5 Best social trading platforms & networks [2021 Guide]

eToro

Pros

• Free stock and ETF trading
• Seamless account opening
• Social trading experience

Cons

• Only one account base currency
• Withdrawals are slow
• High forex fees

eToro is a popular social trading platform established in 2017. The platform is considered to be among the safest because arms are regulated by top-tier financial authorities.

eToro offers the user an opportunity to interact with each other as they would with any other social networking sites like Facebook or Twitter.

The news feeds are an essential tool that users can keep an eye to manually copy a trader they trust the most on the platform.

The platform offers multiple investment products including Stocks & ETFs, Cryptocurrency where you can buy, sell and store Bitcoin and other leading cryptos with ease, and CDFs for long-term and short-term investors.

On the flip side, the users must deal with high forex fees, apart from the time it takes to withdrawing money which is fairly slow among social trading platforms.

eToro USA LLC does not offer CFDs, only real Cryptocurrencies are available for US users.

⇒ Get eToro

Disclaimer: 67% of retail investor accounts lose money when trading CFDs with this provider.

ZuluTrade

Pros

• Easy to learn and start trading
• Excellent collection of tools for beginners
• Mobile trading options

Cons

• One trading account per user

ZuluTrade is a Greek fintech company founded in 2007 and has become one of the dominant players in the social trading sub-sector. The company has partnerships with over 64 global brokerages and continues to expand globally.

Given the vast partnership, users have a selection of assets to trade on this social trading platform, including cryptocurrency. ZuluTrade offers two account types, namely Classic and Profit-Sharing Account.

The Classic account consists of higher spreaders to compensate both parties, so that is something to consider.

The Profit-Sharing account type, on the other hand, displays a fixed cost of $30 per month in addition to a 25% performance fee when conditions are met.

Unlike eToro, ZuluTrade doesn’t provide a trading platform. Investors will connect their MT4 trading accounts to their ZuluTrade account.

However, the user does get full statistics of all trader, performance ranks, and risk assessment.

ZuluTrade excels in copy trading function as it allows you to search from 100s of Signal Providers using the feature-rich search tool.

⇒ Get ZuluTrade

NAGA Trader

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Pros

• No minimum deposit
• Proprietary web-based social trading platform
• Good customer support

Cons

• Spreads are comparatively high
• Hidden costs

NAGA Trader, also known as SwipeStox in its early days, is a social trading platform that offers social trading, social networking, copy trading and other investment services that include NAGA Portfolios.

The broker has over 750+ tradable assets covering Stocks, Commodities, Cryptocurrencies.

It also has its own cryptocurrency called Naga Coin which was among the top 20 tokens sold in 2017.

NAGA Trader offers its own proprietary trading platform powered by TradingView.

That said, you can also connect your MetaTrader 4 and MetaTrader 5 accounts to start trading.

For beginners, the broker has a good collection of tutorials and conducts regular webinars to educate the user on how to use the platform.

⇒ Get NAGA Trader

Collective2

Pros

• Automated trade copying
• Multi-broker AutoTrade feature
• Social communication features

Cons

• No demo accounts
• Not the best commission system
• Now own broke solution

Collective2 is offering social trading services since 2012 and is fully regulated by CFTC. It is also a member of NFA with over 90,000+ currently registered users.

Collective2 is one of the non-brokers services to U.S based traders. It accepts client that have an account with their 20+ patterned brokers.

The user can begin by selecting an AutoTrade plan. However, the price depends on the number and types of strategies to be copied.

The $299/mo plan allows you to sign for Collective2’s Portfolio Plus plan that offers unlimited strategies.

Other features of Collective2 include the ability to trade any system you want, unlimited trade size, multiple systems can be traded at once, AutoTrading supports Forex, Options, Futures, and Stocks for US clients.

⇒ Get Collective2

Trade 360

Pros

• CySEC regulated
• Commission-free trading available
• Can trade multiple assets class

Cons

• Lacks market analysis

Trade 360 is yet another popular social trading platform. It was founded in 2013 and is regulated by the CySEC.

It offers six different trading accounts that are commission-free and comes with a number of features, including varying minimum deposits.

The pricing structure is usually higher than the competition, which places the trader at a disadvantage.

While the deposit and withdrawals are free from the broker’s side, the broker does not disclose potential third-party costs which represent a serious misstep.

You can trade over 48 currencies along with five commodities. Trade 360 account structure looks complex, and the broker does not grant equal access to all deposits.

⇒ Get Trade 360

So, these are the five best social trading platforms and networks that you can use to start social trade.

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Make sure to check out all services, and go through user reviews on Trustpilot before locking on a network that you think will serve you better.