6 Best Crypto Copy Trading Softwares Cryptocurrency Social Trading

• 19 September 2023
• Shafi Shaikh
• Telegram adds self-custodial crypto wallet worldwide, excluding the US 411
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Furthermore, each platform has slightly different terms and conditions, such as fees, spreads, and worldwide availability. Furthermore, you can start this type of trading without – having prior experience. You simply need to follow a professional investor on a platform. You can close this investment and stop copying their traders at any time.

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. It is to find all required information on typical copy trading software as traders willingly consent to give member traders access to their trading moves.

Selecting a Suitable Copy Trading Broker

It will copy the trader’s orders on your account as soon as they happen. You can show off your trading strategies and attract more followers and copiers. Earn 10% of the profits from each copier, plus an extra 2% from OKX.

• After deciding on the trader you want to copy, simply click on the “Copy” button.
• Also, you should be able to identify bull and bear flags and review the trader’s performance during both markets to recognize their strategies.
• And you can choose different types of trading, like spot, futures, and perpetual.
• One of the obvious risks is that while copying trades, you may also lose some as it’s part of trading.

Fast and helpful customer service can help you solve any problems or questions you may have. It supports more than 20 cryptocurrencies, like Bitcoin, Ethereum, Ripple, Litecoin, Cardano, Dogecoin, and more. You can deposit and withdraw your money using different methods, like credit cards, bank transfers, e-wallets, and crypto wallets.

Is copy trading safe?

Now that we understand the importance of optimizing the risk-reward ratio, let’s focus on another crucial aspect – building a copy trading investment strategy. BitDegree Learning Hub aims to uncover, – simplify & share Web3 & cryptocurrency education with the masses. Join millions, easily discover and understand cryptocurrencies, price charts, top crypto exchanges & wallets in one place.

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. Consider putting your settings, like stop-loss, take-profit, and maximum amount. With the feed feature, traders can now post their speculations on future trends and insights, thus encouraging interactions between copy traders. BingX’s copy trading system also supports DeFi, NFT, indices, commodities, forex, and Layer 2. In order to display traders’ performance in a more comprehensive way, BingX traders can now enrich their homepage by accessing another exchange’s API.

Pricing and Fees

BYDFi offers a demo mode that allows you to make practice trades using real market statistics. 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. So buckle up to learn something new and start earning from trading even when you have no prior experience in trading. You’re leaving the hard work of choosing investments up to someone else. You can earn returns in your portfolio without having to invest hours researching the market. Diversification and risk management are also done for since the pro trader is the one directing investment decisions.

• This is the crux of why many people choose to broadcast their movements– they want to help people with copy-trading crypto.
• Crypto asset investing is highly volatile and unregulated in some EU countries.
• A good master trader to follow should be active, have consistent results, have a large number of followers, and have been trading on the platform for at least a few months.
• Observing the progress will also enable you to understand how to backtest the crypto trading strategies.

Crypto asset investing is highly volatile and unregulated in some EU countries. Another reason is that your social status and creditability can skyrocket by helping people copy trade. For people who want to become a well-respected trader, this is great. The most important takeaway is that copy trading can happen even on exchanges that do not have the tools built in. This is great news as it means you can freely choose whatever exchange you are most comfortable with, and that you enjoy trading on the most.

How does crypto copy trading work

In addition to spot trading and derivatives, the global platform offers bridges, cloud services, mining, loans, and copy trading. On their page, you will see all the details of your copy investment. As always, it is important to do your own research before investing your hard earned money; never invest more than you can afford to lose.

• By leveraging the advantages of copy trading while remaining informed and discerning, investors can potentially enhance their cryptocurrency investment journey.
• MoonXBT is known for its incredible speed of execution, according to its team.
• All Principal Traders go through a strict audit to ensure outstanding performance and stable earnings.
• Without having someone guide you and give you trading tips, you would have to spend hours analyzing and deciding which stocks you should buy or sell.
• Both of these examples can be highly stressful for beginners and those who do not have a ton of cash to spare themselves.

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.

Trading Convenience

It has over 20 million users around the world and it follows the rules of the FCA (UK), CySEC (Cyprus), and ASIC (Australia). Check and analyze their performance, risk level, and trading history before you copy them. If you want to copy the trades of other traders, you can sign up as a copy trader on OKX.

• You will also not learn much by simply watching other people trade without attempting to trade yourself.
• But generally, it involves choosing an experienced trader and following their decisions.
• However, one needs to determine the chunk of funds they want to allocate to each lead manager.
• Be careful of platforms with high fees that may eat up your profits over time.
• So, we advise checking with your local regulator if you are eligible to hold crypto assets, trade them, or use copy trading facilities.
• It’s possible to earn returns on your portfolio without spending hours researching the market.

It creates a type of democratizing of knowledge and experience; those who are viewed at the top of the trading strata are offering their insights to others by making their trades known. It makes for a more horizontal experience, where those who know the most help those who are just starting out. It would be useless to learn about what is copy trading in crypto if you never learned how to do it efficiently and effectively. This might sound strange, as in many ways you are not making most of the granular decisions, but rather another party is. For this reason, it is easy to assume that your success comes almost entirely from another person. 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!

Best Crypto Copy Trading Softwares (Cryptocurrency Social Trading)

If the risks outweigh the potential rewards for your investment goals and risk tolerance, it might be wise to look for other traders who align better with your preferences. 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. This is possible because the vast majority of exchanges, such as Binance, Kraken, and KuCoin, all have APIs that allow you to follow the actions of others through the use of code.

• For instance, if a trader opens an order to buy gold at 5% of his trading account size, that same trade will appear in your trading account.
• To begin copy trading, users must first locate a copy trading platform.
• Yes, copying cryptocurrency trades is legal in most countries where cryptocurrency is allowed.
• It is still essential to stay updated with market trends, news, and developments in the cryptocurrency industry.
• This is perfect for somebody who is looking to maximize profits without worrying too much about what trading strategies or techniques are being used.

In conclusion, copy trading crypto provides practical benefits such as access to the expertise of experienced traders, diversification opportunities, and time-saving convenience. However, it should be approached with caution and complemented by proper research and risk management. By leveraging the advantages of copy trading while remaining informed and discerning, investors can potentially enhance their cryptocurrency investment journey.

Reasons to Choose A Wirex Crypto Card for Everyday Transactions

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.

• The first company who released such feature on the crypto market was eToro who still delivers the iconic experience in copy and social trading.
• WunderTrading is a service that works on the cloud and connects to many crypto exchanges, such as Binance, Bybit, OKX, and others.
• After all, diversification makes you less dependent on market conditions.
• They believe that having control over trades empowers individuals with valuable lessons and experiences that can lead to better long-term outcomes.

This copy trading software automates buying and selling of crypto assets by mitigating the original trades of professional traders. In the world of cryptocurrency, copy trading crypto has emerged as an innovative and increasingly popular investment strategy. This approach allows novice investors to capitalize on the expertise of seasoned traders by automatically replicating their trades in real-time. Essentially, it enables individuals to copy the trading strategies of successful traders within the crypto market. One surprising recent example involves newbies trading investment tips on TikTok.

Copy Trading Crypto ─ A Beginner’s Guide to Investing in Cryptocurrency

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 crypto trading bonuses. BingX is a leader in the industry with no deposit fees and the lowest fees. 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.

• You can trade both spot and futures contracts of various cryptocurrencies, such as Bitcoin, Ethereum, Tether, Binance Coin, and many more.
• Phemex is a well-known exchange from Singapore that offers a copy-trading feature.
• Explore whether Digital Surge Exchange is the next best thing for your crypto investment journey.
• First, your success hinges on which investor’s movements you follow.
• 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.

Many of these providers will advertise high win rates on social media or try to lure you in using advertisements on YouTube. Not only should you make sure that the traders you copy have a solid risk management system, but you should also limit your risk per trade you copy. For example, you could choose to only allocate 3% of your funds to a certain trader or use a stop loss when the trader goes more than 20% into drawdown. At the time of writing this resource, Binance does not offer the social trading feature.