16 Best Crypto Copy Trading Platforms in 2023

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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.

• 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.
• 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.
• It means your assets will depend on the performance and security of the software.
• Wasay Ali is a versatile professional writer with global experience and a background in mechanical engineering and social science.

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.

Crypto Guides

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.

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.

Systematic Risk

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.

If you’re new to crypto copy trading, you need a platform that has a simple and attractive interface. BingX lets you follow and copy the best traders in the crypto space, who know how to make money even when the market is down. The fees for copy trading on Gate.io are the same as the normal trading fees for spot and futures markets, which depend on your VIP level and trading volume. Besides copy trading, WunderTrading also offers other tools such as smart trading, pairs trading, DCA bot, and crypto portfolio tracker. You don’t have to worry about your funds being stolen because the platform only uses API keys that cannot withdraw money. You also have full control over your trades and can edit or close them anytime.

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Others don’t like it because it can be viewed as unethical when handling assets from smaller organizations, such as when hedge funders shorted GameStop’s GME shares. The crypto space has only existed for a handful of years, and so everybody is still trying to grasp how it functions in terms of technical analysis. Well, there you have it—the ultimate guide to best apps for crypto trading.

• If you want to disconnect yourself from somebody else, you can easily do that at any time, and reconnect with them in the future, too.
• This allows you to automatically copy traders and replicate their financial trades.
• No investor is perfect when it comes to knowing when to buy or sell or where to invest.
• After you have set up your account, you can go to the “Marketplace” on 3Commas and find traders that you want to copy.
• After you start your investment, you will have the same traders in your portfolio as the trader that you just copied.
• Copy trading is a trading strategy that allows traders to copy the trades of other traders.

For example, if seek more alternative investments, you may copy someone who focuses on hedge funds, commodities or FOREX. On the other hand, if your goal is to match the performance of the market rather than beat it, you might lean toward a professional investor who prefers an index strategy. You choose an expert trader to follow, then copy their trading movements.

Selecting a Suitable Copy Trading Broker

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.

• It has many features that make trading easier and more profitable.
• Remember, crypto markets are very risky and unpredictable, and even the best traders can lose money or make mistakes.
• It is the most time-consuming and labor-intensive trading method on this list.
• Bot Creators can now monetize their bots and earn passive income from investors around the world by having their bots listed on Trality’s Marketplace.
• AvaTrade is one of the best forex copy trading platform based in Ireland and regulated in Europe by the Central Bank of Ireland.

It’s a type of social trading where investors can follow and copy the trades of more experienced traders. Copy trading enables novice investors to enter the financial markets and make profitable trades by following experienced traders. 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!

Is copy trading safe?

These rules may include the investment amount, the threshold for several copiers, and a fee charge. To use copy trading on 3Commas, you need to have a subscription plan that includes this feature. You also need to have an account on one of the 16+ exchanges that 3Commas supports, like Binance, Coinbase, or Kraken.

• 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 the case of the expert trader, he can gain followers, make a name for himself and also earn a commission for every successful trade from his followers.
• You don’t have to worry about your funds being stolen because the platform only uses API keys that cannot withdraw money.
• Afterward, you can customize the trading procedure according to your funds and preferences.

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!

Step 4. Close the investments at any time

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. The platform’s excellent analytics and crypto social trading network mean that you don’t have to navigate the crypto space alone. There are models that you can use to build your strategies, but you also have the option to copy the strategies of other traders through the copy trading feature.

• He is known for his ability to create high-quality, engaging, and compelling articles that resonate with readers.
• While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges.
• They are able to learn, read the trading charts and gain the ability to respond to changing market conditions.
• Of course, it comes with the inherent risk of trading, but with a disciplined approach and by regularly finding top crypto traders, you can ace the game of crypto copy trading.
• 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.

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.

Supported Cryptocurrencies

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 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.

• The best part about copy trading on PrimeXBT is that you only pay a fee when your trader makes a profit.
• For this, you must check out its tools, leverage ratio, educational content, supported cryptocurrencies, and fees.
• So, you should always check the legal status of crypto copy trading in your country before using any platform or service.

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.

Best Copy Trading Platform: Top Picks

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.

• For example, it is entirely possible to copy trade on Binance, Kraken, and KuCoin.
• You can choose from hundreds of traders who trade different coins and strategies, and see their profiles, comments, and track records.
• Since then, the number of cryptocurrencies supported by the platform has continued to grow.
• So far, our discussion on what is copy trading in crypto has touched on the act of automating your copy trading habits, but let’s delve further into it now.
• Zignaly differs from the rest because of its profit-sharing feature.

It allows you to implement it in your portfolio for better gains. Furthermore, it is crucial to understand crypto market sentiment and its working so that you can build a strategy accordingly. Also, you should be able to identify bull and bear flags and review the trader’s performance during both markets to recognize their strategies.

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