16 Best Crypto Copy Trading Platforms in 2023

Selecting the best copy trading platform is not as easy as you may think. You need to consider many factors while selecting your copy trading software in India , USA or other countries. The biggest drawback of this trading method is that you need to constantly monitor the market’s flow and decide on individual trade trends.

• It’s crucial to conduct thorough due diligence when selecting traders to copy, considering factors such as their long-term performance, risk management strategies, and consistency.
• Note that not all trading platforms are available for all regions.
• Think of this as running your own hedge fund, and everything is automated.

Copy trading saves you from this struggle as it automates your process. Also, it is not necessary to work out entire investment strategies independently. In addition, you should look at the intuitiveness of the app’s user interface, so you can easily manage your portfolio.

Best Crypto Trading Bots in 2023 (Compared) – Top Options

When you find a trader that you like, you can click on the “Follow” button and choose how much money you want to invest in them. You can also set a limit on how much you are willing to lose and stop following whenever you want. – You can track your copy trading results and performance on the platform. 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.

• Definitely something I’ll be watching closely as the platform is developing well, the base idea is great, and the system is efficient too.
• Of course, you may choose to follow traders who focus on crypto trading.
• 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.
• This can be done manually, where you track another entity’s actions on your own, or automatically with the help of a dedicated platform or a bot.
• Cryptocurrency trading is a complex skill requiring extensive knowledge of fundamental and technical analysis and the cryptocurrency ecosystem as a whole.

Traders can leave it totally to the software or watch the portfolio selection of their peers themselves and take trading actions based on their investment goals. Many brokers now offer automated copy trading, along with many other features. When choosing the trades of other traders on the platform, you may filter those traders. They will have useful stats and insights about each investor, their profit/loss ratio for the last year, and their investment strategy.

Potential Drawbacks of Crypto Copy Trading

However, it’s important to acknowledge that copy trading carries inherent risks. Investors should exercise caution due to the volatile nature of cryptocurrencies themselves. While copy trading offers a chance at potential gains, losses are also possible. It’s essential to thoroughly research and analyze the performance history and risk profile of traders before – copying their trades. You can also find copy traders from certain services which use the APIs from other trading platforms, and help connect newcomers to those who are giving away their trading habits. The best way to grasp for yourself what is copy trading in crypto is to find one of these traders and start following them, as practice helps to cement ideas.

• Some of the services that you can use are Zignaly, AIVIA, and WunderTrading.
• It also frequently necessitates some level of knowledge, so it is better suited to more experienced traders.
• Portfolio diversification is another plus point of copying trades.
• You can also enjoy the advantages of OKX’s exchange, such as high liquidity, low spreads, and various trading tools.
• As mentioned before, places like eToro have a dedicated platform for copy trading, which is simple and effective to do.

Also, some crypto copy trading apps allow you to choose multiple traders. They offer features such as portfolio management, smart trade, social trading, and more. They also support a wide range of cryptocurrencies and exchanges for your convenience. Check for platforms that have forums, chat rooms, or social media integration, where you can connect and learn from experienced traders. To start copy trading on PrimeXBT covesting, you can go to the copy trading section and look for traders to follow. Now, sort them by different criteria, such as performance, risk level, followers, profit share, and more.

Steps to Start Copy Trading

PrimeXBT also has its own in-built copy-trading tools, where it even ranks different traders and bots, so that you can see how much money they have made during a certain period of time. 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. 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. These apps work on trained models and can imitate others’ investment strategies.

• Instead, you apply a strategy that’s been successful for them to your own portfolio.
• You simply set the parameters (such as your preferred leverage) for your copy orders after selecting a principal trader to copy.
• The best part about copy trading on PrimeXBT is that you only pay a fee when your trader makes a profit.
• Some of the popular bots are Grid Trading Bot, DCA Bot, Rebalancing Bot, and Leveraged Grid Bot.

He is known for his ability to create high-quality, engaging, and compelling articles that resonate with readers. For example, you should assign your preferred amount for investment. It can be the same as the trader you are following or a percentage of it. Setting the amount according to your risk appetite is advisable so that you can tolerate any potential losses. To begin copy trading, you must first choose a reliable and trusted copy trading app.

Phemex: Best Crypto Exchange for Copy Trading

BYDFi is a cryptocurrency derivatives exchange that offers a copy trading feature, that let you make the most out of contract trading. The platform offers a copy trading module, in which you can does immediate edge really work browse through the list of top-performing traders, and copy the strategy that resonates with you. BYDFi offers a demo mode that allows you to make practice trades using real market statistics.

• Other investors can then use this to decide which traders to follow and copy.
• There are also exciting forex contests and trade-enhancing bonuses.
• Most importantly, bot algorithms remain completely private, meaning that each creator retains full IP rights.
• The expert traders are called “Traders” and the people who copy them are called “Copiers”.

The copy trading feature was added in 2010, and it established itself as the world’s leading social trading network. Yes, copy trading is legal, but each country may impose its own regulations. Note that not all trading platforms are available for all regions.

CryptoJelleNL

WunderTrading offers a platform for copy trading that supports Binance, FTX, Kraken, Bybit and many more exchanges. If you are looking for a single recommendation, I would suggest you start with PrimeXBT Covesting as it offers some great data and has a proven track record. EToro is also quite popular, which you can explore along with PrimeXBT. There are a few important things to keep in mind before you get started with this strategy. 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.

• OKX Copy Trading aims to create a trading tool that is efficient, transparent, and profitable for OKX traders.
• Ultimately, whether copy trading is right depends on your preferences and risk tolerance.
• FXTM provides excellent educational resources for new traders, including live webinars, local seminars and videos, tutorials, and a demo account — all free of charge.

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. Learn what this pocket-friendly mini-investing app has to offer for new Australian investors. Learn how to use Coinbase crypto exchange referral codes for exclusive benefits and offers. But you need to be careful about who you follow, how much you pay in fees and commissions, and how the market changes. Always follow risk management techniques like stop-loss, target points, and investing 5-10% of your investment capital.

Copy Trading vs Mirror Trading and Social Trading

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. Coinmatics allows you to choose whether you want to copy automatically, or manually. This flexibility allows you to keep greater control over your risk, and makes it one place to get started if you’re not sure about copy trading just yet. We see a growing popularity in copy trading, which would not be happening if people were losing money. Nevertheless, copy trading — without a proper approach — can cost you dearly. Once you have found a trader that you wish to copy, click on follow and enter the amount you want to start with copy trading.

• To do copy trading on BitMEX, you need to use another service that connects to BitMEX with an API.
• There are so many crypto copy trading platforms that picking the right one could be quite demanding for an amateur trader having little knowledge about the domain.
• After you become the Follower of a Principal Trader, the copying and execution of trades are automatic.
• Of course, it comes with the inherent risk of trading, but with a disciplined approach and by regularly finding top crypto traders, you can ace the game of crypto copy trading.
• It’s never been easier to trade like a real professional trader – get started in just a few steps.

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.

Who Are Trading Signals Providers?

If you are new to crypto trading, you may not be familiar with the volatility and nature of the crypto market. In this case, copying other professional traders can help you make some profits and earn some money. When you follow the rules, you can copy the trades of your chosen experienced traders.

• For instance, eToro has a dedicated copy trading tool that is designed to be very user-friendly, making it perfect for absolute beginners.
• It has many features that help you make money with crypto, like earning interest, staking in launch pools, and prediction markets.
• BingX is a leader in the industry with no deposit fees and the lowest fees.
• As soon as you start using this type of platform, you’ll be able to easily filter through trading results from experienced traders.
• One might question how they will be able to get insights into the performance of various traders.
• On the Trality Marketplace, you’ll have all of the requisite information at your fingertips, ensuring that you can copy trade with complete confidence.

The simple fact is that most people don’t have the requisite skills and experience, which is why most people aren’t professional traders. Copy trading, however, greatly simplifies crypto investing, making it an excellent way for non-professional traders to add crypto assets to their investment portfolios. Copy trading is a form of trading where investors automatically replicate the trades of other traders they choose to follow. So, newbie investors can follow the trades of experienced and successful traders and use their investment strategies without needing extensive knowledge or experience in financial markets. Firstly, it allows individuals with limited knowledge or experience in cryptocurrency trading to gain exposure and potentially profit from the market. By copying the trades of successful and experienced traders, beginners can effectively leverage their expertise and decision-making skills.

Is Crypto Copy Trading Safe?

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. For rookie traders, learning how to buy and sell cryptocurrency could be perplexing. When copy trading, they are able to see the action of an experienced trader in real time, helping them to understand the nuances.

• Diversification in trading is a known way to minimize your risk.
• This is one big conundrum that comes up with the topic of what is copy trading in crypto.
• The lead traders themselves are paid a small fee for allowing their trades to be copied.
• Look for platforms that give you detailed historical performance data, such as win rates, average returns, and maximum drawdowns.

They have access to segregated accounts at top banks, secure deposits, withdrawals, competitive leverage, and tight spreads. You can trade over 250 instruments and have access to a range of optimized accounts and platforms. There are also exciting forex contests and trade-enhancing bonuses. BingX is a leader in the industry with no deposit fees and the lowest fees.