There are now more choices than ever among binary options social trading platforms. I don’t mean those crappy little “trader sentiment” bars some brokers have, or even streaming trades from “real traders”. Those are bogus and not even qualified as copy trading, seriously, what do they do? Tell you that 60% of traders are bullish or bearish? What time frame? What expiry? I’m talking about real copy and social trading where you follow individual traders and copy their success. Those sentiment bars may be good as a signal but just isn’t good enough for those who would like to follow better traders, copy their trades, make a little profits and maybe learn something about the market.
Binary Options Social Trading, Not Just Copying
But what is social trading and how is it different from signals or simple copy trading? Believe it or not there are some differences. Signals and copy trading can be a cold affair. There is little to no interaction between you and the provider and no guarantee of success. In fact, many signal followers and copiers report that their success rates are far below those of the provider. This doesn’t mean that the provider is flawed, some are but some are legit, it just illustrates the difficulty in trying to duplicate trading results in more than one account. Social trading gives control back to the trader while providing signals and an environment for learning.
Some of the criteria required to meet the level of social trading platform include some form of signals, preferably from real traders and not software or robots. The platform must support direct copying into your account so that you can match results as closely as possible. There must be at minimum a leader board and at best a full forum so that traders can interact, preferably with profiles. Good copy trading accounts must also come with management tools to limit the size of each trade, amount of allowable loss. Finally, the platform must support direct trading and not just copying so that copiers can eventually begin trading for themselves and providing their own signals. This is a list of the five platforms that best fit this model.
TradeSmarter Social Trading Platform – TradeSmarter is a full service white label binary options platform with social trading features. It is one of the newest to offer social trading and fits most of the criteria of a great social trading platform. The basic platform is fully loaded with assets, options and expiry. Hi/Low is the standard but range, one touch and over/under are available. The Strategix feature allows traders to increase and decrease strike prices for the exotic options and thereby adjust risk/reward payouts. Basic copy trading features include a Trader Sentiment chart listing put/call ratios for dozens of assets. There is also a list of streaming trades by live traders. Users can log in with Facebook if they want. They can also build profiles where they can promote themselves or learn about traders they may want to copy. The only thing missing is autocopy but that is not a big deal, traders have to actively take signals in order to make trades. Despite this shortfall, there are numerous advantages to this platform which make a good choice for social traders
CopyOp Social Trading Platform - CopyOp is the stand alone copy trading platform of AnyOptions, owned and operated by the same company, Ouroboros Derivatives Trading LTD. The company is headquartered in Cyprus and both AnyOption and CopyOP are CySEC regulated. The platform allows traders to build profiles, search leader boards and copy trades directly into their account. All traders using AnyOption and CopyOp are included in the feed of possibilities making it one of the broadest bases of traders on any copy trading network. All trades come with a rebate, in the range of 15%-25%. Users are able to trade directly, or follow 5 or more other traders at one time. AnyOption support a wide range of trading including standard call/put options, one touch, 0-100 options and other exotic features. CopyOp users are also able to earn CopOp Coins. These are credits earned whenever another trader copies them and can be redeemed for cash or other prizes.
CTOption Binary Replicator - The Binary Replicator is the social trading feature of popular broker CTOptions. CTOptions is built on the PandaTS technology, a white label with several other brokers in the fold. The Replicator is a copy trading dashboard available directly from the main trading platform and allows users to copy or make their own trades. Built on a leader board, it allows traders to follow and copy up to ten other traders with trades placed directly into their accounts. Profiles are not provided but there is some basic data for each trader on the leader board, win rate, number of trades etc. Copiers are able to control the amount of each trade but length of time and total losses are left to the individual. Users can also pick others to follow from a live stream of trades, displayed at the side of the screen. The platform support high/low, range and one touch options in a wide array of assets.
SpotOption’s iFollow Copy Trading - This one is also known as Spot Follow but is the social trading application available on the SpotOption platform. SpotOption is a well known white label platform providing turn key solutions for brokers. The basic platform supports the broadest range of assets, options and expiry of any on the market including spot FX and CFD’s. The company partnered with ZuluTrade to produce the copy trading platform which displays each brokers top traders on a leader board. The leader board can be filtered by asset and displays basic information about each trader and their stats. Copiers can have trades placed directly in their accounts and have control over trade size, loss amounts and the length of time to follow each copied trader. The only thing missing are profiles otherwise it would be without a doubt the best platform. There are quite a few broker offering iFollow including regulated and non-regulated versions.