16 Best Crypto Copy Trading Platforms in 2023

Phemex is a well-known exchange from Singapore that offers a copy-trading feature. The biggest drawback of this trading method is that you have to mirror everything. To learn about copy trading, one of the most important things to be informed about the actual process of copy trading.

• In some ways, this is true– it is simple to follow the trades of another as it relinquishes you of some of the decision-making processes.
• You can also adjust your risk and exposure levels on the platform, so you’re not completely reliant on the activity of another trader.
• By using the feature, if you find a trader that has consistently generated high returns, then you could theoretically copy their strategy to achieve the same results.
• For this reason, the trader should have the skill to handle cryptocurrency investments.

The biggest drawback of this trading method is that you need to constantly monitor the market’s flow and decide on individual trade trends. You can start out copying top traders at FXTM with a minimum deposit as low as $100. ZuluTrade supports over 40 forex brokers, one of which being their integrated solution (AAAFx). It allows investors with existing brokerage accounts to link a new account via their existing broker easily. First and foremost, you should look for a broker that has a good reputation in the industry.

Why Opt for Crypto Copy Trading?

For example, you should assign your preferred amount for investment. It can be the same as the trader you are following or a percentage of it. Setting the amount according to your risk appetite is advisable so that you can tolerate any potential losses. To begin copy trading, you must first choose a reliable and trusted copy trading app.

• Temporary losses can and will happen, but you shouldn’t decide to unfollow a trader prematurely because of fear, doubt, or uncertainty.
• When copy trading, they are able to see the action of an experienced trader in real time, helping them to understand the nuances.
• Phemex is a crypto exchange from Singapore that lets you trade over 272 crypto pairs with spot and contract trading.
• Since the professional trader directs investment decisions, diversification and risk management can also be done.

The idea behind copy trading is to assess each trader’s profitability before selecting which signal provider you want to follow. Copy-trading allows copying positions of another trader, and lately, it has become more popular. There are many traders who create ‘People-Based’ portfolios to invest in other investors instead of trading themselves. This is an international ECN broker who is also very active, particularly in Asian and African markets. This is one of the best copy trading platform, which helps you filter brokers based on minimum Deposit to start forex trading, mobile support, etc. ZuluTrade also allows login via Facebook, convenient for those who regularly log in to check their account.

PrimeXBT Covesting: Top-Rated Copy Trading platform for beginners

For example, it is entirely possible to copy trade on Binance, Kraken, and KuCoin. This is because each of these exchanges have a trading API (or application programming interface) that allows you to write code that lets you follow other traders. However, don’t worry if you are not a programmer, because services exist which let you harness these APIs yourself without ever writing a line of code.

If people weren’t making money from it, then people wouldn’t continue to do it. Besides, it allows you to jumpstart your trading journey as a beginner, potentially gaining profits and generating a passive income without participating in trades directly. Some of the best crypto copy trading bots are 3Commas, Cryptohopper, and WunderTrading.

Best Crypto Grid Trading Bots Apps (Make Automated Money)

In addition to copy trading tools, eToro allows for community discussion, which helps traders to learn from the traders they copy. You can copy trend-following traders or choose to focus on range-bound environments. Ideally, copy traders put together a “portfolio” of different traders to copy, so that they will always have a few successful ones running.

So, if you feel that a trading move is not right, you can opt-out anytime. They offer you a wide range of crypto assets and eToro also supports stocks, commodities, currencies, and more. You should be able to find your way around and make trades without any hassle.

FAQs on Crypto Copy Trading Platforms

Do note that there is a feature called “Stop copying” which is similar to prohibited “Stop Loss” feature, and helps you save yourself when things go south.

• Since it’s powered by Binance, the Trality Wallet is built on the industry’s safest and most secure custodial wallet infrastructure.
• In addition to standard copy and social trading tools, Shrimpy has a rebalancing tool that allows you to automatically rebalance your portfolio according to your preferred risk/reward.
• In addition to spot trading and derivatives, the global platform offers bridges, cloud services, mining, loans, and copy trading.
• You should begin trading after gaining some market knowledge and accumulating some capital.

This makes it simple to find the best fit for your trading style and risk tolerance. Overall PrimeXBT Covesting platform is one of the top social trading platforms out there, and something you as a beginner might like to start with. Covesting is a social trading platform that is not directly integrated with PrimeXBT which is another upcoming exchange. This union helps you to enjoy the power of social trading directly inside the PrimeXBT exchange.

Practical Benefits of Copy Trading Crypto

Some individuals argue that blindly following others’ trades through copy trading eliminates personal responsibility and involvement in decision-making processes. They believe that having control over trades empowers individuals with valuable lessons and experiences that can lead to better long-term outcomes. In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman – it connects you (your offer or request) with that other person (the seller or the buyer). With a brokerage, however, there is no “other person” – you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term – exchange.

• Remember that while low fees may seem attractive, it’s equally important to assess the quality of the platform and the performance of the traders available for copying.
• However, they do offer a future leaderboard and it may have this feature enabled soon.
• Connect your account to the trader of your choice and sit back, waiting for results.
• Check what kind of cryptocurrencies you can trade on the platform.

We see a growing popularity in copy trading, which would not be happening if people were losing money. Nevertheless, copy trading — without a proper approach — can cost you dearly. Once you have found a trader that you wish to copy, click on follow and enter the amount you – want to start with copy trading. The trading history presented is less than 5 complete years and may not suffice as a basis for an investment decision. Here you will see all the pro-traders, and you can pick a trader to copy based on their performance and statistics.

Does Binance offer a social trading feature?

Trend-following strategies are designed to work well in directional markets with low noise. Since you will be relying completely on another person, it may not give you the analytical knowledge needed to excel at trading. Besides, the settings panel of the copy trading app will give you complete control over your assets, even though they are self-executing.

• This freedom from constant monitoring allows them to focus on other aspects of their lives while still being actively involved in the cryptocurrency market.
• Though it might take some time, it is a fluent ride later as the process is automated.
• You can start out copying top traders at FXTM with a minimum deposit as low as $100.
• You can trade over 250 instruments and have access to a range of optimized accounts and platforms.
• So, if you feel that a trading move is not right, you can opt-out anytime.
• This concludes our write-up on copy trading — its risks, benefits and history as well as strategies to use in copy trading.

Simply click on “Copy trading” and allocate a fund that you wish to delegate for Copy trading. When you are copy-trading crypto, you should always remember to vet and seriously consider – the people you sync to; no matter how famous or how well you think you know them. If you are syncing to a person you know, interview them and find out all you can about them.

Trality’s Marketplace and trend-following strategies

This is equal parts exciting and scary, but just remember that even when you copy-trade crypto, you are still the one in charge. If you want to disconnect yourself from somebody else, you can easily do that at any time, and reconnect with them in the future, too. After a standard KYC process, simply add funds to the Trality Wallet using a preferred funding method, whether by credit card, bank transfer, Apple Pay, or Google Pay. The first step involved in crypto copy trading is arguably the most important. Choosing the best copy trading platform can often mean the difference between short- and long-term success and dashed hopes. After all, social trading has continued to surge in popularity and with good reason.

• You also need to check the performance history and statistics of the platform.
• EToro’s crypto copy trading platform is both unique and functional, with some of the industry’s most innovative social trading features.
• It can be an extremely effective and profitable way to trade, especially for newbies.
• In addition to copy trading tools, eToro allows for community discussion, which helps traders to learn from the traders they copy.
• Copy or social trading is based on following profitable traders.

This can be done manually, where you track another entity’s actions on your own, or automatically with the help of a dedicated platform or a bot. It is a strategy that allows investors to copy the trades of experienced and successful forex investors and implement the same trades, in almost real time, in their own accounts. Mirror trading was initially only available to institutional clients but has since been made available to retail investors through various means. Since its inception in the mid- to late-2000s, mirror trading has inspired other similar strategies, such as copy trading and social trading. EToro’s crypto copy trading platform is both unique and functional, with some of the industry’s most innovative social trading features.

Service

Once you have found the trader you wish to copy, simply click on copy and you would be asked to add the funds. Gate.io is a well known crypto exchange that allows users from USA as well. You can join as an investor (to copy other trades) or you can join as a trader, so that others can copy your trades and you can make money. Think of this as running your own hedge fund, and everything is automated. Selecting the best copy trading platform is not as easy as you may think. You need to consider many factors while selecting your copy trading software in India , USA or other countries.

• But what exactly is involved in the actual process of crypto copy trading?
• You could say that the essence of learning what is copy trading in crypto is learning how to study other people and learning which people align with you on the trading floor.
• There are models that you can use to build your strategies, but you also have the option to copy the strategies of other traders through the copy trading feature.
• Always follow risk management techniques like stop-loss, target points, and investing 5-10% of your investment capital.
• This copy trading software automates buying and selling of crypto assets by mitigating the original trades of professional traders.

Scrutinize the performance history of traders you are interested in copying, analyzing factors such as their trading strategies, risk management techniques, and overall track record. This analysis will help you gauge whether their approach aligns with your goals and risk appetite, enabling you to make informed decisions. Copy trading is the act of following somebody else’s trades, and emulating their actions yourself. It is revolutionary because it brings a social aspect to the world of trading, whilst also helping newcomers learn the ropes and get more accustomed to making their own trading decisions.