Forex Copy Trading Software in NZ

 

Forex Copy Trading Software in NZ

Copy trading gives New Zealand traders the ability to take real-time short and long positions based on mirroring other experienced traders. An individual can view thousands of worldwide traders based on what they have traded, their past success rate and risk appetite and then select which one they want to mirror in future trades.The key to NZ copy trading is the platform which impacts what traders are available, the fees and the features available. 

It’s important to note that in New Zealand the CFD trading landscape is limited as only an Financial Markets Authority (FMA) regulated broker should be selected. This ensures compliance and security, narrowing down the list to just a few options.

1. BlackBull Markets - Best Copy Trading Software Overall
   1. ZuluTrade
   2. Myfxbook
   3. Proprietary Copy Trading App 
   4. cTrader Copy
2. ThinkMarkets - ThinkTrader/MT4 and Signal Centre 
3. IG Trading - MT4 and Trading Signals

1. BlackBull Markets - Best Copy Trading Software Overall

BlackBull Markets is a market leader in the copy and social trading world, offering a blend of both functionalities in its software suite. Unlike many FMA-regulated brokers that either don't provide copy trading software or, like IG and TMGM, offer limited copy trading integrations, BlackBull Markets presents a diverse array of copy trading tools. Some of these platforms are integrated with the copy trading tools, offering seamless strategy replication and efficient trade execution. Others are standalone software, providing diverse trading experiences and tools that complement the copy and social trading features.

These include:

• ZuluTrade: A prominent platform in the copy trading space, ZuluTrade connects traders with a worldwide network of strategy providers.
• Myfxbook: This platform marries social networking with advanced trade analysis, enabling traders to link their forex accounts and share strategies.
• Proprietary Copy Trading App: BlackBull's custom software offers an accessible and user-friendly copy trading experience for beginners.
• cTrader Copy: An intuitive platform that integrates copy trading within the cTrader ecosystem.

In addition to these dedicated copy and social trading platforms, BlackBull Markets provides access to a variety of trading platforms. These include TradingView, cTrader, MetaTrader 4 (MT4), MetaTrader 5 (MT5), BlackBull CopyTrader, BlackBull Shares, and BlackBull Trade. 

ZuluTrade's platform simplifies its offering with a clear subscription model, charging a monthly fee for each Leader Strategy and offering discounts for longer term commitments. It also invites successful traders to become Leaders, creating a mutually beneficial environment for all platform users.

Key functionalities of ZuluTrade include:

• ZuluGuard: An advanced account protection feature that continuously monitors traders’ performance, safeguarding your investments against volatile trading strategies.
• Automator: This tool enables you to automate your trading by setting up and executing rules based on conditional logic, thereby enhancing trading efficiency and allowing for a more personalised strategy.
• Simulation Tool: Enables users to test the performance of selected traders in a risk-free environment, providing valuable insights before actual trading.

ZuluTrade also offers enhanced manual trade functionality and displays a risk score for all Leaders, aiding traders in making informed decisions. The platform's compatibility with various devices, including iOS and Android, ensures traders have continuous access and control over their accounts, regardless of location.

Myfxbook - Social Trading Software

Myfxbook offers a unique combination of social networking and detailed trading analysis. The platform enables traders to connect their forex trading accounts, providing an in-depth view of their trading systems and habits. 

The core of Myfxbook's offering lies in its advanced trade analysis capabilities. Traders can effortlessly organise and track multiple trading systems in one centralised location, gaining valuable insights into each system's performance. Myfxbook's innovative dashboard amalgamates crucial trading information, including market status, top news, and an economic events calendar, all in one view. Integrating data and social interaction empowers traders to stay updated with market trends and community discussions, enhancing their trading decisions. 

Additionally, Myfxbook's platform facilitates finding and following successful traders, allowing users to learn and adapt their strategies, thereby improving their trading skills. This aspect of social learning and strategy sharing sets Myfxbook apart, making it a valuable tool for novice traders and seasoned professionals.

Proprietary Copy Trading Platform 

BlackBull Markets' CopyTrader platform, compatible with MetaTrader 4 (MT4) and MetaTrader 5 (MT5), delivers a streamlined copy trading experience. You can customise your copy trading strategy to fit your financial objectives and risk preferences, with the ability to choose strategy providers using comprehensive performance metrics like returns, ratings, and trading strategies. 

BlackBull Markets' CopyTrader marries the sophisticated capabilities of MT4 and MT5 with an intuitive copy trading interface, providing in-depth performance analysis, adaptable investment options, and a swift trading environment. A strong feature of the platform is the degree of control it offers users. Clients have the flexibility to manage their exposure and modify their strategies as necessary. 

BlackBull Markets' CopyTrader platform, seamlessly integrated with MetaTrader 4 (MT4) and MetaTrader 5 (MT5), offers a streamlined copy trading experience. This software allows you to tailor your copy trading approach to align with your financial goals and risk tolerance, enabling the selection of strategy providers based on detailed performance metrics such as returns, ratings, and trading methods. 

Combining the advanced features of MT4 and MT5 with a user-friendly copy trading interface, CopyTrader excels in providing thorough performance analysis, adaptable trading options, and fast execution speeds. A key advantage of this platform is the control it grants users, allowing them to adjust their exposure and strategies to suit their individual needs.

cTrader Copy - Best for Beginners

BlackBull Markets' cTrader Copy, seamlessly integrated within the cTrader application, provides a transparent and intuitive platform for both copying and offering trading strategies. This feature-rich platform empowers users to effortlessly select and replicate trading strategies, with access to each strategy's comprehensive history, details, and fee structures. This ensures that the selection process is both straightforward and well-informed.

cTrader Copy distinguishes itself with a clear and upfront fee structure, encompassing performance fees, management fees, and volume fees. This transparency is key in enabling investors to fully understand the costs associated with their chosen strategies. Additionally, the platform offers an in-depth investment profile for each strategy, complete with detailed statistics such as Return on Investment (ROI), equity changes, and performance breakdowns. These insights are invaluable, assisting investors in closely monitoring their investment's performance and facilitating data-driven decision-making.

About BlackBull Markets: Broker Details 

BlackBull Markets, established in Auckland in 2014, is a New Zealand-based CFD broker regulated by the FMA. It stands out for its Electronic Communication Network (ECN) brokerage model, offering traders direct access to top-tier liquidity providers. This ECN pricing structure ensures rapid execution speeds and low spreads.

When trading with BlackBull Markets, you can choose from three distinct account types, each tailored to different levels of trading experience:

• ECN Standard Account: Ideal for beginners, this account type offers no commission with spreads starting from 0.8 pips. There is no minimum deposit required to sign up.
• ECN Prime Account: Suited for more experienced traders, this account provides raw spreads starting from as low as 0.1 pip + USD 6 round-turn commission per lot for every 100k traded. A higher minimum deposit of USD 2,000 is required.
• ECN Institutional Account: Specifically designed for high-volume traders wanting even tighter spreads, this account offers spreads from 0.0 pips + USD 4 roundturn commission. A significant initial deposit of USD 20,000 is needed to qualify for this account. 

All three account types at BlackBull Markets offer access to an extensive range of over 26,000+ CFDs, including forex, commodities, indices, shares, and cryptocurrencies.

Spreads and Fees

When copy trading with BlackBull Markets, you’ll find forex spreads that are generally in line with the industry average. However, the online brokers’ no-commission spreads are slightly more competitive than its commission spreads.

To determine the industry average, I thoroughly analysed the average monthly spreads across more than 40 CFD brokers. The methodology for this analysis involves a detailed comparison of spreads across different currency pairs, time frames, and market conditions to ensure a comprehensive and accurate representation of each broker's pricing structure. 

My comparative analysis found that, in the case of the EUR/USD pair, BlackBull Markets' raw spread is closely matched with the industry average, standing at 0.23 pips compared to the industry's 0.22 pips. Conversely, the standard account is more competitive than the industry norm for most major currency pairs. 

For example, in the case of GBP/USD, BlackBull Markets offers a standard spread of 1.4 pips, which is 11% tighter than the industry average of 1.57 pips. Similarly, for USD/CAD, BlackBull Markets' standard spread is 1.5 pips, 18% tighter than the industry average of 1.82 pips. These figures demonstrate BlackBull Markets' competitive edge in standard account spreads for these major currency pairs.

 

Execution Speeds

In my analysis of top brokers' execution speeds, BlackBull Markets stood out as the global leader thanks to its advanced Equinix servers in New York (NY4), London (LD5), and Tokyo (TY3). These servers provide rapid market access, essential for quick execution speeds.

BlackBull Markets achieved a limit order speed of just 72 milliseconds (ms), faster than Pepperstone's 77 ms and IC Markets' 134 ms, making it 46% quicker than the industry average of 132.5 ms. For market orders, BlackBull's 90 ms execution time also leads the industry, beating Pepperstone's 100 ms and the average of 139.5 ms by 35%.

Justin Grossbard, forex expert from CompareForexBrokers.com, underscores the importance of execution speed in copy trading: 'Rapid execution is crucial in copy trading. BlackBull Markets' fast execution reduces slippage - the discrepancy between a trade's expected and actual execution price. This ensures copy traders accurately replicate their chosen strategies, preserving both the strategy's effectiveness and potential profitability.'

 

 

How to Start Copy Trading with BlackBull Markets

To start copy trading with BlackBull Markets, simply sign up or open a demo account to familiarise yourself with the platform. Next, choose your copy trading software and fund your account to begin trading. Finally, implement your mirror trading strategy, ensuring you incorporate risk management to safeguard your funds. 

If you encounter any issues during registration, BlackBull Markets provides great customer support available 24/7 through live chat, phone, email, and social media channels.

 

Verdict on BlackBull Markets

BlackBull Markets stands out with its diverse array of copy trading tools, including ZuluTrade, Myfxbook, its proprietary Copy Trading App, and cTrader Copy, catering to traders of varying experience levels. Coupled with its ECN pricing model, which guarantees rapid execution speeds and low trading fees, BlackBull Markets offers the best copy trading software for New Zealand traders.

2. ThinkMarkets - Signal Centre

ThinkMarkets, an Australian brokerage, provides a more limited range of copy trading software and services to NZ traders compared to its international offerings. Nonetheless, they do offer valuable social trading tools through the Signal Centre, which is accessible on MetaTrader 4, MetaTrader 5, and ThinkTrader platforms.

Signal Centre

ThinkMarkets offers an integrated service called Signal Centre, which is available on MT4, MT5, and ThinkTrader. Signal Centre provides traders with actionable trading ideas, delivering around 40 daily suggestions across various markets. This tool is particularly valuable for traders looking for informed, data-driven trading opportunities.

One of the standout features of Signal Centre is its user-friendly interface. The trading ideas are presented clearly and concisely, making it straightforward for traders to understand and act upon them. Each suggestion comes with a detailed analysis, including entry, stop-loss, and take-profit levels, which aids traders in making well-informed decisions.

Noam Korbl, a forex software expert from CompareForexBrokers.com, shares his insights: 'Signal Centre stands out for its reliability and accuracy thanks to its use of advanced algorithms and expert analysis to generate trading ideas. This effective combination of technology and human expertise ensures that the signals provided are both timely and of high quality, making it a valuable tool for traders seeking informed, data-driven trading opportunities’.

Signal Centre is accessible through three trading platforms offered by ThinkMarkets, each available on desktop, as a web trader, and through mobile apps:

• ThinkTrader: ThinkMarkets' proprietary platform, known for its user-friendly interface, is ideal for both beginners new to forex trading. It features easy-to-use charting and analysis tools, real-time news streaming and multiple order types, enhancing trading efficiency and decision-making.
• MetaTrader 4 (MT4): A globally popular platform, MT4 is celebrated for its reliability and comprehensive functionalities. ThinkMarkets enhances MT4 with free access to AutoChartist and Trading Central, providing valuable market insights and trading opportunities. Its user-friendly interface, advanced charting, automated trading options with trading bots, and extensive indicator library make it suitable for all trading styles.
• MetaTrader 5 (MT5): As the advanced successor to MT4, MT5 offers more timeframes, indicators, and an improved scripting tool for custom indicators and Expert Advisors (trading bots).

 

About ThinkMarkets: Broker Details 

ThinkMarkets, established in 2010 and based in Melbourne, Australia, is an FMA-regulated broker that accepts New Zealand traders. In NZ, they offer a Standard Account with no commission fees, which provides access to a wide range of trading instruments such as forex, shares, indices, commodities, and cryptocurrencies. While the Standard Account may not fully meet the needs of experienced traders seeking ECN spreads for copy trading, it offers a more straightforward, commission-free structure that's ideal for beginners entering forex trading.

How to Start Copy Trading with ThinkMarkets

Before live trading, you can start by opening a ThinkMarkets demo account equipped with $25,000 in virtual funds. This setup lets you get comfortable with the platform and Signal Centre, as well as practise your trading strategies without any financial risk.

Once you're prepared for live trading, you can easily open a Standard Account with no initial minimum deposit required, making it easy to sign up and start trading.

 

 

Verdict on ThinkMarkets

In the realm of copy trading, ThinkMarkets offers a more limited range compared to BlackBull Markets, particularly for New Zealand traders. However, their Signal Centre, accessible on MT4, MT5, and ThinkTrader, provides a valuable resource for social trading. While it may not fully cater to those seeking comprehensive copy trading software, ThinkMarkets' Signal Centre is a solid tool for traders looking for actionable, data-driven trading ideas and insights.

 

3. IG Trading - Trading Signals 

IG Trading, a global CFD and share broker, provides elements of copy and social trading. However, their offerings are somewhat limited compared to BlackBull Markets or other top brokers. IG Group's copy trading tools, a mix of trading signals and community engagement, are ideal for independent forex traders seeking to enhance their strategies with expert insights and analytical guidance.

Trading Signals

The key feature in IG Group's social trading toolkit is Trading Signals, which is available on their proprietary online platform. These signals deliver timely, data-driven insights and trading opportunities based on technical analysis and indicators. Trading Signals allows you to access buy and sell strategies from others while retaining control over your own trades.

In contrast to BlackBull Markets, which fully integrates third-party copy trading software, IG Group does not offer a full-scale copy trading solution. Their focus lies in providing trading signals to guide traders' decisions, rather than facilitating the automatic replication of other traders' actions. This approach suits traders who prefer to make their own trading decisions, using expert insights for support.

Other Social and Copy Trading Features by IG:

• IG Community: This platform enables traders to exchange ideas and advice, fostering a community for interaction and shared learning.
• Market Sentiment Indicators: Tools such as the Commitment of Traders (COT) report, IG client sentiment, and the volatility index (VIX) are available to assess market sentiment and understand the activities of other traders.
• Social Trading on MT4: The popular MetaTrader 4 platform features a 'sentiment trader' tool, which provides insights into the performance and positions of other traders, aiding in market sentiment analysis.

Justin Grossbard from CompareForexBrokers.com comments on IG’s trading tools: 'While IG Trading offers valuable market guidance and analysis, they lack the account mirroring features of a comprehensive copy trading platform. IG is more apt for traders who appreciate social trading's nuances but prefer making independent trading decisions and executing their own trades.’

 

 

About IG Group: Broker Details 

IG Group, established in 1974, is a well-respected market maker in the forex industry. Headquartered in London, IG has grown to offer a wide range of trading services globally and is regulated by the FMA in New Zealand. The broker provides two forex pricing options. For beginners, the standard no-commission spreads are ideal, while more experienced traders can opt for direct market access (DMA) accounts that offer lower spreads plus a commission fee.

IG Group stands out for its extensive market access, offering over 17,000 trading instruments in total. This includes CFDs as well as a share trading facility, giving traders a broad spectrum of investment opportunities. The broker also offers multiple trading platform options, including the IG Online Trading Platform, MetaTrader 4, ProRealTime, and L2 Dealer, each designed to suit different trading styles and preferences.

 

How to Start Copy Trading with IG Group

Getting started with copy trading at IG Group is straightforward and accessible. There is no minimum deposit required, allowing traders to start trading according to their financial capacity. For those looking to practise before entering the live markets, IG Group offers a demo account loaded with AUD 20,000 in virtual funds. 

 

Verdict on IG Group

IG Group’s approach to copy and social trading, primarily through Trading Signals and other tools, caters well to those who seek market insights and guidance. However, for traders in pursuit of an all-encompassing copy trading platform, IG's offerings might seem restrictive. 

FAQ: Copy Trading in New Zealand

What is the best forex broker for copy trading?

The best copy trading broker in New Zealand is BlackBull Markets, offering a diverse range of tools including ZuluTrade, Myfxbook, a proprietary Copy Trading App, and cTrader Copy. In comparison, other FMA-regulated brokers with copy trading services provide very limited options and lack true account mirroring capabilities. 

More information about New Zealand’s best brokers can be found below:

 

• The Best MT4 Brokers for NZ 2024
• The Lowest Spread Brokers in NZ 
• The Best Forex Brokers in New Zealand

 

What is the best copy trading platform?

ZuluTrade is widely recognized as one of the best third-party copy trading platforms globally. In New Zealand, BlackBull Markets is the only FMA-regulated broker providing access to its services. ZuluTrade is known for its extensive global reach and a comprehensive set of features. It connects traders with a vast network of strategy providers, allowing them to replicate the trades of experienced traders and customise trading activities to align with individual risk preferences and strategies.

On a global scale, eToro is frequently cited as the top proprietary copy trading software offered by a broker, popular for its user-friendly interface and account mirroring services. However, eToro is not licensed by the FMA in New Zealand, which is a significant consideration for local traders. Additionally, eToro is known for charging higher spreads compared to many forex brokers. 

For more information on forex trading platforms, you can read more about The Best Forex Trading Platforms in NZ  

 

Are social trading platforms the same as copy trading?

No, social trading and copy trading are not the same. Copy trading specifically allows individuals to automatically mirror the trades of experienced traders in real-time, providing an opportunity to learn from their strategies and potentially benefit from their expertise. Social trading, on the other hand, involves aspects of social media and networking within the trading context. It enables traders to share insights, strategies, and trading results with each other, fostering a community-oriented trading environment.

Can you make money with copy trading, and how does it work?

Yes, making money through copy trading is possible, but it carries inherent risks like any form of trading. In copy trading, individuals automatically replicate the trades of experienced traders. They select traders to follow based on performance, style, and risk strategies. When a chosen trader executes a trade, it's automatically mirrored in the follower's account in proportion to their investment. While this method leverages the expertise of seasoned traders, it's crucial to remember the risks involved in CFD trading and that past performance doesn't guarantee future results. Success in copy trading requires careful research and effective risk management.

DupliTrade is an automated trading platform that specialises in copy trading, allowing users to automatically replicate the actions of expert traders. It provides a platform where traders can follow selected strategy providers, based on their track record and strategies. 

However, it's important to note that no FMA-regulated brokers in New Zealand currently offer DupliTrade. For New Zealand traders seeking a similar copy trading service with the assurance of FMA regulation, ZuluTrade, available through BlackBull Markets, presents a more suitable option. ZuluTrade offers a comparable range of features and the added benefit of compliance with local regulatory standards.

Is copy trading good for beginners?

Yes, copy trading can be a good option for beginners, as it allows them to learn from experienced traders by automatically replicating their trades. This method provides beginners with the opportunity to observe and benefit from the strategies of seasoned traders while they build their own understanding and experience in the markets. However, it's important for beginners to approach copy trading with caution, ensuring they understand the risks involved and engage in thorough research to choose the right traders to follow. 

Yes, you can create copy trading strategies with cryptocurrencies such as Bitcoin or Ethereum, with some copy trading software now including options for following traders who specialise in cryptocurrency markets. This allows users to replicate the crypto trading strategies of experienced or professional traders, adapting these strategies to their own portfolios. However, it's important to note that the cryptocurrency market is known for its high volatility, so thorough research and risk management are especially crucial in this area.

In addition to cryptocurrencies, copy trading strategies can also be developed for other asset classes, including forex, shares, indices, ETFs, and commodities.

 

Can you copy trade with all forex brokers?

No, not all forex brokers offer copy trading services. While copy trading is increasingly popular, it requires specific platform integration, and only some brokers provide this feature. In New Zealand, BlackBull Markets is the only broker regulated by the Financial Markets Authority (FMA) to offer genuine copy trading services. For traders keen on copy trading, it's essential to select a broker like BlackBull Markets, which not only offers these services but also adheres to local NZ regulatory standards, ensuring a secure and compliant trading environment.

 

Can I copy trade with Australian brokers like Pepperstone or AvaTrade?

Yes, but it's not advised and carries high risk for New Zealand traders. While you can register with offshore branches of brokers in Australia, Europe or the UK for copy trading (i.e. Pepperstone or AvaTrade), you'll typically be trading under their offshore regulation as you do not reside within their ASIC, CySEC, or FCA regulated jurisdictions. 

This arrangement offers minimal investor protections and lacks oversight from New Zealand's Financial Markets Authority (FMA). The FMA is crucial for ensuring fair and transparent financial markets in New Zealand, providing regulatory oversight and protection for investors. Trading with brokers not regulated by the FMA means missing out on these safeguards, which is a significant risk factor to consider for New Zealand traders.

 

Is eToro copy trading worth it?

Whether eToro's copy trading is worth it depends on individual preferences and risk tolerance, but it's important to consider that eToro is not regulated by New Zealand's Financial Markets Authority (FMA) and typically has higher trading costs. While eToro is popular globally for its user-friendly platform and diverse trading options, the lack of FMA regulation means less protection for New Zealand traders. The platform's higher trading costs can also impact profitability. These factors should be carefully weighed against the benefits of using eToro for copy trading.

Disclaimer

Please be aware that trading CFDs and forex involves a significant risk of loss and is not suitable for all investors. The information provided in this article is not intended as financial advice. Retail investors should consider seeking professional financial advice before participating in copy and CFD trading.