If you love using social media platforms and making new friends is your everyday activity, you should look into social trading platforms. Created to bring together a number of people who share the same interest (in this case, that would be trading in Forex market), they will help you meet traders from all around the globe, as well as to see how they conduct their trading business on a daily basis.
There are many social trading platforms you can join and some offer more and some less features and tools for you to use. The degree of transparency also differs from one social trading platform to another. Some will allow you to see all the data on a selected trader, while others will provide you with just the most important parts.
Best social trading platforms
Before social trading platforms came into the spotlight, traders relied mostly to their own knowledge of the market. They spent hours and hours analyzing all the factors related to a trader they were planning to enter. Sure enough, trading platforms shortened the analytical period and they are a great way to learn how to trade properly. The ability to interact with some of the best traders active in the market allows you to observe their steps and learn exactly what to do and when.
A subcategory of social media platforms
With the rising popularity of social media platforms, creating a similar thing for Forex traders was a logical step forward. Once a trader registers on a social trading platform, they will have access to analytical data, charts, detailed trades, profiles of successful traders… Traders are also ranked by their success rate, so finding the ones who are the best shouldn’t be a problem.
Social trading platforms for Forex allow you to copy the trades you thought were interesting and profitable. This shortens the learning period by much since you will be entering the market way sooner than expected if you are a beginner and will be trying out the live trading hands on. Tackling the market in this way is a very useful thing because you will be learning the mechanics of trading from the very start.
Feature you should look for
Best social trading platforms will provide you with a variety of features. What you need to look for in the first place is the complete transparency. This feature will allow you to see all the details and statistics of a trader of your choice and this can be very useful for you in the future since you will be able to observe absolutely everything related to their conduct in the market. Once you see exactly how trading is performed, you will have no trouble when it comes to following the same exact steps yourself.
Available Forex Social Platforms
Best Forex Platforms offers our overviews of such social trading platforms:
- MetaTrader 4 MQL signals review
- MQL signals for the MetaTrader 5 review
- Review of the eToro social trading platform
- Sirix Social trading app
Conclusion on Forex Social Trading Platforms Review
Social trading platforms are one of the best places to learn how to trade. FX social trading platform of your choice should first and foremost be completely transparent. It is very useful, especially for the beginners. You will also have an ability to trade in groups, learn how to work in a team, and interact with other traders who are on your level of knowledge. Social trading platforms are truly great and you should join in on the fun.