7 Best Copy Trading Platforms in the UK
Dom Farnell
Co-Founder
Dom, a Co-Founder at TIC, is an avid investor and experienced blogger who specialises in financial markets and wealth management. He strives to help people make smart investment decisions through clear and engaging content.
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Risk Warning
Please bear in mind that trading involves the risk of capital loss. 51% to 84% of retail investor accounts lose money when trading CFDs with the providers below. You should consider whether you can afford to take the high risk of losing your money.
Last Updated 26/11/2024
Explore our curated list of reputable, regulated brokers, each rigorously tested with real funds. All brokers are accessible to traders in the United Kingdom.
Quick Answer: Who is the Best Copy Trading Broker in the UK?
Here are the Top 7 Best Copy Trading Platforms in the UK
- eToro – Best Overall Copy Trading Platform
- AvaTrade – A Top Choice for Access to MT4 & MT5
- Pepperstone: Excellent for Those Focusing on Forex
- FP Markets: Best Option for MetaTrader Users
- FXTM: A Worthy Option with a Low Minimum Deposit Requirement
- Tickmill – A Good Choice for Accessing CFD Instruments
- IC Markets – Targeted for Copy Trading Options
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eToro - Best for Beginners
- Copy Trading
- Competitive Fees
- Diverse Asset Range
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- 30 Million+ Users
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How do these Copy Trading Brokers Compare?
| Platform | Overall Rating | % of Retail CFD Accounts Losing Money | FCA Regulated | Minimum Deposit | Copy Trading Platform | Platform Usability | Demo Account Availability | Account Types |
|---|---|---|---|---|---|---|---|---|
| eToro | 5.0/5 | 51% | Yes | Varies by region | CopyTrader | 5 | Yes | Social investing features, user-friendly platform |
| AvaTrade | 4.5/5 | 71% | No | £100 | AvaSocial | 4.6 | Yes | Multiple platforms (MT4, MetaTrader 5) |
| FXTM | 4.5/5 | 75.20% | Yes | £200 | Myfxbook AutoTrade | 4.8 | Yes | MT4 & MT5 integration, advanced charting |
| Interactive Brokers | 4.0/5 | 62.50% | No | £100 | IR Copytrade | 4.2 | Yes | MT4 & MT5 integration, cTrader platform |
| FXTM Invest | 4.0/5 | 67% | Yes | £10 | FXTM Invest (Managed Accounts) | 3.9 | Yes | Offers pre-built investment strategies |
| Myfxbook AutoTrade | 3.5/5 | 71% | No | £100 | Myfxbook AutoTrade | 3.8 | Yes | MT4 & MT5 integration, low spreads |
| cTrader (via multiple brokers) | 3.5/5 | 71% | No | £200 | Myfxbook AutoTrade | 4.2 | Yes | MT4 & MT5 integration, cTrader platform |
Top 7 Options Trading Platforms
eToro – Best Overall Copy Trading Platform
eToro is widely acclaimed for its comprehensive social trading features, making it a top choice for individuals looking to engage in copy trading. Its platform facilitates a vibrant community where traders can interact, share insights, and copy the trades of successful investors.
Pros
Cons
51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
- Extensive range of markets: Users can trade cryptocurrencies, stocks, commodities, and more.
- Robust social trading features: Facilitates easy following and copying of other traders.
- Regulated by top-tier authorities: Including the FCA, ensuring a secure trading environment.
- Higher trading costs: eToro's spreads can be higher compared to some competitors.
- Withdrawal fees: A flat fee is charged on all withdrawals.
My Experience
Trading on eToro has been a significant learning curve for me. The social aspect introduced me to strategies that have shaped my trading philosophy, making it ideal for both learning and earning through others’ expertise.
TIC Score 4.5/5
AvaTrade is renowned for providing traders with robust access to both MetaTrader 4 and MetaTrader 5, two of the most powerful trading platforms available. Its commitment to supporting advanced trading tools and automated trading systems makes it a favored choice among technical traders.
Pros
Cons
71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
- Comprehensive access to MT4 and MT5: Offers a variety of advanced tools and charts.
- Wide range of trading instruments: Includes Forex, CFDs, and cryptocurrencies.
- Regulatory compliance ensures a secure trading environment.
- Inactivity fees: Charges a fee if the account is inactive for a prolonged period.
- Platform complexity: Can be intimidating for beginners due to the advanced features.
- Withdrawal times can be longer than some traders might expect.
My Experience
My experience with AvaTrade has been enriching, particularly because of the seamless integration with MT4 and MT5. These platforms have empowered me with the tools necessary for detailed technical analysis and automated trading, enhancing my trading decisions.
TIC Score 4.5/ 5
Pepperstone: Excellent for Those Focusing on Forex
Pepperstone excels in the forex market, offering traders exceptionally low spreads and a high-speed execution environment. This broker is well-regarded for its focus on providing top-notch trading conditions specifically tailored for forex traders looking to maximize their trading efficiency and profitability.
Pros
Cons
75.2% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
- Ultra-low spreads: Competitive pricing, especially on major forex pairs.
- Rapid execution speeds: Minimizes slippage, enhancing trade outcomes.
- Excellent customer support: Knowledgeable and accessible 24/5.
- Limited product range: Mainly focused on forex and CFDs, less variety in other asset classes
- No proprietary platform: Relies heavily on third-party platforms like MetaTrader.
My Experience
My trading with Pepperstone has been notably smooth, particularly due to the low spreads and quick execution. These features have been crucial in helping me exploit forex market volatility, making Pepperstone an ideal choice for my forex trading needs.
TIC Score 4/ 5
FP Markets: Best Option for MetaTrader Users
FP Markets is recognized for its outstanding integration with MetaTrader platforms, offering enhanced trading functionalities that cater to both new and experienced traders. It’s especially popular among those who value detailed analysis and flexible trading options, facilitated through the advanced capabilities of MT4 and MT5.
Pros
Cons
62.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
- Exceptional MetaTrader integration: Offers full utilization of MT4 and MT5 capabilities.
- Competitive pricing: Provides some of the industry's lowest spreads
- Wide range of instruments: Access to forex, indices, commodities, and more.
- Complex for beginners: The wide array of features can be overwhelming for new traders.
- Variable customer service experiences: Feedback on support quality can vary.
My Experience
My usage of FP Markets with MetaTrader has significantly boosted my trading strategy. The platform’s powerful analytical tools have allowed me to conduct thorough market analyses and execute trades with precision, enhancing my trading outcomes.
TIC Score 4/5
FXTM - Great for Advanced Charting Tools and Competitve Spreads
CMC Markets is renowned for its most advanced trading platform, charting tools and competitive spreads, especially in the options trading segment. It offers an extensive product range, including a variety of options instruments. The top options trading platform is also known for its quality educational content and strong customer support.
Pros
Cons
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
- Low minimum deposit requirement: Accessible for beginners and those with limited capital.
- Extensive educational resources: Offers webinars, tutorials, and seminars.
- Wide range of account types: Tailored to meet diverse trading needs and styles.
- Higher spreads on some accounts: Particularly noticeable in micro accounts.
- Limited product portfolio: More focused on forex; fewer options in other asset classes.
My Experience
Starting with FXTM was easy due to the low financial barrier to entry. The educational resources provided were instrumental in my development as a trader, offering valuable insights that helped refine my strategies.
TIC Score 3.5/5
Tickmill - A Good Choice for Accessing CFD Instruments
Tickmill has established itself as a go-to broker for trading CFDs, offering a robust platform that caters well to those interested in diversifying their trading strategies with various CFD instruments. Its competitive spreads and emphasis on transparency make it a reliable option for serious traders.
Pros
Cons
71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
- Competitive spreads: Especially low for major forex pairs and key CFDs.
- No requotes: Ensures orders are executed at expected prices.
- Regulatory oversight: Strictly regulated, providing a secure trading environment.
- Limited platform diversity: Mainly supports MetaTrader, which may not suit all traders.
- Narrower focus on instruments: Primarily CFDs and forex, with less variety in other markets.
My Experience
Trading CFDs on Tickmill has been straightforward and cost-effective. The low spreads and reliable execution have been key in allowing me to make timely and profitable trades, particularly in fast-moving markets.
TIC Score 3.5/5
IC Markets – Targeted for Copy Trading Options
IC Markets is particularly favoured among traders who prioritize copy trading, offering advanced tools and a wide array of options for those interested in mirroring the strategies of successful traders. Its strong emphasis on technological integration makes it a top choice for automated and copy trading.
Pros
Cons
71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
- Deep liquidity: Ensures tight spreads and better pricing.
- Advanced trading tools: Ideal for technical traders and those using automated strategies.
- Support for multiple platforms: Includes MetaTrader and cTrader.
- Complexity of features: Can be overwhelming for beginners.
- Geo-restrictions: Not available in certain countries, which might limit accessibility for some traders.
My Experience
My experience with IC Markets has been overwhelmingly positive, especially in copy trading. The platform’s technological capabilities have allowed for seamless execution of trades and real-time tracking of market movements, enhancing my overall trading strategy.
What is Copy Trading? A Beginner-Friendly Overview
Copy trading is a simple yet powerful way to participate in financial markets by mirroring the trades of experienced investors. For beginners, it removes the steep learning curve often associated with trading. Instead of analysing charts, tracking market trends, or making complex decisions, you can simply select a seasoned trader whose strategies align with your goals and automatically replicate their trades.
I remember when I first stumbled upon copy trading—it felt like a lifeline. As someone overwhelmed by technical analysis and market jargon, the idea of leveraging the expertise of others seemed like the perfect entry point. It’s essentially a shortcut for beginners, offering exposure to trading without requiring in-depth knowledge. Beyond ease, it’s also a time-saver, making it ideal for those with busy schedules who want to invest without spending hours on research.
How Does Copy Trading Work?
The process of copy trading is straightforward, yet it relies on sophisticated technology to function seamlessly. Here’s how it typically works:
- Choose a Trader to Copy: Platforms provide performance stats, risk profiles, and trading history for you to evaluate.
- Allocate Funds: Decide how much capital you want to dedicate to copying a trader.
- Automatic Replication: Once set up, the platform mirrors the trader’s positions in your account, proportionate to your allocation.
- Monitor and Adjust: Regularly review the trader’s performance and adjust your strategy if needed.
For instance, I vividly recall my first experience with copy trading—after selecting a high-performing trader with a solid track record, I saw my account reflect their trades in real-time. It was fascinating and felt like having a mentor guide me through the markets. That said, monitoring performance is critical to ensure alignment with your goals.
How to Choose the Best Copy Trading Platform in the UK
Key Criteria for Selecting a Platform
When selecting a copy trading platform in the UK, several key factors can make or break your trading experience. First, regulation and security are paramount. Ensure the platform is regulated by a trusted authority, such as the UK’s Financial Conduct Authority (FCA), which provides legal protection and peace of mind.
Next, fees and costs should be transparent and manageable. Some platforms charge commission, while others earn through spreads or performance fees. For instance, I once started on a platform with unclear fees and saw my profits eroded. Since then, I always check for hidden costs like withdrawal fees or inactivity charges.
Equally important are the platform’s features and usability. A user-friendly interface that simplifies finding traders, assessing their stats, and managing your portfolio is crucial, especially for beginners. Platforms with detailed trader performance analytics and risk metrics help you make better decisions. Finally, consider the range of assets available. Platforms with diverse options like forex, stocks, and crypto enable greater flexibility and portfolio diversification.
My Recommended Copy Trading Platforms
| Platform | Regulation | Fees | Best For | Key Features |
|---|---|---|---|---|
| eToro | FCA, ASIC, CySEC | Commission-free for stocks, competitive spreads for forex | Beginners & Intermediate Traders | Social trading network, CopyTrader™, user-friendly interface |
| Pepperstone | FCA, ASIC | Low spreads, commission on CFDs | Experienced Traders | Advanced tools like DupliTrade and Myfxbook integration, robust analytics |
| AvaTrade | FCA, ASIC, FSCA | Competitive spreads, no hidden fees | All Levels | Integrations with ZuluTrade, educational resources, wide range of assets |
eToro: A Social Trading Powerhouse
eToro stands out as a leading copy trading platform in the UK, combining a user-friendly design with powerful tools. Regulated by the FCA, eToro provides a safe environment for traders. Its social trading network allows users to interact, share insights, and discuss strategies, creating a community-driven trading experience.
One of its highlights is the CopyTrader™ feature, which lets you copy top-performing traders with just a few clicks. Detailed profiles and performance statistics make it easy to evaluate traders. I personally appreciated how eToro’s fee structure is transparent—no hidden surprises, with commission-free trades for stocks and competitive spreads for forex. For me, its accessibility and focus on education make it a great platform for beginners and intermediate traders alike.
Pepperstone: Advanced Tools for Active Traders
Pepperstone is another FCA-regulated platform that caters to more experienced traders looking for advanced tools and sophisticated strategies. What sets Pepperstone apart is its integration with third-party platforms like DupliTrade and Myfxbook, providing flexibility for those who prefer a tailored trading experience.
The platform’s robust analytics and customization options are a draw for active traders. For example, its low spreads and competitive pricing on CFDs make it cost-effective for frequent trades. In my experience, Pepperstone’s educational resources and customer service were also highly responsive, ensuring I always had the support I needed when navigating their platform. While its tools may seem daunting for beginners, its features make it an excellent choice for those wanting to take their copy trading to the next level.
The Legal Side of Copy Trading in the UK
Is Copy Trading Legal and Regulated?
Yes, copy trading is entirely legal and regulated in the UK. The Financial Conduct Authority (FCA) oversees platforms that offer copy trading services, ensuring they adhere to strict guidelines to protect traders. This regulation guarantees that platforms are transparent, honest, and operate within a secure framework.
As someone trading in the UK, I always verify that the platform I use is FCA-regulated. Platforms like eToro and Pepperstone prominently display their regulatory credentials, which provides confidence that my funds are safeguarded.
Compliance and Security Requirements
Compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations is a cornerstone of secure trading platforms in the UK. When opening an account, platforms require identity verification, which might include submitting documents like a passport or utility bill.
These safeguards ensure that traders are legitimate and protect the platform from fraudulent activities. In my experience, although the verification process may feel tedious, it’s an essential step that reinforces the platform’s reliability. Furthermore, platforms implementing secure encryption methods add another layer of protection for user data and funds. These measures create a trading environment where you can focus on your strategies without worrying about security.
Weighing the Pros and Cons of Copy Trading
The Benefits of Copy Trading
Copy trading offers several advantages, especially for beginners or those with limited time to actively trade. One of the biggest benefits is time-saving. Instead of analyzing markets and developing strategies, you can rely on experienced traders to make those decisions. I’ve personally found this approach helpful when I was new to trading and short on time to dedicate to research.
Another key advantage is accessibility. Copy trading lowers the entry barrier for those intimidated by the complexities of financial markets. Platforms like eToro even provide performance stats and community discussions, making the learning curve less daunting.
Lastly, diversification is a standout benefit. By copying multiple traders with different strategies, you can spread your risk across various asset classes, which I’ve seen lead to more balanced results over time. For me, this diversification has been a critical factor in reducing the volatility of my portfolio.
Risks to Watch Out For (and How to Mitigate Them)
While copy trading has its perks, there are risks to consider. Over-reliance on traders is a common pitfall. A single trader’s poor decisions can significantly impact your portfolio. To counter this, I always diversify by copying multiple traders with proven track records.
Platform reliability is another risk. Technical issues or poor customer service can hinder your trading experience. I’ve learned to prioritize platforms with strong reviews and reliable support teams to minimize these disruptions.
Finally, market risk remains an inherent challenge. Even the best traders can experience losses during volatile market conditions. To mitigate this, I use platforms that allow me to adjust risk settings, such as setting stop-loss levels. Staying proactive and monitoring trades regularly has been crucial to my long-term success.
Conclusion: Is Copy Trading Right for You?
Copy trading can be a fantastic option if you’re new to trading or don’t have time to manage your portfolio actively. Platforms like eToro cater to beginners with user-friendly features, while options like Pepperstone are ideal for those seeking advanced tools.
In my experience, the best platform depends on your goals. Beginners may benefit from a social trading platform with a robust community, while experienced traders might prefer advanced analytics and tools. Remember to verify FCA regulation, diversify your copied traders, and regularly monitor performance to maximize success.
The future of copy trading is evolving rapidly. AI-powered algorithms are making trade recommendations more personalized, while enhanced social trading features foster deeper collaboration among traders. Additionally, the inclusion of more asset classes, such as niche cryptocurrencies, provides exciting opportunities for diversification. These advancements suggest that copy trading will only become more efficient and accessible in the coming years.
References
FAQs
Copy trading is a method where investors can automatically copy the trades of experienced traders. By linking your trading account to a professional trader’s account, any trade they execute is replicated in your account in real-time. This allows beginners to benefit from the expertise of seasoned traders without having to manage trades actively.
Copy trading can be profitable, especially when following skilled traders with a strong track record. However, it’s important to understand that all trading carries risks, and past performance is not indicative of future results. Diversifying your copied trades and continuously monitoring performance can help manage risks and improve profitability.
Yes, most copy trading platforms charge fees. These can include spreads, commissions, and performance fees. Some platforms may also charge subscription fees for access to premium traders. It’s essential to review the fee structure of each platform to understand the costs involved and how they might impact your returns.
Selecting the best trader to copy involves evaluating their performance history, risk management strategies, and trading style. Look for traders with consistent performance over time and a risk level that matches your own risk tolerance. Most platforms provide detailed statistics and performance metrics to help you make an informed decision.
Yes, copy trading is legal in the UK and regulated by the Financial Conduct Authority (FCA). This regulation ensures that platforms operate within strict guidelines to protect investors. Always ensure that the platform you choose is FCA-regulated to ensure compliance with legal and security standards.
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