
Author:
Alexander Foster
Last Updated:
12/08/2022
Social investing in the USA is all about providing ordinary people – not technological experts or those who spend every morning analysing the financial news – with a way of investing intelligently online without the need for expertise.
Useability should be a top priority for any social trading platform in the USA. However, there are still several things to consider before investment. These include whether it’s safe and legal, and how to find the best social trading platform in the USA for you. Our look at copy trading in the USA will cover all this and much more.
Well, first and foremost, we’re looking at copy trading in the USA specifically. You might wonder – considering that online trading is so similar across much of the world – whether it matters that we’re looking at the best online social trading in the USA specifically. Why would it be different than looking for the best social trading platform in Canada, for instance?
We’d say that it very much does because both legality and regulation is distinct and specific to that country. We’ll go into more detail in our next section.
Beyond that, this comparison is simply aimed at anyone looking to find the right social trading platform in the USA for them, as well as those looking to make the most out of online social trading in the USA.
We’ll start with some good news for all those looking for the best online trading platform: social investment in the USA is entirely legal. This means you can look at your social trading list in the USA with confidence.
However, your platform of choice must be properly regulated. It’s also worth pointing out that the USA does have distinct regulations compared to something like social trading in India, as an example. There are two regulators to look out for in this market, including the Commodity Futures Trading Commission – who are relevant for forex – and the Securities and Exchange Commission for stocks.
To be absolutely clear as to what is legal, when we talk about social trading or copy trading in the USA, we’re talking about investment strategies which involve following and copying other traders.
Although a good social trading platform in the USA should always be accessible to newcomers, that doesn’t mean that you can just go forward and pick any option – or indeed, any form of investment. There are still things to consider to ensure you are secure and treated fairly, which go beyond simply picking a social trading platform in the USA.
The good news though is these steps are simple and don’t require any expertise. In fact, they’re mostly just good common sense:
Our reviews on social investment trading platforms are an excellent way to get some guidance and a good understanding of what you can expect. But what actually goes into those reviews? Here’s a quick breakdown of the kind of things our experts are looking for when testing options for social investment in the USA:
We’re firmly of the belief that investment platforms should always make themselves as accessible as possible. That said, we understand that some are aimed at a more advanced investors and some of those tools may come with a built-in level of complexity. We do take that into account, but nonetheless, we’re always looking for things to be as simple as possible.
Once we’ve got a good idea of the kind of audience that the platform is targeting, we next look to find out what exactly the trading platform offers. Are they available on a mobile app, for instance? What options are available? Is customer service readily available and are their security credentials easy to find? Essentially, this is us testing for an overview of what that platform for copy trading in the USA offers.
Similar to useability, this is all about as many people being able to get the benefits of investing online as possible. More account types should mean a broader set of options so everyone – regardless of level of acceptable risk, expertise and investment – can find an account right for them. We also consider it important that the distinctions between account types are well explained.
This is something that a lot of investment newcomers can overlook. To invest, you must be able to access money for said investment. That’s why payment options are so important. As long as the options are safe and reputable, we’re happy to see as many options as possible. Also important is that the payment options are well explained and easy to use.
Customer support starts long before any service member is contacted? It’s in Help sections, FAQs and the way your chosen social trading platform in the USA explains itself. Then, of course, there’s the contact methods themselves, as well as the quality of the responses from the teams. We test them so you can rest assured you’re in safe hands should you have any account queries.
Right now, there’s a lot of great platforms for social investing in the USA. In fact, there are so many when we talk about the top tier of options for US readers that your choice of the best for you comes down to a matter of preference. But how exactly do you decide what you prefer?
Here are a few simple questions you can ask yourself to help make that decision. It can also be employed on other forms of investment across the world. If you were looking at social trading Australia, for instance, this would also help narrow down your options.
If you can answer these questions, you should have gone a long way in narrowing down the right social trading platform for you.
Social investments offer all kinds of opportunities. After all, as a concept, it’s pretty much as simple as taking strategies, observing and copying successful investors. That allows for plenty of room in terms of what those investments and strategies actually look like.
However, they aren’t the only investment option legally available in the USA. To help you get a more general view of what’s out there, we’ve selected some examples of other things you can trade in the United States:
The global marketplace for exchanging national currencies is known as the foreign exchange. Forex trading allows you to trade on the rise and fall of currencies across the world – essentially pitting one currency against another in a highly liquid market. It’s the only non-stop trading market in the world.
While Bitcoin is the most well-known crypto, there are plenty of other digital and decentralised currencies out there. When we talk about crypto trading, we’re actually talking about speculating on price movement and buying and selling coins.
Operating like a mutual fund, ETFs track various indexes and commodities (or other kinds of assets) and can be purchased on the stock exchange as a standard stock. Think of it as a basket of different securities and underlying assets, rather than a single stock.
Speaking of single stocks, we couldn’t complete any list of key investment opportunities without going back to basics with stocks themselves. Here, you simply need to buy a stock for a company you believe in, and if they grow, so does your investment. Essentially, you’re buying a shared ownership in a company.
The USA is a great place for social investment. Not only is it legal and safe, but there’s a wonderful selection of world-class platforms suitable for pretty much every need.
Social investing in the USA should always be about providing a means of investment for everyone – not just the rich or the experts. We can say, having looked at many platforms, that many achieve exactly that. There are still things to take into account, of course. Even the simplest of speculation needs considerations regarding staying safe financially and in backing the right platforms, accounts and investments. Here, we’ve provided a blueprint to help you make the best choices for you, and with so many fantastic options out there, we think you’ll be spoiled for choice.