Is social trading reliable and does it work?

Asked 3 years ago

Hey guys, I have a few questions about social trading. Is it safe? How do you know you're not being pulled into a good-looking scam? What networks/platforms do you recommend I check out? Can you really profit from them like they say you can? Thanks!

Social trading Social trading network Social trading platforms

Osasere Okunloye

Wednesday, September 22, 2021

Social trading is not a scam, you can make profit from it as long as the copied trader is doing well. However, you have to look for a reputable broker e.g eToro, because some insincere brokers may recommend bad traders. While selecting your options make sure you scrutinise the data and history of the trader you want to copy.

Andrew Moran

Friday, September 24, 2021

No, social trading is not a scam. Yes, it is reliable.
Like anything else in the investment world, as long as you do your due diligence and research and apply some caution and common sense, you will be fine in the social trading realm.
Essentially, social trading is either sharing investing tips on Twitter or Telegram or copying the traders of users on platforms like eToro and ZuluTrade.
Read the reviews, ensure the signal providers are not pumping penny stocks, and invest only what you can afford and you will find that social trading is a great tool in your investing arsenal!