Top 4 Copy Trading Platforms in Portugal – Best Picks for 2024

Portugal is one of the many European countries witnessing a surge in online traders in 2024. However, the new traders are finding it difficult to maneuver the financial markets due to a lack of skills. The best thing is that several copy trading platforms have emerged to address this issue. These platforms allow newbies to follow the trades of experienced traders in Portugal.

If you wish to participate in copy trading while in Portugal, then we advise you to read this article to the end. We have listed the top copy trading apps to help you identify one that matches your trading needs.

RoboForex

If you would like to copy trades in various financial markets, then make RoboForex your top choice. The broker has listed over 11,800 financial instruments from markets like Forex, metals, futures, indices, stocks, and energies.

Along with offering a wide range of tradable assets, RoboForex imposes cheap trading fees to ensure that copy traders retain a significant portion of the generated profits. What’s more, the trade execution speeds are unmatched. The brokerage firm processes thousands of trades within seconds.

Pros and Cons of RoboForex

Pros

• The broker charges minimal trading fees.
• Copy traders can withdraw profits instantly.
• RoboForex allows customers to copy trades with a small capital ($10).

Cons

• RoboForex has limited some trading accounts from copy trading certain Forex pairs.
• Compared to rivals, RoboForex provides a limited number of analytical tools for lead traders.

TeleTrade

TeleTrade is now a globally recognized brokerage firm, having expanded to several countries over the past five years. Although it is widely known for offering a suitable environment for Forex trading, it also gives access to the metals, stocks, and crypto markets.

TeleTrade hasn’t imposed any limits on the offered trading accounts, meaning customers can copy trades in whichever market they want. Further, since the broker focuses more on onboarding new traders, it has a comprehensive education program for users to learn the fundamentals of copy trading.

Pros and Cons of TeleTrade

Pros

• TeleTrade gives lead traders access to hundreds of powerful analytical tools.
• Its educational section helps novice traders navigate the online trading space with confidence.

Cons

• TeleTrade supports a few withdrawal methods.
• Its customer support isn’t available on weekends.
• The identity verification process is not smooth.
• The Forex pairs are limited.

eToro

With a presence in more than 130 countries, eToro is arguably one of the largest brokerage firms in the world. Notably, it is regulated by several reputable financial authorities, including the United Kingdom’s Financial Conduct Authority and the Cyprus Securities and Exchange Commission.

It is worth mentioning that eToro was among the first brokers to introduce the copy trading concept in early 2010. Today, it hosts thousands of expert traders who let their followers copy their trades at a small fee.

Pros and Cons of eToro

Pros

• eToro’s compliance with the stated laws has built trust with its clients.
• The broker allows customers to engage in copy trading in multiple markets.
• It does not charge a fee on copied trades in the stock market.
• eToro’s user-friendly interface enables easy navigation for newbies.
• Users deposit funds at zero costs.

Cons

• Many copy traders will find the required minimum capital ($100) high.
• eToro lacks a live chat feature on its website to facilitate quick customer assistance.

ForexMart

ForexMart continues to expand its presence in 2024. This year alone, the brokerage firm has announced entering various markets including Portugal. ForexMart’s operations are overseen by the Cyprus Securities and Exchange Commission.

Even though most of the tradable assets are Forex pairs, ForexMart also supports the trading of precious metals and stocks.

Regarding awards, the broker has been awarded thrice in the past, the most recent award being “The Most Promising Broker in Asia 2022.”

Pros and Cons of ForexMart

Pros

• Forexmart’s copy trading platform has a wide range of educational materials.

Cons

• Customer support is only available from Monday to Friday.