Crypto Copy Trading Copy Top Crypto Traders

Automation provides a special peace of mind in knowing that your actions and decisions will be synced up even when you are asleep or busy yourself. Another aspect of its learning curve comes from the insights very simple fact that we are all still learning about how these markets actually operate. That being said, brokers such as the aforementioned eToro mitigate these issues and concerns, to an extent.

• Note that not all trading platforms are available for all regions.
• It has many features that help you make money with crypto, like earning interest, staking in launch pools, and prediction markets.
• You also pay the broker’s fees for spreads and commissions, which change depending on what you trade and what account you have.
• You can copy trade a forex, CFDs or stock trader, or follow a crypto trader along his journey.
• In this sense, copy trading can be a good idea for experienced traders looking to take a step back, but it is likely unwise for people just starting out.

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.

The Rise of Copy Trading — A Brief History

The platform registers over 2 million trades every month and has a monthly trading volume that surpasses $70 billion. This makes AvaTrade one of the best copy trading platforms for traders interested in all financial markets, not just cryptocurrency. Nowadays copy trading is one of the most popular features for traders (according to the research in BeInCrypto Trading Community) and many exchanges offer such functionality to their users. Replicate the trading activities of financial experts and earn a passive income without spending time researching every investment you make.

• It’s never been easier to trade like a real professional trader – get started in just a few steps.
• You’re leaving the hard work of choosing investments up to someone else.
• Another thing to look for is the social trading community on the platform.
• Another thing to consider is the copy trading features of the platform.

In the case of the expert trader, he can gain followers, make a name for himself and also earn a commission for every successful trade from his followers. As for those copying his trades — if the trades are successful, they make a passive income. This allows you to automatically copy traders and replicate their financial trades.

Is copying cryptocurrency trades legal

You can choose who to copy from a list of lead traders who have different performance indicators. You can also adjust your copy settings like maximum amount, take profit, stop-loss, and the number of positions. You can use Coinmatics with different exchanges, like Binance, BitMEX, Bitfine, and Bybit. You can also trade with different coins, like Bitcoin, Ethereum, Litecoin, Ripple, Cardano, Polkadot and more. And you can choose different types of trading, like spot, futures, and perpetual.

• These are important for evaluating how well the traders on the platform are doing.
• You can show off your trading strategies and attract more followers and copiers.
• To become a copy trader, you need to have a trading account with a broker that offers copy trading services.
• This ensures that your balance remains under your total control.

Brokerage platforms are submitted to much stricter regulations than crypto exchanges, offering crypto trading features. Yes, even new investors can use copy trading because it is a passive system. This means that you can leave the difficult work of selecting investments to others. It’s possible to earn returns on your portfolio without spending hours researching the market. Since the professional trader directs investment decisions, diversification and risk management can also be done. Many traders who seek to replicate the trades of other traders are primarily interested in their trading performance, not in the markets they trade.

Copy Trading Features

You just need to find a trader that you like and start copying them. 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. It is the most time-consuming and labor-intensive trading method on this list.

Crypto copy trading is a trading strategy that allows anyone to replicate the trades of experienced crypto investors. The copy trading feature means that all trades opened and closed by the trader are replicated in the follower’s account. MetaTrader 5 offers desktop, web, and mobile versions of the platform.

Fees

As the cryptocurrency market maturing, we can expect more similar platforms. However, for now, these are the best social trading platforms you could use to copy trades from the top traders. Like eToro, PrimeXBT lets you trade Bitcoin, S&P 500, Gold, EURUSD, and 50+ assets.

However, they do offer a future leaderboard and it may have this feature enabled soon. You can click on any name to see more stats about their profile. You can further click on any profile to see their detailed stats which include performance over time, their existing portfolio.

Risks and Rewards of Copy Trading in Crypto Market

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• The key is choosing a trader to follow whose investment style and goals align with yours.
• While there is no need to keep an eye on your copy investment because the trader you are copying is already doing that, you may choose to stop copying their investments.
• If you absolve yourself from your own trading, then you can easily sleep-walk into disaster.
• Unlike many of its competitors, OKX has been dubbed a one-stop shop, due to the variety of services that it offers.
• Also, some crypto copy trading apps allow you to choose multiple traders.

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. In some ways, this is true– it is simple to follow the trades of another as it relinquishes you of some of the decision-making processes. This steep learning curve and the option for automation make the process of following and replicating traders easier and more convenient, which naturally makes it more appealing.

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The obvious advantage of copy trading is that it frees up your time for other activities while also allowing you to benefit from the expertise of more experienced traders. You also give up control over your trading decisions, though – some platforms allow you to set your own risk parameters and even choose which trades to execute. Copy trading is a form of automated trading that allows investors to replicate the trades of another trader in real-time.

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.

Risks of Crypto Social Trading Explained

You can use it to automate your trading strategy, or you can copy the trades of expert traders or crypto bots that you find on their marketplace. Learn about the best crypto copy trading platforms that allow you to replicate the strategies of successful traders. 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.

• The platform does not charge any fees for copying or being copied.
• It takes the guesswork out of choosing where to invest your money.
• You need to learn about when you should follow one individual, and when you should switch things up and sync to somebody else.
• Finestel is an independent platform that connects pro-traders with investors.
• Finally, you relinquish control of your funds to the Master Trader.

5% of the net earnings will be given to the initial strategy creator when the strategy closes. You can use the fund in your exchange wallet to deploy, and from here everything is automated. Once you have identified a top-performing trader, whose strategies you want to copy.

Step 4. Close the investments at any time

This feature also provides new revenue streams for lead traders. AvaTrade is a trusted global brand that is well-known for its extensive asset range for crypto, Forex, and CFD traders. After deciding on the trader you want to copy, simply click on the “Copy” button. You will have to set the details for the traders before the platform can start copy trading. It can be used to trade crypto, Forex, stocks, commodities, metals, and other financial markets.

• Of course, the strategy might not be the best strategy for all investors, but these systems have worked for many retail investors.
• The best part; is everything is automated, and you will be acting like a hedge fund without the hassle of compliance and paper work.
• In terms of legal status, copy trading of cryptocurrencies is legit.
• For example, if you invest conservatively then you’d copy someone with a conservative trading bent.
• The copy trading feature means that all trades opened and closed by the trader are replicated in the follower’s account.
• Copy trading creates opportunity to leverage someone else’s investment knowledge and experience.

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. Both the expert trader and the follower trader benefit from the copy trading feature.