Social and Copy trading has been one of the fastest growing area’s of the Forex world in the past few years, as it has allowed those without trading experience to potentially profit from Forex trading. But that’s not it, social and copy trading also offers successful traders a way to increase their income from trading. The majority of Social and Copy trading platforms offering ‘Signal providers’ or ‘Gurus’ commission based on the amount of trading volume generated from the trading signals provided. The large user base of these platforms means that the commissions generated from being a signal provider can be very significant. It is a widely known fact that the most successful signal providers can make thousands of dollars a month from such commission.
In this article we take a look at some of the best Signal provider/Guru programs out there, to help successful traders make additional income from their trading activity.
ZuluTrade Signal Trader Program
Demo Accounts Accepted: Yes
Payment: PayPal, Wire Transfer
Send Signals Via: MT4, ZuluTrade+ Trading Station, ZuluScripts, ACT Trader
ZuluTrade is the largest dedicated Forex copy trading platform around and has huge community of live users. This makes it a very attractive option for traders looking to earn some extra commission from sharing their signals. The program pays those signed up as Signal Providers 0.5 pips per trade made by their followers. To put it simply this means if a copier places a 1 Lot trade, a Signal Provider can make 3-5 dollars from this one trader. The most successful traders have huge followings and can make significant sums from one trade. ZuluTrade signal providers can provide their signals via MetaTrader 4, the ZuluScripts platform, ZuluTrade+ platform, the ZuluTrade Web Interface, ACT Trader or alternatively via the companies own custom API. This gives traders a lot of options in regards to how they communicate their signals with the platforms users. There are a number of limitations in regards to the kind of signals that can be sent, but these will not effect the majority of traders. Traders are also required to comply with ZuluTrade’s guidelines which aim at reducing risk for the platforms users. The majority of these guidelines will be already part of most serious traders trading system. Additionally, it is important to note that ZuluTrade will only pay traders commission for months that they are profitable. If you are not profitable that month you are paid no commission at all. The large user base and ability to send Signals via a range of different methods makes the platform one of the most popular with Signal Providers, who can send signals via their own custom trading bots or manually if they wish to do so.
Etoro Popular Investor Program
Demo Accounts Accepted: No
Payment: Cash to eToro Accout
Send Signals Via: eToro Openbook Platform
After ZuluTrade, eToro is probably the most recognisable name in the social/copy trading world. Despite, this the eToro Popular Investor Program (previously called the Guru program) does not have the same level of popularity. This is in part due to the fact the program is much more stringent in regards to who it lets in and that the rate of commission on offer is less than can be made elsewhere. The social investment network does however offer a range of other instruments allowing Signal Providers to provide signals for a number of well known Stocks. It is possible to see how much the top Popular Investors who are taking part in the program are earning, and it appears that the top investors pull in around $4,000 a month in extra income from taking part in the program. This is however significantly less than is typically made by the top earnings in the ZuluTrade program who are said to make in excess of $10,000 a month. Despite this eToro may be attractive to many as the platform offers a diverse range of asset classes and still has a pretty significant user base.
Demo Accounts Accepted: Yes
Payment: Wire Transer, WebMoney
Send Signals Via: MT4
MyDigiTrade, is one of the smaller names in the world of social trading but may still be a decent choice for those looking to earn extra income by sharing their trading signals. Users of the MyDigiTrade platform to not pay any commission to use the service, rather the company earns income from being an introducing brokerage to the supported brokerages on the website. This means that signal providers are rewarded 40% of the commission that their trading activity brings to the social trading network. The amount pip or dollar terms therefore varies significantly depending on which brokerage your copier is signed up to. This revenue sharing deal typically means that Signal providers on the platform pull in more income than eToro Popular Investors, but typically less than those who are members of the ZuluTrade program. The requirements to provide signals on the platform however are less stringent and it is very easy to provide signals from a MetaTrader account using either an expert advisor or by manually entering your trades.
You can find out more about MyDigiTrade here.
FxPro SuperTrader Leader
Demo Accounts Accepted: No
Payment: Cash to trading account.
Send Signals Via: Any of FxPro’s platforms.
FxPro were one of the first brokerages to launch their own social/copy trading product. The FXPro product differentiates itself from many of the other social and trading copy programs out there by having very strict entry requirements for those looking to share their trading signals. Those interested becoming a SuperTrader leader will have to provide at least 20 trading signals over the space of the month, these signals will be then analysed by the brokerage, with the trader additionally having to fill out a questionare about their trading style. This to attempt to ensure that only the best traders can share their signals with brokerages 200,000 strong user base. If you do pass this intense vetting process, the rewards can be quite significant. SuperTraders receive $5 per million USD traded by their copiers and receive an additional extra 5% in the way of a success fee should their trading activity generate profits for their followers. This 5% success fee can allow for the platforms most successful SuperTrader leaders to make a healthy second income from their participation in the program.
The ZuluTrade program will likely be the best option for my majority of those interested in sharing their trading activity with others. This is in part due to the fact ZuluTrade is one of the largest social/copy trading networks in operation, while also offering one of the most competitive rates available to traders wishing to share their trading success. For those who are looking for other avenues to pursue both eToro and FxPro SuperTrader have their own positives, but many will be put off by the significant entry requirements which both these programs posses. Though most traders will likely find that ZuluTrade’s Signal Provider Program offers them best chance of making a significant second income from their trading actitivity.