6 Best Copy Trading Platforms in 2023

It is understandable to hear about how to copy trade crypto and assume that it is an easy task, especially when it comes to using automated services in the crypto space. 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. This steep learning curve and the option for automation make the process of following and replicating traders easier and more convenient, which naturally makes it more appealing.

• You can follow multiple traders who use different mechanisms and invest in varying assets.
• Copy trading is one of the best ways to automate your investment strategy.
• It also talks about how a holistic approach to copy trading can play a key role in the evolution of traders.
• In a nutshell, copy trading emulates a stock market expert’s trading activity.
• With the feed feature, traders can now post their speculations on future trends and insights, thus encouraging interactions between copy traders.

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.

Benefits of Copy Trading

With the Covesting social trading feature, you can choose among the best performing strategies and automatically copy their trading activity to get the same returns. And if you are an experienced trader, you can earn up to 20% of all profits earned by your followers. For instance, imagine a novice investor who is interested in investing in Bitcoin but lacks an understanding of technical analysis or market trends. Through copy trading, they can simply find a top-performing trader specializing in Bitcoin and automatically replicate their trades. This way, they can benefit from the trader’s knowledge and insights without having to make complex trading decisions themselves.

• For instance, if a copied trader suddenly changes their strategy drastically without any explanation, it might be a warning sign for you to reassess your investment allocation.
• Well, you don’t need to be disappointed as copy trading platforms are here to your rescue.
• You may see how many are already following and copying their positions.
• To a large extent, the efficiency of the cryptocurrency trading process depends on the choice of the platform and expertise of the lead trader.
• 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.

Taking an active role is key in avoiding unnecessary risks and maximizing potential rewards. However, it is important to note that past performance is not necessarily an indicator of future success, and caution should be exercised when relying on influencers or top traders. As with any investment decision, careful research and due diligence should be taken before making any trades. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency.

Gate.io: Best for social trading and community engagement

Lastly, remember that copy trading should not be seen as a passive approach. It is still essential to stay updated with market trends, news, and developments in the cryptocurrency industry. This knowledge will allow you to make educated decisions and engage proactively in managing your investments. Answering these questions will help guide your decision-making process when selecting traders to copy.

• You can also talk to the traders you copy, discuss strategies and learn from their knowledge.
• If you want to be efficient, then you need to learn how to copy trade crypto intuitively.
• A third major risk category is liquidity risk, the risk that you are unable to close a trade at a reasonable price, because of insufficient buying or selling interest.
• 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.
• It is important to do adequate research when selecting a trader rather than just going through a person’s profile.

It is advisable to conduct thorough research on the best available options in the market. For this, you must check out its tools, leverage ratio, educational content, supported cryptocurrencies, and fees. Choose your favorite, seasoned trader/s and software, and then customize its settings. After that, the copy trading software will be ready to make crypto trades on your behalf.

How to Copy Crypto Trades: Step-by-Step Guide

Enhanced security and risk mitigation protocols mean that your funds are always safe and always yours. Explore whether Digital Surge Exchange is the next best thing for your crypto investment journey. Discover the ins and outs of this crypto exchange in our comprehensive guide. But if you perform copy trading with good knowledge and proper research, you can definitely make some money. You can look for platforms that have multiple support channels, such as live chat, email, or phone support.

• This makes it simple to find the best fit for your trading style and risk tolerance.
• The platform registers over 2 million trades every month and has a monthly trading volume that surpasses $70 billion.
• You can also see more about each trading strategy, like the trades they made, the profit and loss, the fees, and the minimum amount you need to copy.

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eToro

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.

• Look for features that let you choose different traders to copy, change copy ratios, and set stop-loss limits.
• Once you’ve found a trader you want to copy, you can connect your account to their account and start copying their trades.
• In other words, copy trading is simply copying the trades of others.
• What I love about the platform is that trades are performed right from my own binance account.
• Selecting the right software is as important as choosing the right cryptocurrency trader.

You can see the profit-sharing fee before you start copying someone and you can stop copying anytime you want. BitMEX is a crypto trading platform that lets you trade Bitcoin and other cryptos with different products. You can trade with perpetual swaps, futures contracts, options, and more. You can also trade with high leverage, up to 100x for some coins. EToro is a platform where you can trade and invest in various kinds of financial instruments, including cryptocurrencies.

Coinmatics: Top software for copying professional traders

Finally, if you are serious about trading, copy trading should be nothing more than a starting point (i.e., a pacesetter). You should begin trading after gaining some market knowledge and accumulating some capital. Social trading is the practice of traders sharing their ideas and plans through social media, forums, and other channels. Each trader should decide which strategy to employ or devise their own based on the ideas shared by other traders. Another advantage of this method is that technical analysis strategies can be applied to any number of assets.

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. Learn about the best crypto copy trading platforms that allow you to replicate the strategies of successful traders. If one is able to choose a trade-worthy platform and the right trader to copy, it might turn out into a profitable long-term trading approach.

Crypto Copy Trading Platforms

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 wash trading crypto are able to leverage their influence on the markets. It is a huge factor to keep in mind, and having power like that is highly sought after.

• On the Trality Marketplace, you’ll have all of the requisite information at your fingertips, ensuring that you can copy trade with complete confidence.
• For instance, simply buying $100 worth of Bitcoin at market rate.
• Copy trading can also help you get familiar with new strategies, as paying attention to the trades you copy might show you new tricks to use in your own analysis.
• So, even if a well-regarded trader is doing this, it might not be smart for a beginner to follow them.
• You can check their performance history, risk level, fees, and strategies.

But what exactly is involved in the actual process of crypto copy trading? As a crypto investor, you can copy the trades of experienced investors automatically by renting their trading bots. So, when you as an investor rent a trading bot made by an expert trader, you are effectively copying their trading strategy. And since everything is – automated, the entire process saves you time and effort as well as increases the likelihood of a positive return on your investment. This process works through copy trading platforms, which allow traders to share their trading history and performance data. Other investors can then use this to decide which traders to follow and copy.

Can you copy trade on exchanges that do not have a dedicated dashboard for it?

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. 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.

• You just need to find a trader that you like and start copying them.
• You can discover, track, and select the most skilled traders through Phemex’s copy trading portal.
• However, copy trading, like any other strategy, has drawbacks and risks.
• Copying trades is also a great way to familiarize yourself with cryptocurrency trading quickly.
• They have access to segregated accounts at top banks, secure deposits, withdrawals, competitive leverage, and tight spreads.

This is perfect for somebody who is looking to maximize profits without worrying too much about what trading strategies or techniques are being used. 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. Receive updates in real time whenever changes are made to a bot Should a bot underperform, investors have the ability to unfollow it at any time and select another bot.

What Users Think of Coinmatics?

The obvious advantage of copy trading is that it frees up your time for other activities while also allowing you to benefit from the expertise of more experienced traders. You also give up control over your trading decisions, though some platforms allow you to set your own risk parameters and even choose which trades to execute. Copy trading is a form of automated trading that allows investors to replicate the trades of another trader in real-time.

• Copy trading provides an excellent entry point into the world of crypto trading, whether you’re a complete beginner or someone with a bit of experience.
• It helps Professional traders to monetize their skills by allowing others to copy their strategies.
• It can also be automated with the help of robots and expert advisors.
• If you are new to crypto trading, you may not be familiar with the volatility and nature of the crypto market.
• Depending on how many people follow you and how much they put in, that could be a huge amount of passive income.

Thus, the system works to the advantage of expert traders as well as those following them. I’ve been using coinmatics copy trading platform for just over 2 months. What I love about the platform is that trades are performed right from my own binance account. Additionally, it’s crucial to be aware of the risks of slippage and the potential impact – on one’s psychological well-being. By understanding the risks and taking necessary precautions, investors can use copy trading as a valuable tool to enhance their trading performance. The process of copy trading is usually done automatically, with the platform executing trades on behalf of the investor, based on the trades of the chosen trader.