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Copy trading, also known as social trading, enables individual traders to invest their trading funds with other successful traders and copy their trading strategies, usually for a small fee or a cut of the investing trader’s profit. Copy trading platforms can either be automated, semi-automated or manual, which gives the trader varying levels of overall control. These are the best copy trading brokers in Malaysia for 2021, according to our testing and our research.

To test these brokers, we signed up and verified a copy trading account and checked the broker regulation. After we installed the trading platform where newcomers discover experienced traders to follow, we tested the different copy trading tools available to make manual trade adjustments, as traders should have the opportunity to maintain full control of trades in line with a long-term plan and risk management strategy. 

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Best Copy Trading Brokers 2021

Last updated on 21 Sep 2021
Updated 21 Sep 2021
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
FXTM
Min. Deposit
USD 10
4.334.33
Min. Spread
0 pips
Trading Platforms
Regulators
Overall Rating
11110.54.33/ 5
AlertAccepts Malaysian Clients. Minimum spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
2
OctaFX
Min. Deposit
USD 50
4.024.02
Min. Spread
0 pips
Trading Platforms
Regulators
Overall Rating
11110.54.02/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.10 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. OctaFX is regulated by CySEC & SVG FSA.
3
Tickmill
Min. Deposit
USD 100
4.484.48
Min. Spread
0 pips
Trading Platforms
Regulators
Overall Rating
11110.54.48/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.00 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles.
4
AvaTrade
Min. Deposit
USD 100
4.484.48
Min. Spread
0.90 pips
Trading Platforms
Regulators
Overall Rating
11110.54.48/ 5
AlertAccepts Malaysian Clients. Spreads start at 0.90 pips on theEUR/USD on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
5
Pepperstone
Min. Deposit
USD 5
4.614.61
Min. Spread
0.01 pips
Trading Platforms
Regulators
Overall Rating
11110.54.61/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.69 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and CySEC.
6
Axi
Min. Deposit
USD 5
4.344.34
Min. Spread
0 pips
Trading Platforms
Regulators
Overall Rating
11110.54.34/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA
7
FXCM
Min. Deposit
USD 50
4.134.13
Min. Spread
0 pips
Trading Platforms
Regulators
Overall Rating
11110.54.13/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.30 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & Ninja Trader platforms supported. FXCM is regulated by FCA, ASIC, and the FSCA.
8
Amana Capital
Min. Deposit
USD 50
3.833.83
Min. Spread
0.10 pips
Trading Platforms
Regulators
Overall Rating
1110.503.83/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Amana Capital Group is regulated by the CySEC, FCA, and the DFSA.
9
HotForex
Min. Deposit
USD 5
4.494.49
Min. Spread
0 pips
Trading Platforms
Regulators
Overall Rating
11110.54.49/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
10
IC Markets
Min. Deposit
USD 200
4.464.46
Min. Spread
0.10 pips
Trading Platforms
Regulators
Overall Rating
11110.54.46/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.10 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.

How to compare copy trading brokers

Most brokers offer some form of copy trading, and while some have their own copy trading systems, third-party communities like Duplitrade, Zulutrade, and myFXbook are also available. When comparing brokers by their copy trading functionality, consider:

Regulation: Always verify that your broker is regulated. Regulation is the safety of funds and an absolute requirement for any trader.

Trading platform: Are you using the broker’s copy-trading service, or is it via Zulutrade, Duplitrade or Myfxbook, which may have additional monthly costs if not provided for free.

Transparency and risk: A better copy trading system will provide traders with a detailed breakdown of the traders to copy. These metrics should include risk metrics, profit (short-term, medium-term, long-term) and max drawdown. Finding winning traders is important, but equally important is finding winning traders who share your risk appetite. 

The number of quality of traders to copy: Your broker must have a larger set of traders for you to follow. A limited set of traders will mean that you may not find the appropriate trader with the right metrics to follow. 

Flexibility: Copy trading is not mirror trading, where your trading account mirrors the trading activity of the person you are following. Flexibility will let you filter which trades to copy, using preset parameters for cost/risk/return to guide you.

Binding period: A trader should be able to stop copying trades instantly and not be locked in for a set time. A trader should refuse any attempt by a broker or a third-party service to legally bind you to a copy trading provider.

Paying the provider: Are you paying a flat fee, or are you only paying a fee for profitable trades? Are you paying a subscription fee to the broker? The cost directly owed to the signal provider should be transparent. 

Copy trading accounts: Copy trading may be limited to specific broker accounts. Find out which accounts offer copy trading, understand what the minimum deposit on that account may be, and if the cost of trading (spreads and commission) is different on that account before signing up and making a deposit.


  • FXTM - Best Copy Trading Platform for Beginners
  • OctaFX - CFD Broker with Best Bonuses
  • Tickmill - Best Third-Party Copytrading Solutions
  • AvaTrade - Best Mobile Experience for Copy Traders
  • Pepperstone - Best ECN for Copy Trading
  • Axi - Best ECN Broker on the MT4 Platform
  • FXCM - Broadest Platform Choice
  • Amana Capital - Best Analysis Tools for Copy Traders
  • HotForex - Best Copy Trading Account
  • IC Markets - Best Beginner-friendly Broker

FXTM – Best Copy Trading Platform for Beginners

A well-regulated market maker/ ECN broker, FXTM offers a variety of account choices on both the MT4 and MT5 platforms.  FXTM also provides a powerful copy trading system, which is helpful for beginner traders who lack the expertise and skills in CFD trading.  FXTM Invest allows investors to choose a strategy manager from a list of top-rated traders.  Once an investor makes a minimum deposit of 100 USD/GBP/EUR, the Investor account will be activated and clients can then copy the trades of the strategy managers.  With this system, investors can follow suitable strategies and receive a portion of the profits, and Strategy Managers can earn extra money by generating profits for their investors.   

FXTM also provides a plethora of educational and market analysis materials to help beginner traders.  The materials offer a good overview of Forex trading in its guides and tutorials, articles, webinars, seminars, e-books, trading glossary, and videos.  Much like FXTM’s education section, its market analysis materials are comprehensive, frequently updated, and provide an accurate analysis of the markets. 

Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
Cons
  • Expensive withdrawals
AlertAccepts Malaysian Clients. Minimum spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.

OctaFX – CFD Broker with Best Bonuses

Founded in 2011, OctaFX is an international broker with a loyal following of Malaysian traders offering full support for the MT4, MT5, and cTrader platforms in addition to a copy trading tool that allows traders to copy the trades of more experienced traders.  With an unlimited number of Masters (or Strategy Providers), copy traders can create a balanced and diversified trading portfolio.  Copy traders also have full control over the process and can modify/exit trades at their discretion.  OctaFX publishes the trading statistics of all Masters in the Copier Area. 

OctaFX frequently runs competitions and promotions for its Malaysian clients, including demo trading contests, first deposit bonuses, and cash prizes. OctaFX also runs contests for traders with live accounts, offering prizes such as cars, laptops, and smartphones.  Be aware that all bonuses require that certain terms and conditions are met.   

Pros
  • Great platform choice
  • Fast and free withdrawals
  • Copy trading accounts
Cons
  • Limited education
  • Restrictive account types
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.10 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. OctaFX is regulated by CySEC & SVG FSA.

Tickmill – Best Third-Party Copytrading Solutions

Tickmill is a well-regulated MT4 and MT5 broker and while it does not offer its own copy-trading solution, it does support two of the better third-party copy-trading platforms in Myfxbook AutoTrade and the Pelican Trading mobile trading app.

The Myfxbook AutoTrade solution is free of charge for Tickmill clients; trading terms are the same as Tickmill’s Pro Account (tight spreads and a 4 USD round turn commission), though Myfxbook does mark up the spread by 0.6 pips per side (1.2 pips total).

Pelican Trading is available on both iOS and Android and is more than just a copy-trading app; it acts more like a social trading platform, allowing traders to chat, share tips and copy each other’s trades. It’s a simple process to connect a Tickmill account to the app, but users should be aware that some trading groups have a fee attached and this will be separate from the money you deposit with Tickmill.

Pros
  • Tight spreads
  • Well regulated
  • Fast and free withdrawals
  • Wide range of assets
Cons
  • Limited base currencies
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.00 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles.

Avatrade – Best Mobile Experience for Copy Traders

Avatrade is a leading global CFD market maker broker with excellent regulation offering trading on multiple assets, including Forex, cryptocurrencies, ETFs, options, bonds, and vanilla options on one live commission-free account with competitive trading conditions.  With full support for a range of platforms, including MT4, MT5, and its award-winning app, AvaSocial, Avatrade provides a user-friendly and innovative trading environment that allows beginner traders to profit from the sophisticated trading strategies of more experienced traders. 

The Avasocial App allows traders to discover successful traders and qualified mentors, displaying their risk profile, length of experience, and trading style.  Copy traders will receive continuous real-time updates about the state of their trades and can talk on-on-one to providers.  Avatrade has also partnered with Mirror Trader and Zulutrade to offer a wider range of copy trading functionality.  Mirror Trader allows investors to switch between manual copy trading, semi-automatic trading, or automatic trading when following a provider.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts Malaysian Clients. Spreads start at 0.90 pips on theEUR/USD on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

Pepperstone – Best ECN for Copy Trading

A leading ASIC-regulated ECN/STP broker, Pepperstone offers trading on multiple assets, including Forex, indices, shares, commodities, cryptocurrencies, and indices.   Known for its tight spreads, ultra-fast execution, and broad platform support, Pepperstone also offers a number of powerful third-party copy trading systems for traders to choose from, including MetaTrader Signals, Duplitrade, and Myfxbook.

MetaTrader Signals takes the guesswork and emotion out of trading by allowing traders to access thousands of trading strategies and signals from traders in real-time. It also allows traders to diversify their trading and reduce their portfolio risk by using different signal providers with different approaches. Similarly, Duplitrade allows traders to engage in automated trading, using signals from proprietary traders, which helps them to build their trading knowledge and gain an understanding of pro techniques.  Myfxbook is an account mirroring service that allows traders to copy the trades of the top Forex traders.  There are no performance or management fees, and Myfxbook provides accurate statistics, allowing traders to quickly analyse and improve their performance. 

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
    AlertAccepts Malaysian Clients. Average spread EUR/USD 0.69 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and CySEC.

    Axi – Best ECN Broker on the MT4 Platform

    An Australian ASIC and FCA-regulated ECN broker, Axi offers trading on 140 Forex pairs, precious metals, commodities, indices, and cryptocurrencies.  By providing exclusive support for the MT4 platform, Axi offers an innovative and customisable MT4 experience, including a range of tools as part of its NexGen package.  These include a sentiment indicator, a correlation trader, an intuitive terminal window, and an automated trade journal.

    Axi also offers a number of powerful copy trading tools, including Trading Signals, which allows traders to auto trade and copy thousands of strategies from across the globe straight into the MT4 platform; Myfxbook, a third-party automated analytics tool that allows traders to organise and monitor all trading accounts and systems in one centralised place; and Zulutrade and Duplitrade, popular social trading networks that allow clients to copy top-performing traders from other brokers

    Pros
    • Low minimum deposit
    • Wide range of assets
    • Well regulated
    • Tight spreads
    Cons
    • Poor customer service
    • Limited demo account
    AlertAccepts Malaysian Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA

    FXCM – Broadest Platform Choice

    A well-regulated broker, FXCM traders have access to four trading platforms, including MT4, NinjaTrader, Zulutrade, and Trading Station, its world-class, feature-rich proprietary platform.  It also offers a number of other specialty platforms that allow algorithmic trading.  Trading Station comes with powerful analytical tools for advanced charting and an intuitive interface for ease of use.  It also offers micro-lot trading, custom indicators, strategy optimisation, and strategy backtesting.  Copy-trading at FXCM is offered via the Zulutrade platform for a subscription fee of 30 USD. 

    Zulutrade allows traders to follow the trading activity and strategies of a diverse network of traders from different brokers. It selects its traders using advanced algorithms and a dedicated Trading Desk.  Zulutrade also provides a Combo+ choice, a managed portfolio service that offers traders a pre-selected grouping of Zulutrade’s Traders based on a variety of strategies to follow.  Zulutrade’s Certified Management Portfolio team will manage the account free of charge.

    Pros
    • Well regulated
    • Great platform choice
    • Excellent education
    • Innovative trading tools
    Cons
    • Limited demo account
    AlertAccepts Malaysian Clients. Average spread EUR/USD 1.30 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & Ninja Trader platforms supported. FXCM is regulated by FCA, ASIC, and the FSCA.

    Amana Capital – Best Analysis Tools for Copy Traders

    Amana Capital is a well-regulated broker offering trading on a wide range of assets, including Forex, indices, energies, metals, commodities, shares, and cryptocurrencies.  Full support is offered for the MT4 and MT5 platforms in addition to a number of excellent analysis tools, including Autochartist, Trade Captain, and a VPS service.  It also offers Zulutrade, a cross-platform social trading application that enables traders to copy the trading strategies of experienced professionals from around the globe.   

    Zulutrade is free for all Amana Capital’s active clients and is available on both the mobile and desktop versions of the app. Although Zulutrade offers automated trading, copy traders can monitor all open positions in real-time and have full control over their funds.  Copy traders can choose from a large set of experienced and high-ranking traders with many followers.  In order to open a copy trading account, traders should click on “New Account” and select Zulutrade as the trading platform. 

    Pros
    • Well regulated
    • Tight spreads
    • Great customer support
    Cons
    • High minimum deposit
    • Limited market analysis
    AlertAccepts Malaysian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Amana Capital Group is regulated by the CySEC, FCA, and the DFSA.

    Hotforex – Best Copy Trading Account

    Hotforex is a well-regulated global CFD broker offering trading on a number of instruments, including Forex, metals, energies, indices, shares, commodities, bonds and ETFs.  Traders have the choice of five account types, including an exclusive HFcopy account.  The HFcopy Account is available to both Strategy Providers and Followers who have joined HFcopy.  Strategy Providers can open an HFcopy Account aiming to build their inventory of Followers and trade in exchange for a Performance Fee. Followers only pay Strategy Providers if their strategies are successful. 

    The HFcopy account offers slightly different trading conditions to Hotforex’ regular accounts, including a minimum opening deposit of 500 USD for Strategy Providers, and 100 USD for Followers.  HFcopy accounts are only denominated in USD, spreads start at 1.0 pips on the EUR/USD, and no commissions are charged. 

    Pros
    • Low minimum deposit
    • Tight spreads
    • Well regulated
    • Good range of accounts
    Cons
    • Limited base currencies
    AlertAccepts Malaysian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

    IC Markets – Best Beginner-friendly Broker

    IC Markets is a beginner-friendly CFD broker offering trading on multiple instruments, including Forex, commodities, indices, bonds, digital currencies, stocks, and futures.  IC Markets is one of the few brokers to offer support for all three major trading platforms, including MT4, MT5, and cTrader, alongside an array of trading tools, including Autochartist, Trading Central, a free VPS service, and two copy trader tools – Zulutrade and Myfxbook Autotrade.  It also offers excellent educational materials and 24/7 support to get beginner traders started. 

    Zulutrade, a third-party copy trading tool that allows traders to choose between 100,000 signal providers from 192 countries.  Zulutrade’s sophisticated algorithm ranks Signal Providers by analysing their overall performance, stability, exposure, and minimum equity required.  It also offers Zuluguard, a highly advanced account protection feature that monitors the performance of traders 24/7 and protects copy traders’ invested capital.  The other copy trading tool, Myfxbook Autotrade, allows traders to copy the trades of any system directly into the MT4 account.  No volume-based fees are charged, and traders do not have to install any complex software – they simply connect their account to Myfxbook and select the system they would like to copy. 

    Pros
    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Great platform choice
    Cons
    • High minimum deposit
    • Limited market analysis
    AlertAccepts Malaysian Clients. Average spread EUR/USD 0.10 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.

    How does Copy Trading Work?

    Copy trading requires two traders and a Forex broker, which provides the platform for them to co-operate. One trader is the provider, or manager, and they will make their trading strategies available for others to follow. The other trader, or investor, selects the provider they wish to follow – usually for a fee or a cut of the investor’s profits. The broker provides the social platform for the provider and the investor to meet and co-operate, brokers also provide the trading platform that the provider will use to trade.

    Most copy trading platforms will also display the manager’s investment return, risk profile, length of experience and trading style. It is essential to also examine the manager’s largest drawdown, this the largest single peak to trough decline in the manager’s trading account. If you are thinking of investing a smaller amount than the manager’s largest drawdown you are putting yourself at serious risk of losing all your capital.  Controls for investors are also a key feature, allowing you to choose how much money to invest with a provider and which strategies to follow.

    Is copy trading legal?

    Yes, copy trading is legal in almost all jurisdictions. Prior to the explosion in social trading, copy trading was only available via a managed account. Managed accounts required a power of attorney and a large account balance, and so are unpopular amongst typical retail traders. Copy trading, or social trading, on the other hand is considered self-directed by most regulators, as traders who use this function always select the trading system to copy.

    A brief history of Copy Trading

    Prior to the merging of Forex trading and social media, the only form of copy trading available was managed account trading. While managed accounts are still an integral part of institutional trading, on a retail level they have been almost completely eclipsed by the rapid rise of copy trading.

    Also called mirror trading, auto trading and social trading, copy trading began in the late 2000s with the advent of the eToro and ZuluTrade platforms. eToro has since become one of the most successful Forex brokers in the world, purely based on the strength of their social trading platform, while ZuluTrade is one of the most popular copy trading platforms in the Forex community.

    The success of these early pioneers means that most major brokers now offer some form of copy trading or social trading, either through their own platforms or via a third-party, such as ZuluTrade, Mirror Trader or Myfxbook.

    Which broker is the best for Copy Trading?

    eToro, FXTM and AvaTrade are the best brokers for copy trading.

    eToro’s unique social trading platform allows for users to copy each other’s trades and share trading tips. Easy-to-use and web-based, the eToro platform has won many awards over the years for innovation and simplicity. With over 6 million clients, eToro has successfully made social trading an integral part of Forex industry.

    FXTM run the FXTM Invest platform, which connects investors with Strategy Managers. Strategy Managers are graded on several metrics and investors can filter Strategy Managers to find the right combination of return and risk they feel comfortable with. Investors only pay a fee on successful trades.

    Avatrade offers multiple direct and indirect copy trading options. AvaTrade has also partnered with the Mirror Trader and ZuluTrade platforms to offer a wide range of copy trading functionality. Mirror Trader allows investors to switch between manual copy trading, semi-automatic trading, or automatic trading when following a provider. ZuluTrade is a community of providers, who have been ranked using various practical parameters including maximum drawdown and average profitability.

    How do I choose the best copy trading system?

    The best copy trading system will not always be the most profitable. It is important to look at a provider’s long-term strategy and risk management to make sure these align with your account balance and goals. Aggressive strategies may make money in the short-term – and may even be successful for those with larger account balances over the long term – but can lead to account wipeouts for those with smaller balances.

    Like with all Forex trading, it is important to do your own research and manage your risk appropriately.

    Final Word

    While a relatively recent method of Forex trading, copy trading has fast become one of the largest. The advantages are obvious for beginner traders, and many experienced traders also swear by it. But, like all Forex trading, it must be entered into with education, caution and a thought for risk management.

    References

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