Over the years, forex copy trading has been consistently growing in popularity and adoption, offering busy and novice traders the opportunity to copy and replicate the results of an experienced trader. Therefore, with copy trading, every time the strategy provider makes a trade, the same trade is automatically executed in the copier’s account. Platforms like Rolifxtrades, Exness, OctaFX, HFM offer free copy trading services in Nigeria.
However, as copy trading keeps becoming more popular, a lot of scam platforms are being developed, making it hard to know which ones are legit. Meanwhile, our team of experts have carefully researched and listed out some notable free copy trading platforms in Nigeria. These platforms have responsive customer services, user-friendly interface and strict regulations.
Copy trading is a strategy in the financial markets where a trader automatically copies the trades of another, usually more experienced trader. This allows the follower to replicate the trading strategies and results of experienced and successful traders without having to make trading decisions themselves. Hence, with copy trading, each time the strategy provider makes a trade, the same trade is executed in the copier’s account. The copier does not need to do anything manually; everything is handled automatically by the trading platform.
When choosing a copy trader, you need to carry out careful evaluation to ensure their trading style and performance match your financial goals and risk tolerance. Firstly, you can begin by selecting a reputable platform known for transparency and security. Following that, you can assess potential traders by examining their historical performance, focusing on return on investment, drawdown, and consistency.
Furthermore, review their trading style, trading frequency and risk management practices, including risk scores and the use of stop-loss and take-profit levels. Additionally, consider the trader’s account size and capital allocation, as traders with significant personal investments tend to be more cautious.
Finally, you can check reviews and feedback from other followers to gauge the trader’s reputation. If possible, use a demo account or trial period to evaluate their performance before committing real funds. To minimize risk, diversify by following multiple traders with different strategies and asset classes.
Here’s our top picks of the bestcopy trading platforms in Nigeria. Ensure you carry out your due diligence before investing your money as this post is for educational purpose.
Rolifxtrades has emerged as one of the top free copy trading platforms in Nigeria, refining the way individuals engage in the financial markets. This platform allows traders at all levels to leverage expertise of top-performing traders, and replicate their successful strategies to enhance their own trading performance.
Furthermore, Rolifxtrades not only provide access to profitable trading strategies but also provides a learning opportunity for those looking to improve their trading skills. Our platform comes with user-friendly interface, transparency, as well as quality customer support. Similarly, Rolifxtrades prioritizes security and regulatory compliance, ensuring a safe trading environment. With Rofxtrades, you can easily track the performance of your copied trades and make adjustments as needed.
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Founded in 2008, Exness is a regulated notable name that offers trading on both the MT4 and MT5 platforms. Exness typically offers social trading on Forex, metals, and cryptocurrencies. Furthermore, Exness provides a copy trading service on the MT4 platform where novice traders can copy the trades of expert strategy providers.
Moreover, Exness offers two trading accounts for copy trading; the Social Standard Account and the Social Pro Account. The minimum strategy deposit on the market execution Social Standard Account is 500 USD, and 2000 on the instant/market execution Social Pro Account. Likewise, traders are offered unlimited leverage, while spreads start at 0.3 pips (EUR/USD) on the Social Standard Account, and 0.1 pips (EUR/USD) on the Social Pro Account.
OctaFX is another notable free copy trading platform that allows users to copy and replicate the trades of more experienced traders. By following an unlimited number of expert traders, you can create a balanced and diversified trading portfolio while keeping full control of each trade.
Interestingly, Octa publishes the trading statistics of all its expert traders in the Copier Area, including the commission set by the top-traders. Likewise, Octa supports MT4 and MT5 trading platforms and you can easily modify/exit each trade at your discretion. So, if you’re looking for a free copy trading platform in Nigeria, you can check out OctaFX.
HFM is a well-regulated global CFD broker offering trading on a number of instruments, including Forex, metals, energies, indices, shares, commodities, bonds, and ETFs. Typically, traders can choose between four account types, including the HFcopy account, which is available to both Strategy Providers and Followers who have joined HFcopy.
Moreover, HFM you can copy the trade of a Strategy Providers for a little Performance Fee. Interestingly, as a copy trader with HFM, you only pay Strategy Providers if their strategies are successful. Additionally, the HFcopy account offers slightly different trading conditions to HFM’s regular accounts, including a minimum opening deposit of 500 USD for Strategy Providers and 100 USD for copy traders.
Pepperstone is another leading copy trading platform, regulated by ASIC. They offer trading on multiple assets, including Forex, indices, shares, commodities, cryptocurrencies, and indices. Typically, Pepperstone is known for its tight spreads, ultra-fast execution, and broad platform support. It offers a number of powerful third-party copy trading systems, including MetaTrader Signals, Duplitrade, and Myfxbook.
Furthermore, MetaTrader Signals takes the guesswork out of trading by allowing traders to access thousands of trading strategies and signals from traders in real-time. Similarly, Duplitrade allows traders to engage in automated trading, using signals from proprietary traders. Myfxbook provides accurate statistics, allowing traders to quickly analyse and improve their performance. Myfxbook doesn’t come with performance or management fees.
If you’re looking for free copy trading platforms with tons of strategies and providers to follow and copy, you should consider trading with Skilling. Skilling is a trading platform that allows traders to choose from over 800 different strategies and providers.
Skilling provides in-depth performance statistics Strategy Providers. This includes their track record of investments, performance results and trading style. Similarly, with Skilling you can edit/modify each trade with a few simple clicks. You can also protect your funds with an Equity Stop Loss, limiting how much of your trading account you want to risk.
Axi is another renown free copy trading provider that offers trading on more than 120 Forex pairs, precious metals, commodities, indices, and cryptocurrencies. This is an Australian ASIC and FCA-regulated ECN broker that provides a number of powerful copy trading tools, including Trading Signals. This allows traders to auto trade and copy thousands of strategies from across the globe straight into the MT4 platform.
Additionally, 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. It is also connected to Myfxbook, Zulutrade and Duplitrade; popular social trading networks that allow you to copy top-performing traders from other brokers.
If you’re interested in the financial markets but lack experience and knowledge, you can easily use FP Markets’ free copy trading features to milk the market. Typically, FP Markets Copy Trading allows you to find, follow and copy successful traders automatically without building your own trading strategy or conduct extensive research on the forex markets.
It offers free copy trading on both the MT4, MT5, and cTrader platforms. The platform has built-in copy trading functionalities in addition to an auto trading service through Myfxbook Autotrade. Moreover, its recent expansion includes a proprietary copy trading service, FP Markets Copy Trading.
IC Markets is a user-friendly CFD broker that offers free copy trading for traders at all levels. The broker provides trading on multiple instruments, including Forex, commodities, indices, bonds, digital currencies, stocks, and futures. Typically, IC Markets is one of the few brokers to offer support for all three major t rading platforms, including MT4, MT5, and cTrader. Likewise, the platform provides various trading tools including Autochartist, Trading Central, a free VPS service, and two copy trader tools – Zulutrade and Myfxbook Autotrade.
Zulutrade is a third-party copy trading tool that allows traders to choose between 100,000 signal providers from 192 countries. Typically, Zulutrade’s algorithm ranks Signal Providers by analyzing 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.
Additionally, 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. All you have to do is simply connect your account to Myfxbook and select the system you would like to copy.
Tickmill is a regulated MT4 and MT5 broker that is useful for traders who have limited time for training or making independent investment decisions. While it does not offer its own copy-trading solution, it supports two notable third-party copy-trading platforms in Pelican Trading mobile trading app and Myfxbook AutoTrade.
Generally, Pelican Trading is a unique copy-trading platform that is available on both iOS and Android. It acts more like a social trading platform, allowing traders to chat, share tips and copy each other’s trades. Furthermore, the Myfxbook AutoTrade solution is free of charge for Tickmill clients. Trading terms are also the same as Tickmill’s Pro Account, although Myfxbook does mark up the spread by 0.6 pips per side.
Yes, copy trading is legal in Nigeria. Copy trading is considered self-directed, as traders who use this function always select the trading system to copy.
Well, the minimum amount required for copy trading varies across platforms. While some platforms allows people to start copy trading with 200 USD, others may allow you to start with as little as 1 USD. So, you can get a more accurate information by contacting the help center of the copy trading platform that you want to patronize.
If the trader you’re copying decides to stop trading, your account will not open any new trades. You will then need to select a new trader to follow.
Yes, you can manually close trades, pause copy trading, or stop copying a trader at any time. Hence, you should continuously monitor your trades’ performance and make adjustments when necessary.
Yes, most platforms allow you to copy multiple traders simultaneously. This can be beneficial as it allows you to diversify your portfolio across different trading strategies.
Yes, many trading platforms offer a demo account where you can use virtual money to copy trades. This can be a good way to understand how copy trading works and test out different traders’ strategies before investing real money.
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