Social trading is a feature in Binary Options that enables you to view other trader’s positions on your chart, witness others’ investment decisions and tap into collective wisdom. Social trading is still new for binary options and is not yet as advanced as with Forex copy trading, where you can follow and copy our favorite traders, analyze their past performance and ask them questions. Never the less, social trading is a good way for beginners to get a feel for the binary options market, confirm their ideas and strategies or look for advice.
Some of the major drawbacks of social trading in binary options are that it is not possible to automatically copy trades of favorite traders. This problem is still being worked on in the binary options industries. One of the setbacks among others is that it will require the consent of the trader to allow his/her trades to be copied by random people on the same trading platform. Since every successful binary options trader is very discrete with their strategies and hate getting noticed, it will take some time to overcome this problem.