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Elvis

What should I consider when choosing a social trading broker?

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Help me know what I should consider when choosing a social trading broker.

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Hi Elvis,

The first consideration when choosing a social trading broker is their regulation status, are they regulated by a reputable authority such as the UK's FCA, Australia's ASIC, or the CySEC. As a rule, you should never trade with an unregulated broker.

Secondly, you should consider the platforms offered by the social trading broker as some brokers do not offer popular platforms such as the MetaTrader 4 & 5 platforms, but have their own custom platforms, which are quite good.

Some social trading platforms allow you to choose your preferred broker as is the case with Myfxbook and several others, which allow you to choose a broker from their list of supported brokers.

We have reviewed some of the bets social trading brokers and eToro stands out within the industry given its market leadership position. eToro has the most advanced social trading platform with numerous options to fit almost every type of trader.

The broker's community is one of the most advanced given that they even pay dividends on some types of trades, which very few brokers do.

 

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