6 Best Crypto Copy Trading Softwares Cryptocurrency Social Trading

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. You can see your balance, profit, loss, open positions, closed positions, etc.

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. Once you copy a trader, all of their opened trades are automatically copied to your account.

Is Crypto Copy Trading Profitable?

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.

• This concludes our write-up on copy trading — its risks, benefits and history as well as strategies to use in copy trading.
• There are highly experienced traders who predominantly spot trade, so you could always seek one of these people out.
• This steep learning curve and the option for automation make the process of following and replicating traders easier and more convenient, which naturally makes it more appealing.
• In other words, it’s trading in financial markets with other people around the globe doing the trading for you.

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.

Best Crypto Copy Trading Platforms

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.

• Since then, the number of cryptocurrencies supported by the platform has continued to grow.
• Usually, it is experienced traders who are constantly generating more profit than losses.
• Be careful of platforms with high fees that may eat up your profits over time.
• However, it’s important to consider the potential risks involved, such as blindly following the wrong trader or experiencing slippage.
• Contrary to many platforms, CopyMe allows you to copy trade multiple traders at once.

To reduce risks, users can first use a demo account for copy trading. Using key indicators like the trader’s account assets, cumulative P&L, 30D profit rate, maximum drawdown, etc., users can study the strategies while making a profit. Factoring in all aspects of cryptocurrency copy trading is important before investing. When one decides to go for crypto copy trading, the first step is to identify the right trader. The efficiency of copy trading is invariably hooked to the skill level of the trader one is following.

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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!

• Copy trading works by connecting an investor’s trading account to the account of the trader they wish to copy.
• It is a part of social trading, where a copy trading platform automatically copies trades taken by the trader you are following.
• Once you have identified a top-performing trader, whose strategies you want to copy.
• 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 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.

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.

How much can you make from copy trading?

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. One can examine the track record of various lead traders on the dashboard and select the one that fits in with the parameters of their choice. Investors should carefully consider the trader they want to copy and conduct thorough research before copying their trades. It’s also essential to manage risk by setting stop-loss orders and monitoring one’s portfolio regularly. The best platforms for copy trading are eToro, AvaTrade, Bybit, and BingX.

• 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.
• Through copy trading, they can simply find a top-performing trader specializing in Bitcoin and automatically replicate their trades.
• It is advisable to conduct thorough research on the best available options in the market.
• 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.
• You would have to become an expert at fundamental and technical analysis and follow the market trends and price movements.

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).

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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.

• It helps Professional traders to monetize their skills by allowing others to copy their strategies.
• Oftentimes, people do this by following more experienced traders, or even by following the actions of trading bots.
• Consider putting your settings, like stop-loss, take-profit, and maximum amount.
• In essence, it allows you to follow other traders into their trades, and profit if they are successful — usually at a fee.

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.

Coinmatics: Top software for copying professional traders

These tools help reduce potential losses and protect your capital when the market is unstable. 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.

• 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.
• Wasay has a passion for writing as it allows him to express his creativity, share his knowledge, and connect with people worldwide.
• Copy trading is one of the simplest ways to benefit from another trader’s expertise.
• Trade directly on Trality without having to connect your exchange’s API key.

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, market 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.

How to Automatically Copy Trade Crypto

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.

• BingX’s copy trading system also supports DeFi, NFT, indices, commodities, forex, and Layer 2.
• Factoring in all aspects of cryptocurrency copy trading is important before investing.
• AvaTrade is one of the best forex copy trading platform based in Ireland and regulated in Europe by the Central Bank of Ireland.
• The software could usually be set up to invest the same amount or the percentage as the trader being emulated.
• However, knowing that somebody else is having the very same successes as you can be elating and deeply positive to your well-being.
• While observing and practicing others’ investment strategies, you comprehend them easily.

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.

What is Copy Trading in Crypto? Methods and Ideas in 2023

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.

• When one decides to go for crypto copy trading, the first step is to identify the right trader.
• In addition to spot trading and derivatives, the global platform offers bridges, cloud services, mining, loans, and copy trading.
• The platform brings together experienced principal traders and new traders to create a win-win cryptocurrency trading experience for all.
• Brokerage platforms are submitted to much stricter regulations than crypto exchanges, offering crypto trading features.

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.