6 Best Copy Trading Platforms in Nigeria – Top Picks in 2023

Most novice forex traders opt for copy trading to help them maneuver the financial market successfully. This trading strategy makes it possible for traders to replicate trades of proficient traders. Several platforms have been launched in recent years to facilitate copy trading. Are you in Nigeria? Keep reading this article to learn which platform you can use to copy trades.

RoboForex

You can earn passively on RoboForex through copy trading. There are more than 10,000 financial instruments available for trade. For years, RoboForex has been the leading copy trading app in India. It’s now serving Nigerian customers. To get started with this platform, you are required to deposit at least $100.

Safety and Regulation – Is it safe to copy trades on RoboForex? Absolutely. The company holds a license from Belize’s International Financial Service Commission. Being a regulated platform, RoboxForex assures the safety of your funds.

InstaForex

This broker was one of the first trading platforms to provide access to a copy trading feature. It remains popular among beginner traders as it allows them to start copy trading with as little as $10. You can copy trade over 300 financial instruments in various markets, including cryptocurrencies, currency pairs, stocks, indices, and commodities.

Safety and Regulation – InstaForex has secured licenses in two jurisdictions: In the Virgin Islands, where it is registered as Instant Trading Limited, and in Saint Vincent, where it operates under the trading name of Insta Service Limited.

Forex4You

Forex4You is another great copy trading app for Nigerian traders. It has been in business for over 15 years, thus proving its reliability. You can begin copying trades with only $50. Forex4You gives you access to more than 1,500 experienced traders. Moreover, you get to have control over the trades as the platform lets you adjust the stop loss or take profit and even close the trades manually.

FBS

With over 20 million traders in more than 140 countries, FBS (Finance Freedom Success) has proved to be a reliable copy trading platform among Nigerians. The broker does not charge you to copy trades on its platform. Only copied trades deduct a commission from every profitable trade.

One of the aspects that make FBS copy trading a go-to platform for many novice traders is that it is user-friendly, making it easy for everyone to navigate it. Additionally, there are several tutorials on the FBS website that teach users how to use the copy trading feature more effectively. Lastly, low trading fees charged by FBS allow copy traders to retain most of the profits.

AvaTrade

Regulated by seven tier 1 financial regulations, AvaTrade is undoubtedly one of the most trusted copy trading and social trading platforms. Besides giving you access to its own copy trading feature, AvaTrade lets you copy trades on other reliable platforms like ZuluTrade, MQL5, and DupliTrade.

To replicate trades of skilled traders, you are required to make a minimum deposit of $100. You can copy trade forex, bonds, stocks, cryptocurrencies, and indices.

eToro

This is probably the most popular copy trading platform. It is the first brokerage firm to introduce copy trading. There are thousands of professional traders you can duplicate their strategies on eToro. To get started, deposit at least $500.

The Tel Aviv-based trading platform is regulated by several regulators across the world, thus making it safe for Nigerian traders to use.