Top 4 Copy Trading Platforms in the Philippines 2024
The Philippines has seen its economy grow in recent years. Among the drivers fueling the growth are the forex and stock markets. The rising popularity of online trading has prompted many Philippines residents to try their luck in the financial markets. But trading in any financial market is not easy, especially for newbies. Thankfully, several brokers now allow beginner traders to follow the strategies of experienced traders, giving them the chance to make money from trading without much experience.
In this article, we’ll take a look at some of the leading copy trading platforms in the Philippines.
RoboForex
RoboForex lets its users earn passively through its copy trading service. The broker supports over 10,000 financial instruments, including commodities, cryptocurrencies, indices, stocks, and Forex. Although it is more popular in India, RoboForex is also a go-to copy trading platform for traders in the Philippines. With as low as $10, you can begin your copy trading journey on this broker.
Safety and Regulation
RoboForex doesn’t hold a lot of licenses like many of its competitors. The broker is only regulated by the International Financial Service Commission in Belize.
Copy Trading Features
On RoboForex, you don’t just follow a trader blindly. Instead, the broker provides key details about all traders, allowing you to make informed decisions. Simply click the “Trader Rating” tab to access helpful information regarding a particular trader, such as their risk level, days of trading, profitability, and commission.
InstaForex
This broker continues to be popular among newbies, given that it only requires them to deposit at least $10 to start copying trades. It is worth mentioning that InstaForex was one of the first brokers to launch a copy trading service. Through this broker, you can copy trade in several financial markets like commodities, currency pairs, crypto assets, and stocks. There are over 300 financial instruments available for copy trading.
Safety and Regulation
InstaForex has secured licenses in the Virgin Islands and Saint Vincent, where it is registered as Instant Trading Limited and Insta Service Limited, respectively.
Copy Trading Features
Before picking your ideal trader to copy, InstaForex gives you access to traders’ information, such as account balance, number of transactions, a trader’s capital, total capital and balance gain, and average daily profit/loss.
IC Markets
Two aspects that make IC Markets a recommendable copy trading platform are its low trading fees and speedy execution of trades. Moreover, the broker has partnered with top social trading providers like ZuluTrade and MyFxBook to ensure customers have a seamless copy trading experience. So, what is the minimum amount required to replicate trades of seasoned traders? IC Markets asks users to deposit at least $200 for copy trading.
Safety and Regulation
The IC Markets brokerage firm is licensed by a number of top-tier regulators. It has permits from the Cyprus Securities and Exchange Commission and the Australian Financial Service License.
Copy Trading Features
While you can copy trades through MyFxBook, we advise using ZuluTrade since the platform’s editors are constantly updating the recommendations for leading signal providers to allow you to pick the most profitable one. Just click the “Top Traders” button to access a wide pool of successful traders.
Tickmill
Tickmill is no longer a platform for active trading alone. The broker is now letting customers copy successful traders to earn passively. However, Tickmill doesn’t have a self-developed copy trading platform, so it partners with MyFxBook to offer its copy trading service. We do not recommend this broker to newbies due to its high minimum copy trading amount ($1,000). For investors with this money, you can copy trades in markets like indices, bonds, Forex, and CFDs.
Safety and Regulators
Given the many licenses that Tickmill holds, we can consider the broker safe. It is regulated by the UK Financial Conduct Authority, the South African Financial Sector Conduct Authority, and the Cyprus Securities and Exchange Commission.
Copy Trading Features
You need MyFxBook and Tickmill accounts to start copying trades. When selecting a trader on the MyFxBook platform, check the following information about that trader: their capital, drawdown, and average loss/profit.