16 Best Crypto Copy Trading Platforms in 2023

For example, copy traders can profit from the market without having to spend much time on analysis. After you have found the trader to copy, everything else is automated. 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. Trading signals are messages alerting you to potential trading opportunities. Signal providers use various kinds of analysis to bring trades to their followers, sometimes even with a take profit target and stop loss. Signals are usually not copied automatically, but manually followed by the group members.

• With copy trading, you’re always in control.You can decide to unfollow the trading strategy whenever you decide that copying someone no longer makes sense financially.
• 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.
• You can earn returns in your portfolio without having to invest hours researching the market.
• The process of copying another trader’s trades is known as “copy trading.” Instead of replicating a strategy, you replicate every action of the trader you have chosen to emulate.
• You will also not learn much by simply watching other people trade without attempting to trade yourself.

You can sort them by risk level, performance, portfolio composition, and more. You can also see their profiles, stats, risk scores, and trading history. 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. The software will then track the trades of those traders and copy them into your account.

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For this reason, it is easy to assume that your success comes almost entirely from another person. Once you have picked your trader of choice, and set up either the API or the platform you are using, you will then start to see your trades sync up with your target! 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.

What should you know if you are planning to broadcast your own trades for others to copy? For starters, bear in mind that by opening yourself up to copy traders, you may feel a new level of responsibility for those following you. 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. This is why it is important to understand the fundamentals of what is copy trading in crypto as well as understand the conceptual elements.

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It is a part of social trading, where a copy trading platform automatically copies trades taken by the trader you are following. Meta Trader 5 is a powerful platform for Forex and Exchange markets. This best forex copy trade service provider uses the MQL5 language, the automated trading software that runs on your computer and trades on behalf of you. This copy trading platform allows you to open 100 currency or stock charts at a time, and the 21 timeframes enable comprehensive and detailed analysis of even minor price movements. Let’s say you’re considering copying a top trader who has consistently generated high returns but takes on substantial risks. While their performance may seem enticing, it’s crucial to assess whether you’re comfortable with the level of risk they are taking.

• 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 allows investors with existing brokerage accounts to link a new account via their existing broker easily.
• However, it requires skill to figure out which traders to copy, and which ones to ignore.
• You should begin trading after gaining some market knowledge and accumulating some capital.
• 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.

This ensures that your balance remains under your total control. Moreover, our users are able to protect Coinmatics account with two-factor authentication. In 2014, eToro became the first trading platform to support cryptocurrencies when it added bitcoin (BTC) support.

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Consider putting your settings, like stop-loss, take-profit, and maximum amount. With the feed feature, traders can now post their speculations on future trends and insights, thus encouraging interactions between copy traders. BingX’s copy trading system also supports DeFi, NFT, indices, commodities, forex, and Layer 2. In order to display traders’ performance in a more comprehensive way, BingX traders can now enrich their homepage by accessing another exchange’s API. Connect your account to the trader of your choice and sit back, waiting for results.

Knowing the risks and reward potential can help you decide whether copy trading is a strategy you should adopt. Next, diversify your portfolio by copying multiple traders from different sectors within the cryptocurrency market. This spreads the risk and reduces the impact of any single trader’s performance on your overall investment. Building a solid investment strategy is vital in maximizing the benefits of copy trading in cryptocurrency.

Diving Into the Social Side

Now there is no end to the number of platforms that offer copy trading (social trading), but like always I will make your search easier by suggesting only the best copy trading platforms. So buckle up to learn something new and start earning from trading even when you have no prior experience in trading. You’re leaving the hard work of choosing investments up to someone else. You can earn returns in your portfolio without having to invest hours researching the market. Diversification and risk management are also done for since the pro trader is the one directing investment decisions.

Furthermore, you can always decide to stop copying the traders of others. Imagine, what if you could open the same traders as professional investors. The first company who released such feature on the crypto market was eToro who still delivers the iconic experience in copy and social trading.

Is copy trading safe?

We will also give you some advice on how to start copy trading and what to consider when choosing a trader to follow. First off, you need to find a suitable platform that offers Copy Trading services. Try to select well-known Copy Trading providers with a long history, a solid track record, and preferably registration with at least one of the main regulators.

• It is worth keeping this in mind when you start copy trading yourself, as even the most well-versed crypto trader will still have knowledge gaps.
• So, if you feel that a trading move is not right, you can opt-out anytime.
• It offers outstanding online trading services to retail clients.
• 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.

There are reasons to use copy trading, and reasons to stick to trading on your own. Gate.io is a CEX that allows copy trading with high leverage, with over 1,400 cryptocurrencies listed on the platform. No matter the trading signal provider you want to follow, it is important to research them – well, just like you would research a trader to copy. Hovering over any profile would give you more details about the traders, and this is useful to understand the trading style of a specific trader. 5% of the net earnings will be given to the initial strategy creator when the strategy closes.

Phemex: Best Crypto Exchange for Copy Trading

However, modern providers of copy trading services enable the process to be completely automated. In this case, all you have to do is decide which trader (or traders) to follow and how much of your account capital to allocate to that trader. While copy trading allows a trader to view the actions of lead traders, they don’t get to see the work behind the scenes that led them to make those moves.

• You can also change some settings of the bot, such as the stop-loss percentage, take-profit percentage, and leverage ratio.
• In short, social trading will take considerable time, but you will become a better trader in return.
• ZuluTrade also allows login via Facebook, convenient for those who regularly log in to check their account.
• By leveraging the advantages of copy trading while remaining informed and discerning, investors can potentially enhance their cryptocurrency investment journey.

It also fits into the wider ethos around blockchain and cryptocurrency, where transparency is viewed in a positive light. Crypto has always been about pulling the curtain back and showing the world how to handle and manage money without hiding. Remember that some of the core elements of this industry surround the notion that the opaque nature of traditional finance makes it hard for individuals to partake. Both of these examples can be highly stressful for beginners and those who do not have a ton of cash to spare themselves. So, even if a well-regarded trader is doing this, it might not be smart for a beginner to follow them. Of course, if shorting and dealing with futures is your cup of tea, then, by all means, follow a trader who does this.

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EToro is a platform where you can trade and invest in various kinds of financial instruments, including cryptocurrencies. It has over 20 million users around the world and it follows the rules of the FCA (UK), CySEC (Cyprus), and ASIC (Australia). Check and analyze their performance, risk level, and trading history before you copy them. If you want to copy the trades of other traders, you can sign up as a copy trader on OKX. You can choose from 340+ trading pairs and find the best traders to follow.

You can copy trade a forex, CFDs or stock trader, or follow a crypto trader along his journey. EToro social trading is quite popular among beginners who are looking to start with copy trading feature. Pro-traders can share there trades from Binance or other supported exchanges (automatically using API), and investor can automatically copy those trade to make money. First, your success hinges on which investor’s movements you follow.

Fees

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. As mentioned before, places like eToro have a dedicated platform for copy trading, which is simple and effective to do. But you can copy trade on other exchanges as well, even if they do not have a console created specifically immediate edge trading reviews for it. It is worth keeping this in mind when you start copy trading yourself, as even the most well-versed crypto trader will still have knowledge gaps. This is unavoidable as those gaps are caused by a lack of historical data. However, it is not necessarily a bad thing, as sometimes, too much data can cloud judgment and lead to a false sense of security.

• Yes, copying cryptocurrency trades is legal in most countries where cryptocurrency is allowed.
• It liberates you from the tedious process of continually analyzing price charts and following market trends.
• For example, the markets are constantly evolving, which may result in the algorithm running on outdated assumptions.
• Discover the ins and outs of this crypto exchange in our comprehensive guide.
• With this tool, you can copy trades and only pay trading fees when profits are made.

Copy trading is like having your own personal crypto mentor, guiding you through the ups and downs of the market. 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.