Top 5 Copy Trading Platforms in Colombia – A Comprehensive Guide

Navigating the world of online trading can be challenging for newbies. That is why we are here to explore the leading copy trading platforms in the South American country, Colombia. Such platforms help beginners to trade under the guidance of proficient traders.

In recent years, thousands of Colombians have ventured into financial markets, causing copy trading to grow in popularity as many lack the required knowledge to generate profits from these markets.

Are you in Colombia? Keep reading this guide to find the top copy trading platforms in this country to help you mimic the strategies of seasoned traders.

eToro

eToro is one of the first brokers to support copy trading. The platform is home to over 5,300 strategy providers, most of whom post positive trading results every month. What’s more, eToro’s copy trading feature offers a service called “CopyPortfolios,” which groups particular financial instruments for users to copy trade in an attempt to diversify their portfolios. As a beginner, you will find the broker’s educational resources useful as they teach you how to copy trades properly. The investment amount required is $200.

RoboForex

CopyFX, a copy trading service offered by well-known broker RoboForex, is available to traders in Colombia. The best thing about CopyFX is that users retain control over their funds when replicating trades. RoboForex is popular among beginner traders due to its user-friendly interface and market analytical tools. Note that you need at least $100 to mimic trades.

Tickmill

Signing up with Tickmill is super easy. This allows you to start copying trades as soon as possible. It is worth mentioning that you will need a MyFxBook account to replicate trades on Tickmill. For starters, MyFxBook is a top copy trading provider, listing over 7,000 lead traders. Is Tickmill regulated? Yes! One of the regulators that oversees the broker’s operations is the UK Financial Conduct Authority. The minimum investment amount required is $100.

AvaTrade

Another regulatory-compliant broker offering a platform for copying trades is AvaTrade. The trading platform secures licenses with ASIC and the Central Bank of Ireland. After registering and verifying your AvaTrade account, download the AvaSocial mobile app and use your trading account login details to access it. This app lets you copy traders from top copy trading providers, including MQL5, DupliTrade, and ZuluTrade. Like Tickmill, AvaTrade requires users to deposit a copy trading amount of at least $100.

IC Markets

IC Markets collaborates with the ZuluTrade copy trading provider to allow customers to mimic the strategies of top traders. ZuluTrade boasts nearly 85,000 signal providers. You can replicate trades with at least $100.

How to Select the Right Copy Trading Platform in Colombia

Selecting a platform that meets your copy trading needs is a crucial step to achieving your investment goals. Here are some of the factors you need to consider when choosing a platform for copy trades in Colombia:

Regulation: The copy trading app you select should be regulatory-compliant to ensure that your funds are protected by relevant authorities.

Platform features: The right copy trading platform should be easy to use for a smooth trading experience.

Trading costs: Check the fees charged by a copy trading platform. Ensure they do not eat up a large portion of your profits.

Customer support: A proper copy trading platform must have a responsive customer support team to assist users whenever they are stuck.

Network scale: Ensure the selected copy trading platform hosts a huge number of lead traders.

Risk management features: A good copy trading platform must understand that copied traders do not always get positive results, and therefore, it should allow copy traders to employ effective risk management measures.

Is Copying Trades Legal in Colombia?

Yes! Colombian authorities acknowledge copy trading as an investment strategy and allow regulated brokerage firms to offer the service.

It is important to mention that you must pay a 15% capital gains tax on profits generated from copy trading.