6 Best Crypto Copy Trading Softwares Cryptocurrency Social Trading

It is advisable to conduct thorough research on the best available options in the market. For this, you must check out its tools, leverage ratio, educational content, supported cryptocurrencies, and fees. Choose your favorite, seasoned trader/s and software, and then customize its settings. After that, the copy trading software will be ready to make crypto trades on your behalf.

Lastly, remember that copy trading should not be seen as a passive approach. It is still essential to stay updated with market trends, news, and developments in the cryptocurrency industry. This knowledge will allow you to make educated decisions and engage proactively in managing your investments. Answering these questions will help guide your decision-making process when selecting traders to copy.

What is the benefit of copy trading?

Finally, if you are serious about trading, copy trading should be nothing more than a starting point (i.e., a pacesetter). You should begin trading after gaining some market knowledge and accumulating some capital. Social trading is the practice of traders sharing their ideas and plans through social media, forums, and other channels. Each trader should decide which strategy to employ or devise their own based on the ideas shared by other traders. Another advantage of this method is that technical analysis strategies can be applied to any number of assets.

• You can trade over 250 instruments and have access to a range of optimized accounts and platforms.
• This copy trading software automates buying and selling of crypto assets by mitigating the original trades of professional traders.
• 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.
• This concludes our write-up on copy trading — its risks, benefits and history as well as strategies to use in copy trading.

But what exactly is involved in the actual process of crypto copy trading? As a crypto investor, you can copy the trades of experienced investors automatically by renting their trading bots. So, when you as an investor rent a trading bot made by an expert trader, you are effectively copying their trading strategy. And since everything is automated, the entire process saves you time and effort as well as increases the likelihood of a positive return on your investment. This process works through copy trading platforms, which allow traders to share their trading history and performance data. Other investors can then use this to decide which traders to follow and copy.

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

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• A trader doesn’t have to spend time picking market trends or learning complex trading methods.
• When copy trading, they are able to see the action of an experienced trader in real time, helping them to understand the nuances.
• Since the professional trader directs investment decisions, diversification and risk management can also be done.
• Temporary losses can and will happen, but you shouldn’t decide to unfollow a trader prematurely because of fear, doubt, or uncertainty.
• Phemex is a crypto exchange from Singapore that lets you trade over 272 crypto pairs with spot and contract trading.
• The platform is based in Tel Aviv, and it was launched in 2007 by Ronen Assia (current CEO), David Ring, and Yoni Assia.

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.

Risks of cryptocurrency copy trading

You can see the profit-sharing fee before you start copying someone and you can stop copying anytime you want. BitMEX is a crypto trading platform that lets you trade Bitcoin and other cryptos with different products. You can trade with perpetual swaps, futures contracts, options, and more. You can also trade with high leverage, up to 100x for some coins. EToro is a platform where you can trade and invest in various kinds of financial instruments, including cryptocurrencies.

• But luckily, the most popular trading platforms offer multiple features to help you on your investment journey.
• It can be an extremely effective and profitable way to trade, especially for newbies.
• However, they do offer a future leaderboard and it may have this feature enabled soon.

With the Covesting social trading feature, you can choose among the best performing strategies and automatically copy their trading activity to get the same returns. And if you are an experienced trader, you can earn up to 20% of all profits earned by your followers. For instance, imagine a novice investor who is interested in investing in Bitcoin but lacks an understanding of technical analysis or market trends. Through copy trading, they can simply find a top-performing trader specializing in Bitcoin and automatically replicate their trades. This way, they can benefit from the trader’s knowledge and insights without having to make complex trading decisions themselves.

List of Top Crypto Copy Trading Platforms and Apps

Taking an active role is key in avoiding unnecessary risks and maximizing potential rewards. However, it is important to note that past performance is not necessarily an indicator of future success, and caution should be exercised when relying on influencers or top traders. As with any investment decision, immediate edge david kosh careful research and due diligence should be taken before making any trades. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency.

• Finally, if you are serious about trading, copy trading should be nothing more than a starting point (i.e., a pacesetter).
• By copying the trades of expert traders, investors hope to replicate their success and generate profits for their own portfolios.
• No matter if you choose to copy trade, trade yourself, or join a social trading community, we wish you the best of luck in your journey.
• Look for a broker that offers a diverse selection of cryptocurrencies, as this will give you more options for building your portfolio.

Thus, the system works to the advantage of expert traders as well as those following them. I’ve been using coinmatics copy trading platform for just over 2 months. What I love about the platform is that trades are performed right from my own binance account. Additionally, it’s crucial to be aware of the risks of slippage and the potential impact on one’s psychological well-being. By understanding the risks and taking necessary precautions, investors can use copy trading as a valuable tool to enhance their trading performance. 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.

Gate.io: Best for social trading and community engagement

It is understandable to hear about how to copy trade crypto and assume that it is an easy task, especially when it comes to using automated services in the crypto space. In some ways, this is true– it is simple to follow the trades of another as it relinquishes you of some of the decision-making processes. 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.

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 is a huge factor to keep in mind, and having power like that is highly sought after.

How To Successfully Copy Trade

The obvious advantage of copy trading is that it frees up your time for other activities while also allowing you to benefit from the expertise of more experienced traders. You also give up control over your trading decisions, though some platforms allow you to set your own risk parameters and even choose which trades to execute. Copy trading is a form of automated trading that allows investors to replicate the trades of another trader in real-time.

Enhanced security and risk mitigation protocols mean that your funds are always safe and always yours. Explore whether Digital Surge Exchange is the next best thing for your crypto investment journey. Discover the ins and outs of this crypto exchange – in our comprehensive guide. But if you perform copy trading with good knowledge and proper research, you can definitely make some money. You can look for platforms that have multiple support channels, such as live chat, email, or phone support.

The Trality Wallet—perfect for trading crypto

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.

• In addition to standard copy and social trading tools, Shrimpy has a rebalancing tool that allows you to automatically rebalance your portfolio according to your preferred risk/reward.
• In addition to spot trading and derivatives, the global platform offers bridges, cloud services, mining, loans, and copy trading.
• Though it might take some time, it is a fluent ride later as the process is automated.
• You should begin trading after gaining some market knowledge and accumulating some capital.
• You can start out copying top traders at FXTM with a minimum deposit as low as $100.

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. 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.

Diving Into the Social Side

You can also chat with them and learn from their tips and insights. You can use their free plan if you trade for less than $1000 per month, or you can upgrade to their pro plan for $29 per month and get unlimited trading volume and all features. Copy trading does not cost extra, but you may have to pay some fees to the exchange you use. The best part about copy trading on PrimeXBT is that you only pay a fee when your trader makes a profit. The fee is 20% of the profit and it is taken from your account automatically. Some of the popular bots are Grid Trading Bot, DCA Bot, Rebalancing Bot, and Leveraged Grid Bot.

• Furthermore, you can start this type of trading without having prior experience.
• Furthermore, it is crucial to understand crypto market sentiment and its working so that you can build a strategy accordingly.
• Since it’s powered by Binance, the Trality Wallet is built on the industry’s safest and most secure custodial wallet infrastructure.

You can use it to automate your trading strategy, or you can copy the trades of expert traders or crypto bots that you find on their marketplace. Learn about the best crypto copy trading platforms that allow you to replicate the strategies of successful traders. If one is able to choose a trade-worthy platform and the right trader to copy, it might turn out into a profitable long-term trading approach.