The popularity of copy trading among Indians is on the increase. However, one must choose a reputable broker or signal provider with more knowledgeable and experienced traders to begin copy trading in India.
Due to the large number of copy trading platforms in India, it may be challenging for beginners or novices to choose a reliable platform.
Experts from Traders Union have chosen one of the top copy trading platforms in India for the convenience of such traders. Continue reading to learn more.
What is Copy trading?
Copy trading is a trading strategy in which you copy trades that other traders manage and open. It should not be confused with mirror trading, which entails copying every move of the copied trader.
Meanwhile, with copy trading, traders might replicate certain techniques of the investor they wish to resemble. Modern copy trading platforms enable traders to profit from this strategy by utilizing the following elements;
- Displaying investor trade statistics that may be copied
- Allowing many traders to divide equity using various trading instruments and tactics.
- Giving the ability to cease trade copying when a particular level of risk tolerance is reached
- Setting the maximum risk threshold for specific investments
How to Select a Broker for Copy Trading
Here are the five stages to choosing the best trading platforms in India:
Reliability and Regulation
You should avoid trading on platforms that have a bad reputation. Choose a broker who has financial licenses from top regulators. Choosing a copy trading broker regulated in Australia, the United Kingdom (UK), the European Union (EU), and other developed countries are best.
The size of your trade network influences how profitable you are. The broader your network, the greater the trading opportunities. You’ll also be able to earn money using a variety of instruments.
The number of trading instruments accessible, commissions, and order execution quality all influence a platform’s trading conditions. Some platforms will charge you an additional fee for the spread. Others may charge a low membership fee or require large minimum deposits. Before deciding, you should examine all of these elements based on your preferences.
It is considered reliable if a broker is open about the managers’ statistical data. The data should be made available to the public. It should also be independently auditable.
A technologically advanced platform will provide more information on risk management and trader selection. As a result, you will be more profitable and make better financial judgments.
Traders Union made AvaTrade reviews and determined it as one of India’s best copy trading platforms. This report came after they comprehensively reviewed hundreds of copy trading platforms in India.
What is AvaTrade?
AvaTrade was formed in Dublin, Ireland, in 2006. The company has offices in ten different countries. It has over 300,000 registered users and handles over 2 million monthly transactions. These elements add to AvaTrade’s reputation as a trustworthy broker and have accreditation on five continents, and are a market leader.
The Japanese FSA, South African FSCA, and the Australian Securities and Investment Commission (ASIC) regulate the broker. The Central Irish Bank, the Abu Dhabi Financial Services Regulatory Authority, and the British Virgin Islands Financial Services Commission have all accredited AvaTrade.
AvaTrade provides traders with the ability to trade equities, securities, indices, cryptocurrencies, and currency pairs. Customers can choose from more than 1,200 tools.
Major Features of AvaTrade
- It has a $100 minimum deposit.
- It has different trading instruments.’
- It has different account currency
Pros of AvaTrade
- A diverse set of trading instruments
- There is a license for the supply of services in five continents;
- • There is customer service available 24 hours a day, seven days a week, and in 14 languages.
Cons of AvaTrade
- The site’s UI is difficult to use.
- reaction time and customer service efficiency
- Trading terminals are prone to freezing on occasion.