5 Best Copy Trading Platforms in India 2023 – Meaning, Types & More

Best Copy Trading Platforms in India: As an enthusiastic stock market learner, have you ever looked at the profits of the best investors and traders? Furthermore, have you wished that such professionals could share their trade secrets with you? And you too would be a profitable trader! Yes, this can certainly happen, and the concept that aids in turning this wish into reality is Copy Trading.

Yes, this article is all about copy trading. In this article on the 5 best copy trading platforms in India 2023, we shall learn about copy trading and the top 5 copy trading platforms available. To know more, keep reading!

Top 5 Copy Trading Platforms in India 2023

In this article on the top 5 copy trading platforms in India 2023 first, let us learn what is copy trading, how copy trading works in reality, different ways of copy trading, the pros and cons of copy trading in brief and lastly let us take a look into the top 5 copy trading platforms in India 2023.

What is Copy Trading?

As the name suggests, copy trading is an online trading platform wherein an individual can directly copy the open or closed trade positions of another trader or group of traders as per their personal choice. 

Further, the trades can be executed according to the replicated trading strategies in the real-time market. In brief, it is the easiest way to use expert traders’ knowledge with the aim of achieving the same level of profitability and make money based on their skills.

In copy trading, the person copying the trades is also known as the follower or copier. Here the traders whose positions are copied are mostly experienced traders with expertise in the field and backed by good experience. 

However, you can decide the amount of money to be invested, and to sum up it is a lower risky way and certainly not a completely risk-free investment idea, as there is some level of unavoidable risk associated with copy trading also.

The method of copy trading is suitable and helpful for beginners as well as for people who are interested in earning returns from investments, but do not know how to trade or they don’t have time to learn how to trade.

Copy trading occurs in the real-time market and can be done either manually or automatically.

Now let us understand it in a more clear way with the help of an example.

Ms.A is an individual who wants to learn about investing and trading in the stock market. But as a beginner, she doesn’t have much knowledge about the stock market. But after a lot of research, she found a trader Ms. B who is earning good returns on her investments using certain strategies.

Later Ms. A finds out that Ms. B’s trading strategy is lucrative and starts following her trading strategies and earns returns that are as good as Ms.B’s 

This in simple terms is called copy trading, but an essential point to note is that, in case of loss of the trader you follow, even the follower of that copy trading strategy will suffer the losses.

How does Copy Trading Work?

The history of Copy trading began in 2005 when traders used to copy the trading algorithms that were developed through automated trading mechanisms. Most of the people back then found this idea of the automated trading system linked to traders and people could copy their trade positions and execute them instantly.

This further eliminated the necessity of constantly monitoring trade signals and follow them accordingly. This is the pathway that leads to the evolution of copy trading.

Recognizing the potential for this idea, Etoro and Zulutrade were the pioneers to allow traders to connect their personal trading accounts to their platforms. Since then, we see a rise in the popularity of copy trading across the world. 

As per the surveys, one in every three people found the approach of copy trading much easier compared to the traditional stock market trading approach and these copy trading platforms have the potential to grow up to Euro 70 billion by 2025.  Anybody interested in learning copy trading can do it by following these steps.

1. Start with finding yourself a good copy trading platform to begin your journey.
2. Once you have chosen the copy trading platform, select the best trader to follow for copy trading. Even though you need not have expertise in trading, it is advisable to make basic research about the trader you follow in terms of followers they have, their profitability, the risk associated with their strategy, and many more. After evaluation find a trader whose strategies suit your financial goals.
3. The next step is to decide the amount of investment to be made in copy trading.
4. Once all these steps are done you are all set to go, here you will be charged a certain fee by the strategy maker for giving you the ideas.
5. And, to conclude, the brokerage that is charged for normal trading holds good for copy trading also.

Types of Copy Trading

In the case of copy trading, the platform generally allows you to do three kinds of copy trading.

• Manual / Social Trading

This is typically similar to regular trading where we choose whom to follow to make the trades, which strategy needs to be followed and what trades to copy, and many more. It is also called social trading. Here you need to initiate the trades manually.

• Semi-Automated

The semi-automated mechanism allows you to view the positions of traders of your preference. After that, you can decide which positions could be copied for trading and once you finalize the strategy the trade initiates automatically.

• Automated

This is a completely automated copy trading system. Here initially you need to select the best trader according to your financial goals. Later, all the trades taken by your chosen trader will be replicated in your trading account automatically.

Finally, the platform that brings together the trading experts and copy traders itself is a copy trading platform. As we have a fair idea about copy trading, now let’s look into the top 5 copy trading platforms in India 2023.

5 Best Copy Trading Platforms in 2023

Best Copy Trading Platforms #1 – Ava Trade

Ava Trade is one of the leading brokers offering copy trading services through Duplitrade, Meta Trader 4, and 5. The provides services across the world including Malaysia, Japan, South Africa, and many more. With over 4 lakh globally registered customers, the company executes more than 2 million trades per month.

The company’s administrative headquarters is located in Dublin, Ireland. Since 2006, it has expanded vastly surpassing trading volume of $ 70 billion per month.

It is a user-friendly app, that allows easy deposit and withdrawal of Money. The demo account is offered to help beginners learn about copy trading and demonstrate their software use. It provides copy trading services for all kinds of securities including stocks, forex, CFDs, cryptocurrencies, commodities, etc. The app also supports 24/7 service to its clients.

Best Copy Trading Platforms #2 – Pepper Stone Limited

Pepper Stone Limited which was founded in Australia in 2010 is one of the biggest CFD and Forex Brokers worldwide. It is also a very good copy-trading platform in the Australian market which is regulated by (the Australian Securities and Investment Commission) ASIC. It is an award-winning stockbroker with prestigious awards from Deloitte, Investment Trends, and many more.

The company processes an average of US $ 12.55 billion in trades every day with over 4 lakh traders around the world. It offers copy trading through MT4 and MT5 across all financial markets like forex, cryptocurrencies, etc. But as this is an advanced copy trading platform, beginners may find it difficult to use initially.

Best Copy Trading Platforms #3 – Zulutrade

Zulutrade is a leading social copy trading platform that provides the easiest user interface for beginners as well as professionals. Being a Greek-based company it operates in many countries across the world including Dubai, Greece, Japan, London, India, and many more.

The company offers copy trading facilities across multiple instruments including Crypto, CFD, Stocks, Forex, Commodities, and Indices. Along with providing copy trading platform, the company also has an educative blog on copy trading to help beginners.

As per the company’s statistics around 73% of its investors have reaped profits by copy trading. The company has also won “Best Social Trading Solution “ in the MEA region, UF Awards 2023.

Best Copy Trading Platforms #4 – Robo Forex

Robo Forex is an international financial broker that offers online trading facilities across various countries of the world. With over 12 years of experience in the industry, it has been licensed by the FSC( Financial Services Council).

Copy FX, being a copy trading platform from Robo Forex helps us to do hassle-free trading from automated algorithms. This platform provides an opportunity for an individual to become either trader who gives strategies for copy trading or a follower who does copy trading.

Best Copy Trading Platforms #5 – Binomo

Binomo is an online trading platform that allows traders to invest and trade without the interference of an agent. It is a highly reputed copy trading platform that boasts a wide range of smart user-friendly features and a user interface.

It offers the best charting and graphing tools that help- in detailed analysis. The personalized AI investing assistant makes copy trading much easier.

The platform provides the user with a demo of copy trading which protects beginners from losing money in the real market. The unique feature that makes Binomo stand out from the other platforms is that it offers inbuilt back-tested copy trading strategies to its users across multiple financial markets.

Pros and Cons of Copy Trading

Advantages

1. Diversification

As the copy trading platforms offer various strategies to do copy trading, a novice investor can allocate the funds to different traders. If the copy trading strategy of one trader does not go well, then the other one complements the losses. In this way, the investors can also mitigate the risks.

2. Copy trading does not require expertise

The basic principle of copy trading is to replicate the back-tested profitable strategies. Thus you need not be an expert in financial aspects, as you will be making money based on others’ knowledge

3. Quick and Time Saving

As copy trading does not require hours of brainstorming to find the best strategy. Any interested person can make investments quickly and easily.

Disadvantages

1. Trader’s History

Here we find numerous traders on copy trading platforms. But, the followers may not be sure about the credibility of the traders and their experiences to rely upon their strategies in the long term. If you do not find the right trader, you may end up in losses.

2. Cost at Execution

Another setback associated with copy trading is that along with the trading costs you might be charged certain fees on copy trading. This could be a burden to the copy trader in case of losses

Closing Thoughts

In this article on the 5 best copy trading platforms in India 2023, we discussed in detail what copy trading is, how is it beneficial to new learners, and the list of top 5 copy trading platforms in India 2023, even though it is a smarter way, it is not completely a risk-free way of earning profits. Hope this post adds value to your investment journey.

Let us know what are your thoughts on Copy trading in the comments section below.

Written By – Bhagyalakshmi Patil

By utilizing the stock screener, stock heatmap, portfolio backtesting, and stock compare tool on the Trade Brains portal, investors gain access to comprehensive tools that enable them to identify the best stocks also get updated with stock market news, and make well-informed investment decisions.