6 Best Copy Trading Platforms in 2023

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.

• Based on our research, we recommend using Bybit and eToro social trading platforms.
• That’s why you should compare different platforms and brokers before you choose one to copy trade with.
• Knowing the risks and reward potential can help you decide whether copy trading is a strategy you should adopt.
• Bybit makes it simple to find traders to copy, automatically open and close the same trades they do, and watch your crypto balance grow.

In other words, it’s trading in financial markets with other people around the globe doing the trading for you. Since the cryptocurrency trading market is rather new, it might be a good idea to follow a professional trader who has more technical knowledge than you have. If you don’t have enough experience trading cryptocurrency, it makes sense to copy their trades. The copy trading platform automatically opens the trades on your account when a trader you follow opens them. You can also decide how much capital you wish to use for these trades and the total risk per trade. 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.

But, What is Copy trading?

You can track your copy trading performance on the Pionex mobile app or website. Well, you need to find software or a service that offers crypto copy trading. Then you need to choose which traders you want to follow and how much money you want to invest in each trade. We will compare some of the best crypto copy trading platforms that you can use. We will look at their features, fees, performance, and reputation. The platform currently supports over 16 cryptocurrencies in addition to stocks, commodities, and currency pairs.

So, if you feel that a trading move is not right, you can opt-out anytime. They offer you a wide range of crypto assets and eToro also – supports stocks, commodities, currencies, and more. You should be able to find your way around and make trades without any hassle.

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For example, it is entirely possible to copy trade on Binance, Kraken, and KuCoin. This is because each of these exchanges have a trading API (or application programming interface) that allows you to write code that lets you follow other traders. However, don’t worry if you are not a programmer, because services exist which let you harness these APIs yourself without ever writing a line of code.

In addition to copy trading tools, eToro allows for community discussion, which helps traders to learn from the traders they copy. You can copy trend-following traders or choose to – focus on range-bound environments. Ideally, copy traders put together a “portfolio” of different traders to copy, so that they will always have a few successful ones running.

Unexpected crypto volatility and copy trading

Scrutinize the performance history of traders you are interested in copying, analyzing factors such as their trading strategies, risk management techniques, and overall track record. This analysis will help you gauge whether their approach aligns with your goals and risk appetite, enabling you to make informed decisions. Copy trading is the act of following somebody else’s trades, and emulating their actions yourself. It is revolutionary because it brings a social aspect to the world of trading, whilst also helping newcomers learn the ropes and get more accustomed to making their own trading decisions.

Simply click on “Copy trading” and allocate a fund that you wish to delegate for Copy trading. When you are copy-trading crypto, you should always remember to vet and seriously consider the people you sync to; no matter how famous or how well you think you know them. If you are syncing to a person you know, interview them and find out all you can about them.

Risk Management Tools

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. They are able to learn, read the trading charts and gain the ability to respond to changing market conditions. Copy trading platforms allow investors to automatically copy the trades of expert traders, often with just a few clicks of a button. With so many options available, knowing which copy trading platform to choose can be difficult. This guide explores the six best copy trading platforms available in 2023.

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. It is a strategy that allows investors to copy the trades of experienced and successful forex investors and implement the same trades, in almost real time, in their own accounts. Mirror trading was initially only available to institutional clients but has since been made available to retail investors through various means. Since its inception in the mid- to late-2000s, mirror trading has inspired other similar strategies, such as copy trading and social trading. EToro’s crypto copy trading platform is both unique and functional, with some of the industry’s most innovative social trading features.

What is Copy Trading in Crypto? How to do Copy Trading

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. The trading history presented is less than 5 complete years and may not suffice as a basis for an investment decision. Here you will see all the pro-traders, and you can pick a trader to copy based on their performance and statistics.

• That said, many users believe that KuCoin is one of the simpler exchanges on the current market.
• Learn what this pocket-friendly mini-investing app has to offer for new Australian investors.
• You can click on any name to see more stats about their profile.
• Yes, copy trading is legal, but each country may impose its own regulations.

As mentioned before, places like eToro have a dedicated platform for copy trading, which is simple and effective to do. But you can copy trade on other exchanges as well, even if they do not have a console created specifically for it. It is worth keeping this in mind when you start copy trading yourself, as even the most well-versed crypto trader will still have knowledge gaps. This is unavoidable as those gaps are caused by a lack of historical data. However, it is not necessarily a bad thing, as sometimes, too much data can cloud judgment and lead to a false sense of security.

FXTM Copy Trading

The biggest drawback of this trading method is that you need to constantly monitor the market’s flow and decide on individual trade trends. You can start out copying top traders at FXTM with a minimum deposit as low as $100. ZuluTrade supports over 40 forex brokers, one of which being their integrated solution (AAAFx). It allows investors with existing brokerage accounts to link a new account via their existing broker easily. First and foremost, you should look for a broker that has a good reputation in the industry.

• After all, social trading has continued to surge in popularity and with good reason.
• To start copy trading on Pionex, you need to follow some rules set by the traders you want to copy.
• You need to consider many factors while selecting your copy trading software in India , USA or other countries.
• This is where you buy coins or tokens at the market price and your trade is dealt with on the spot, rather than at a future date.
• Another aspect of its learning curve comes from the very simple fact that we are all still learning about how these markets actually operate.

Even after the software is set up, a trader could switch to another trader any time they want. They could pause any trade the software makes or could decide on their own about closing a position without waiting for the action of the lead trader. Track your transaction history and enable daily reports on the state of your portfolio from multiple cryptocurrency exchanges and wallets. Get information for arbitrage trading from various exchanges to find deals with the highest spread. Both manual mode and Telegram signals about the most profitable deals are available.

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This makes it simple to find the best fit for your trading style and risk tolerance. 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. Covesting is a social trading platform that is not directly integrated with PrimeXBT which is another upcoming exchange. This union helps you to enjoy the power of social trading directly inside the PrimeXBT exchange.

• Trade directly on Trality without having to connect your exchange’s API key.
• Basically, cryptocurrency copy trading is all about identifying skilled traders and re-executing their moves literally.
• You can choose who to copy from a list of lead traders who have different performance indicators.
• Cryptocurrency investors can also choose more than one lead trader to diversify their portfolio.

However, one needs to determine the chunk of funds they want to allocate to each lead manager. Worry less, Coinmatics got you covered with their unique copy trading. Coinmatics connects a part of your portfolio with the portfolio of your desired trader in a usable graphical form.

Crypto Copy Trading Platforms

Remember, crypto markets are very risky and unpredictable, and even the best traders can lose money or make mistakes. You should be ready for ups and downs and have a plan to manage your risk. immediate edge uae reviews Another thing to consider is the copy trading features of the platform. Look for features that let you choose different traders to copy, change copy ratios, and set stop-loss limits.

• Bybit is a platform where you can follow the best crypto traders in the world and copy their strategies automatically.
• Essentially, you are copying the investment decisions of a seasoned trader through software.
• Choose your favorite, seasoned trader/s and software, and then customize its settings.

Do note that there is a feature called “Stop copying” which is similar to “Stop Loss” feature, and helps you save yourself when things go south.