Copy trading is a way for anyone to trade while copying the trading strategies of pro traders. This makes it possible for even the least experienced traders to trade profitably while honing their trading skills as they use the strategies of successful traders.
Not only beginner traders use copy trading, traders who are busy and have little time, or those who don’t want to become full time traders can also leverage copy trading to maximize their investing.
All you have to do is choose an available experienced trader and sign up to mirror their trading. This is then automatically implemented and you don’t have to do anything else. You’ll gain when the person you copy gains, and you’ll lose when the person loses. You’re usually only expected to pay the trader a commission if you gain, so you have nothing to fear.
If you’re thinking about trading crypto but have idea how to start, copy trading may be just where you need to start, and the following are some of the top platforms you can use to start today.
eToro
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By far the best crypto copy trading platform, eToro is big on nurturing newbie traders to help them grow and start trading profitably. You can easily view the list of available trading veterans ranked according to their trading reputation.
You can therefore assess traders based on profitability, overall trading abilities, and other factors they may value. You can also interact with the traders and ask them any questions you have before choosing to copy their trades.
The platform is user-friendly, since it caters to new traders mostly. However, it charges withdrawal fees and does not support direct crypto deposits. eToro also has limited crypto assets to choose from.
Bybit
Bybit is a crypto exchange known for derivatives trading, but it’s also a leading copy trading platform. There are 15 trading pairs available, which gives traders enough options to choose from. You can easily set your preferred leverage, so that you choose how much the outcome of trades affect your account.
It also has a friendly user interface that makes trading easier. You can set leverage of up to 100X if you like. However, traders charge 10% of the profits you make from copying their trades, making the fees significantly higher than for other platforms.
OKX
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OKX is a contemporary crypto exchange that provides a user-friendly platform for copy trading. You can choose from the long list of top traders and decide whose strategies to copy. The exchange has a whopping 600 trading pairs, giving copy traders an unlimited choice.
Because pro traders have a comprehensive profile, you can easily review their trading history to decide who you wish to copy. Traders on OKX charge 13% of the profits you make from copying them, which is even higher than what Bybit charges.
CopyMe
CopyMe is a unique platform, in that it is solely for copy trading. The platform allows you to copy more than one trader at the same time, allowing you to share your capital among different traders.
This reduces your chances of losing everything in one trade should the one trader you choose end up losing. You should note though, that there is a $40 monthly subscription fee that you have to pay to keep using it. Once you pay the fee though, you won’t have to pay any additional commissions on profits you make.
Coinmatics
Coinmatics is another copy trading platform that allows traders to copy the strategies of pro traders across multiple exchanges. The platform offers a comprehensive dashboard for tracking and copying traders that makes it unique.
It however has a limited number of traders to copy, and it doesn’t allow you to copy individual traders. It however charges a meager 5% commission on copy traders’ profits, which is a small cut compared to other copy trading platforms.
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