It’s never been easier to trade like a real professional trader – get started in just a few steps. After you become the Follower of a Principal Trader, the copying and execution of trades are automatic. All Principal Traders go through a strict audit to ensure outstanding performance and stable earnings. Bybit aims to provide a secure and transparent trading environment. It remains customer-focused and strives to offer the best user experience.

• FXTM is a global network and has more than two million clients from 150 countries.
• For example, if you invest conservatively then you’d copy someone with a conservative trading bent.
• The copy trading feature means that all trades opened and closed by the trader are replicated in the follower’s account.
• The best part; is everything is automated, and you will be acting like a hedge fund without the hassle of compliance and paper work.
• Coinmatics copy trading service allows copying deals made by traders and trading bots, as well as receive signals from verified strategies.

As the phrase suggests, it’s a process in which a crypto investor (or group of crypto investors) copies the trades of an expert trader. Remember what we said about success at the very beginning of this article? Copy or social trading is based on following profitable traders. It is especially beneficial for new traders because it allows them to participate in markets without prior knowledge while also learning from professional traders.

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This one of the best social trading platforms uses the MQL5 language, the automated trading software that mostly runs on your computer and trades for you. Furthermore, copy trading saves time and effort for busy individuals who may not have the luxury of dedicating hours to market research and managing their own trades. Instead of spending countless hours monitoring charts and analyzing trends, they can entrust their investments to skilled traders through copy trading platforms like eToro.

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. 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.

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This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. 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 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. Before engaging in any type of financial investment, you should clearly define your financial goals.

• In terms of legal status, copy trading of cryptocurrencies is legit.
• Finestel is an independent platform that connects pro-traders with investors.
• It takes the guesswork out of choosing where to invest your money.
• Of course, the strategy might not be the best strategy for all investors, but these systems have worked for many retail investors.
• Finally, you relinquish control of your funds to the Master Trader.

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.

Is Crypto Copy Trading Profitable?

To begin copy trading, users must first locate a copy trading platform. If you are pleased with the trader’s performance, you can increase the amount of money you gave them. When looking for a trader, choosing one in the age of social media is challenging. A Flood of information from all sorts of sources, reliable and unreliable, makes the task steeper. It is important to do adequate research when selecting a trader rather than just going through a person’s profile. Copy trading creates the impression of being a pioneering term; however, it has been around for a while.

• 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.
• Depending on the crypto copy trading platform that you’ve chosen, you should have access to a full range of statistics and metrics.
• A full suite of metrics is available, allowing investors to decide on a bot based on clear, quantifiable data.
• 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.
• The lead traders themselves are paid a small fee for allowing their trades to be copied.
• But if you perform copy trading with good knowledge and proper research, you can definitely make some money.

You don’t want to lose your money or your personal data to hackers or scammers. So look for platforms that have strong security features and good markets reviews from other users. The lead trader decides how much they want to charge for their profit-sharing fee, which can be from 5% to 40%.

Conclusion: Best Crypto copy trading platforms

Additionally, for individuals new to cryptocurrency, it offers an opportunity to learn from experienced traders and gain valuable insights into market trends and strategies. Many people who learn how to copy trade crypto choose to use a service or tool that automatically replicates the trades of more experienced or successful traders. These exchanges allow users to connect their accounts to those of more experienced traders and automatically emulate their trades. The platform offers over 150 crypto assets, has over 3 million global users, and is one of the few derivatives platforms that offer an automatic copy trading system. New crypto investors can easily follow and copy the trading strategies of successful traders.

• A final major reason why people do this is that they are able to leverage their influence on the markets.
• The process of copy trading is usually done automatically, with the platform executing trades on behalf of the investor, based on the trades of the chosen trader.
• Now there is no end to the number of platforms that offer copy trading (social trading), but like always I will make your search easier by suggesting only the best copy trading platforms.
• Automation provides a special peace of mind in knowing that your actions and decisions will be synced up even when you are asleep or busy yourself.

So, by using the service of your copy trader, you will gain or lose proportionately. However, you need to remember when selecting the traders to copy, you should know your trader’s position sizes they usually open, as this can impact your investment. This usually happens automatically and without the requirement for any manual interventions. This copy trading platform also offers the FXTM Invest service for a minimum deposit of $100. For instance, let’s say you’re interested in copy trading Bitcoin and Ethereum. You would want to choose a broker that not only supports these popular cryptocurrencies but also provides access to other promising coins in the market.

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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.

• Overall PrimeXBT Covesting platform is one of the top social trading platforms out there, and something you as a beginner might like to start with.
• The copy trader program has a low entry barrier, as you only need to make your first deposit.
• You can track your copy trading results and performance on the platform.
• To reduce risks, users can first use a demo account for copy trading.
• In addition, you do not necessarily have to learn all the strategies and be proficient with market technicalities.

Say trader you’re following buys 100 shares of a particular stock. If they allocate 5% of their portfolio to a specific stock sector, you’d do the same. Copy trading in the crypto market offers several practical benefits that can be advantageous for beginners and experienced investors alike. 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.

Holistic and long-term view of cryptocurrency copy trading

Based on our research, we recommend using Bybit and eToro social trading platforms. 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. You can also change some settings of the bot, such as the stop-loss percentage, take-profit percentage, and leverage ratio.

• Nowadays copy trading is one of the most popular features for traders (according to the research in BeInCrypto Trading Community) and many exchanges offer such functionality to their users.
• All forms of trading come with their own risks and rewards, and this is important to know when learning what is copy trading in crypto.
• Ultimately, whether copy trading is right depends on your preferences and risk tolerance.
• Trading is risky and letting other people do it for you may do more harm than good.

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.

What is copy trading in crypto?

There is definitely a social side to copy trading, but never let it get in the way of the financial and economic side. Part of the process of learning what is copy trading in crypto is learning when to pause it and simply observe the actions of others, rather than replicate them. It can be hard to figure out when to do this, but a general rule would be that if you are getting too nervous it might make sense to take a break and go about trading on your own.

• Here you will see all the pro-traders, and you can pick a trader to copy based on their performance and statistics.
• Another crucial aspect is monitoring and evaluating the performance of the traders you are copying.
• Some of the best crypto copy trading bots are 3Commas, Cryptohopper, and WunderTrading.
• Once again, eToro is the perfect example here – the brokerage functions like such as platform already.

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. Here, most important point to note is that everything is proportionate. Therefore you can invest whatever amount you like depending on the broker rules. The Trality Wallet—enjoy all of the benefits and functionality of your Binance account while being able to deposit, withdraw and manage your funds all in one place.

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However, all of these completely depend on your country that you are living in. AvaTrade is one of the best forex copy trading platform based in Ireland and regulated in Europe by the Central Bank of Ireland. They are one of only a few top forex brokers to offer fixed spread forex trading. Avatrade provides an extensive range of copy trading and social platforms for you to choose from. It’s important to note that while copy trading can offer practical benefits, it is not devoid of risks. Past performance is not always indicative of future results, and blindly following a trader’s every move can lead to losses.

Naga is a copy trading platform that automatically copies your trade. It helps you to discover other investor’s stats on the leader board and select who to copy to get the highest profit in your trade. The fee structure imposed by your chosen copy trading broker plays a significant role in determining your overall profits. While it’s tempting to focus solely on finding brokers with low fees, it’s crucial to understand how different fee structures can impact your investment results. In many ways, this feeling of elation and connectivity, coupled with the following of trusted individuals is the answer to the question of what is copy trading in crypto!