6 Best Copy Trading Platforms in 2023

Please pay attention that your country of residence may prohibit your participation in copy trading or holding crypto assets, then it will be illegal personally for you. So, we advise checking with your local regulator if you are eligible to hold crypto assets, trade them, or use copy trading facilities. Currently, it’s not allowed to configure auto trading bots at our platform. This functionality is planned to be released in the nearest future. But you can share your bot based trading strategy at Coinmatics right now.

• And, you need to pay your principal trader for copying their traders.
• At least with crypto, everybody is aware of their fallibility, leading to more caution.
• Plenty of regulations have been framed for copy trading, so one can regard copy trading as a legitimate trading method if they are using an authorized service.
• What happens when the trader that you’re following encounters a flash crash, a sideways market, or even a bear market?
• You can use it to automate your trading strategy, or you can copy the trades of expert traders or crypto bots that you find on their marketplace.
• This guide explores the six best copy trading platforms available in 2023.

At least with crypto, everybody is aware of their fallibility, leading to more caution. You can also monitor the results copy trades are generating for you. Observing the progress will also enable you to understand how to backtest the crypto trading strategies.

Trality’s Marketplace and index-tracking bots

This is the crux of why many people choose to broadcast their movements– they want to help people with copy-trading crypto. The first way is that copy trading can function as a niche form of social media, where you are essentially communicating with other traders by following their actions. Once again, eToro is the perfect example here – the brokerage functions like such as platform already.

• Each investor should carefully research the offerings of the available platforms, as some may offer support for other cryptos.
• Moreover, our users are able to protect Coinmatics account with two-factor authentication.
• Therefore you can invest whatever amount you like depending on the broker rules.
• PrimeXBT is a copy trading platform that allows traders of all experience levels; from experienced to novices alike.

So, by using the service of your copy trader, you will gain or lose proportionately. However, you need to remember when selecting the traders to copy, you should know your trader’s position sizes they usually open, as this can impact your investment. This usually happens automatically and without the requirement for any manual interventions. This copy trading platform also offers the FXTM Invest service for a minimum deposit of $100. For instance, let’s say you’re interested in copy trading Bitcoin and Ethereum. You would want to choose a broker that not only supports these popular cryptocurrencies but also provides access to other promising coins in the market.

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In this Trading 101 article, we take a deep dive into copy trading, its risks and benefits – and how to use copy trading to your advantage. Here, most important point to note is that everything is proportionate. Therefore you can invest whatever amount you like depending on the broker rules. The Trality Wallet—enjoy all of the benefits and functionality of your Binance account while being able to deposit, withdraw and manage your funds all in one place.

• It has millions of users from all over the world, a fast trading engine that executes trades smoothly, and a high level of security that protects your funds.
• With this in mind, copy trading can become a way of forming tighter social bonds with other new and budding traders, where each user learns from the other’s successes and mistakes.
• A trader needs to keep monitoring the cryptocurrency trading process and exit their position if they feel they are generating continual losses.
• For example, on eToro, you don’t pay extra for copy trading, but you still pay the normal fees for spreads and overnight fees.
• But you’d base your investing decisions on the same principles he follows.
• This makes many people favour mirror trading over copy trading, as all human error is removed from the equation.

You don’t want to lose your money or your personal data to hackers or scammers. So look for platforms that have strong security features and good reviews from other users. The lead trader decides how much they want to charge for their profit-sharing fee, which can be from 5% to 40%.

The Best Crypto Trading Bot ─ Increase Profits with Automated Trading

Copy trading, however, greatly simplifies crypto investing, making it an excellent way for non-professional traders to add crypto assets to their investment portfolios. Copy trading is a form of trading where investors automatically replicate the trades of other traders they choose to follow. So, newbie investors can follow the trades of experienced and successful traders and use their investment strategies without needing extensive knowledge or experience in financial markets. Firstly, it allows individuals with limited knowledge or experience in cryptocurrency trading to gain exposure and potentially profit from the market.

Additionally, for individuals new to cryptocurrency, it offers an opportunity to learn from experienced traders and gain valuable insights into market trends and strategies. Many people who learn how to copy trade crypto choose to use a service or tool that automatically replicates the trades of more experienced or successful traders. These exchanges allow users – to connect their accounts to those of more experienced traders and automatically emulate their trades. The platform offers over 150 crypto assets, has over 3 million global users, and is one of the few derivatives platforms that offer an automatic copy trading system. New crypto investors can easily follow and copy the trading strategies of successful traders.

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With just a few taps in the Marketplace’s mobile app, investors can easily leverage the expertise of professionals by renting the most trusted bots on the market. These apps work on trained models and can imitate others’ investment strategies. Also, some crypto copy trading apps allow you to choose multiple traders. They offer features such as portfolio management, smart trade, social trading, and more. They also support a wide range of cryptocurrencies and exchanges for your convenience. Check for platforms that have forums, chat rooms, or social media integration, where you can connect and learn from experienced traders.

• At the time of writing this resource, Binance does not offer the social trading feature.
• This might sound strange, as in many ways you are not making most of the granular decisions, but rather another party is.
• You can spectate top traders’ trades and copy their trades automatically.
• Other considerations include the fees you are paying to the trader and the copy trading platform.

Based on our research, we recommend using Bybit and eToro social trading platforms. If you are new to crypto trading, you may not be familiar with the volatility and nature of the crypto market. In this case, copying other professional traders can help you make some profits and earn some money. When you follow the rules, you can copy the trades of your chosen experienced traders. You can also change some settings of the bot, such as the stop-loss percentage, take-profit percentage, and leverage ratio.

What is the difference between a crypto exchange and a brokerage?

Well, you don’t need to be disappointed as copy trading platforms are here to your rescue. This is one of the easiest ways for anyone to piggybank on the skills of experienced traders and make a passive income. Of course, it comes with the inherent risk of trading, but with a disciplined – approach and by regularly finding top crypto traders, you can ace the game of crypto copy trading. Most crypto copy trading platforms charge some fees or commissions for using their services or copying trades. And, you need to pay your principal trader for copying their traders.

• The main advantage of using copy trading is that it allows you to take advantage of another person’s investment experience and knowledge.
• However, it’s important to acknowledge that copy trading carries inherent risks.
• Since you will be relying completely on another person, it may not give you the analytical knowledge needed to excel at trading.
• But you need to be careful about who you follow, how much you pay in fees and commissions, and how the market changes.
• You will have to set the details for the traders before the platform can start copy trading.

Naga is a copy trading platform that automatically copies your trade. It helps you to discover other investor’s stats on the leader board and select who to copy to get the highest profit in your trade. The fee structure imposed by your chosen copy trading broker plays a significant role in determining your overall profits. While it’s tempting to focus solely on finding brokers with low fees, it’s crucial to understand how different fee structures can impact your investment results. In many ways, this feeling of elation and connectivity, coupled with the following of trusted individuals is the answer to the question of what is copy trading in crypto!

What is copy trading in crypto and why is it so revolutionary?

It’s never been easier to trade like a real professional trader – get started in just a few steps. After you become the Follower of a Principal Trader, the copying and execution of trades are automatic. All Principal Traders go through a strict audit to ensure outstanding performance and stable earnings. Bybit aims to provide a secure and transparent trading environment. It remains customer-focused and strives to offer the best user experience.

• Look for platforms that give you detailed historical performance data, such as win rates, average returns, and maximum drawdowns.
• It can be used to trade crypto, Forex, stocks, commodities, metals, and other financial markets.
• You also have full control over your trades and can edit or close them anytime.
• Crypto copy trading is a trading strategy that allows anyone to replicate the trades of experienced crypto investors.
• Or they may be a big fan of shorting, which is where an investor borrows an asset and sells it with the expectation that the price will drop.

As the phrase suggests, it’s a process in which a crypto investor (or group of crypto investors) copies the trades of an expert trader. Remember what we said about success at the very beginning of this article? Copy or social trading is based on following profitable traders. It is especially beneficial for new traders because it allows them to participate in markets without prior knowledge while also learning from professional traders.

PrimeXBT Covesting: Top-Rated Copy Trading platform for beginners

This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. We were looking for a place to support our strategy, and be able to share it, and we found it. The performances are excellent, the interface very intuitive and fast. Definitely something I’ll be watching closely as the platform is developing well, the base idea is great, and the system is efficient too. Before engaging in any type of financial investment, you should clearly define your financial goals.

• The platform currently supports over 16 cryptocurrencies in addition to stocks, commodities, and currency pairs.
• Manual copying can be accomplished by making the same trades as the chosen trader.
• We were looking for a place to support our strategy, and be able to share it, and we found it.
• In exchange, they receive 10% of the profits earned by each follower.

For instance, choosing to be a copy trader on eToro means you receive an annual payment of 1.5% of the assets that people copy-traded when they followed you. Depending on how many people follow you and how much they put in, that could be a huge amount of passive income. So far, our discussion on what is copy trading in crypto has touched on the act of automating your copy trading habits, but let’s delve further into it now.

But, What is Copy trading?

In line with the Trust Project guidelines, the educational content on this website is offered in good faith and for general information purposes only. BeInCrypto prioritizes providing high-quality information, taking the time to research and create informative content for readers. While partners may reward the company with commissions for placements in articles, these commissions company do not influence the unbiased, honest, and helpful content creation process. Any action taken by the reader based on this information is strictly at their own risk. After filtering and selecting the trader that focuses on your preferred assets, you may check out more detailed stats on their profile. You may see how many are already following and copying their positions.

Say trader you’re following buys 100 shares of a particular stock. If they allocate 5% of their portfolio to a specific stock sector, you’d do the same. Copy trading in the crypto market offers several practical benefits that can be advantageous for beginners and experienced investors alike. Lastly, pay attention to the fees charged by the copy trading broker. Some platforms may have higher fees compared to others, so it’s important to consider how these fees might impact your overall profits.