6 Best Crypto Copy Trading Softwares Cryptocurrency Social Trading

The expert traders are called “Traders” and the people who copy them are called “Copiers”. When you choose an investor to copy, you can decide how much money to put into them. The percentages will be calculated automatically so that every trade they make will be copied into your portfolio with the same percentage.

3Commas is one of the best platforms for automated crypto trading. It has many features that make trading easier and more profitable. 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. The tool not only helps amateur traders to use the expertise of – other traders but also helps them learn the skill of making smart investment decisions. Cryptocurrency copy trading is an automated strategy that lets one copy an experienced trader’s trading methods. This enables one to buy and sell crypto assets to earn profits without putting in a lot of time for researching or gaining proficiency in crypto trading.

Risks and Rewards of Copy Trading in Crypto Market

These are important for evaluating how well the traders on the platform are doing. Check what kind of cryptocurrencies you can trade on the platform. It’s better to have more options and not depend on one coin only. Look for platforms that have popular coins like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and others.

• A clean design and clear instructions can make your trading experience much better.
• Now, sort them by different criteria, such as performance, risk level, followers, profit share, and more.
• 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.
• They have access to segregated accounts at top banks, secure deposits, withdrawals, competitive leverage, and tight spreads.

Following that, the trading platform will automatically copy each move made by the chosen traders into your trading account. All software, no matter how well they are developed, might go wrong at any time and begin delivering unexpected outcomes. A trader needs to keep monitoring the cryptocurrency trading process and exit their position if they feel they are generating continual losses. To a large extent, the efficiency of the cryptocurrency trading process depends on the choice of the platform and expertise of the lead trader. Selecting the right software is as important as choosing the right cryptocurrency trader. Once the trader zeroes in on the software, the next step is to set it up.

eToro: Best Ethereum Social Trading App

While some of the best things in life might be free, profitable trading bots are not one of them. And given the levels of complexity and time involved, why should they be? Professional copy traders will require a commission payment for their services, and quite rightly so!

• Recognizing these concerns is all part of the process of grasping what is copy trading in crypto, but do not let them get too much in the way of your own activity.
• Cryptocurrency investors can also choose more than one lead trader to diversify their portfolio.
• 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!
• The platform is based in Tel Aviv, and it was launched in 2007 by Ronen Assia (current CEO), David Ring, and Yoni Assia.

The platform currently supports over 16 cryptocurrencies in addition to stocks, commodities, and currency pairs. Bybit makes it simple to find traders to copy, automatically open and close the same trades they do, and watch your crypto balance grow. To profit from their work, principal traders can allow others – to copy their strategies and trades via the Bybit platform. In exchange, they receive 10% of the profits earned by each follower. BingX is a copy trading platform with over 1 million users within 100+ regions, BingX provides over 300 cryptos ranging from Bitcoin, Ethereum, Dogecoin, Safemoon, Solana, etc.

What is a copy trading platform?

For example, on eToro, you don’t pay extra for copy trading, but you still pay the normal fees for spreads and overnight fees. Again, on NAGA, you pay €0.99 for each trade you copy, and 5% of your profit if it is more than €10. You also pay the broker’s fees for spreads and commissions, which change depending on what you trade and what account you have. The trading fees for copy trading are not the same for every platform or broker. This does not include the fees you pay to the broker for spreads and commissions. Be careful of platforms with high fees that may eat up your profits over time.

• Part of learning what is copy trading in crypto is learning that copy traders can essentially function on any exchange, even ones without a dedicated dashboard or console.
• To copy trade on Binance, you need another app that works with Binance copy trading.
• For example, if seek more alternative investments, you may copy someone who focuses on hedge funds, commodities or FOREX.
• 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.

You choose the amount you want to invest and simply replicate everything they do in real-time. As a result, when the trader makes a trade, your account will also make the same trade. Copy trading can offer many benefits, but it’s important to consider the potential risks involved. 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. Four years later, in 2018, the platform added support for ether (ETH) and ripple (XRP).

Social Trading Community

You can also see the details of each trade that you copied, like the entry price, exit price, amount, fee, etc. Decide how much capital you want to allot to each trader you follow. Since you’re just getting started, you can start small and add more money to the trader later if you’re happy with how they’re doing.

• So, how exactly do you find people who you want to emulate, because what is the utility in learning what is copy trading in crypto if you never find the right people to copy trade from?
• You can track your copy trading results and performance on the platform.
• When you follow the rules, you can copy the trades of your chosen experienced traders.
• This is a relatively simple process which is great for new traders to try out themselves, but it definitely comes with its own questions and concerns.
• For people who want to become a well-respected trader, this is great.

After you have set up your account, you can go to the “Marketplace” on 3Commas and find traders that you want to copy. You can filter them by different criteria, like an exchange, coin, profit, risk score, followers, etc. In copy trading, you don’t have to learn anything or spend hours looking at charts.

Systematic Risk

BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor. Reading through various best crypto exchange reviews online, you’re bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market. A final major reason why people do this is that they are able to leverage their influence on the markets.

• That said, many users believe that KuCoin is one of the simpler exchanges on the current market.
• After you have set up your account, you can go to the “Marketplace” on 3Commas and find traders that you want to copy.
• By copying the trades of expert traders, investors hope to replicate their success and generate profits for their own portfolios.
• Instead of spending countless hours monitoring charts and analyzing trends, they can entrust their investments to skilled traders through copy trading platforms like eToro.

It offers all these features of a regular crypto exchange and seamless crypto derivatives trading. It is an all-encompassing platform that can meet all your trading needs. Copy trading is one of the best ways to automate your investment strategy. This eliminates the guesswork and the lack of experience that’s needed when choosing how to invest your hard-earned money. Of course, the strategy might not be the best strategy for all investors, but these systems have worked for many retail investors. With this strategy, instead of replicating an investor’s movements trade for trade, you’re mirroring their overall investment style.

Which are the best copy trading platforms?

This kind of social trading is ideal for investors who are beginners and good in picking the top traders. Copy trading could also be expensive if you’re paying commissions for frequent trades. If you’re using a copy trading platform to manage your portfolio for you, then you may also pay management or administrative fees to the platform. If you’re concerned about keeping fees low, then carefully consider the costs before trading. The key is choosing a trader to follow whose investment style and goals align with yours.

• For example, Pionex is one the best low fees copy trading platforms.
• Furthermore, it is crucial to understand crypto market sentiment and its working so that you can build a strategy accordingly.
• And like many others, you are just a beginner in crypto trading.

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. Therefore, there is a need for information transparency (i.e., detailed versus aggregate trading performance) and the timed release of data (i.e., immediately or with a delay). Crypto copy trading is an easy way to follow the strategies of experienced traders, diversify your portfolio, and potentially boost your profits. But it also has some challenges, such as finding trustworthy and compatible traders to follow, controlling your risk level, and keeping up with market changes. BingX aims to empower even new investors with the knowledge needed for making the right investments.

PrimeXBT Covesting: Top-Rated Copy Trading platform for beginners

Another thing to look for is the social trading community on the platform. Talking to other traders can give you valuable insights and improve your trading skills. These features give you more control and help you adjust your copy trading strategy to your risk level and goals. You can choose from hundreds of traders who trade different coins and strategies, and see their profiles, comments, and track records. You can also chat with them and learn from their tips and insights.

Basically, cryptocurrency copy trading is all about identifying skilled traders and re-executing their moves literally. A trader doesn’t have to spend time picking market trends or learning complex trading methods. Rather, the software just mimics what the expert trader is doing. To become a copy trader, you need to have a trading account with a broker that offers copy trading services.

Successful Crypto Trading Performance on Autopilot

You can show off your trading strategies and attract more followers and copiers. Earn 10% of the profits from each choice copier, plus an extra 2% from OKX. You can see your balance, profit, loss, open positions, closed positions, etc.

Letting someone else worry about the execution allows you to focus on other things and prevents you from making emotional decisions during volatility. MoonXBT is known for its incredible speed of execution, according to its team. If you did not know about this, odds are you would have already stopped copying the trend-following system before a trend shows up. But if you did your homework, you would be at ease, waiting for the next trending move to show up.