6 Best Crypto Copy Trading Softwares Cryptocurrency Social Trading

When you become a follower, you can open and close trading positions automatically, get access to their trading history and earn more from your crypto without any prior knowledge. This makes Bybit one of the top trading platforms and the best copy trading for beginners if you’re focusing entirely on the crypto market. The copy trading crypto feature allows all Bybit users to follow experienced traders and realize similar gains while only contributing 10% of their profits to Principal Traders as commission. The copy trader program has a low entry barrier, as you only need to make your first deposit. Copy trading is safe, but if the trader opens a bad trade, your account will replicate that trade, and you might lose your funds. The biggest challenge is to find an experienced trader to follow, who focuses on the assets that you’re interested in.

• You can trade both spot and futures contracts of various cryptocurrencies, such as Bitcoin, Ethereum, Tether, Binance Coin, and many more.
• One of the main factors behind learning how to copy trade crypto is directly tied to learning how other well-versed traders undergo their business, and monitoring their behaviors yourself.
• 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.

Copy trading should only be done through a trusted source, and we highlight one of the best crypto trading platforms below. Crypto copy trading is an easy way for beginners to get started with trading. You can do it through AI-based self-executing software and follow the right trader and platform to gain profits. Afterward, you can customize the trading procedure according to your funds and preferences. There is no easy answer to how much money you can make from copy trading. It depends on many things, like how well the traders you follow do, how much money you invest, how much you pay in fees and commissions, and how the market moves.

Crypto Copy Trading Platforms

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.

• He is a dedicated volunteer and enjoys reading, writing, poetry, and going to the gym.
• You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
• Copy trading enables novice investors to enter the financial markets and make profitable trades by following experienced traders.
• Naga is a copy trading platform that automatically copies your trade.
• It involves careful consideration of various elements to ensure long-term success and minimize potential risks.

Bybit currently supports up to 15 trading pairs, including BIT/USDT, ETH/USDT, XRP/USDT, and a number of other highly liquid pairs. You could potentially make money by copying another trader’s skills and experience. As a result, it is ideal for beginners because they do not need to fully comprehend the market.

Step 2. Select one trader to apply the copy trading strategy

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. Phemex is a well-known exchange from Singapore that offers a copy-trading feature. The biggest drawback of this trading method is that you have to mirror everything. To learn about copy trading, one of the most important things to be informed about the actual process of copy trading.

• Gone are the days of viewing trading as a zero-sum game where one must win and one must lose.
• Copy trading should only be done through a trusted source, and we highlight one of the best crypto trading platforms below.
• Moreover, copy trading allows you to cut out the emotions of trading.
• When choosing the trades of other traders on the platform, you may filter those traders.
• You also have full control over your trades and can edit or close them anytime.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

What is the best crypto copy trading bot?

FXTM provides excellent educational resources for new traders, including live webinars, local seminars and videos, tutorials, and a demo account — all free of charge. FXTM offers clients the MetaTrader 4/5 (MT4&5) platform support. This gives traders a familiar, sophisticated trading interface they can use immediately. This broker platform is able to meet your needs, regardless of whether you are a forex trader newbie or an experienced trader.

• This analysis will help you gauge whether their approach aligns with your goals and risk appetite, enabling you to make informed decisions.
• Besides, the settings panel of the copy trading app will give you complete control over your assets, even though they are self-executing.
• Bybit is a platform where you can follow the best crypto traders in the world and copy their strategies automatically.
• Copy trading is a trading strategy that allows traders to copy the trades of other traders.

We were looking for a place to support our strategy, and be able to share it, and we found it. The performances are excellent, the interface very intuitive and fast. Definitely something I’ll be watching closely as the platform is developing well, the base idea is great, and the system is efficient too.

Holistic and long-term view of cryptocurrency copy trading

However, many newcomers tend to feel the most comfortable doing simple spot trading. Understanding what is copy trading in crypto, and best practices on how to copy trade crypto in 2023. Multi-strategy bots utilize different trading styles depending on the market conditions. They can be considered a multi-tool, rather than specifically requiring certain market conditions. Copy trading provides an excellent entry point into the world of crypto trading, whether you’re a complete beginner or someone with a bit of experience. Sure, success is a wonderful thing, especially when you’re piggybacking off of someone who has done the heavy lifting for you.

• A Flood of information from all sorts of sources, reliable and unreliable, makes the task steeper.
• Let’s say you’re considering copying a top trader who has consistently generated high returns but takes on substantial risks.
• First and foremost, you should look for a broker that has a good reputation in the industry.
• It offers all these features of a regular crypto exchange and seamless crypto derivatives trading.

After all, trading platforms generally offer educational content that helps you grow as a trader. Crypto copy trading is similar to social trading or mirror trading. It can be done manually or automatically, but automatic is better. With crypto copy trading, you educational use software that copies the trades of expert traders automatically. Algorithms of the trading platforms are designed to automatically copy the trade of the lead investors. However, one is in total control of trading and can overrule the software anytime.

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Another advantage of this method is that technical analysis strategies can be applied to any number of assets. 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.

• We were looking for a place to support our strategy, and be able to share it, and we found it.
• 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.
• 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.

Another risk of using crypto copy trading apps is they may experience a system outage or cyberattack at any time. It means your assets – will depend on the performance and security of the software. Portfolio diversification is another plus point of copying trades.

Best Crypto Day Trading Courses for Aspiring Traders

Please pay attention that your country of residence may prohibit your participation in copy trading or holding crypto assets, then it will be illegal personally for you. So, we advise checking with your local regulator if you are eligible to hold crypto assets, trade them, or use copy trading facilities. Currently, it’s not allowed to configure auto trading bots at our platform. This functionality is planned to be released in the nearest future. But you can share your bot based trading strategy at Coinmatics right now.

• Coinmatics copy trading service allows copying deals made by traders and trading bots, as well as receive signals from verified strategies.
• You can also trade with high leverage, up to 100x for some coins.
• As the cryptocurrency market maturing, we can expect more similar platforms.
• This activity can be achieved via many exchanges, such as eToro, Binance, KuCoin, and Kraken.

For example, if you invest conservatively then you’d copy someone with a conservative trading bent. Likewise, if you’re a growth investor then you shouldn’t match the trading activity of a value investor. PrimeXBT is a copy trading platform that allows traders of all experience levels; from experienced to novices alike. It helps Professional traders to monetize their skills by allowing others to copy their strategies.

What fees do you pay for copy trading?

It has many features that help you make money with crypto, like earning interest, staking in launch pools, and prediction markets. It has many features for traders, like spot, margin, futures, options, staking, lending, savings, and more. It supports more than 350 crypto assets with a trading fee of 0.1% per trade. Bybit is a platform where you can follow the best crypto traders in the world and copy their strategies automatically. You can also share your own trades and earn money from your followers if you are a good trader.

In that case, you might choose to mirror Warren Buffett’s investment style. You may not necessarily buy every investment he does or every investment he recommends. But you’d base your investing decisions on the same principles he follows. You should also look at what you want to do with your portfolio.

Fees

Lastly, pay attention to the fees charged by the copy trading broker. Some platforms may have higher fees compared to others, so it’s important – to consider how these fees might impact your overall profits. Lastly, remember that copy trading should not be seen as a passive approach.

• 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.
• The community-sharing of ideas is a great way to improve your trading, boost your performance and to learn new things from like minded people.
• The main advantage of using copy trading is that it allows you to take advantage of another person’s investment experience and knowledge.
• You can deposit funds on eToro via various methods, including PayPal.
• Afterward, you can customize the trading procedure according to your funds and preferences.

After filtering and selecting the trader that focuses on your preferred assets, you may check out more detailed stats on their profile. You may see how many are already following and copying their positions. These algorithms have been built and perfected to execute trades based on many different inputs, and process these inputs way faster than any human will ever be able to.