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Last Updated On Aug 14, 2023
Copy-trading enables individual traders to invest their trading funds with other successful traders and copy their trading strategies, usually for a small fee or a cut of the investing trader’s profit. It is mostly beginners who are interested in copy-trading, as it requires little financial knowledge and is a good opportunity to learn from more experienced traders. But all types of traders can benefit, especially as copy-trading requires little time to implement and monitor.
To test these best brokers for copy-trading, we checked their regulation, opened a copy-trading account, and followed other traders. We also tested the different copy trading tools available to make manual trade adjustments, as traders should have full control of their trades in line with a long-term risk management strategy.
These are the best copy trading brokers in Tanzania for 2023.
- AvaTrade - Best Overall Copy Trading Broker
- FXTM - Best Copy Trading Platform for Beginners
- Pepperstone - Best Copy Trading ECN Broker
- HFM - Best Copy Trading Account
- Axi - Best ECN Broker on the MT4 Platform
- FxPro - Copytrading on Three Platforms
- IC Markets - Two Copy-trading Platforms, 24/7 Support
- Skilling - Best cTrader Copy Trading Account
Best Copy Trading Forex Brokers in Tanzania
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Broker
Official Site
Copy Trading
Min. Deposit
Max. Leverage (Forex)
Autochartist
Trading Central
Trading View
Total CFD
Share CFDs
Commodity CFDs
Index CFDs
Currency Pairs
Broker
How to compare copy trading platforms
Most brokers offer some form of copy trading, and while some have their own copy trading systems, third-party communities like Duplitrade, Zulutrade, and myFXbook are also available. When comparing brokers by their copy trading functionality, consider:
Regulation: Always verify that your broker is regulated. Regulation is the safety of funds and an absolute requirement for any trader.
Trading platform: Are you using the broker’s copy-trading service, or is it via Zulutrade, Duplitrade or Myfxbook, which may have additional monthly costs if not provided for free.
Transparency and risk: A better copy trading system will provide traders with a detailed breakdown of the traders to copy. These metrics should include risk metrics, profit (short-term, medium-term, long-term) and max drawdown. Finding winning traders is important, but equally important is finding winning traders who share your risk appetite.
The number of quality of traders to copy: Your broker must have a larger set of traders for you to follow. A limited set of traders will mean that you may not find the appropriate trader with the right metrics to follow.
Flexibility: Copy trading is not mirror trading, where your trading account mirrors the trading activity of the person you are following. Flexibility will let you filter which trades to copy, using preset parameters for cost/risk/return to guide you.
Binding period: A trader should be able to stop copying trades instantly and not be locked in for a set time. A trader should refuse any attempt by a broker or a third-party service to legally bind you to a copy trading provider.
Paying the provider: Are you paying a flat fee, or are you only paying a fee for profitable trades? Are you paying a subscription fee to the broker? The cost directly owed to the signal provider should be transparent.
Copytrading accounts: Copy trading may be limited to specific broker accounts. Find out which accounts offer copy trading, understand what the minimum deposit on that account may be, and if the cost of trading (spreads and commission) is different on that account before signing up and making a deposit.
Avatrade – Best Overall Copy Trading Broker
AvaSocial Copy Trading Platform: With full support for various platforms, including MT4, MT5, the award-winning AvaSocial, Avatrade provides a user-friendly and innovative trading environment that allows beginner copy traders to profit from tested trading strategies of more experienced traders.
The Avasocial App helps traders to discover successful traders and qualified mentors, displaying their risk profile, experience, and trading style. Copy traders will receive continuous real-time updates about the state of their trades and can talk one-on-one to providers. Avatrade has also partnered with Mirror Trader and Zulutrade to offer a wider range of copy trading functionality. Mirror Trader allows investors to switch between manual copy trading, semi-automatic trading, or automatic trading when following a provider.
Leading CFD Broker: Avatrade is a leading global CFD market maker broker with excellent regulation offering trading on multiple assets, including Forex, cryptocurrencies, ETFs, options, bonds, and vanilla options on one live commission-free account with competitive trading conditions.
Accepts Tanzanian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.FXTM – Best Copy Trading Platform for Beginners
Copy Trading Platform: FXTM provides a powerful copy trading system called FXTM Invest, which is helpful for beginner traders who lack the expertise and skills in CFD trading. FXTM Invest allows investors to choose a strategy manager from a list of top-rated traders. Once an investor makes a minimum deposit of 100 USD, FXTM will activate the Investor account, and clients can then copy the trades of the strategy managers. With this system, investors can follow suitable strategies and receive a portion of the profits, and Strategy Managers can earn extra money by generating profits for their investors.
Beginner Education: FXTM also provides a lot of educational and market analysis materials to help beginner traders. The materials offer a good overview of Forex trading in guides and tutorials, articles, webinars, seminars, e-books, trading glossaries, and videos. Much like FXTM’s education section, its market analysis materials are comprehensive, frequently updated, and accurately analyse the markets.
Accepts Tanzanian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.Pepperstone – Best Copy Trading ECN Broker
Copy Trading Trading Systems: Pepperstone offers a selection of powerful third-party copy trading systems for traders to choose from, including MetaTrader Signals, Duplitrade, and Myfxbook.
- MetaTrader Signals takes the guesswork and emotion out of trading by allowing traders to access thousands of trading strategies and signals from traders in real-time. It also allows traders to diversify their trading and reduce their portfolio risk by using different signal providers with different approaches.
- Duplitrade allows traders to engage in automated trading, using signals from proprietary traders, which helps them build their trading knowledge and understand pro techniques.
- Myfxbook is an account mirroring service that allows traders to copy the trades of the top Forex traders. There are no performance or management fees, and Myfxbook provides accurate statistics, allowing traders to analyse and improve their performance quickly.
Trusted Forex Broker: A leading ASIC-regulated ECN/STP broker, Pepperstone offers trading on multiple assets, including Forex, indices, shares, commodities, cryptocurrencies, and indices. Known for its tight spreads, ultra-fast execution, and broad platform support, Pepperstone is one of the best Forex brokers in the world.
Accepts Tanzanian Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone Group is regulated by the FCA, ASIC, and the DFSA.HFM (Hotforex) – Best Copy Trading Account
Dedicated Copy Trading Account: Traders can choose between four account types, including an exclusive HFcopy account. The HFcopy Account is available to both Strategy Providers and Followers who have joined HFcopy. Strategy Providers can open an HFcopy Account to build their inventory of Followers and trade on behalf of their Followers in exchange for a Performance Fee. Followers will only pay Strategy Providers if their strategies are successful.
The HFcopy account offers slightly different trading conditions to HFM’s regular accounts, including a minimum opening deposit of 500 USD for Strategy Providers and 100 USD for Followers. HFcopy accounts are only denominated in USD and offer commission-free trading with spreads starting at 1.0 pips on the EUR/USD.
Accepts Tanzanian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.Axi – Best ECN Broker on the MT4 Platform
Overall Rating
4.34 / 5
4.34 / 5| 🏦 Min. Deposit | USD 0 |
| 🛡️ Regulated By | FCA, ASIC, FMA, DFSA |
| 💵 Trading Cost | USD 10 |
| ⚖️ Max. Leverage | 500:1 |
| 💹 Copy Trading | Yes |
| 🖥️ Platforms | MT4 |
| 💱 Instruments | Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals, WTIs |
Free 3rd-Party Copy Trading Platforms: Axi also offers a selection of powerful copy trading tools and trading signals, allowing traders to copy trade using thousands of strategies on the MT4 platform. Axi supports:
- Myfxbook, a third-party automated analytics tool that allows traders to organise and monitor all trading accounts and systems in one centralised place
- Zulutrade and Duplitrade are popular third-party social trading networks that allow clients to copy top-performing traders irrespective of the broker.
Trusted ECN Forex Broker: An Australian ASIC and FCA-regulated ECN broker, Axi offers trading on 70 Forex pairs, precious metals, commodities, indices, and cryptocurrencies. By providing exclusive support for the MT4 platform, Axi offers an innovative and customisable MT4 experience, including a range of tools as part of its NexGen package. These include a sentiment indicator, a correlation trader, an intuitive terminal window, and an automated trade journal.
Accepts Tanzanian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA.FxPro – Copytrading on Three Platforms
Copytrading on MT4, MT5 & cTrader: One of the most popular brokers, FxPro has over 800,000 clients worldwide and offers copy-trading on all three major trading platforms. While FxPro used to have its own social-trading service called SuperTrader, this was shut down in 2017, possibly because the high minimum deposit of 2,000 USD dissuaded new clients from signing up. While it no longer offers a dedicated copy-trading service, FxPro does offer copy-trading via signal trading on MT4, MT5 and cTrader.
While MT4 and MT5 signal providers usually charge a monthly subscription for copiers – often in the region of 30 or 40 USD a month – signal providers using the cTrader Mirror Trader instead charge a commission per million units traded. The current maximum allowable commission on Mirror Trader is 100 USD per million (10 USD per lot). Opening an MT4, MT5 or cTrader account at FxPro is a simple business and only requires a minimum deposit of 100 USD. Be aware that the cTrader account provides raw spreads but charges a 9 USD commission per lot traded.
Accepts Tanzanian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSAIC Markets – Two Copy-trading Platforms, 24/7 Support
Copy Trading Platform Choice: IC Markets is one of the few brokers to support all three major trading platforms and two copy trader tools – Zulutrade and Myfxbook Autotrade.
- Zulutrade is a third-party copy trading tool that allows traders to choose between 100,000 signal providers from 192 countries. Zulutrade’s sophisticated algorithm ranks Signal Providers by analysing their overall performance, stability, exposure, and minimum equity required. It also offers Zuluguard, an advanced account protection feature that monitors traders’ performance 24/7 and protects copy traders’ invested capital.
- Myfxbook Autotrade allows traders to copy the trades of any system directly onto the MT4 platform. No volume-based fees are charged, and traders do not have to install any complex software – they connect their account to Myfxbook and select the system they would like to copy.
Beginner Friendly Broker: IC Markets is a beginner-friendly CFD broker offering trading on multiple instruments, including Forex, commodities, indices, bonds, digital currencies, stocks, and futures. It also offers excellent educational materials and 24/7 support to get beginner traders started.
Accepts Tanzanian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.Skilling – Best cTrader Copy Trading Account
cTrader Platform: Available on the Skilling cTrader Copy platform, traders can choose from over 800 different strategies and providers to follow and copy. The in-depth performance statistics available allow you to research Strategy Providers and their track record of investments as well as review their performance results and trading style to determine the strategy most suitable to you.
Good for Beginners: Start, pause, or stop copying; Skilling Copy allows traders to edit their copying with a few simple clicks. You can also protect your funds with an Equity Stop Loss, limiting how much of your trading account you want to risk. Beginners will also be able to watch the actions of more experienced traders and learn trading ideas and strategies. Social trading is useful for traders who have no time for training or making independent investment decisions.
Accepts Tanzanian Clients. Average spread EUR/USD 0.70 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 and cTrader platforms supported. Skilling is regulated by CySEC and the FSA-Seychelles.How does Copy Trading Work?
Copy trading requires two traders and a Forex broker, which provides the platform for them to co-operate. One trader is the provider, or manager, and they will make their trading strategies available for others to follow. The other trader, or investor, selects the provider they wish to follow – usually for a fee or a cut of the investor’s profits. The broker provides the social platform for the provider and the investor to meet and co-operate, brokers also provide the trading platform that the provider will use to trade.
Most copy trading platforms will also display the manager’s investment return, risk profile, length of experience and trading style. It is essential to also examine the manager’s largest drawdown, this the largest single peak to trough decline in the manager’s trading account. If you are thinking of investing a smaller amount than the manager’s largest drawdown you are putting yourself at serious risk of losing all your capital. Controls for investors are also a key feature, allowing you to choose how much money to invest with a provider and which strategies to follow.
Is copy trading legal?
Yes, copy trading is legal in almost all jurisdictions. Prior to the explosion in social trading, copy trading was only available via a managed account. Managed accounts required a power of attorney and a large account balance, and so are unpopular amongst typical retail traders. Copy trading, or social trading, on the other hand is considered self-directed by most regulators, as traders who use this function always select the trading system to copy.
A brief history of Copy Trading
Prior to the merging of Forex trading and social media, the only form of copy trading available was managed account trading. While managed accounts are still an integral part of institutional trading, on a retail level they have been almost completely eclipsed by the rapid rise of copy trading.
Also called mirror trading, auto trading and social trading, copy trading began in the late 2000s with the advent of the eToro and ZuluTrade platforms. eToro has since become one of the most successful Forex brokers in the world, purely based on the strength of their social trading platform, while ZuluTrade is one of the most popular copy trading platforms in the Forex community.
The success of these early pioneers means that most major brokers now offer some form of copy trading or social trading, either through their own platforms or via a third-party, such as ZuluTrade, Mirror Trader or Myfxbook.
Which broker is the best for Copy Trading?
eToro, FXTM and AvaTrade are the best brokers for copy trading.
eToro’s unique social trading platform allows for users to copy each other’s trades and share trading tips. Easy-to-use and web-based, the eToro platform has won many awards over the years for innovation and simplicity. With over 6 million clients, eToro has successfully made social trading an integral part of Forex industry.
FXTM run the FXTM Invest platform, which connects investors with Strategy Managers. Strategy Managers are graded on several metrics and investors can filter Strategy Managers to find the right combination of return and risk they feel comfortable with. Investors only pay a fee on successful trades.
Avatrade offers multiple direct and indirect copy trading options. AvaTrade has also partnered with the Mirror Trader and ZuluTrade platforms to offer a wide range of copy trading functionality. Mirror Trader allows investors to switch between manual copy trading, semi-automatic trading, or automatic trading when following a provider. ZuluTrade is a community of providers, who have been ranked using various practical parameters including maximum drawdown and average profitability.
Read this more detail on how to compare Forex brokers yourself outside of copy trading alone.
How do I choose the best copy trading system?
The best copy trading system will not always be the most profitable. It is important to look at a provider’s long-term strategy and risk management to make sure these align with your account balance and goals. Aggressive strategies may make money in the short-term – and may even be successful for those with larger account balances over the long term – but can lead to account wipeouts for those with smaller balances.
Like with all Forex trading, it is important to do your own research and manage your risk appropriately.
Final Word
While a relatively recent method of Forex trading, copy trading has fast become one of the largest. The advantages are obvious for beginner traders, and many experienced traders also swear by it. But, like all Forex trading, it must be entered into with education, caution and a thought for risk management.
Forex Risk Disclaimer
Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).
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