5 best social trading demo accounts – test copy trading for free
As beginners, traders naturally look for trading tutorials on YouTube or download free trading guides on different websites. This is all well and good if you want to learn the basic terms, but if you want to apply or learn different strategies, practicing on a social or copy trading demo account is your best bet.
In this review, you will read about brokers that offer the 5 best social trading demo accounts. You will get to know each company, the products they offer, as well as other important information.
eToro has built its reputation on its groundbreaking copy trading service. This is, arguably, your best choice when it comes to copy or social trading. This broker is so well known that even non-traders have heard of its name. This company was initially known as RetailFX back when it was founded in 2007. Today, this platform has over 20 million registered clients from more than 100 countries.
With tradeable stocks from Zurich, Paris, Saudi Arabia, Oslo, Madrid, Milan, Lisbon, London, Frankfurt, Helsinki, Hong Kong, Copenhagen, Amsterdam, the United States, and more, eToro offers maximum exposure to the different markets on their platform.
Commodities, cryptocurrencies, forex, and indices can also be traded on eToro. Below is a list of these asset classes.
Oil Natural Gas
Dogecoin Bitcoin Bitcoin Cash
Tezos Chainlink Uniswap
TRON ZCASH Binance Coin
Stellar NEO EOS
IOTA Cardano Ethereum Classic
Ripple Dash Litecoin
EUR/USD GBP/USD NZD/USD USD/CAD
USD/JPY USD/CHF AUD/USD EUR/GBP
EUR/CHF EUR/JPY GBP/JPY EUR/AUD
EUR/CAD AUD/JPY CAD/JPY CHF/JPY
USD/HKD USD/ZAR USD/RUB USD/CNH
AUD/CHF AUD/CAD AUD/NZD EUR/NZD
GBP/AUD GBP/CHF BGP/NZD NZD/CAD
NZD/CHF NZD/JPY CAD/CHF USD/NOK
USD/SEK NOK/SEK EUR/NOK EUR/SEK
USD/TRY USD/MXN USD/SGD GBP/CAD
ZAR/JPY EUR/PLN USD/HUF EUR/HUF
GBP/HUF CHF/HUF USD/PLN USD/CZK
NSDQ100 SPX500 UK100
GER30 HKG50 JPN225
ESPS35 EUSTX50 FRA40
AUS200 China50 DJ30
As a broker specializing in copy or social trading, traders using eToro’s platform can communicate with one another and compare notes on their trades. Newbie traders could get in touch with some well-seasoned traders and even get a second opinion on their trading strategy. The platform is user-friendly and has all the tools that you need to trade efficiently.
You can test out their platform by opening a demo account or virtual portfolio. It’s important to note that when you open a demo account, you will also be registering for a live account. Not to worry, though. You won’t be able to trade on your live account without making a deposit first. Switching from your live portfolio to your live account only takes one click of a button.
To sign up for an account, all you need to do is fill up the form and register using your personal email. You also have the option to link either your Google or Facebook account to make things easier for you. A demo account comes with a virtual balance of $10,000, and this can be used to practice trading any asset available.
If you have any questions, the platform has a help desk that contains frequently asked questions or common problems along with answers and solutions. You may also open a ticket by filling out the online form. Keep in mind that the average response time is one business day.
The website supports a number of languages. These are English, Finnish, Vietnamese, Thai, Danish, Romanian, Czech, Swedish, Portuguese, Norwegian, Dutch, Polish, French, Chinese, Arabic, Italian, German, and Spanish. eToro is not available for traders from Iran, Turkey, Japan, Hong Kong, Singapore, New Zealand, Saudi Arabia, India, Macao, and Madagascar.
This company was founded in 2007 by Leon Yohai, an aspiring trader who wanted to create a program that would allow him to mirror the trades of well-seasoned traders. Today, ZuluTrade has over a million registered users and a trading volume of more than $800 billion.
ZuluTrade is a dedicated copy trading service platform. This means that the assets that are tradeable with this company depend on your chosen broker. Here is a list of brokers that are compatible with ZuluTrade.
- FXCM Markets
- AAAFx International
- IC Markets
- Tickmill Global
- ADS Securities
- FXOpen ECN
- Amana Capital
- Lirunex Limited Globa
- Titan FX
- Vantage FX
- FXDD Trading
- GKFK Prime
- Royal ETP LLC
- United Strategic Group
- ThinkMarkets Global
- Global Prime
- EverFX Seychelles
- Eagle GM
- Pacific Union Limited
ZuluTrade also gives their clients the opportunity to AutoTrade cryptocurrencies like Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. As the name suggests, the AutoTrade feature will automatically execute trades for you. This is triggered when your a trader you follow sets off a trading signal from the ZuluTrade platform.
Opening a demo account will give you the opportunity to test out their platform and see if they have any traders that fit your standards. A demo account gives you full access to ZuluTrade’s services. To register, you will need to input your full name, email address, contact number, country of residence, leverage, the currency of choice, and desired virtual balance.
If you encounter any problem, ZuluTrade has a live chat system that is available 24/5. You may also contact them via email or telephone (+30 213 0176 399). Below is a list of countries and their corresponding contact number.
- United Kingdom, London – +44 20 3355 8805
- Russia, Moscow – +7 499 918 7378
- Spain, Madrid – +34 911 87 7655
- Greece, Athens – +30 213 0117 499
- Mexico City – +52 55 4170 8137
- Colombia, Cali – +57 2 891 2645
- Japan, Tokyo – +81 3 4588 8774
- Australia, Melbourne – +61 3 9008 4202
ZuluTrade’s website supports 26 languages. These are English, Russian, Japanese, German, Chinese, Spanish, French, Italian, Polish, Arabic, Bulgarian, Czech, Danish, Greek, Finnish, Hebrew, Hungarian, Korean, Malay, Dutch, Norwegian, Portuguese, Slovene, Swedish, Thai, and Vietnamese.
HotForex has been operating for more than ten years and now caters to more than 2,500,000 registered clients. This broker has won upwards of 45 industry awards and is an official partner of Paris Saint-Germain, the most successful French football team.
This specific broker is known for its award-winning forex and commodities products. They offer more than 50 currency pairs to trade, including the seven major currency pairs as well as a bunch of minor and exotic pairs. Below is a list of the other products offered on HotForex’s trading platform.
- Sugar #11
- US Cocoa
- US Cotton No. 2
- UK Brent Oil
- US Crude Oil
- Australian 200 or AUS200
- France 40 or FRA40
- Germany 30 or GER30
- Japan 225 or JPN225
- Netherlands 25 or NETH25
- Spain 35 or SPA35
- Switzerland 20 or SUI20
- US Tech 100 or USA100
- US Wall Street 30 or USA30
- US SPX500 or USA500.S
With HotForex, you can also practice trading any of the 54 available stocks on their trading platform. Some of the most famous stocks found here are Alibaba, Amazon, Apple, Coca-Cola Inc, eBay, Google, Netflix, Pfizer, Tesla, and Twitter.
HotForex’s demo account, in their own words, is your practice gateway to the trading world. It comes equipped with $100,000 in virtual funds that you can use to train your trading skills in a simulated live trading environment.
Opening a demo account is a fairly straightforward process. All you need to do is fill in the form on their website. The form will ask you to input your country of residence, phone number, complete name, email address, and date of birth.
If you have any questions or concerns, you can contact them via email or send them a message on their 24/5 live chat system on the website. Phone support is also available. Below is a list of countries and their corresponding telephone number.
- Brazil – +55 1148583707
- Colombia – +57 23896018
- Russia – +8 800 333 7440
- China – 4001 200742
- Taiwan – 0080 149 1499
- India – 000800 9190 406
- Indonesia – 007 803 321 2101
- Nigeria – +234 12279160 or +234 12279161
- Turkey – 0090 850 360 9920
HotForex supports multiple languages. These are English, Chinese, Vietnamese, Indonesian, Portuguese, Japanese, Arabic, Malay, Polish, Italian, French, Spanish, German, Malay, Filipino, Taiwanese, Korean, and Turkish.
RoboForex is an online multi-asset broker based in New Zealand. With more than ten years of experience, this company now has 800,000 registered clients from 169 countries and has forged partnerships with popular brands like BMW.
With this particular broker, you can hone your trading strategy for the different asset classes offered on their platform. Here is a list of products offered by RoboForex.
- Spot WTI Light Crude Oil (WTI)
- Spot Brent Crude Oil (BRENT)
- Teucrium Wheat
- Teucrium Soybean
- Sugar Pure Beta ETN Ipath
- Teucrium Corn
- US 500 Index Cash (.US500Cash)
- US Nasdaq Index Cash (.USTECHCash)
- US Dow Jones Index Cash (.US30Cash)
- DE 30 Index Cash (.DE30Cash)
- JP 225Cash Index CFD (.JP225Cash)
There are also more than 40 forex pairs that can be traded on their platform. These include the seven major currency pairs as well as some major and minor pairs. Among the 53 offered stocks, you will find popular names like Amazon, Netflix, Tesla, Google, Facebook, and Apple.
This broker has a dedicated platform for copy trading. It is known as CopyFX. Here, clients can take a look at other traders’ trading history and performance. If you find a trader that you want to mirror, you can set up alerts or signals so you would be alerted if this particular client opened a trade. You will also be given the option to immediately copy the trade if you desire to do so.
Opening a demo account requires you to fill up a form with your complete name, email address, and contact number. Once you’ve done that, you will need to choose between a Demo Pro account, a Demo account, or a Demo R Trader account.
Ideally, beginners should register for the Demo Pro account mainly because this account type replicates live market trading conditions. You will be given 90 days to practice trading on their platform with zero risks.
RoboForex’s customer service is available 24/7 and can be contacted via email and live chat on Telegram, Skype, Facebook Messenger, Viber, or WhatsApp. See the list below for telephone numbers if you prefer to speak with a representative.
- English – +65 3158 8389
- Chinese – +88 627 741 4290
- Portuguese – +351308811688
- Thai – +66 65 965 6091
- Taiwanese – +88 627 741 4290
- Portuguese – +55 61404 21173
- Ukranian – 0 800 501 840 or +38 067 920 11 22
- Kazakh – +7 (727) 3257070
- Spanish – +34 911 237 952
- Arabic – +65 3158 8389
- Malay – +60 3 9212 2059
- Spanish – +52 5541646747
- Czech – +420 228 885 018
- Vietnamese – +84869402418
The website supports 18 languages. These are English, Russian, Malay, Thai, Polish, Spanish, Italian, German, Vietnamese, Croatian, Chinese, Traditional Chinese, Portuguese, Ukrainian, Arabic, Lithuanian, Czech, and Hungarian. This broker does not offer its services to traders from the United States, Canada, Australia, Japan, and the Russian Federation.
#5: Pocket Option
Pocket Option was established in 2017 by a team of FinTech and IT specialists. Since then, they have built up their company’s reputation and now have more than 100,000 registered users from over 95 regions and countries. They also boast of their average trader income per month of more than $850.
This broker offers more than 100 assets for their clients to trade. Here is a list of the different asset classes and the products offered.
- UK Brent
- US Crude
- Altria Group Inc
- Alcoa Inc
- 3M Company
- Boeing Company
- Home Depot Inc
- Johnson & Johnson
- Pfizer Inc
- American Express
- Bank of America
- HP Inc
- Caterpillar Inc
- Walt Disney
Social trading is one of the key features of Pocket Options’ web trading platform. Here, you will be able to chat with other traders to get information or strategies on how to trade a particular asset class. The great thing about their platform is you don’t have to register to practice trading with this broker. Once you open their website, you will be logged in as a visitor with a virtual balance of $10,000.
If you would prefer to register, all you have to do is input your email address and password. You also have the option to link your Facebook or Google account. You can contact their support service via their support desk or hotline (+44 20 8123 4499).
PocketOption’s platform supports 23 languages. These are English, Russian, Portuguese, Spanish, Italian, Polish, Indonesia, French, Thai, German, Vietnamese, Arabic, Malay, Chinese, Turkish, Japanese, Korean, Persian, Bosnian, Romanian, Croatian, Hindi, and Greek. Pocket Options does not accept traders from Japan, Israel, the United States, and countries from the European Economic Area or EEA.
What is a copy or social trading demo account?
Demo accounts are mainly used to practice existing strategies or to create new ones. Having a copy trading demo account, however, allows you to go the extra mile and invest in other people and their trading strategy and portfolio.
Mostly all copy trading demo accounts still offer services such as trading and investing with a few exceptions and conditions. One of these conditions is that you could not use margin. You can use leverage but make sure that your leverage is almost the same as the portfolio you are copying to achieve adequate results.
You can still chart your desired assets on the platform, and you can also view news articles right from your platform. As a copy trading demo account, you also get access to a wide list of copyable portfolios, and you can rank these according to performance against a certain time frame.
Like all demo accounts, you’ll be given a set amount of virtual cash, which you can use to allocate between assets and portfolios but do keep in mind that this set amount can be adjusted depending on your broker.
Additionally, some brokers might implement a time limit on your demo account, which occasionally lasts for a month. If you do reach this time limit, do not worry because you can always create a new account easily. It usually just takes just your email address and your name to create one.
Why should you use a copy or social trading demo account?
Being able to experiment with everything your broker has to offer is one of the most important aspects in choosing your desired trading platform and broker. For a copy trading demo account, you get to experience real market conditions in your trades that involve and don’t involve copy trading.
For copy trading, in particular, you get a stress-free experience in investing because someone else is managing your trades for you. All you need to do is set a certain amount that you want to allocate. Think of it as your own portfolio manager. You do, however, have full control of when you want to withdraw your funds or if you want to add more.
Some might prefer to use copy trading accounts rather than automated trading bots because they manually handle all their strategies and assets without the risk of machine error which usually happens if the market trend changes.
Additionally, brokers feature a wide diversity of available portfolios and traders for social trading. You might encounter portfolios that scalp or day trade while others do swing trading and long-term trading. Depending on your time frame and risk tolerance, you can choose the most appropriate strategy for your investment.
Since this is a demo account, you will incur no losses, and the whole experience is risk-free.
Advantages and disadvantages
The primary advantage of copy trading is the ability to choose a trader that has performed to your standards. With hundreds of copy portfolios to choose from, you can find the adequate risk tolerance, performance, and trading profile that fits your own and let your funds grow with theirs. However, this also brings about the problem of human error. Since you’re not dealing with trading bots, there might come a time that your chosen portfolio encounters a losing streak in which you can’t directly control.
You can, however, choose to put out your funds if you think that your chosen social trader is not going to perform at your standards anymore. Additionally, you can instantly transfer your funds to fund a position from a different copy portfolio.
Gaining access to the trading history of these portfolios and traders gives you additional information as well as their performance. We listed more tips on choosing your ideal copy portfolio in our tips and trick section to help you out.
With copy trading demo accounts, most likely, you could also trade different assets as well. Most brokers offer this service, so their platform becomes a one-stop-shop if you choose to copy trade, invest manually, or a combination of the two.
How to trade using a copy or social trading demo account
Since most demo accounts that allow social trading also permit you to trade other asset classes, it would be best if you also learn how to trade on your own as well so that you can manage your portfolio as best as you could. Upon making a demo account with details such as your email address and name, you’re given access to your chosen broker’s platform or software. Usually, you are greeted with either a screen with a sample watchlist, charts, or both.
Familiarize yourself with the interface first and all of its features. You can try out trading by clicking or typing down a stock code or a symbol for a certain forex pair, index, or ETF, depending on what you want to trade.
Upon selecting your desired asset, it is suggested to check its chart as well and plot significant price levels that are relevant for trading. You could also check out research either provided by your broker or a third-party provider to give you confidence regarding your chosen asset.
When inputting a trade, you have to double-check if you’re buying or selling, or perhaps going long or short. This is important as this puts you in the right direction of your preferred trade.
After that, you need to input your desired order type and the price you want your order to execute at. The volume or size of your trade comes next, and this should correlate with how much you are willing to bet and how much you are willing to lose on this single trade.
It is advised to only put only a small amount of cash since you are still testing things out. Once all of these are done, you can now execute your trade. If your trade is filled, it will appear in your portfolio with all the details of your trade listed.
To copy trade, you need to first select a portfolio or a trader that you want to copy. Investing this way is easy since all you need to do is allocate a set amount of cash for that specific portfolio. Depending on your broker, you may be allowed to copy open trades or only copy succeeding ones.
Tips and tricks
Depending on the asset class you want to trade, there are various social trading service brokers and providers that you can choose from. One might feature better portfolios for forex, and another one might provide better gains for stocks. You should explore your options because there are a lot of choices out there.
Being able to check out hundreds and thousands of available portfolios to copy and put your money in also gives you access to sort them by performance and risk score. For risk score, you should choose an account that doesn’t have a large drawdown. This would ensure consistency over the long run with priority in protecting your capital.
As for performance, they should first and foremost have better gains compared to the benchmark index. Aside from this, to know if a trader has a good strategy, knowing his trading history and performance during bear markets is a huge plus. Being able to survive and even thrive in a difficult environment gives you the peace of mind that his/her portfolio will allow you to brace whatever market condition comes.
When investing in a copy portfolio, you shouldn’t just focus or put your money in a single one. There comes a time that a portfolio manager might have a losing streak that would lead to even more losses. As with stocks and other assets, it wouldn’t hurt to diversify your portfolio into multiple copy portfolios. Aside from being diversified in different strategies, you would also be technically a plethora of unique assets.
You can also follow the crowd if you want. Aside from the tips above in choosing your social trading partners, you can also sort available users by popularity. This way, you have that assurance that a lot of people trust this certain person and their strategy.
Last Updated on May 31, 2022 by Arkady Müller