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Copy trading is a type of social trading that allows individuals (strategy copiers or followers) to copy the open positions of expert traders (strategy providers). The open position is also managed by the strategy providers.
However, the copiers’ trade is still in his or her control. You can deactivate a trade and use risk management tools to minimize risk.
When looking for a good copy trading platform in New Zealand, you should look out for those offered by brokers who have a license from the Financial Market Authority (FMA); if not, you will be trading at your own risk.
Alternatively, you can trade with brokers that have top-tier regulations. I hope this list of the best copy trading platforms in New Zealand helps.
AvaTrade is a reputable Forex broker that has been in existence since 2006.
Regulation:
AvaTrade is not regulated by the New Zealand Financial Market Authority (FMA). However, they have a top-tier regulation from the Australian Securities & Investments Commission with license number 406684.
AvaTrade is also regulated by the Japan Financial Services Agency (FSA), the British Virgin Islands Financial Services Commission, Polish Financial Supervision Authority, etc.
Copy Trading Platforms
Avatrade offers two types of trading platforms that you can choose from. Here is what you need to know about them:
AvaSocial
AvaSocial is Avatrade’s proprietary social trading app. This app is suitable for both learners and expert traders.
As a learner, AvaSocial gives you the opportunity to make profit from trading by copying the trades of experts while you are still learning how to trade. This can help shorten your learning journey.
As an expert, the AvaSocial app can reduce the time you spend on daily research, seeing that the app gives you a clear view of current market conditions.
For both novice and professional traders, you have access to real-time trading signals to stay updated with what other traders are doing.
You can even ask your mentor a question, and challenge or inverse your friend’s position.
It is noteworthy to add that AvaTrade Social Trading runs with MT4, so to start copy trading, you will need to download AvaSocial, create a social account, and log in with your MT4 details.
DupliTrade
As the name implies, Avatrade DupliTrade allows you to automatically duplicate the trades of an expert trader directly into your Avatrade trading account. DupliTrade is compatible with both MT4 and MT5.
Choosing an expert whose trade you will copy has been a bit easier, seeing that DupliTrade displays a list of strategy providers, each of which has different trading styles.
You should also know that the minimum deposit for DupliTrade is $2,000.
Trading Conditions
In 2010, HF Markets was established, and over the years, they have been able to get over 2.5 million client accounts.
You can trade up to 1200+ products on HF Markets, And they offer a maximum leverage of 1:2000. Some of the products you can trade on HFM include Forex, metals, energies, stocks, indices, bonds, commodities, ETFs, and cryptocurrencies.
Regulation
HF Markets is not regulated by the FMA; however, they have tier 1 regulation from the Financial Conduct Authority (FCA) with license number 801701.
They are also regulated by the Dubai Financial Services Authority (DFSA), Financial Sector Conduct Authority (South Africa), Financial Services Authority (Seychelles), Capital Market Authority of Kenya, and St. Vincent and the Grenadines.
Copy Trading Platforms
HF Copy is HF Markets’ copy trading account, it runs on MT4 mobile and web traders. You should know that not all HF Markets products can be traded with copy trading. Only Forex, indices spot, gold, and energies spot are available on copy trading.
The minimum deposit for a strategy provider is $100, while the minimum deposit for a strategy follower is $25.
You should also know that while HF Markets offers a maximum leverage of 1:2000 on normal trading, copy trading has a maximum leverage of 1:500.
Trading Conditions
In 2014, Black Bull Market was founded. It is one of New Zealand’s local Forex brokers.
You can trade up to 26,000 products on Black Bull Markets, they include Forex, commodities, shares, indices, futures, and cryptocurrencies. They offer a maximum leverage of 1:500.
Regulation: Black Bull Markets is regulated and Licensed by the Financial Market Authority (FMA), and the FSA Seychelles.
Copy Trading Platforms
Black Bull copy trading platform is called “Black Bull copy trader”. This broker prides itself on the claim that their copy trading platform has ultra-low latency and that they try as much as possible to ensure that replicated trades are executed as close to those of the strategy providers as possible.
This copy trading ecosystem comes with risk management tools that help you set stop loss and take profit. This way, you can minimize your risk exposure.
Trading Conditions
FP Markets is a Forex and CFD broker that was established in 2005. When trading with them, you have access to trade over 10,000 assets, including Forex, share CFDs, indices, commodities, and cryptocurrencies.
Regulation
FP Markets is not regulated by the Financial Market Authority (FMA), however, they have tier 1 regulation from ASIC, and they are also regulated by CySEC, and incorporated in St. Vincent & the Grenadines.
Copy Trading Platforms
FP Markets copy trading runs on MT4, and MT5. It gives strategy followers the chance to copy trades from expert traders and enables experts to make money from your expertise in trading.
As a strategy provider, you should have an active account with FP Markets, select a performance fee you would like copiers to pay, and also state at what Interval you would like to get paid.
For Strategy copiers, you should also have an active trading account with FP Markets. Then, you can visit the FP Markets rating page to see the ranks of strategy providers and then select who to copy. You are free to copy multiple providers at the same time.
Mind you, control is still in your hands, as you can cancel any trade when you like, and there are risk management tools like stop loss to help reduce your exposure to risks.
Trading Conditions
CMC Markets is a FTSE50-listed broker that was established in 1989. Over 300,000 traders across the globe trade with CMC Markets and they offer up to 12,000+ markets.
Regulation
IG Markets is regulated by the New Zealand Financial Market Authority (FMA). They also have information from the FCA UK, ASIC, IIROC, etc.
Copy Trading Platforms
CMC Markets’ proprietary trading platform, called Next Generation, can be used for copy trading. This app gives you the opportunity to interact with other users of CMC Markets and to learn from experienced traders.
While using Next Generation, you also get access to updated news and insights from reputable sources like morning star, and Reuter News. It also provides market sentiment. This way, when replicating the trades of an expert, you can stay updated with current market conditions and change course at any time you deem necessary.
Trading Conditions
Copy trading is a technology that allows you to replicate the trades of expert or master traders in your trading account. It is also known as social trading or auto trade.
Copy Trading allows you to invest in the market passively. You do not analyze or create strategies. You simply replicate the trades of experts on a broker’s platform. Whatever they buy, you buy. Whatever they sell, you sell. This is how copy trading works.
Copy trading is literally copying another person’s trade. This means the only limitation to assets that can or cannot be copied depends on the platform you choose. In addition, it depends on the master trader you choose to copy. If he/she does not trade certain CFDs, you cannot copy them.
Currency pairs are the most copy traded instruments. However, other platforms allow you to copy trades on other CFDs. Here are the CFDs you can copy trade:
1. Currency Pairs: Currency pairs are the most prominent of CFDs. They are one of the few CFDs that are available on both MT4 and MT5. It is no surprise that most copy traders that prefer currency pairs prefer MT4 or MT5. You can use EA or a robot on these platforms. You can also copy trades manually if you want.
2. Shares CFDs: Not many trading platforms allow the trading of stocks directly. Only the derivatives are common. This is why most brokers have stock CFDs. Copy trading stocks is just like copying any other CFD. The upside is that commissions are less because of the stock market’s high liquidity.
3.ETF CFDs: ETFs are stock baskets. Literally, it is like a container that has multiple stocks in it. So copying a trade on ETF CFDs is like copying a trade on multiple stocks. ETF CFDs have high liquidity too.
4. Crypto CFDs: In the UK, crypto CFDs are available to professional traders only. Crypto copy trading is not as popular as currency pairs and stock CFDs.
Copy trading is not carried out in a single way. There are different systems of copy trading available. Some brokers have a single system while some have multiple systems. For those with multiple systems, you can make a choice, selecting your preferred system. Here are the most common systems
1) All-round system: This system is an all-in-one system that combines conventional trading and copy trading. eToro is a typical example. It is a broker and a copy trading platform joined together. You don’t need to combine it with anything. You open your account and you are good to go. Other platforms like MT4, MT5, and cTrader require an external broker account before you can use them.
2) Copy trading signals: This system involves one or more traders spotting an opportunity in the market. The opportunity is then made available to other traders as a signal with opening, exit, and stop-loss positions. You will have to manually enter the signal on your trading platform. This system is common with unregulated online copy trading channels.
Regulated forex brokers who have this system do not give opening, exit, and stop-loss positions. Rather, they notify you if certain conditions have been met in the market. You can then analyze the conditions and see if there is a trading opportunity there.
3) Algorithm Software: This involves the use of EA (expert advisors) or bots to trade. These bots are preprogrammed and they trade based on an algorithm. EAs can trade 24 hours a day and they strictly follow the codes put in them.
Basically, the bot will go long or short on a CFD if it crosses major price zones or fulfill other on-chart parameters. However, there is a downside to using bots. Because bots cannot think for themselves, they only execute trades technically. They cannot track economic releases and events that have high impact on the price movement of CFDs.
Regulation
Whether you are interested in copy trading, or researching and deciding your own trading strategies, you should only trade with FMA-regulated brokers.
The Financial Market Authority (FMA) is the regulatory body responsible for licensing and regulating Forex trade in New Zealand. Trading with brokers that lack an FMA license will be at your own risk.
However, there are FMA non-regulated brokers that accept clients from New Zealand. If you decide to trade with such brokers at your own risk, then you should at least ensure that they have onshore regulations and that your trading account is registered with an onshore regulator.
This is because onshore regulators like IIROC, ASIC, CySEC, FCA UK, etc have more strict rules that protect clients’ rights compared to onshore regulations from countries like Seychelles, Belize, Panama, Mauritius, etc.
Easy To Use
A good copy trading platform should have advanced features but not be too ambiguous for you to understand.
The user interface should be easy to use and navigate, such that you do not need to contact customer support to walk you through how to use the platform.
If a trading platform is too complex to use, it can affect your trading speed and, consequently, how much profit you make.
Quality Of Signal Providers
Copy trading is all about getting quality signals from strategy providers and profiting from copying them. You even pay these providers to be able to copy.
As such, you should consider brokers that have high-quality signal providers. Providers with an obvious understanding of the Forex market and track record This way, you get good value for the money you pay to copy the provider.
Security
Just the same way you invest in the security of your home to prevent thieves from breaking in, select a broker who makes security a priority.
A good broker should have two-factor authentication and other security measures in place to protect your trading account from being hacked.
You also want to consider brokers who protect your data, there is no telling what risk you can be in if there is a breach in your broker’s data privacy and your data gets leaked.
Customer Service
Customer service is one of the most important factors to consider when choosing a broker because, at some point, you may run into challenges and need support.
Your preferred broker should have customer service that is easily accessible and available all the time, preferably 25/7, or at least 24/5.
AvaTrade is the overall best for copy trading in New Zealand. This is because they offer two copy trading platforms for you to choose from.
Although they are not regulated by the FMA, they have top-tier regulations from ASIC.
Yes, Forex trading is legal in New Zealand, and it is regulated by the Financial Market Authority (FMA).
Yes, you can make money from copy trading if you copy the trades of high-quality strategy providers and the market goes in your favor.
