Thanks to copy trading platforms, crypto traders now have an opportunity to make money from the market without spending too much time on the charts analyzing the market.
What is copy trading?
Copy trading gives you the ability to directly replicate the trades that were made by another trader. You choose the amount that you want to trade, and then you simply copy everything else that they do automatically in real time. When a trader makes a trade, your account will automatically make the same trade.
You are not required to provide any input on the trades, and the returns that you receive on each trade are similar to those received by your chosen trader.
Copy trading is one of the most convenient ways to make use of the specialized knowledge of another trader. In addition to this, it ensures that you have complete control over the final result. You can terminate open trades and initiate new ones whenever you see fit.
However, if you duplicate the strategies of another trader, you have the opportunity to profit from their expertise.
Participants don’t need to have any prior experience or expertise in the financial market at all to take part.
Where to participate in copy trading?
The number of copy trading platforms just keeps on growing in numbers.
These kinds of services are now provided by a sizable percentage of the cryptocurrency trading platforms that are now available. However, just like there isn’t a single “perfect” platform, there isn’t a single “perfect” copy trade experience too.
As a result of this, I have compiled a list of the Best 10 copy trading platforms to assist traders in selecting the platform that is most suitable for them.
List of 10 Best crypto copy trading platforms
- Etoro
- Bybit
- Shirimply
- Phemex
- Coinmatics
- Copy me
- Gate io
- BingX
- Wunder trading
- Moon XBT
Etoro
In a manner that is analogous to that of PrimeXBT, eToro is an all-encompassing platform that, in addition to copy trading, provides a wide variety of additional services and goods. eToro is one of the few other trading platforms on this list, other than PrimeXBT, that offers some exposure to traditional asset classes like stocks and commodities. This makes eToro one of the most unique trading platforms on this list.
Users may control their positions with the help of the company’s slick-looking mobile application, which allows them to do so even while they are away from home or out on the town. In addition, eToro provides instructional resources, including something called “The Bull Club.” Additionally, to demonstrate that it can be trusted, the corporation includes well-known public figures in its advertising and marketing materials.
Bybit
Bybit is one of the best cryptocurrency copy trading platforms for a single, straightforward reason: it simplifies the process of crypto copy trading. By using Bybit, you won’t only be able to easily locate traders to copy, but you’ll also be able to automatically open and terminate the identical deals that those traders execute, all while keeping track of the growth of your cryptocurrency balance on a single, streamlined platform.
Principal traders can profit from their labor by enabling other users of the Bybit platform to imitate their trading strategy and transactions. In exchange, they are entitled to ten percent of the income made by each of their followers. Bybit, in contrast to many other platforms for trading cryptocurrencies, brings together experienced primary traders and inexperienced traders to create a trading environment in which everyone involved comes out ahead.
Up to 15 different trading pairs are supported by Bybit at the moment. Some of the highly liquid pairs supported by Bybit include BIT/USDT, ETH/USDT, and XRP/USDT, among others. This indicates that volume and trade execution is rarely problematic, which is not always the case with other platforms that are not included on this list of the best crypto copy trading platforms.
When you have decided on a principal trader to imitate, the next step is to simply establish the specifications (like your chosen leverage) for your copy orders. Then, immediately after being placed by your selected principal trader, all new copy trades will be automatically initiated via a market order according to those parameters. This will take place for all new copy trades.
Shirmply
The majority of people refer to Shrimpy.io as simply Shrimpy, and it is both a social trading platform and a tool for rebalancing cryptocurrency portfolios. It comes with an easy-to-use interactive user interface, responsive customer support, and a variety of one-of-a-kind features that most other platforms don’t offer, making it a strong contender for the title of one of the best crypto copy trading platforms. This is due to the incredibly versatile lineup of crypto copy trading tools and resources that it provides.
You not only have access to Shrimpy’s copy and social trading bots, but you also can design your very own individualized copy trading methods as well as cryptocurrency index funds. Having said that, the real selling point of the platform is its portfolio rebalancing tool. This tool can automatically rebalance your portfolio by gradually buying and selling crypto assets according to the risk level and asset allocation level you select.
Shrimpy, just like a few of the other options on this list of the best crypto copy trading platforms, collaborates with dozens of the most reputable exchanges and provides trading access to the entire spectrum of today’s most significant and widely used cryptocurrencies. Because of everything it has to offer, Shrimpy is an effective tool that is very difficult to compete with.
Phemex
Phemex provides traders with the opportunity to apply for the position of Top Trader and permits followers to imitate any deals made by the Top Trader. The most successful traders receive a cut of the profits made by their followers. Top Traders are granted entry into monthly trading competitions, where they have the opportunity to compete against one another for a share of a prize pool.
Phemex is not just about copy trading like PrimeXBT is; there is a lot more to it than that. Users can purchase cryptocurrencies, trade spots, or futures contracts, and have access to the Phemex Earn platform, which offers variable interest rates.
Phemex also provides a variety of services, such as prediction markets and a launchpad for new and upcoming cryptocurrencies, although these coins carry a higher level of risk. Phemex, on the other hand, does not offer exposure to any traditional asset classes, in contrast to PrimeXBT.
Coinmatics
Coinmatics is a copy trading service that gives traders the ability to mimic the trading strategies of both other traders and crypto bots. A synchronized portfolio is one of the more complex capabilities, and it allows users to instantly invest their funds in the same crypto assets as strategy managers.
Beginner traders can make more money around the clock without having to worry as much about risk and loss if they set their trading to run on autopilot. However, everything ultimately hinges on the skill level of the trader or bot that is selected.
Coinmatics, in contrast to the other platforms on the list, requires users to pay a monthly fee to make use of the program. There is also a free version available, however, users are only allowed to store up to one thousand USDT in it.
CopyMe
CopyMe.io is an excellent copy trading platform that is ideal for anybody interested in copying successful tactics for trading cryptocurrencies. The platform that is headquartered in the United States can be utilized to get into the minds of trading pros and easily apply the techniques that they employ.
CopyMe is a unique trading platform because it allows users to concurrently copy the deals of numerous traders, in contrast to the majority of the other trading platforms covered in this article. Instead of putting all of your eggs in one basket, you can diversify your portfolio by allocating a specific amount of money to each of the specialists.
The platform also provides a large number of filters, which enables you to zero in on the most suitable trading professional for your level of risk tolerance and your trading objectives. Sadly, while there are no trading fees or commissions, all of this comes with a price tag of $40 each month, which is not a particularly affordable price tag.
Gate.io
Gate.io copy trading module works with what is dubbed Strategy Bot, which allows users to copy strategies or create strategies by becoming signalers. Strategies are ranked on a transparent leaderboard, much like PrimeXBT.
Gate.io is one of the original crypto payment gateways, allowing users to buy crypto at reasonable exchange rates and low commissions using fiat. Over time, the platform has also introduced various trading products, such as options, leveraged tokens, and much more.
Because of a long time in the market, Gate.io also offers access to more than 1,400 cryptocurrencies. However, once again, there are no traditional markets that are critical in the current macro environment.
BingX
A less well-known cryptocurrency trading platform with copy trading functionality is called BingX. Followers are able to grasp various insights provided by the platform regarding those who are referred to be Global Elite Traders. In order to become a member of Global Elite Traders, one must first submit an application and receive approval.
BingX places a strong emphasis on community and even refers to itself as the crypto social trading network. Grid trading is one of the features that sets this platform apart from the others on the list of competitors. Traders can have access to automated trading bots by engaging in grid trading.
In addition to these capabilities, BingX provides a spot trading and derivatives trading platform for cryptocurrencies. Again, there is no access to traditional assets, which can be advantageous when crypto trends sideways, as it has been doing recently. These assets can be beneficial when crypto trends sideways.
Wunder trading
The other duplicate trading platforms on the list are not comparable to WunderTrading in any way. It establishes connections to other leading cryptocurrency exchanges and trading platforms, which makes it possible for automated copy trading software and bots to carry out deals on your behalf.
The concept of automated trading bots, such as those provided by BingX, is the foundation around which WunderTrading develops its whole service. Users are able to manage all of their cryptocurrency accounts in one centralized location with WunderTrading, which also provides access to a range of cryptocurrency trading bots.
These automated crypto bots are capable of doing anything, from trading on your behalf to gradually dollar cost averaging into positions when crypto prices reach particular levels.
Moon XBT
MoonXBT is a relatively new exchange that is available in over 200 different countries. Because of this, it has earned a place on our list despite its youth. MoonXBT provides users with the opportunity to duplicate trades while also including elements of social trading.
MoonXBT takes a primary interest in the social aspects of trading, quite similar to how BingX does it. However, there is also the possibility to acquire cryptocurrency, trade options, and trade USDT perpetual swaps, among other things.
Trading battles can contribute to the overall interestingness of the situation. However, the feeling of actively selling something that is termed 2022 Football Tokens is not particularly appetizing. Users can take part in a competition modeled around tournaments, in which they have the opportunity to earn “rich prizes.”
Conclusion
Copy trading is becoming increasingly well-liked on a day-to-day basis, particularly in light of the ongoing crypto winter, when a growing number of cryptocurrency investors are looking for alternate ways to generate money. Copy trading allows novice or inexperienced investors to generate income in a passive manner by delegating all of their trading activity to a more skilled and experienced expert.
Because of the proliferation of copy trading platforms, doing so is currently easier to achieve than it has ever been before. We strongly suggest that you test out each of the above platforms on your own to determine which kind of experience best suits your needs.
