It is possible for traders to pool their capital with that of other successful investors in order to mimic their trading tactics, a practice known as copy trading or social trading.
Copy trading platforms can be automated, semi-automated, or manual, allowing the trader to have varied degrees of overall control over their trades.
In this article, we explore the seven Best Social Trading Platforms for Nigerians offered by Forex brokers that provide excellent trading conditions.
1.   AvaTrade
Overview
An internationally authorised and beginner friendly CFD broker, AvaTrade is able to offer trading on Forex and cryptocurrencies, as well as commodities and indices. AvaTrade also provides trading on stocks, bonds, vanilla options, and ETFs, making it one of the best Social Trading Platforms in Nigeria.
AvaTradeGO, one of the most popular mobile trading apps in the world, has gained widespread industry accolades and, unlike many European brokers, AvaTrade has a local Nigerian customer service team.
Pros and Cons
| PROS | CONS |
| Broad range of tradable instruments | High EURUSD and inactivity fees |
| MetaTrader 4 and 5 available | |
| Excellent educational resources |
Features
| Feature | Information |
| Regulation | Central Bank of Ireland, MiFID, ASiC, BVI |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | No commission on Forex |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | First Deposit Bonus |
2.   HF Markets
Overview
An international CFD broker, HF Markets offers trading in a wide range of financial assets including Forex, metals, energy and indexes, stocks and commodities, bonds and ETF, and is one of the leading Social Trading Platforms in Nigeria.
HFcopy Accounts can be opened by Strategy Providers who want to expand their Follower base and trade for a Performance Fee. Strategy Providers only get paid if their followers’ tactics are a success.
Pros and Cons
| Pros No deposit or withdrawal fees Competitive spreads |
Cons
High commission charges on the Zero account |
Features
| Feature | Information |
| Regulation | CySEC, DFSA, FCA, FSA, FSCA |
| Minimum deposit from | $5 |
| Average spread from | 0,0 pips |
| Commissions from | USD 0.03 per 1K lot. |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | 100% Supercharged Bonus |
| Customer Support | 24/5 |
3.   Pepperstone
Overview
Pepperstone is well-known for its narrow spreads, lightning-fast execution, and wide range of platform support, but it also offers a variety of strong third-party copy trading systems, such as MetaTrader Signals, Duplitrade, and Myfxbook, that traders can choose from.
Pros and Cons
| Pros
No minimum deposit Low trading fees for forex No added costs for withdrawals or deposits |
Cons
Limited number of instruments No additional research tools |
Features
| Feature | Information |
| Regulation | FCA, ASIC |
| Minimum deposit from | AUD200 |
| Average spread from | 0.4 pips |
| Commissions from | ‎$3.76 commission per lot per trade |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
4.   Tickmill
Overview
There are two excellent third-party copy trading platforms supported by Tickmill: Myfxbook AutoTrade and the Pelican Trading mobile trading app. Tickmill is a regulated MT4/MT5 broker. Tickmill customers can use Myfxbook AutoTrade for free.
Pros and Cons
| PROS | CONS |
| Competitive pricing
Well regulated High leverage Advanced trading software STP model |
Features
| Feature | Information |
| Regulation | FSA |
| Minimum deposit from | $100 |
| Average spread from | 0.1 pips |
| Commissions from | ‎2 per side per 100,000 traded |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | $30 Welcome Bonus |
| Customer Support | 24/5 |
5.   Exness
Overview
Market maker Exness was founded in 2008 and provides trading on the MT4 and MT5 platforms. For newbie traders, Exness offers the MT4 platform’s Social Trading tool, which allows them to imitate the transactions of other traders.
It is mutually agreed upon that strategy providers are paid a commission when they make money.
Pros and Cons
| PROS | CONS |
| Well-regulated | |
| Tight spreads | |
| Over 130 currency pairs |
Features
| Feature | Information |
| Regulation | CySEC, FCA |
| Minimum deposit from | $1 |
| Average spread from | 1.3 pips |
| Commissions from | 3 USD and 10 USD per 1 lot for CFDs |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:2000 |
| Bonuses | Standard +10% Bonus Programme |
| Customer Support | 24/5 – multilingual |
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6.   IC Markets
Overview
Beginner-friendly CFD broker IC Markets offers trading on a wide range of financial assets, including currency pairs, commodities, indices, bonds and digital currencies.
Autochartist and Trading Central are just two examples of the many trading tools offered by IC Markets, which include a free VPS service and two copy trader tools – Zulutrade and Myfxbook Automated Trades.
Pros and Cons
| PROS | CONS |
| Low forex fees
Easy and fast account opening Free deposit and withdrawal |
No Negative Account Balance Protection
Limited number of available CFDs |
Features
| Feature | Information |
| Regulation | ASIC |
| Minimum deposit from | $200 |
| Average spread from | 0.0 pips |
| Commissions from | ‎None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/7 |
7.   FXTM
Overview
In addition to offering MT4 and MT5 accounts, FXTM is a well-regulated market maker and ECN broker.
Beginning CFD traders can take advantage of FXTM’s advanced copy trading system, which automates the process for them. For investors, FXTM Invest provides access to a list of top-rated traders.
Pros and Cons
| PROS | CONS |
| Superb customer service | Inactivity and withdrawal fees |
| High maximum leverage | Limited product portfolio |
| Great educational tools |
Features
| Feature | Information |
| Regulation | CySEC, FCA, FSCA |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | No commission |
| Deposit/Withdrawal Fees | $3 |
| Maximum Leverage | 1:500 on average |
| Bonuses | $300 Trading Bonus |
| Customer Support | 24/5 |
