Forex Prop Firms That Allow Copy Trading - The Forex Geek (2024)

Author: The Forex Geek | Published: May 2, 2023

Forex trading is an extremely volatile market that requires knowledge, skill, and experience to be successful. However, not everyone has the expertise or time to navigate the forex market successfully. This is where forex prop firms that allow copy trading come in. These firms offer traders the opportunity to automatically copy trades made by successful traders, providing a way to gain exposure to the market without having to develop their own strategies.

In this article, we’ll discuss forex prop firms that allow copy trading, their benefits, and how to choose the best one for your trading goals.

What are Forex Prop Firms?

Forex prop firms are trading firms that allow traders to trade the forex market using the company’s capital. The traders are typically required to meet specific performance criteria to be eligible for a funded forex account. Once they meet the criteria, the firm will provide them with a trading account and capital to trade.

In return, the prop firm takes a percentage of the profits generated by the trader. This provides an incentive for traders to trade profitably since the more they make, the more they keep.

What is Copy Trading?

Copy trading is a form of automated trading where traders can automatically copy trades made by other successful traders. This allows traders who lack the knowledge, skill, or time to trade on their own to gain exposure to the market without having to develop their own strategies.

In copy trading, traders can select other traders whose trades they want to copy. Once they’ve selected a trader, they can automatically copy their trades. This can be done in real-time, meaning that the trader’s trades are executed automatically in the trader’s account as soon as the trader they’re copying executes the trade.

Benefits of Forex Prop Firms That Allow Copy Trading

There are several benefits to using forex prop firms that allow copy trading, including:

1. Reduced Risk

Copy trading allows traders to reduce their risk by copying trades made by successful traders. This can help reduce the potential for losses and improve overall profitability.

2. Time-Saving

Copy trading can save traders time since they don’t have to spend time developing their own trading strategies. They can simply select a successful trader to copy and let the platform do the rest.

3. Diversification

Copy trading allows traders to diversify their trading portfolios by copying trades made by successful traders who trade different currency pairs.

4. Learning Opportunity

Copy trading provides an opportunity for traders to learn from successful traders by observing their trading strategies and techniques.

Forex Prop Firms That Allow Copy Trading

There are several forex prop firms that allow copy trading, including:

1. TopstepFX

TopstepFX is a forex trading platform that provides traders with the opportunity to trade forex without risking their own capital. The platform offers a simulated trading environment where traders can practice trading without risking their own money. Traders who pass the evaluation process will receive funding from TopstepFX to trade with real money. The company offers two evaluation programs: the Trading Combine and the Funded Account.

2. FTMO

FTMO is a financial platform that offers tools and resources for traders looking to improve their skills and maximize profits. It has a team of experienced professionals, advanced training programs, and a proven track record of success. FTMO is a proprietary trading platform – also known as a prop trading platform – designed for experienced Forex traders. Prop trading platforms offer the opportunity to trade using a company’s capital, and the company, in this case, FTMO, pays back traders a percentage of their earnings. FTMO Trading is a European prop trading company based in Prague, Czech Republic. It was started in 2014 as a project that evolved so much by 2017 that it became an international project.

3. OneUp Trader

OneUp Trader is a platform that provides successful traders with a funded trading account. The platform does not need a specific trading strategy, but it does provide a set of rules that traders must follow in order to pass an evaluation stage and keep their funds. OneUp Trader is a funded account provider that provides risk-free capital access. Despite a decade of experience, the OneUp team does not advocate for an ‘in-house’ trading style. Instead, the organization emphasizes internal growth by encouraging autonomous thought and decision making.

4. Blue Point Trading

Blue Point Trading is a one-of-a-kind, boutique global proprietary trading firm. Their mission is to provide new and experienced traders with training and career opportunities to help them succeed in the Forex and CFD markets. Their philosophy is founded on sound risk management principles, with an emphasis on developing traders’ skills through education and training.

Choosing the Best Forex Prop Firm That Allows Copy Trading

When choosing a forex prop firm that allows copy trading, it’s essential to consider several factors, including:

1. Performance Criteria

Different forex prop firms have different performance criteria that traders must meet to be eligible for a funded account. It’s important to choose a firm with criteria that align with your trading goals and style.

2. Funding

Different forex prop firms offer different levels of funding to traders. It’s essential to choose a firm that offers adequate funding to meet your trading goals.

3. Fees

Forex prop firms typically charge fees for the services they provide, such as copy trading. It’s important to choose a firm with fees that align with your budget.

4. Platform

The copy trading platform provided by the forex prop firm should be easy to use and reliable. It’s important to choose a prop trading firm with a platform that meets your needs and preferences.

Conclusion

Forex prop firms that allow copy trading offer traders an opportunity to trade the forex market using the company’s capital while also benefiting from copying trades made by successful traders. This provides a way to gain exposure to the market without having to develop your own strategies.

When choosing a forex prop firm that allows copy trading, it’s essential to consider factors such as performance criteria, funding, fees, and platform. By doing so, you can choose a firm that aligns with your trading goals and preferences and increase your chances of success in the forex market.