Social Network Meets Trading Platform
Social Trading Defined
Unrestricted and collaborative financial trading advice resulting from the transparent successes of thousands of traders; a social gold mine of market information for investors of all sizes – and at no cost.
If you’re not familiar with social trading, skip the company comparison table and take a look at the information at the bottom of this page. If you are familiar with this new form of trading, then use our table below to compare spread sizes, markets and deposit details of all the major social trading platforms. The companies listed on this page range from spread betting and CFDS to binary options, details of this can be found in the ‘type’ column.
Below you can find all of the available social trading platforms; this market is relatively new, so please expect this list to grow!
Social Trading Companies
|Company||Type||Min Spreads||Min Deposit||Forex||Stocks||Indices||Apply|
What is Social Trading?
For decades, trading has been a secretive profession – expert financial advice was hard to find and expensive to hear but now with social trading, that benefit comes at no cost.
“TraderGuy775 closed a buy GBP/USD position at 1.598. Profits: 26 pips”
With social trading, the above statement is one you might hear often. When a trader closes a position, their profit will be published for the entire network to see. And this is where the platform becomes even more exciting; as a member of one of these social trading sites, you will have the ability to analyse this trader’s strategy or go even further and ‘copy’ every move that they make. By becoming a social trader, you will have the opportunity to learn and profit while you’re trading with the knowledge of someone else.
Social trading is effectively a social network mixed with a trading platform; members are able to connect through private message and wall posts, just as you might find with Facebook. The idea behind this form of social betting is that all information is transparent to all members, and better yet, there is no cost for this privilege.
All of the social trading platforms featured here differ to some extent; some are dedicated social networks that were built solely for the purpose of trading socially while others have a social extension of their existing business. This means that the range of markets available for social traders is broad; CFDs, binary options and spread betting can all have a social element to them. We’ve made this information available in the above comparison table under ‘type’, with the main markets (forex, stocks and indices) ticked or crossed out. CFD companies are available to US and EU traders, whereas spread betting, a similar form of CFD trading, is strictly limited to the UK.
To drill down into more company information, use the filter buttons above the table to learn more about the platform that you are interested in.
How Does Social Trading Work?
When you sign up to a trading network, you will be able to trade exactly how you might expect with a non-social platform. You will have the ability to open and close trades, monitor positions and set stop loss and limit orders. The social angle means that you can interact with friends and other traders, with a basic example of a step by step social trade below:
- Sign up to a social trading site
- View the profit and loss curves of the best traders
- Choose a handful of the most successful strategies to follow
- Open a few trades (often called ‘copy’ trades)
- Follow your positions, hoping that your chosen traders continue to do well