6 Best Copy Trading Platforms in 2023

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.

• This is the crux of why many people choose to broadcast their movements– they want to help people with copy-trading crypto.
• Even the best of traders will have their own knowledge gaps and mistakes.
• On the other hand, the people who choose to follow you have made that decision on their own accord, and so it is their choice to expose themselves to your actions.
• You must choose platforms that have transparent and competitive pricing, including reasonable transaction fees and withdrawal charges.
• When looking for a trader, choosing one in the age of social media is challenging.
• BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency.

However, too much transparency may lead to losses for the platform, as followers may be able to employ certain techniques to avoid paying following fees. Therefore, there is a need for information transparency (i.e., detailed versus aggregate trading performance) and the timed release of data (i.e., immediately or with a delay). Crypto copy trading is an easy way to follow the strategies of experienced traders, diversify your portfolio, and potentially boost your profits. But it also has some challenges, such as finding trustworthy and compatible traders to follow, controlling your risk level, and keeping up with market changes. BingX aims to empower even new investors with the knowledge needed for making the right investments.

Systematic Risk

You choose the amount you want to invest and simply replicate everything they do in real-time. As a result, when the trader makes a trade, your account will also make the same trade. Copy trading can offer many benefits, but it’s important to consider the potential risks involved. Investors should always conduct due diligence and thoroughly research a trader’s track record, strategy, and risk management practices before deciding to copy their trades. Four years later, in 2018, the platform added support for ether (ETH) and ripple (XRP).

After you have set up your account, you can go to the “Marketplace” on 3Commas and find traders that you want to copy. You can filter them by different criteria, like an exchange, coin, profit, risk score, followers, etc. In copy trading, you don’t have to learn anything or spend hours looking at charts.

Copy trading simplifies crypto investing

While some of the best things in life might be free, profitable trading bots are not one of them. And given the levels of complexity and time involved, why should they be? Professional copy traders will require a commission payment for their services, and quite rightly so!

• Gate.io is a well known crypto exchange that allows users from USA as well.
• When one decides to go for crypto copy trading, the first step is to identify the right trader.
• The platform brings together experienced principal traders and new traders to create a win-win cryptocurrency trading experience for all.
• In addition to spot trading and derivatives, the global platform offers bridges, cloud services, mining, loans, and copy trading.
• Another significant advantage of copy trading crypto is the potential for diversification.

For example, on eToro, you don’t pay extra for copy trading, but you still pay the normal fees for spreads and overnight fees. Again, on NAGA, you pay €0.99 for each trade you copy, and 5% of your profit if it is more than €10. You also pay the broker’s fees for spreads and commissions, which change – depending on what you trade and what account you have. The trading fees for copy trading are not the same for every platform or broker. This does not include the fees you pay to the broker for spreads and commissions. Be careful of platforms with high fees that may eat up your profits over time.

Which are the best copy trading platforms?

Worry less, Coinmatics got you covered with their unique copy trading. Coinmatics connects a part of your portfolio with the portfolio of your desired trader in a usable graphical form. Once you copy a trader, all of their opened trades are automatically copied to your account.

• It is especially beneficial for new traders because it allows them to participate in markets without prior knowledge while also learning from professional traders.
• As a result, it is ideal for beginners because they do not need to fully comprehend the market.
• EToro is one of the best copy trading platforms, and it offers a wide range of assets (Forex, crypto, commodities, stocks, ETFs, and indices).
• Cryptohopper is a platform that lets you use different features and tools to trade cryptocurrencies.
• Not only should you make sure that the traders you copy have a solid risk management system, but you should also limit your risk per trade you copy.

3Commas is one of the best platforms for automated crypto trading. It has many features that make trading easier and more profitable. For instance, if the trader the copy trading software is following invests $100 to buy coin A, the software will also spend $100 on the same cryptocurrency. The tool not only helps amateur traders to use the expertise of – other traders but also helps them learn the skill of making smart investment decisions. Cryptocurrency copy trading is an automated strategy that lets one copy an experienced trader’s trading methods. This enables one to buy and sell crypto assets to earn profits without putting in a lot of time for researching or gaining proficiency in crypto trading.

Copy Trading Crypto ─ A Beginner’s Guide to Investing in Cryptocurrency

BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor. Reading through various best crypto exchange reviews online, you’re bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market. A final major reason why people do this is that they are able to leverage their influence on the markets.

• The first company who released such feature on the crypto market was eToro who still delivers the iconic experience in copy and social trading.
• Of course, if shorting and dealing with futures is your cup of tea, then, by all means, follow a trader who does this.
• This can sometimes work, but remember that we are all fallible, and even the best traders can do a poor job of reading the room.

These tools help reduce potential losses and protect your capital when the market is unstable. If you’re new to crypto copy trading, you need a platform that has a simple and attractive interface. BingX lets you follow and copy the best traders in the crypto space, who know how to make money even when the market is down. The fees for copy trading on Gate.io are the same as the normal trading fees for spot and futures markets, which depend on your VIP level and trading volume.

Preparing the Copy Trading Software

It offers all these features of a regular crypto exchange and seamless crypto derivatives trading. It is an all-encompassing platform that can meet all your trading needs. Copy trading is one of the best ways to automate your investment strategy. This eliminates the guesswork and the lack of experience that’s needed signals when choosing how to invest your hard-earned money. Of course, the strategy might not be the best strategy for all investors, but these systems have worked for many retail investors. With this strategy, instead of replicating an investor’s movements trade for trade, you’re mirroring their overall investment style.

• This freedom from constant monitoring allows them to focus on other aspects of their lives while still being actively involved in the cryptocurrency market.
• 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.
• You may see how many are already following and copying their positions.
• You’re leaving the hard work of choosing investments up to someone else.
• Depending on your level of investment, though, these fees can quickly eat away at your bottom line, turning profits into losses if you’re not careful.

To reduce risks, users can first use a demo account for copy trading. Using key indicators like the trader’s account assets, cumulative P&L, 30D profit rate, maximum drawdown, etc., users can study the strategies while making a profit. Factoring in all aspects of cryptocurrency copy trading is important before investing. When one decides to go for crypto copy trading, the first step is to identify the right trader. The efficiency of copy trading is invariably hooked to the skill level of the trader one is following.

How Does Crypto Copy Trading Work?

Another thing to look for is the social trading community on the platform. Talking to other traders can give you valuable insights and improve your trading skills. These features give you more control and help you adjust your copy trading strategy to your risk level and goals. You can choose from hundreds of traders who trade different coins and strategies, and see their profiles, comments, and track records. You can also chat with them and learn from their tips and insights.

• But if you perform copy trading with good knowledge and proper research, you can definitely make some money.
• As a result, when the trader makes a trade, your account will also make the same trade.
• If you are syncing to somebody in the public eye, research them extensively.
• This is possible because the vast majority of exchanges, such as Binance, Kraken, and KuCoin, all have APIs that allow you to follow the actions of others through the use of code.

The expert traders are called “Traders” and the people who copy them are called “Copiers”. When you choose an investor to copy, you can decide how much money to put into them. The percentages will be calculated automatically so that every trade they make will be copied into your portfolio with the same percentage.

How does Crypto Copy Trading Work?

Basically, cryptocurrency copy trading is all about identifying skilled traders and re-executing their moves literally. A trader doesn’t have to spend time picking market trends or learning complex trading methods. Rather, the software just mimics what the expert trader is doing. To become a copy trader, you need to have a trading account with a broker that offers copy trading services.

• Before deciding to follow a trader, carefully review their performance history.
• Once you have found the trader you wish to copy, simply click on copy and you would be asked to add the funds.
• This makes many people favour mirror trading over copy trading, as all human error is removed from the equation.
• Answering these questions will help guide your decision-making process when selecting traders to copy.
• This allows you to automatically copy traders and replicate their financial trades.
• Coinmatics allows you to choose whether you want to copy automatically, or manually.

It is to find all required information on typical copy trading software as traders willingly consent to give member traders access to their trading moves. One can examine the track record of various lead traders on the dashboard and select the one that fits in with the parameters of their choice. Investors should carefully consider the trader they want to copy and conduct thorough research before copying their trades. It’s also essential to manage risk by setting stop-loss orders and monitoring one’s portfolio regularly. The best platforms for copy trading are eToro, AvaTrade, Bybit, and BingX.

Gate.io: Best for social trading and community engagement

The platform currently supports over 16 cryptocurrencies in addition to stocks, commodities, and currency pairs. Bybit makes it simple to find traders to copy, automatically open and close the same trades they do, and watch your crypto balance grow. To profit from their work, principal traders can allow others to copy their strategies and trades via the Bybit platform. In exchange, they receive 10% of the profits earned by each follower. BingX is a copy trading platform with over 1 million users within 100+ regions, BingX provides over 300 cryptos ranging from Bitcoin, Ethereum, Dogecoin, Safemoon, Solana, etc.

You can show off your trading strategies and attract more followers and copiers. Earn 10% of the profits from each copier, plus an extra 2% from OKX. You can see your balance, profit, loss, open positions, closed positions, etc.