint Vincent and the Grenadines for international users.
Comparing the Top Social Trading Platforms
Now that we’ve provided an overview of each platform, let’s directly compare their features, fees, tools and more.
Fees
- MyFXBook is free to join with fees for some premium services. Signal providers pay commissions on profits.
- eToro has no trading commissions but has withdrawal fees and spreads. Popular Investors pay fees on copied trades.
- NAGA Trader has no account, platform or commissions fees but has swap and withdrawal fees.
- Darwinex has no account fees but 20% performance fees for successful copy traders.
- ZuluTrade is free but signal providers pay commissions on copiers’ profits.
- Mirror Trader fees depend on the integrated broker platform. Brokers pay licensing fees.
- Collective2 has annual account and quarterly strategy fees for investors and developers.
- Tradeo is free but has fees for strategy developers on profitable copiers.
Verdict: Most platforms offer free basic access for investors. But fees for advanced tools or successful strategy developers can vary significantly.
Community & Social Features
- MyFXBook has forums and profiles but social features are basic compared to some platforms.
- eToro stands out with its built-in social network for sharing ideas and interacting.
- NAGA Trader also has strong social features like groups, chat and education from experienced traders.
- Darwinex focuses on trader attributes and discussion forums rather than extensive social features.
- ZuluTrade relies on statistics, bios and follower counts more than social engagement.
- Mirror Trader’s social features are limited to leaderboards on partner platforms.
- Collective2 has basic social features like profiles and leaderboards. More focused on data.
- Tradeo tries to blend social features like chat and forums with analytics and data.
Verdict: eToro and NAGA Trader lead for built-in social engagement features to interact with other traders.
Copy Trading Capabilities
- MyFXBook allows manual or automatic copying with advanced account filtering and risk management.
- eToro supports manual or automatic copying with robust risk management tools.
- NAGA offers both manual and automated copying with hundreds of Strategy Managers.
- Darwinex uses proprietary biometric algorithms for fully automated Darwin copying.
- ZuluTrade specializes in automated copying via integrated MT4/MT5 brokers.
- Mirror Trader focuses on automated strategy mirroring based on algorithms.
- Collective2 automates system-based trading strategy mirroring.
- Tradeo uses automated copying of top provider strategies.
Verdict: All platforms offer strong automated copy trading capabilities. ZuluTrade and Darwinex are leaders in auto-copy trade execution.
Platform Features & Tools
- MyFXBook provides an economic calendar, analysis tools, statistics, and trading journal.
- eToro has solid charting, research, virtual portfolio trading, and news/sentiment tools.
- NAGA Trader offers robust technical analysis, screener, sentiment tools and calendar.
- Darwinex focuses on diagnostic tools, risk management and strategy assessment.
- ZuluTrade delivers custom dashboards, advanced analytics and risk management.
- Mirror Trader emphasizes optimized copy trading algorithms and risk controls.
- Collective2 provides investors with dashboards, analytics, alerts and developer tools.
- Tradeo offers desktop and mobile apps, analysis tools, risk management and more.
Verdict: The best platforms combine social features with robust trading tools and risk management. eToro and Tradeo offer the most well-rounded proprietary platforms.
Supported Brokers & Accounts
- MyFXBook connects to any MT4 broker plus 16 integrated brokers. Supports all account types.
- eToro operates its own proprietary exchange. Only eToro accounts supported.
- NAGA Trader is also a proprietary trading exchange platform.
- Darwinex operates its own exchange for trading accounts.
- ZuluTrade supports 70+ MT4/MT5 broker integrations. All account types.
- Mirror Trader is integrated into platforms of dozens of leading brokers.
- Collective2 works with any brokerage account or Interactive Brokers.
- Tradeo works with dozens of MT4/MT5 brokers. All account types.
Verdict: eToro, NAGA and Darwinex are more limited to their proprietary platforms. ZuluTrade, MyFXBook and Tradeo support more flexibility.
Regulation & Security
- MyFXBook follows partner brokers’ regulations. Offers investor protection fund.
- eToro is regulated by tier-1 regulators ensuring strong investor protections.
- NAGA Trader regulated by CySEC following European MiFID standards.
- Darwinex regulated by the UK FCA with strong oversight.
- ZuluTrade is self-regulated but follows best practices. Depends on broker regulation.
- Mirror Trader regulation depends on the partner brokers’ regulation.
- Collective2 registered with the NFA and follows US regulations.
- Tradeo registered in Saint Vincent and the Grenadines.
Verdict: eToro, Darwinex and NAGA Trader lead in regulation from major agencies. ZuluTrade and MyFXBook offer strong protections via partner brokers.
Historical Performance & Track Records
- MyFXBook provides access to extensive account history and statistics.
- eToro has over a decade of operations but some concerns about inflated past returns.
- NAGA Trader is newer but growing rapidly. Limited long-term data.
- Darwinex takes a scientific approach to evaluating strategies with long track records.
- ZuluTrade has over 15 years of copy trading data available.
- Mirror Trader has robust data via established broker partnerships.
- Collective2 offers nearly two decades of investor results and data.
- Tradeo has a shorter operating history starting in 2014.
Verdict: MyFXBook, Collective2 and ZuluTrade provide the most extensive verifiable track records. But even newer platforms have solid growth.
Final Thoughts – Which Platform is Best Overall?
So which social trading platform comes out on top in 2022? Here are our picks for the best platforms based on key criteria:
- Best for Copy Trading: ZuluTrade – 15+ years of copy trading expertise with seamless broker integrations. Ideal for investors seeking stable passive income.
- Best Social Features: eToro – The built-in social network creates a strong sense of community. Great for sharing ideas.
- Best Proprietary Platform: NAGA Trader – All-in-one social trading platform with advanced charting and sentiment tools.
- Best for Automated Trading: Darwinex – Leading AI algorithms provide truly automated strategy copying and execution.
- Best for Beginners: MyFXBook – User-friendly free platform to track, analyze and copy trades. Huge educational resource.
- Best for Advanced Users: Tradeo – Combines social features with MT4/MT5 capabilities focused on active traders.
There is no one-size-fits-all best social trading platform for every trader. Carefully consider your needs and style to pick the platform that’s right for you. Robust communities, reliable copy trading capabilities, strong security and proven track records should be top priorities.
Frequently Asked Questions
What are the main benefits of social trading platforms?
The main benefits of social trading platforms include:
- Connecting with other traders in a community to share ideas
- Following and automatically copying profitable trading strategies
- Learning from experienced professionals and leaders
- Increased transparency around trading performance
- Advanced analytics to evaluate traders and strategies
- More confidence and better results as a beginner
How do I choose the right platform?
Consider factors like fees, social features, copy trading capabilities, platform tools, regulation, security, supported brokers, and historical performance. Pick a platform that aligns closely with your trading style, account type, skills level, and goals.
Can I make passive income by copying traders?
Yes, copy trading allows investors to generate passive income by automatically mirroring trades from successful professionals. This hands-off approach provides stable returns for those without time to actively trade themselves.
Is copy trading riskier than manual trading?
Copy trading does carry some additional risks compared to manual trading. However, the top platforms provide advanced risk management tools to limit potential downside. Spreading investments across multiple traders can also reduce risk.
What fees are involved in social trading?
Most platforms allow users to join for free. Additional fees may include spreads, commissions on profitable copy trades, withdrawal fees, subscription fees for advanced tools, data fees, and currency conversion fees. Compare fee structures carefully.
Is my money safe copying other traders?
Choosing reputable regulated platforms that segregate accounts and funds ensures your capital remains secure, even when copying others. Leading platforms also offer investor protection funds in case of broker defaults. Performing due diligence is key.
Can I copy trade on my mobile?
Absolutely. Many platforms offer full-featured iOS and Android apps for analyzing traders, executing copy trades and managing investments on the go conveniently from your smartphone.
Conclusion
Social trading continues to evolve as an exciting blend of community collaboration, education, and account mirroring. While MyFXBook stands out for free access to analytics and copy trading tools, the competition is fierce.
Consider both your short and long term goals. Do you want to become an independent successful retail trader yourself? Or generate stable returns through proven strategies? Identify the platform aligning closest with your needs and style.
Whichever platform you choose, take time to understand the communities, fees, and core capabilities. Apply strong risk management and diversification across multiple traders. Used responsibly, social trading can fast track your learning curve while monetizing the skills and experience of professionals.
Best and Most Trusted Forex Brokers
Based on regulation, award recognition, mainstream credibility, and overwhelmingly positive client feedback, these six brokers stand out for their sterling reputations:
| No | Broker | Regulation | Min. Deposit | Platforms | Account Types | Offer | Open New Account |
|---|---|---|---|---|---|---|---|
| 1. | RoboForex | FSC Belize | $10 | MT4, MT5, RTrader | Standard, Cent, Zero Spread | Welcome Bonus $30 | Open RoboForex Account |
| 2. | AvaTrade | ASIC, FSCA | $100 | MT4, MT5 | Standard, Cent, Zero Spread | Top Forex Broker | Open AvaTrade Account |
| 3. | Exness | FCA, CySEC | $1 | MT4, MT5 | Standard, Cent, Zero Spread | Free VPS | Open Exness Account |
| 4. | XM | ASIC, CySEC, FCA | $5 | MT4, MT5 | Standard, Micro, Zero Spread | 20% Deposit Bonus | Open XM Account |
| 5. | ICMarkets | Seychelles FSA | $200 | MT4, MT5, CTrader | Standard, Zero Spread | Best Paypal Broker | Open ICMarkets Account |
| 6. | XBTFX | ASIC, CySEC, FCA | $10 | MT4, MT5 | Standard, Zero Spread | Best USA Broker | Open XBTFX Account |
| 7. | Vantage | ASIC, CySEC, FCA | $50 | MT4, MT5 | Standard, Cent, Zero Spread | 20% Deposit Bonus | Open Vantage Account |
| 8. | FXTM | FSC Mauritius | $10 | MT4, MT5 | Standard, Micro, Zero Spread | Welcome Bonus $50 | Open FXTM Account |
| 9. | FBS | ASIC, CySEC, FCA | $5 | MT4, MT5 | Standard, Cent, Zero Spread | 100% Deposit Bonus | Open FBS Account |
| 10. | Binance | DASP | $10 | Binance Platforms | N/A | Best Crypto Broker | Open Binance Account |
| 11. | TradingView | Unregulated | Free | TradingView | N/A | Best Trading Platform | Open TradingView Account |
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