Which forex broker is the best for social trading?


“Social trading” means a type of trading that allows traders to observe the actual trading of other traders and to follow their trading strategies using “Copy trading” or “Mirror trading”.

  • Copy trading: A trader executes same trade as another trader’s single trade.
  • Mirror trading: A trader automatically executes another trader’s every trade.

Advantages of social trading are effective, sophisticated, and low-cost. But at present few brokers offer social trading. Through our review of many reliable brokers, we will pick up one big broker, HotForex, which has the best service of social trading service as follows.

Question: Which forex broker is the best for social trading?
Answer: Best forex broker for social trading is “HotForex”

Social trading service of HotForex

HotForex offers 6 types of Accounts (“Micro”, “Premium”, “Zero Spread”, “Auto”, “PAMM”, “HFCopy”).
“Micro”, “Premium”, and “Zero Spread” accounts are normal trade account.

Other three accounts are special accounts related to social trading as follows.
“Auto” account is related to subscription of trading signals from the MQL5.
“PAMM” account is Percentage Allocation Management Module.
“HFCopy” account is for both Strategy Providers (SPs) and Followers who have joined HFCopy.

Auto PAMM (Premium) HFCopy
Trading Platform MT4, Webtrader and Mobile Trading MT4, Webtrader and Mobile Trading MT4, Webtrader and Mobile Trading
Spreads From 1pip From 1.1pip From 1pip
Trading instruments All available All available All available
Fifth decimal Yes  Yes Yes
Maximum Leverage 1:500 1:300 1:400
Execution Market Execution Market Execution Market Execution
Minimum opening Deposit USD200 USD250 $500 for Strategy Provider, $100 for Follower
Minimum Trade Size 0.01 lot 0.01 lot 0.01 lot
Trade size increment 0.01 0.01 0.01
Maximum total trade 60 standard lot 60 standard lot
Max Simultaneous Open Orders 300 500 300
Margin Call / Stop our level 40% / 10% 50% / 20% 50% / 20%
Telephone trading Yes Yes Yes
Account Currency USD, EUR, NGN USD
Personal account manager Yes Yes
Commission No No No
Raw Bonus No No
Maximum followers 100 – 400

Auto Account
Even novice investors have opportunity to subscribe to free and paid Trading Signals from the MQL5 Community, which is built-in to the HotForex MT4 trading terminal. Investors can automatically copy the signals of any Signal Provider with paid Signals being subject to a one-month performance verification period.

PAMM Account
As a HotForex PAMM Manager, clients (=investors) open a HotForex PAMM Account and allocate funds to clients’ Manager Account – this is known as the Manager’s Capital. When a PAMM Manager successfully manages investors’ funds by generating a profit, the Manager will receive a Success Fee – a pre-agreed percentage of the investor’s share of the profit. To choose a PAMM Manager, Investors can review the PAMM Performance Rankings page and select the PAMM Managers who match their investment goals. It’s easy to find a Manager from the customizable PAMM Performance Table by filtering results by active/ inactive strategies, current ranking, PAMM strategy name, minimum deposit, gain and maximum drawdown.

HFcopy Account
The HFcopy Account is available to both Strategy Providers (SPs) and Followers who have joined HFcopy. SPs can open an HFcopy Account aiming to build their inventory of Followers and trade in exchange of a Performance Fee, as high as 50%. Followers, on the other hand, by opening an account will be able to deposit funds and start copying the trades of their selected SPs.

Social trading, copy trading and mirror trading have great potential, because even newbie traders can follow experienced traders’ behavior. But it has other risk because it has based on other one’s trading decision. It might be focused by traditional regulation body in any country. But it is clear social trading is effective and sophisticated. Please evaluate the risk by yourself, if you enter social trading.

In case you are interested in social trading service of HotForex, please open account to follow below.

Also, please refer to our review of HotForex as follows.