6 Best Copy Trading Platforms in 2023

He is known for his ability to create high-quality, engaging, and compelling articles that resonate with readers. For example, you should assign your preferred amount for investment. It can be the same as the trader you are following or a percentage of it. Setting the amount according to your risk appetite is advisable so that you can tolerate any potential losses. To begin copy trading, you must first choose a reliable and trusted copy trading app.

• Bybit currently supports up to 15 trading pairs, including BIT/USDT, ETH/USDT, XRP/USDT, and a number of other highly liquid pairs.
• Copy trading enables novice investors to enter the financial markets and make profitable trades by following experienced traders.
• You can also see their profiles, stats, risk scores, and trading history.
• Lastly, remember that copy trading should not be seen as a passive approach.
• You should be able to find your way around and make trades without any hassle.

WunderTrading offers a platform for copy trading that supports Binance, FTX, Kraken, Bybit and many more exchanges. If you are looking for a single recommendation, I would suggest you start with PrimeXBT Covesting as it offers some great data and has a proven track record. 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.

Gate.io: Best for social trading and community engagement

The copy trading feature was added in 2010, and it established itself as the world’s leading social trading network. Yes, copy trading is legal, but each country may impose its own regulations. Note that not all trading platforms are available for all regions.

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.

Can I make money with copy trading?

If you are new to crypto trading, you may not be familiar with the volatility and nature of the crypto market. In this case, copying other professional crypto cfd trading platform traders can help you make some profits and earn some money. When you follow the rules, you can copy the trades of your chosen experienced traders.

Copy trading saves you from this struggle as it automates your process. Also, it is not necessary to work out entire investment strategies independently. In addition, you should look at the intuitiveness of the app’s user interface, so you can easily manage your portfolio.

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Traders can leave it totally to the software or watch the portfolio selection of their peers themselves and take trading actions based on their investment goals. Many brokers now offer automated copy trading, along with many other features. – When choosing the trades of other traders on the platform, you may filter those traders. They will have useful stats and insights about each investor, their profit/loss ratio for the last year, and their investment strategy.

• Copy trading is a trading strategy that allows traders to copy the trades of other traders.
• Moreover, copy trading allows you to cut out the emotions of trading.
• When you find a trader that you like, you can click on the “Follow” button and choose how much money you want to invest in them.
• Copy trading should only be done through a trusted source, and we highlight one of the best crypto trading platforms below.
• While trading definitely involves wins and losses, those who win can always help those who lose by educating them.

However, it’s important to acknowledge that copy trading carries inherent risks. Investors should exercise caution due to the volatile nature of cryptocurrencies themselves. While copy trading offers a chance at potential gains, losses are also possible. It’s essential to thoroughly research and analyze the performance history and risk profile of traders before copying their trades. You can also find copy traders from certain services which use the APIs from other trading platforms, and help connect newcomers to those who are giving away their trading habits. The best way to grasp for yourself what is copy trading in crypto is to find one of these traders and start following them, as practice helps to cement ideas.

Best Crypto Trading Bots in 2023 (Compared) – Top Options

Selecting the best copy trading platform is not as easy as you may think. You need to consider many factors while selecting your copy trading software in India , USA or other countries. The biggest drawback of this trading method is that you need to constantly monitor the market’s flow and decide on individual trade trends.

• However, it should be approached with caution and complemented by proper research and risk management.
• They are able to learn, read the trading charts and gain the ability to respond to changing market conditions.
• To comprehend the legal status of copy trading in the country one resides in before investing is as important as to establish that the dealer is regulated.
• Here you will see all the pro-traders, and you can pick a trader to copy based on their performance and statistics.

Also, check the reviews about the copy trading platform to gauge its performance. 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.

How To Successfully Copy Trade

When you find a trader that you like, you can click on the “Follow” button and choose how much money you want to invest in them. You can also set a limit on how much you are willing to lose and stop following whenever you want. 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.

• You also have full control over your trades and can edit or close them anytime.
• When choosing the trades of other traders on the platform, you may filter those traders.
• Gone are the days of viewing trading as a zero-sum game where one must win and one must lose.
• Copy trading is like having your own personal crypto mentor, guiding you through the ups and downs of the market.

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. 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.

Bitsgap Review 2023: The Right Crypto Trading Platform for You?

Also, some crypto copy trading apps allow you to choose multiple traders. They offer features such as portfolio management, smart trade, social trading, and more. They also support a wide range of cryptocurrencies and exchanges for your convenience. Check for platforms that have forums, chat rooms, or social – media integration, where you can connect and learn from experienced traders. To start copy trading on PrimeXBT covesting, you can go to the copy trading section and look for traders to follow. Now, sort them by different criteria, such as performance, risk level, followers, profit share, and more.

• It’s essential to thoroughly research and analyze the performance history and risk profile of traders before copying their trades.
• Therefore you can invest whatever amount you like depending on the broker rules.
• When copy trading, they are able to see the action of an experienced trader in real time, helping them to understand the nuances.
• You also pay the broker’s fees for spreads and commissions, which change depending on what you trade and what account you have.
• Whether or not copy trading is profitable mostly depends on the trader you are copying.

PrimeXBT also has its own in-built copy-trading tools, where it even ranks different traders and bots, so that you can see how much money they have made during a certain period of time. This is perfect for somebody who is looking to maximize profits without worrying too much about what trading strategies or techniques are being used. With this in mind, copy trading can become a way of forming tighter social bonds with other new and budding traders, where each user learns from the other’s successes and mistakes. Receive updates in real time whenever changes are made to a bot Should a bot underperform, investors have the ability to unfollow it at any time and select another bot. With just a few taps in the Marketplace’s mobile app, investors can easily leverage the expertise of professionals by renting the most trusted bots on the market. These apps work on trained models and can imitate others’ investment strategies.

Preparing the Copy Trading Software

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.

• Besides, the settings panel of the copy trading app will give you complete control over your assets, even though they are self-executing.
• Naga is a copy trading platform that automatically copies your trade.
• You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
• It involves careful consideration of various elements to ensure long-term success and minimize potential risks.
• The top traders can get commissions from their copiers based on their monthly profits.

BYDFi is a cryptocurrency derivatives exchange that offers a copy trading feature, that let you make the most out of contract trading. The platform offers a copy trading module, in which you can browse through the list of top-performing traders, and copy the strategy that resonates with you. BYDFi offers a demo mode that allows you to make practice trades using real market statistics.

Follow a Seasoned Crypto Trader

Copy trading can also help you get familiar with new strategies, as paying attention to the trades you copy might show you new tricks to use in your own analysis. Coinmatics allows you to choose whether you want to copy automatically, or manually. This flexibility allows you to keep greater control over your risk, and makes it one place to get started if you’re not sure about copy trading just yet. 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 simple fact is that most people don’t have the requisite skills and experience, which is why most people aren’t professional traders. Copy trading, however, greatly simplifies crypto investing, making it an excellent way for non-professional traders to add crypto assets to their investment portfolios. Copy trading is a form of trading where investors automatically replicate the trades of other traders they choose to follow. So, newbie investors can follow the trades of experienced and successful traders and use their investment strategies without needing extensive knowledge or experience in financial markets. Firstly, it allows individuals with limited knowledge or experience in cryptocurrency trading to gain exposure and potentially profit from the market. By copying the trades of successful and experienced traders, beginners can effectively leverage their expertise and decision-making skills.