Traders can use the features offered by brokers to help them in trading. One of the interesting features is the copy trading. For professionals and experts, they may not need to use the feature because they already have their own strategies, methods, and skills in trading so they do not need to copy and follow the trades of other traders. However, it will be different for the new traders where they are still lack of skills and knowledge in trading that may make them discouraged to start trading. When they are still not confident in trading, they can use the copy trading to get the passive income while they are also able to learn the trades from more experienced and skillful traders.
Copy trading allows traders to copy the trades of other traders. Brokers with the copy trading feature normally provide lists of providers and traders that will be available for the copy trading. Later, new traders can use the feature and find the professional and expert to follow the trades and copy them. By doing so, they are going to use the skills and proficiency of other traders and later the new traders only need to pay the commissions while they are able to learn and avoid the losses. It does not mean that copy trading will always give good results. Losses still can happen, but the possibility will be lower.
What is necessary in the copy trading is copy trading software. The software will be the main access to use the feature of copy trading and this is provided by various brokers. Each broker has different software and platform for copy trading. For new traders who want to get easy access of software that they can install in the mobile device, eToro CopyTrader can become one of the choices. The software is provided by eToro that has good reputations in trading. That is why the software is also great in term of its services and reliability. This will be good choice especially for new traders who are interested in the stock and cryptocurrency although there are also other instruments as the options. To start the trading, traders can have low minimum deposit and they can start depositing from $50.
Next option of copy trading software with mobile access is from AvaTrade. AvaTrade is nice choice for the forex trading because it becomes the specialty of the broker. In addition, it has nice software with friendly interface. This will be beneficial for new traders because they do not need to use extra effort and time to use the software. They still need to learn to use the software and all functions in there, but the friendly and simple interface will help them during the process so using the feature of copy trading will be easier to do.
There is also FXTM. This is nice broker with good copy trading platform. One of the main benefits offered by the FXTM is the wide range of account to start the trading. It will not only be beneficial for the copy trading, but having more options of account will bring benefits for traders when they want to get involved in the active trading. Then, it has cross-device trading access so the account in the phone and desktop can be connected easily.