5 Leading Binary Options Copy Trading Brokers -Top Picks for 2024

In recent years, binary options copy trading has become a popular way of making money online. In this article, we will explore some of the leading platforms offering this service.

Understanding Binary Options Copy Trading

Before we explain what binary options copy trading is all about, it is important we define the phrase binary options. Simply put, binary options are contracts in the financial markets that have an all-or-nothing reward. In binary options, a trader must predict where the price of a particular financial asset will go within a specified timeframe; it could be 5 minutes or even an hour.

That said, binary options copy trading involves copying the trades of another binary options trader automatically and in real time. While this might sound simple, there are several factors that you need to consider to become a successful copy trader in the binary options world. We will discuss those factors later in this article.

Top Binary Options Copy Trading Platforms

Copy trading binary options on the right platform increases your chances of becoming successful. We have listed some of the leading platforms for copying binary options trades. They include:

Pocket Option

Pocket Option has become a popular broker among traders who enjoy trading binary options due to its FMRRRC certification. Moreover, the broker offers customer support in more than 20 languages, thus reducing the language barrier. Funding your Pocket Option account is free, but you will incur a withdrawal fee when taking out funds.

The broker’s copy trading platform comes with a simple user interface that allows traders to replicate the trades of one another easily. As a copy trader, you can mock the strategies of more than one trader.

IQcent

Besides supporting Forex, IQcent offers binary options, along with a copy trading platform that lets novice users follow trades of experienced traders. Although the broker has proven to be reliable since launching a few years ago, it has yet to be registered with any regulator.

Deriv.com

Previously known as Binary.com, Deriv is one of the first brokers to support the trading of binary options. It is regulated by authorities in countries like the United Kingdom, Malaysia, Vanuatu, and Malta.

As a beginner-friendly trading platform, Deriv offers binary options copy trading to allow new users to make money in the financial markets under the guidance of seasoned traders.

VideForex

You do not need extensive trading experience to earn money on VidForex. Through the broker’s binary options copy trading platform, you can earn passively by simply finding an ideal binary options trader and mocking their strategies.

IQ Options

Like other brokers mentioned above, IQ Options also automates its binary options copy trading platform. You can start replicating binary options trades from as low as $10.

Factors to Consider Before Copy Trading Binary Options

Find successful traders: If you copy a successful binary options trader, the chance of making profits is high. So, always check the traders’ performance before copying any.

Select the right settings: “Max copy trading amount should not exceed 2% of your total balance. Also, remember to set a stop loss to avoid losing your entire account balance in case of losing trades.

How to Begin Copy Trading Binary Options

Here is a step-by-step guide on how to start copying binary options trades:

Step 1: Create a live account with any of the brokers mentioned above. In our case, we have picked Pocket Option.

Step 2: Deposit funds to your newly created account. Pocket Option supports a wide range of deposit methods, including Perfect Money, Advcash, and Visa/Mastercard-issued debit cards.

Step 3: After depositing funds, click “Social Trading” and choose a binary options trader you want to copy. You can pick any of the leading traders who posted the top results in the past 24 hours.

Step 4: Copy the trader. Once you select the trader, set the trading parameters and hit “Copy Trades.” Now, sit back and monitor the trades. Remember, you can stop copying the trader anytime.