6 Best Copy Trading Platforms in 2023

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.

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, 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.

What is copy trading in crypto?

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.

• For instance, simply buying $100 worth of Bitcoin at market rate.
• That’s why you need a dependable and user-friendly copy trading platform that gives you a wide range of traders, instruments, and tools to help you succeed in your copy trading journey.
• Just as businesses must know their customers, so too should you do your due diligence when picking a reputable trading platform.
• The copy trading feature means that all trades opened and closed by the trader are replicated in the follower’s account.

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.

Successful Crypto Trading Performance on Autopilot

You can also see the details of each trade that you copied, like the entry price, exit price, amount, fee, etc. Decide how much capital you want to allot to each trader you follow. Since you’re just getting started, you can start small and add more money to the trader later if you’re happy with how they’re doing.

• Get information for arbitrage trading from various exchanges to find deals with the highest spread.
• Multi-strategy bots utilize different trading styles depending on the market conditions.
• Furthermore, copy trading saves time and effort for busy individuals who may not have the luxury of dedicating hours to market research and managing their own trades.
• Remember that while low fees may seem attractive, it’s equally important to assess the quality of the platform and the performance of the traders available for copying.

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.

How does Crypto Copy Trading Work?

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.

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.

what is copy trading in crypto: Bottom line

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!

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.

Unexpected crypto volatility and copy trading

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).

• A copy trading platform is a financial trading platform that offers retail investors the option to follow and automatically copy the trades of more experienced traders.
• This allows you to create your own trading strategy and automate it.
• Some examples of apps that work with Binance are Coinmatics, WunderTrading, 3Commas, Cryptohopper, etc.
• After deciding on the trader you want to copy, simply click on the “Copy” button.
• 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.

These are important for evaluating how well the traders on the platform are doing. Check what kind of cryptocurrencies you can trade on the platform. It’s better is immediate edge real or fake? to have more options and not depend on one coin only. Look for platforms that have popular coins like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and others.

Trality’s Marketplace and reversion strategies

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.

• You could potentially make money by copying another trader’s skills and experience.
• Copy trading is copying the trading strategies or trades of someone else.
• The outbreak of the coronavirus, or the terrorist attacks of Sept. 11, 2001, are good examples of these events, which caused large losses for many traders.
• Connect your account to the trader of your choice and sit back, waiting for results.
• So, you should always check the legal status of crypto copy trading in your country before using any platform or service.

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.

Crypto Copy Trading Platforms

Letting someone else worry about the execution allows you to focus on other things and prevents you from making emotional decisions during volatility. MoonXBT is known for its incredible speed of execution, according to its team. If you did not know about this, odds are you would have already stopped copying the trend-following system before a trend shows up. But if you did your homework, you would be at ease, waiting for the next trending move to show up.

• This happens in markets with little interest, or outside of regular trading hours.
• While their performance may seem enticing, it’s crucial to assess whether you’re comfortable with the level of risk they are taking.
• Regular monitoring of lead traders’ actions backed by behind-the-scenes learning may help amateur traders to hone their cryptocurrency investing skills and evolve as expert traders themselves.
• In this case, investors trade the relative value with the expectation that the prices will return to a long-term average.

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.

AvaSocial Copy Trading

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.

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.