The Best 5 Crypto Copy Trading Platforms in 2023

It often takes a lot of practice before you begin to see a consistent profit from trading. The information on this website is provided for general information purposes only and should not be relied upon by you. Enable copy trading by clicking the “Copy” button and setting the investment amount and stop loss details.

For some reason, you’ve stopped liking a trader/bot/strategy after a certain period of time? Copy trading is normally an automated activity that spares you a lot of time. Plus, the transactions will be placed in a timely manner and as quickly as possible. Wasay Ali is a versatile professional writer with global experience and a background in mechanical engineering and social science.

The commission usually ranges around 7% of the profit received. Thus, experienced traders are also interested in having their trades copied, as are beginners who follow them. Trading is a complex skill that requires fundamental knowledge. You will suffer disproportionately large losses if you lose money in a transaction. However, portfolio diversification may be employed to reduce your total risk exposure.

This eliminates the guesswork and the lack of experience that’s needed when choosing how to invest your hard-earned money. Of course, the copy trading strategy might not be the best strategy for all investors, but copy trading systems have worked for many retail investors. FXTM provides excellent educational resources for new traders, including live webinars, local seminars and videos, tutorials, and a demo account — all free of charge. FXTM offers clients the MetaTrader 4/5 (MT4&5) platform support.

Does Copy Trading Make Sense For Novice Crypto Investors?

Copy trading allows you to replicate the investments of financial experts and create a cryptocurrency portfolio without extensive research. This feature is available on popular trading platforms like eToro and is highly sought after by traders, according to a study conducted by the BeInCrypto Trading Community. That means if he opens any position with 10% of his balance, you will use 10% of your invested amount on the same trade too. Online crypto trading platforms that are using copy trading features often vary a lot in their terms of use and conditions.

• If you are someone who wants to trade in Bitcoin primarily, and has a play for a 20% profit or a 5% loss a day, choose a trader with a similar style.
• As markets are trending less than 50% of the time, this means the trading strategy will lose money often.
• To choose their trading strategy, novice cryptocurrency investors must carefully consider what is vital to them.
• All Principal Traders go through a strict audit to ensure outstanding performance and stable earnings.
• The leaders here are more open for communication, and many of them do maintain the trading journal which gives more transparency to their trades.
• You can copy trade a forex, CFDs or stock trader, or follow a crypto trader along his journey.

BYDFi offers a demo mode that allows you to make practice trades using real market statistics. EToro is one of the best copy trading platforms, and it offers a wide range of assets . The platform is based in Tel Aviv, and it was launched in 2007 by Ronen Assia , David Ring, and Yoni Assia. The copy trading feature was added in 2010, and it established itself as the world’s leading social trading network. In copy trading, you decide the amount you want to invest, even though platforms typically have a minimum investment amount. You then copy everything the leaders do automatically in real-time.

Crypto Copy Trading Platforms

We take our time to identify, research and create educative content that is useful to our readers. Abhinav Kaul writes on cryptocurrencies and mutual funds at Mint. His previous stints include ETMarkets, Reuters Bangalore and Press Trust of India. 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.

Premium leader fees are additional fees that are charged for following a leader. Each leader can charge these extra fees for following one of their portfolios. The premium leader fees are charged by Shrimpy https://xcritical.com/ on a monthly basis. The two different fees that leaders can charge include “Performance Fees” and “Assets Under Management Fees”. For example, you should assign your preferred amount for investment.

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The practice of copying has emerged as a new and innovative type of commerce in recent years. They do not transfer money to other parties, such as investment managers, for any reason. One or more of their accounts is connected to master players, and they mimic the transactions of the master players.

A lot of copy traders believe that copying successful traders will eliminate risk from their portfolio. You’ve heard of this trader called George Soros who has started making waves in the stock market. He is reputed to be one of the smartest traders around and you wish you could what Is a copy trading platform simply copy his trades. Maybe you could also have gone short on the British pound in 1992 and made a neat profit. In addition to being able to copy the trades, it is also possible to copy the successful trader’s settings, such as take profit, stop loss, trailing stop loss, etc.

Crypto Copy Trading Guide: Top Crypto Trading Platforms with Proficient Copy Trading Bots

You can easily combine it with your day-to-day activities or a full-time job. Some experienced traders also participate in social trading to earn passive income as they engage in other activities. If your goal is to copy more than one trader at a time, MoonXBT is one of the platforms you can use. Having the reputation as the first ever social trading platform, the platform lets you copy two or more traders at a time by splitting your portfolio. This strategy helps to reduc risk should one of the traders lose. It has its headquarters in Israel, but traders use it from all over the world.

This is because you don’t need to spend your precious time learning about the markets or watching graphs. RobotaLife is a platform for cryptocurrency investors to trade with minimal risks, limit losses, and increase profits. The platform allows traders to create a public portfolio in order to get subscriptions for copy trading or profit-sharing by cryptocurrency investors. There are so many cryptocurrency copy trading platforms available today. However, choosing the best one could be difficult for a novice trader with no experience in the market.

Systematic risk is a risk you cannot really protect yourself against; this risk is present in any market. The outbreak of the coronavirus, or the terrorist attacks of Sept. 11, 2001, are good examples of these events, which caused large losses for many traders. Zignaly differs from the rest because of its profit-sharing feature. With this tool, you can copy trades and only pay trading fees when profits are made.

As a conventional DEX, INNODEX allows users to store and trade their assets from their wallets without the time-consuming KYC procedures. Staking cryptocurrency contributes to ensuring that a blockchain contains only real transactions and information. Top notch forecasting with gold price forecast, many stock predictions, cryptocurrency charts.

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Phemex is a well-known exchange from Singapore that offers a copy-trading feature. In addition, you should look at the intuitiveness of the app’s user interface, so you can easily manage your portfolio. Also, check the reviews about the copy trading platform to gauge its performance. Certification from the regulators like FCA, SEC, ESMA, or others ensures the platform’s credibility.

He has been a writer since 2019, and his experience in the Fintech industry has inspired most of his articles. When Temitope is not writing, he takes his time to learn new things and also loves to visit new places. Over time, institutions and individuals with large funds have employed professionals to trade and handle their funds. Or perhaps you can trade but lack time to conduct the necessary analysis; then you should consider participating in social trading. The service lets you manually or automatically follow professionals with a track record of trading success and have the same results as them. Finally, copy trading allows you to get exposure to markets you are not familiar with yourself.

Trading Forums

He is known for his ability to create high-quality, engaging, and compelling content that resonates with readers and performs well on search engines. Since you will be relying completely on another person, it may not give you the analytical knowledge needed to excel at trading. Copy trading saves you from this struggle as it automates your process. Also, it is not necessary to work out entire investment strategies independently.

Trading Convenience

That is, you can either copy someone else’s strategy or become a strategy provider yourself. The copy trader program has a low entry barrier, as you only need to make your first deposit.

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These include bank accounts, debit and credit cards, PayPal, wire transfers, and bank accounts. On their page, you will see all the details of your copy investment. As a new investor looking to use the copy trading system, you should decide on your goal. For instance, you might copy someone who is more interested in hedge funds, commodities, etc. But if your goal is to beat the market, an index strategy might be more appropriate. “There should be a balance between profit and your risk appetite.