Copy trading allows users to track and copy the trading strategies of other traders. This can potentially increase their trading profits. Modern copy trading platforms allow users to purchase and sell trading signals and subscribe to other experts. Moreover, they can connect to broker platforms to automate their copy trading activities.
Let’s explore the top reliable copy trading platforms to use.
Top 4 Copy Trading Platforms
eToro – Overall Best Crypto Copy Trading Platform
eToro is our top cryptocurrency copy trading platform. The online broker covers financial investment services in exchange-traded funds (ETFs), commodities, bonds, stocks, foreign exchange, and cryptocurrencies. Users can copy-trade over 80 crypto assets and 100 CFDs on eToro.
eToro boasts the largest community of social traders. Additionally, it offers one of the best crypto platforms, attracting over 25 million investors who actively utilize the social and copy trading network on a daily basis. Compared to other platforms, it offers plenty of opportunities to find a profitable and sustainable trader to copy.
The minimum amount required for copy trading on eToro is $200. Users can search for a trader based on preferred asset class, risk rating, historical trading results, maximum drawdown, and more. After a trader is chosen and the position is confirmed, all subsequent investments will be replicated in the investor’s personal eToro portfolio. Therefore, trading tools on eToro enable individuals to trade passively.
The portfolio offers the flexibility to add or remove assets. Traders can also stop trading at any time. eToro platform is highly user-friendly. Traders can start trading in less than 10 minutes compared to other platforms. Interestingly, UK investors can start with just $50. Moreover, it also offers a demo account for copy-trading practice.
Aside from its basic copying tools, eToro’s social trading section is also worth noting. For example, investors can publish a post expressing their thoughts on a specific cryptocurrency. Other users may like or comment on posts.
The platform charges a 1% fee on trading. However, it does not charge for copy trading. Investors can fund their accounts with multiple payment methods, including PayPal, Skrill, credit/debit cards, bank wire transfers, and Neteller.
One of the most important features of the eToro platform is its regulation and authorization by both the SEC and the FINRA. The ASIC, CySEC, and FCA also regulate it.
- Social trading tools available (post, like, follow)
- No additional fees for copy-trading services
- Heavily regulated broker
- Supported assets include forex, crypto, stocks, ETFs, and commodities
- Tax on profits may apply
- No consumer protection
- Minimum deposit of $200
Bitget – Fast Growing Exchange With Copy Trading Service
Established in 2008, Bitget has rapidly become a well-known cryptocurrency exchange and is one of the fastest-growing platforms. The platform even has Leo Messi as an official ambassador. Bitget’s free trading tool allows users to utilize the expertise of over 100,000 experienced traders.
You can be part of the social community on the platform by sharing strategies, posting trading news, and reading the latest crypto trends. Bitget’s copy trading covers both spot and futures markets. It offers 128 trading pairs for spot and 119 for futures trading. Notably, you can use leverage between 10x and 50x on the futures trades you copy. Bitcoin Cash, Ethereum, and Bitcoin pairs with USDT have the highest leverage of 50x.
The platform contains all the standard sorting tools and filters. After selecting an expert, you can see all his/her trading pairs. You can choose any one of them for copy trading. It is an ideal choice for beginners who have limited capital. They can start trading in just 10 USD. They can also set risk management tools such as take-profit and stop-loss ratios for additional support.
Bitget applies competitive taker and maker fees to each copied trade. For spot trading, fees start at 0.1% for both take and make orders. Meanwhile, for futures trading, fees start at 0.06% for taker and 0.02% for maker orders. This platform is licensed and overseen by FinCEN for regulation. Apart from this trading, Bitget offers opportunities to increase your earnings through trading bots, strategic trading, and the ‘Earn’ feature.
- Easy to use
- High leverage
- Only 10 USDT to get started
- An extensive list of trading pairs
- Essential tools for trading
- Various options for making a profit
- No fee discounts on futures take and maker fees
- The social trading network is not well-developed
BingX – Best For Social Copy Trading
BingX provides access to over 250 different digital currencies. The platform includes a social copy trading network. BingX also provides a demo account for beginners for copy trading practices. The feed section is where traders worldwide share their insights and posts. BingX’s easy-to-use interface allows copy traders to interact with each other.
Interestingly, traders can share their current open trades in the Feed section. It enables others to copy these trades directly. Moreover, the profile page of every expert trader contains a lot of information. Users can access the trader’s followers, ROI, current position, win ratio, assets traded, and others. You can switch from experts’ data page to their feeds and even toggle between their updates and performance.
Moreover, there’s no requirement for a minimum deposit balance for copy trading. Nevertheless, two fees are associated with using the platform’s trading feature. The first crypto copy trading fee is 0.045%. Additionally, BingX also withdraws 8% of the daily profit, which is a huge setback compared to other cryptocurrency mining platforms.
- Includes a demo mode
- Best social trading service
- No minimum balance
- High copy trading fee
- Limited tools for copy trading
KuCoin – Copy Trading Platform With Cryptocurrency Bots
KuCoin is among the top crypto platforms in terms of daily trading volume. It offers over 600 digital currencies for users to purchase, sell, and trade. In addition to trading, users can earn from crypto staking, lending, and more. KuCoin S is the platform’s main social trading feature.
The copy and social trading platform offers valuable market information to traders. This includes crypto market news, trending coins, new coin listings, and market trends. Founded in October 2021, it is an excellent choice for investors seeking to access quality information to help them make better trading decisions.
KuCoin S allows users to share ideas and posts on the market, comment on posts, and connect directly with other experts. Moreover, investors can buy cryptocurrencies directly using KuCoin S. The platform also offers copy trading services through its crypto trading bots.
These bots are automated trading systems that allow users to customize their own strategies. Users can follow the trading bots and make a profit. There is no minimum trade balance requirement for KuCoin’s copy trading bots. Fees are charged by KuCoin trading bots depending on KuCoin’s spot trading fees. Fees for trading bots can range between 0.025% and 0.1% depending on an investor’s trading volume and level,
Moreover, there is a leaderboard on the platform. It ranks experienced traders based on performance and success.
- Low trading fees
- No minimum trade balance is required
- Simple to use crypto trading bots
- Accessible on mobile app only
- Misleading return performances
Pros And Cons Of Copy Trading
- Convenience: You don’t need extensive crypto knowledge. Just select a trader and start copying their moves.
- Access to expertise: Copy trading lets beginners follow experienced traders, benefiting from their knowledge and strategies.
- Diversification: It allows you to spread your investments across various traders and assets, reducing risk.
- Passive income: If you choose a successful trader, you can earn money without actively trading.
- Risk of loss: Even expert traders can make bad calls. You can lose money if the trader you copy incurs losses.
- Fees: Some platforms charge fees and decrease your profits.
- Limited control: You can’t make quick decisions or adjust your strategy in real time. Always do thorough research and consider your risk tolerance before trading.
Copy trading in the crypto market is a simple process that enables traders to copy the successful trades of experts. This method provides easy entry to expert techniques, reducing the learning curve for newcomers. Copy trading platforms create a group of traders, make things automatic, and help you spread out your investments.
Copy trading also carries risk, just like any other trading. Therefore, thorough research and due diligence are essential before any trading endeavor. There are a lot of profiles of successful traders on the platforms mentioned above. They also provide a variety of trading services and tools. So you can pick any of them according to your needs and preferences.