16 Best Crypto Copy Trading Platforms in 2023

In that case, you might choose to mirror Warren Buffett’s investment style. You may not necessarily buy every investment he does or every investment he recommends. But you’d base your investing decisions on the same principles he follows. You should also look at what you want to do with your portfolio.

• This analysis will help you gauge whether their approach aligns with your goals and risk appetite, enabling you to make informed decisions.
• The top traders can get commissions from their copiers based on their monthly profits.
• It involves careful consideration of various elements to ensure long-term success and minimize potential risks.

It has many features that help you make money with crypto, like earning interest, staking in launch pools, and prediction markets. It has many features for traders, like spot, margin, futures, options, staking, lending, savings, and more. It supports more than 350 crypto assets with a trading fee of 0.1% per trade. Bybit is a platform where you can follow the best crypto traders in the world and copy their strategies automatically. You can also share your own trades and earn money from your followers if you are a good trader.

Bitsgap Review 2023: The Right Crypto Trading Platform for You?

Another advantage of this method is that technical analysis strategies can be applied to any number of assets. This type of trading provides less flexibility than social trading, as you are expected to follow the strategy blindly. The only choice you have is what strategy to use and when to stop using it if you do not like it. 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. Manual copying can be accomplished by making the same trades as the chosen trader. One might question how they will be able to get insights into the performance of various traders.

• What I really like here is, if you know anyone of your good friend who is pro in trading, you can ask him/her to create an account on Finestel and let you copy this trade.
• 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.
• It is the most time-consuming and labor-intensive trading method on this list.
• The lead trader decides how much they want to charge for their profit-sharing fee, which can be from 5% to 40%.
• Finally, copy trading allows you to get exposure to markets you are not familiar with yourself.

You’re basically looking for traders will a long-term record of profit. But some platforms may offer free trials or discounts for new users or referrals. Some platforms may also have low fees for certain assets or markets.

FXTM Copy Trading

You can trade both spot and futures contracts of various cryptocurrencies, such as Bitcoin, Ethereum, Tether, Binance Coin, and many more. You don’t have to pay any service fee for copying trades, only a small open order fee of 0.045%. There are more than 60,000 traders and 11,000 bots to choose from, and you can see how they perform before following them. You can also decide how much money or what percentage of your portfolio you want to allocate for copy trading. You can discover, track, and select the most skilled traders through Phemex’s copy trading portal. You just need to find a trader that you like and start copying them.

• Bybit currently supports up to 15 trading pairs, including BIT/USDT, ETH/USDT, XRP/USDT, and a number of other highly liquid pairs.
• Copy trading enables novice investors to enter the financial markets and make profitable trades by following experienced traders.
• Naga is a copy trading platform that automatically copies your trade.
• You can also see their profiles, stats, risk scores, and trading history.
• You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

The exchange platform (i.e. Binance) acts as a middleman – it connects you (your offer or request) with that other person (the seller or the buyer). With a brokerage, however, there is no “other person” – you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term – exchange. 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.

Best Crypto Grid Trading Bots Apps (Make Automated Money)

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. Lastly, remember that copy trading should not be seen as a passive approach.

• Gone are the days of viewing trading as a zero-sum game where one must win and one must lose.
• Because of the algorithmic nature of trading, it also runs 24/7 and is not affected by emotions.
• You also have full control over your trades and can edit or close them anytime.
• Well, you need to find software or a service that offers crypto copy trading.
• This spreads the risk and reduces the impact of any single trader’s performance on your overall investment.
• The efficiency of copy trading is invariably hooked to the skill level of the trader one is following.

After all, trading platforms generally offer educational content that helps you grow as a trader. Crypto copy trading is similar to social trading or mirror trading. It can be done manually or automatically, but automatic is better. With crypto copy trading, you – use software that copies the trades of expert traders automatically. Algorithms of the trading platforms are designed to automatically copy the trade of the lead investors. However, one is in total control of trading and can overrule the software anytime.

Set up the software

Another risk of using crypto copy trading apps is they may experience a system outage or cyberattack at any time. It means your assets will depend on the performance and security of the software. Portfolio diversification is another plus point of copying trades.

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.

Top Cryptocurrencies

It is the most time-consuming and labor-intensive trading method on this list. It also frequently necessitates some level of knowledge, so it is better suited to more experienced traders. However, new traders can benefit from the experience of their more experienced peers. You can also adjust your risk and exposure levels on the platform, so you’re not completely reliant on the activity of another trader. The platform brings together experienced principal traders and new traders to create a win-win cryptocurrency trading experience for all.

• When copy trading, they are able to see the action of an experienced trader in real time, helping them to understand the nuances.
• To comprehend the legal status of copy trading in the country one resides in before investing is as important as to establish that the dealer is regulated.
• It’s essential to thoroughly research and analyze the performance history and risk profile of traders before copying their trades.
• You also pay the broker’s fees for spreads and commissions, which change depending on what you trade and what account you have.

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.

Coinmatics: Top software for copying professional traders

Coinmatics copy trading service allows copying deals made by traders and trading bots, as well as receive signals from verified strategies. FXTM is a global network and has more than two million clients from 150 countries. It offers outstanding online trading services to retail clients.

• But you can copy trade on other exchanges as well, even if they do not have a console created specifically for it.
• It is revolutionary because it brings a social aspect to the world of trading, whilst also helping newcomers learn the ropes and get more accustomed to making their own trading decisions.
• Here, most important point to note is that everything is proportionate.
• The presented trading history is less than 5 complete years and may not suffice as basis for investment decisions.
• It also fits into the wider ethos around blockchain and cryptocurrency, where transparency is viewed in a positive light.

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 immediate edge crypto 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.

Top Professional Crypto Trading Terminals- Better Way To Trade

You can do copy trading on your own or through a copy trading platform. Trades happen automatically so there’s very little you have to do. Also, make sure there’s enough money in your trading account to cover trade activity. Another significant advantage of copy trading crypto is the potential for diversification.

• Therefore you can invest whatever amount you like depending on the broker rules.
• There are reasons to use copy trading, and reasons to stick to trading on your own.
• What I love about the platform is that trades are performed right from my own binance account.
• Trades happen automatically so there’s very little you have to do.
• ZuluTrade supports over 40 forex brokers, one of which being their integrated solution (AAAFx).

For example, if you invest conservatively then you’d copy someone with a conservative trading bent. Likewise, if you’re a growth investor then you shouldn’t match the trading activity of a value investor. PrimeXBT is a copy trading platform that allows traders of all experience levels; from experienced to novices alike. It helps Professional traders to monetize their skills by allowing others to copy their strategies.

What are the best crypto copy trading strategies?

When you become a follower, you can open and close trading positions automatically, get access to their trading history and earn more from your crypto without any prior knowledge. This makes Bybit one of the top trading platforms and the best copy trading for beginners if you’re focusing entirely on the crypto market. The – feature allows all Bybit users to follow experienced traders and realize similar gains while only contributing 10% of their profits to Principal Traders as commission. The copy trader program has a low entry barrier, as you only need to make your first deposit. Copy trading is safe, but if the trader opens a bad trade, your account will replicate that trade, and you might lose your funds. The biggest challenge is to find an experienced trader to follow, who focuses on the assets that you’re interested in.

• 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.
• These apps work on trained models and can imitate others’ investment strategies.
• Key metrics used when selecting bots for the Marketplace include risk-adjusted return, minimum trading activity, and time under water.
• This article discusses what cryptocurrency copy trading is, how it works, its legitimacy and its limitations.
• It means your assets will depend on the performance and security of the software.

Once everything checks out, simply move ahead and deposit funds. You can deposit funds on eToro via various methods, including PayPal. Do note that there is a feature called “Stop copying” which is similar to “Stop Loss” feature, and helps you save yourself when things go south.