Which is the best social trading platform for Forex?

Social trading is a convenient way to put capital into the markets with the added confidence of having the input of others incorporated into your trading decisions. Social trading actually covers a wide range of investments strategies. At one end of that spectrum you have traders ‘socializing’ and sharing views and thoughts on the market in a chat room; at the other end you’ll find Copy trading which involves you agreeing to hook up your portfolio to that of another trader and automatically copy the trades that they execute. How you approach the situation will be down to personal preference and factor in how much time you can devote to managing your portfolio. Whilst social trading is still a developing sector of the financial markets there are some broker platforms that are establishing reputations as market leaders. Etoro and ZuluTrade have earnt reputations for being pioneers of the space and have met customer demands so well that they are two of the biggest platforms in the sector. Etoro requires a minimum deposit of only $200 and that could be important to you if you’re new to the space. The old adage of starting in small sizes then building into a position applies to this form of trading as much as it does to trading yourself. FXTM have a feeling of being a second-generation player. Whilst not offering the widest range of instruments to trade FXTM does cover the core markets and their site is particularly user-friendly with some unique functionality that will appeal to some. If you want to access research on a granular level then one of the bigger platforms could be a better place to start your search. The Saxo Markets social trading platform (www.tradingfloor.com) offers a wealth of opinions and research. The increasing popularity of social trading reflects the opportunity provided to tailor investment approach to personal risk appetite and the amount of free time you have. It would be foolhardy though to not constantly check the quality of the advice you are receiving. One approach would be to open up very small accounts at some of the well-known brokers. That way you’d be able to road-test them all and find that balance between convenience and returns.