Top Forex Social Trading Brokers
Posted by freeamfva on February 16th, 2023
Top Forex Social Trading Brokers
Social trading emerged around 2010 and became a favorite among younger traders who prefer to engage with their community and learn to trade from each other. We've conducted an in-depth review of the social trading sector and identified the best social trading platforms.To get more news about best forex social trading platform, you can visit wikifx.com official website.
FXTM provides one of the best social trading platforms with more than 2,000,000 clients and an excellent cost structure. It is also one of the most accessible ones with a minimum deposit of . Other benefits include maximum leverage of 1:2000, a 30% deposit bonus up to 0, 47 payment options, and the Loyalty Program, limited to ,000. Big Four accountancy PricewaterhouseCoopers Limited (PwC) confirms the trader-friendly execution statistics. New social traders will benefit from the FXTM guide to increase returns. It maintains one of the best overall trading environments with a limited asset selection.
BlackBull Markets was founded in 2014 in New Zealand. Like many antipodean Forex brokers, BlackBull Markets is an ECN broker, offering raw spreads and commissions. They are regulated in New Zealand by the Financial Services Providers Register (FSPR) and offer a maximum leverage on some Forex currency pairs as high as 500 to 1. In addition to their global headquarters in New Zealand, BlackBull Markets also has presences in the form of branch offices in New York and Malaysia. BlackBull Markets offers a relatively tight range of tradable assets: 27 Forex currency pairs and crosses, gold, silver, crude oil, natural gas, and 6 major equity indices. That should be sufficient for those traders with more focused strategies not requiring wide diversification.
AvaTrade is one of the largest Forex / CFD brokers and well-known for offering their clients a choice of fixed or floating spreads. They have a very high and strong level of regulation. AvaTrade is directly regulated in Ireland (and by extension, the European Union), Australia, Japan, South Africa, and the British Virgin Islands. Outside the European Union, Ava offers maximum leverage on Forex currency pairs as high as 400 to 1. AvaTrade offers trading in over 55 different Forex currency pairs, 17 commodities, 20 equity indices, 14 cryptocurrencies, plus 66 individual stocks and shares. 2 bonds and 6 ETFs are also on the menu.
What is Social Trading?
The appeal of social trading attracts many new traders who lack knowledge and resources. Many ignore the fact that between 70% and 85% of retail traders lose money, making social trading prone to copying those losses. A 2015 report by the World Economic Forum (WEF) labeled social trading platform as a disruptive low-cost alternative to traditional wealth managers. According to a 2017 study by St. John’s University, traders with followers are more vulnerable to the disposition effect. It also creates a false sense of confidence among followers and copiers, promotes excessive risk-taking, and result in losses in most cases. While social trading may deliver select benefits, traders interested in using it successfully must conduct their due diligence, possess market knowledge to spot potential mistakes by the traders they follow, and monitor portfolios.
Social trading allows traders within the community to discuss financial markets, share trading ideas, and learn from each other. It is popular among new millennial traders, as it requires limited to no decision making. Social trading platforms enable traders to follow and copy others, but copiers should not ignore the risks associated with this approach. Between 70% and 85% of retail traders operate at a loss. Followers then copy losses across the social trading network.
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Joined: June 11th, 2021
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