iFollow is the top copy trading platform on the market today. It is the social trading feature provided by the SpotOption platform and available on multiple brokers. I say it is top because it gives the most control of any platform allowing you to actively manage your account and truly profit from social trading binary options. As I said, iFollow is available on most SpotOption powered brokers, my favorite is EmpireOption. EmpireOption is a Uruguay based and regulated broker built on SpotOption but operating independently of the white label network. This means you get all the benefits of a great platform without a lot of the BS you may find elsewhere. Empire Accepts traders from around the world, including the US.
Full Review of iFollow Social Trading
iFollow is available directly through the trading platform. It is built on a leader board that includes all the top traders who are actively trading. To follow, all you have to do is click copy but it is not quite that simple. You will have to set a trade amount, a time limit and an account limit. These tools allow you to fine tune your copying so that no one trade or trader can wipe you out while maximizing your opportunities for gains. The time setting limits how long you follow a trader. This can be as short as 1 day but also includes settings for 1 week, 2 weeks, 1 month, 3 months, 6 months and 1 year. Honestly, I think anything over 1 week is too much but you can always unfollow someone whenever you want.
The trade amount is the best feature. Most plain vanilla copy trading platforms only allow you to copy, not limit, so any trades you copy are for the full amount of the initial trade and open you up to huge losses. Setting a limit means you copy, but only with the amount you want and that your risk management rules can handle. This setting starts at $50 and goes up incrementally to $250 and then skips to $500, $1,000, $1,500 and even $3,000 for when your account grows. After that the last feature is an account limit, as in how much of your money a copied trader is allowed to use. This also starts at $50 and goes up to $3,000. For example, if you follow someone for one week, with a $50 trade limit and $1,000 account limit you have the opportunity to copy up to 20 $50 trades over the course of one week, pretty sweet, especially if you pick a really good trader.
You can follow as many traders as you like, so long as they fit into your account. This combines well with the control features because you can divide your capital and copy multiple traders utilizing sound account management. If you have used any other platform you know what I mean. It doesn’t help to follow two traders if one of them wipes you out on the first go.