With the rise of cryptocurrency, more and more investors are now moving towards trading and earning profit. However, just like stocks, the forex market is volatile, which makes trading a bit risky, for novice traders, in particular. But luckily there is a solution for traders who are new to the market. And do not want to lose a hefty amount of their capital.
Wondering what is the solution? Well, the answer is copy trading. In recent years, copy trading has become one of the widely used trading strategies, particularly in Singapore. However, still many traders do not know about this profitable strategy. Today, we will talk and discuss all of it.
Best Copy trading platforms in Singapore
What is copy trading?
Copy-trading, as the name specifies, is a trading strategy that is not yours. In simpler words, the term refers to copying other traders’ strategies to earn more profit. The traders who you copy are known as master traders.
With that said, several people can follow one master trader as well. The best part about copy trading is that it saves you from all the manual work. It is because all the trades, including buying and selling, are automatically copied to your forex account. For example, if the master trader you are following buys $100 to buy crypto, they would be stored in your account as well.
You must know that in copy trading, you have to give a small percentage after you have earned your profit. With that said, if the master trader fails to earn a profit, you do not have to pay a single dime of commission. However, if there is a loss, then you must bear the loss as well.
Copy trading in Singapore is a perfect trading strategy for beginners that have a learning attitude. With copy trading, novice traders can see what their master trader(s) are buying, configure their holding timeframe, strategies, and more. Copy trading is an excellent way of getting into the world of forex trading while minimizing loss.
Top 5 copy trading brokers in Singapore Reviewed
As specified how to copy trading is beneficial for beginners and some intermediate traders as well and is grown popular in Singapore. There are plenty of Copy trading in Singapore platforms, out of which some of the best ones are specified below.
eToro
eToro is one of the best copy trading Singapore platforms. The platform was founded in 2007, and since then it has attracted numerous traders. The platform is authorized by FCA, which makes it safe. eToro supports copy trading on mobile as well, which makes it a convenient platform. However, some of the features are not present on mobile as compared to the web, such as indicators.
Moreover, eToro also allows you to be a master trader and provides numerous benefits. Four master trader levels range from Cadet to Elite. However, each category has a different eligibility criterion that you need to comply with.
eToro has some of the most professional traders with a profitable strategy you can copy. Moreover, eToro has more master traders than any other platform, which is an added benefit.
Pros
- Supports CFD trading.
- Several cryptocurrencies in which you can trade.
- The minimum deposit ranges from $10-to $200, which ensures less risk.
- Some of the best educational resources are available on the platform.
AvaTrade
AvaTrade was founded in the year 2006 and is trusted by numerous traders in Singapore. The overall trust score of the platform is above 90. It means that it is without a doubt a reliable copy trading platform. The best part about the platform is that you do not have to pay any withdrawal fees. And the withdrawal process is exceedingly convenient.
The overall CFD fees are low, but for different currency pairs, such as EUR/USD, the average spread is about 0.9 pips. Moreover, AvaTrade also supports Metatrader 5 and web trading, and some of the best research tools. There are over 90 indicators that can help you understand the current market.
Pros
- Excellent customer support that includes numerous options such as phone, email, and live chat.
- You can create a demo account on the platform as well.
- Educational resources include how you can use indicators, and understand the copy trading Singapore platform.
Pepperstone
Pepperstone is another trading broker that supports copy trading. The average spread for currency pairs is average, and the commission for MT4/MT5 and cTrader is also not that high. The average price of closing and opening the contract is between $2-and $3.
Moreover, there are plenty of marker analysis tools and trading tools. Some of the most popular trading tools include Autochart list, API trading, Algorithmic trading, and more. With these tools, you can identify market trends and create a solid trading strategy.
Moreover, Pepperstone has a wide range of educational videos that allows you to learn numerous things. With the platform’s easy-to-understand videos, you can learn how to trade effectively. With Pepperstone, several traders have learned how to trade shares, CFDs, crypto, and more.
Pros
- Account opening is fast.
- Secure platform.
- The platform does not include any minimum deposit fees.
Tickmill
Tickmill is a widely used copy trading platform in Singapore. The overall fees and commission of the platform are low which attracts numerous traders. The average commission is about 2 euros per trade per lot for the EUR/USD currency pair.
Moreover, there are over 60 currency pairs and 15 CFDs that you can trade between. The overall market exposure is high, which allows you to earn more profit.
Pros
- Great analytical tools.
- Frequent webinars and seminars.
- Authorized by numerous financial governing bodies, such as LFSA.
FXCM
FXCM is a reputable forex trading platform that supports copy trading in Singapore. The account opening process is relatively fast, and the average spread is about 1-1.5 pips. The minimum deposit is only $50, which means less risk is involved.
Pros
- Tools that are both good for novice and advanced traders.
- One of the fastest copy trading platforms.
- Great market research tools.
Conclusion
These are some of the Copy trading in Singapore platforms. Different brokers have different features and support different platforms. So, before choosing one of these platforms, make sure you know your trading strategy. As it would help you choose a better trading platform.