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Copy-trading in Kenya is about creating a win-win situation for all parties involved. It was first introduced to the public by eToro, after the successful marketing campaign that made them one of the most popular online forex brokers and top forex social trading sites out there. It makes your Forex trading more successful by allowing you to copy experienced traders. So, what is the best copy trading platform in Kenya? Read on to find out.
In their efforts to promote this financial product (best site for copy trading), they have attracted many copy traders who are willing to adhere to the rules and someday make a profit. Many copy trading platforms in Kenya hold a lot of promise when it comes to achieving success online and with the best trading systems in Kenya.
Wondering how copy trading works? Well, let’s have a quick intro, before diving into the best forex social trading platforms in Kenya. We’ll also show you how to find the best forex traders to copy.
How Copy Trading Works
Copy trading is basically a form of spread betting, but with some factors added that help in maximizing gains on one side and reducing risks on the other. It’s all about achieving your dream in the shortest time possible by following profitable traders who have demonstrated their ability to predict currency movements well.
Copy-trading allows you to copy experienced traders. This is done through forex social trading sites. The less experienced trader pays for the services and then you get to allocate trades. Any trade that the experienced trader makes is copied to your account. Taking advantage of top forex social trading platforms has transformed a good number of traders into millionaires. Below are the best forex social trading sites in Kenya. Knowing the best forex traders to copy is an art. Read on to discover the basics.
The Best Copy Trading Platforms in Kenya
What is the best copy trading platform in Kenya? Let’s analyze the top forex social trading platforms and find out.
The best forex social trading sites in Kenya offer traders a wide range of benefits such as copy trading for faster results, technical analysis tools, free signals among other beneficial features.
This makes the best forex sites accessible to everyone who is interested in making money on the internet in an easier way than ever before. Here is a list of the best copy trading platforms in Kenya.
eToro remains the leading best forex copy trading platform in Kenya. eToro is convenient to use by beginners as well as experienced traders because of its user-friendly interface, easy access, and easily navigable site. It’s easy to find the best forex traders to copy on eToro.
eToro specializes in copy trading that comes with guaranteed returns and advanced charting tools. It also allows copying the best results from other traders which makes it convenient if you want to copy experienced traders.
Beginners, on the other hand, enjoy using eToro because up to this day, eToro remains one of the few forex social trading sites that is not biased towards high rollers. The platform can be used on the web, a tablet, or a mobile phone. eToro doesn’t charge any additional costs for copy trading. When asked, “What is the best copy trading platform in Kenya?” most traders responded with eToro, making it the best forex copy trading broker.
AvaTrade is another big wig in the market of the best forex copy trading platforms in Kenya. This is a safe place that both beginners and pros can use to find the best forex traders to copy.
AvaTrade allows trading in more than 1,000 assets which is way above the Best Forex Sites. As far as the best forex trading platforms in Kenya go, AvaTrade has one of the Best Account types for copy trading. There’s a spread charge that is applied to all trades on account of this Best Forex Site.
What makes AvaTrade among the best forex copy trading platforms in Kenya is the fact that it has a competitive edge. This is especially on mobile platforms, which allow you to copy experienced traders with ease.
Plus, Avatrader is known for offering standard education for beginners in the field. This makes it one of the top forex social trading platforms is learning is your priority. It has great average research and pricing, not only in copy trading but in general. It has a virtual Best Demo Account that is highly useful in the area of copy trading [optimizing as far as copy trading goes].
It should be noted that the best forex trading platform in Kenya doesn’t charge a Best Spread on its accounts when it comes to copy trading. However, there’s an initial best deposit requirement and best commission fee which are also competitive in terms of other best forex trading platforms in Kenya.
With the features and benefits above, it is no wonder that some traders consider Avatrader the best forex copy trading broker in Kenya.
Pepperstone is not among the platforms that come with the highest number of tradeable products. However, Pepperstone stands out from other top forex social trading sites, allowing you to copy traders for free.
Usually, the best forex brokers offer the best demo accounts that are mainly Best Practices. However, the best copy trading platforms in Kenya like Pepperstone’s best virtual trading account can only be used for copy trading and social Best Trading.
The best forex demo account still comes with a fully functional real-time best spread which is very attractive to traders who want to try out the best strategies of best traders on real-time data.
In terms of numbers, there are more than 1600 verified forex traders who have opened their accounts at Pepperstone in just 3 years since it was established in 2012. For a platform that started three years ago, this is quite impressive!
Moreover, the best charting tools provided can help copy experienced traders to best visualize the best possible trades strategies they could possibly try. It is no surprise that it was ranked the best platform in the class of Social Trading the fourth time over the years, with some of the best forex traders to copy in the market.
4. XM Forex Social Trading
If you want to copy traders for free, XM is another platform that stands out among the copy trading platforms available in Kenya. It has the best multi-platform trading, best asset portfolios, and best customer service categories for the top three best-in-class awards. XM forex social trading services are among the most sought after in the copy trading field.
Its best FX copy trading tools are also among the best in class. It has a shorter history as compared to its competitors but it is already reaping rewards from that time. XM’s best offering of currency pairs can accommodate all traders who want to copy trade forex pairs available on the market today.
Moreover, its best range of trading tools provides endless opportunities for copy trading experts to find their own trading strategy suited best for them based on what they prefer using while executing trades.
The platform works great for both beginners and experienced traders. XM forex social trading provides the best FX copy trading tools available on the market today. Meanwhile, beginner traders are able to learn more about forex trading through the best Range of Trading Tutorials available from the XM platform. XM is without doubt one of the top forex social trading sites.
FXTM is a good choice if you want to copy experienced traders in Forex. It provides the best range of trading account types that can be chosen by traders based on their copy trading needs and preferences.
Among the best copy trading platforms in Kenya is the one provided by FXTM. It is very flexible, allowing the best copy traders to have the freedom to choose how they want to execute trades, whether manually or using the best auto traders available from the platform.
However, many copy traders have a tough time connecting to the copy trade provider. The platform acts as the middle man between the traders and the leaders (copy trade providers). This means that those people who have multiple trade leaders are unable to know who is the best or worst of them.
6. Prime XBT
Prime XBT is not your normal forex copy trading platform or just your forex trading platform. For starters, this platform is a bitcoin-based platform. They provide all forex traders with an opportunity to copy trade from leaders/experts in the forex market.
This is a unique platform where you can connect to over 20,000 different forex traders and start trading automatically based on their trades.
It’s great for-profit multiplication and more so when trading bitcoin. Best of all, it comes at an affordable price if you intend to test your skills as a cryptocurrency trader.
Naga is a platform that is not as widely known as its competitors in this list of the best forex copy trading platforms in Kenya. However, Naga has some features that allowed it to make among this list.
Naga boasts a steady customer base in the thousands. Best of all, it is also affordable for those who are just starting out. Naga’s interface and access to its community of the best copy traders are better than most of its competitors. It has strong customer support that will help you with any problem or query you have while using this platform.
The features of Naga that stand out from the rest include its copy trading app, which can be downloaded on both Android and IOS. This is in addition to its copy trading website. If you are looking for a new way to invest your money, Naga is worth checking out. It’s one of the best forex social trading sites that there are in Kenya.
How to Get Started with Forex Copy Trading in Kenya
Now that you are in a position to choose the best forex copy trading broker from your point of view, let’s show you how to get started with copy trading.
Copy-trading, also known as Forex copy trading or FX copy trading, involves copying other account holders who are recognized to be successful in their operations in the forex market by starting out with similar investment schemes. There are many copy trading websites and apps out there. Taking advantage of the best copy trading platforms can transform your fortunes as a forex trader.
Steps to start out in copy trading
1. Identify a copy trading platform that has been tried and tested to be functional.
2. Open an account with the selected Best forex copy trading platforms in Kenya.
3. Join others who are into copy trading by subscribing for their services or even following them on social media networks such as Facebook or Twitter.
4. Get started in Forex copy-trading once you have invested your money in the Best forex copy trading platforms in Kenya.
5. Get tips from other Best Forex Copy Trading Platforms In Kenya members about how to trade using your Best forex copy trading platforms in Kenya. You could even share some of what you know with others who may not be so experienced just like you were when you started out.
6. Check out the best forex copy trading platforms in Kenya that will help you to Best forex copy trading in Kenya and profit from forex online. You should also do your research to know the best copy traders to follow.
Advantages of Copy Trading
a. Getting the best forex copy trading broker helps an investor save costs since he does not have to hire anybody or spend time on research personally.
b. They keep traders interacting through their platforms.
c. You have the chance to take advantage of another trader’s great skills on the best copy trading platforms.
d. You can learn advanced Forex skills by watching the best copy traders.
e. Using copy trading helps an investor identify with his or her money since it is not completely under control.
Disadvantages of Copy Trading
a. You might not be able to have access to all the trading instruments.
b. There may not be enough money to make profits for everyone at the same time and this could lead to investors failing to copy the trades.
c. Your individual trading skills may not be good enough to make a profit.
d. The copied trader could incur losses and this could lead to withdrawal of money by investors.
e. This is a risky investment if you do not understand how forex copy-trading works.
What to Consider When Choosing the Best Copy Trading Platforms
When looking for the best forex copy trading broker, there are a couple of things that you should look out for. They include the following:
1. You should have a fair idea of what to look for in terms of profits when choosing the best copy trading platforms.
2. Whether the platform can be accessed through your preferred method, whether it’s web-based or can be accessed through a tablet or a phone.
3. Factor in how easy it is to use the platform, making sure that it is as user-friendly as possible.
4. Preferably, choose a platform that has a leader board for the best copy traders and you can easily get in touch with them directly.
Is Copy Trading Similar to Social Trading?
Copy trading is different from social trading in many ways. In fact, copy trading requires traders to be more hands-on in terms of analyzing market trends and performing independent analysis.
This means that any trader who is looking for an easy way to make money should skip copy trading altogether and head straight into the world of social trading.
Want to Start Trading? Here is our List of Recommended Forex Brokers
What’s Your Thought?
Copy trading is a way to get involved in forex trading without the required skills or experience in the field. It’s more of having your account managed without having it managed. Following the lead of the best copy traders can lead to great success in Forex. Be careful on the leader you choose, it’s the difference between having your account making so many profits or having your account blown out. If you have read all this, then you are definitely ready to start your copy trading journey. Happy trading.