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Copy trading is an innovative feature that has taken crypto trading to the next level. It is one of the best ways for people to trade, whether they have insufficient time to actively place trades or little or no prior experience.
To start copy trading you need to opt for a trading platform that ticks all the right boxes in terms of features offered. Several crypto trading platforms in the industry support this new feature and as a potential copy trader, you should know your options.
In this article, you can take a look at some of the best crypto copy trading platforms and choose the one that suits your needs the most.
What to Know About Crypto Copy Trading?
Crypto copy trading is an interesting feature that allows traders to automatically copy the trades of an expert. Copy traders can choose an experienced trader to copy, based on their past performances and track record.
Traders who opt for this feature do not have to constantly monitor the markets or keep an eye on the charts to know when they can open or close a position. They can simply choose a suitable exchange that offers copy trading and begin.
However, one aspect to keep in mind is that as a copy trader, you will get the same profits or losses as the trader you copy.
You can determine which copy trading platform is best for you based on the information given below.
Bybit
Bybit platform has a lot of prominence in the crypto trading community, thanks to the availability of features such as high leverage, impeccable security and more. This advanced platform is suitable for both experienced and inexperienced traders, as it now also offers copy trading.
There is a large collection of experienced traders on the exchange called ‘Principal Traders’. These expert traders have to meet the platform’s criteria before they can register. Copy traders can choose a trader to follow and copy based on their trading records. They will also have to share 10% of their net profit with the Principal Trader they follow.
The pros of the exchange include:
- It has a straightforward interface.
- The fee structure is transparent.
- It offers one of the highest leverages (up to 100x).
The cons of the exchange are:
- It is not available in the USA.
- It supports a limited number of crypto assets.
You can learn more about Bybit copy trading through our brief guide.
Bybit now also offers the copy trading feature for all traders. By signing up with our link, you can get a bonus of up to $4,450 on yourfirst deposit. (Bonus may vary based on deposit amount)
eToro
eToro is one of the pioneers of copy trading and a remarkable exchange for new traders. It has a user-friendly and intuitive interface, making it an ideal platform for a vast audience.
There are thousands of established and verified traders on the exchange that you can copy. You can even take a look at the comments posted by other copy traders to help you choose an expert trader to follow.
Here are some of the pros of the exchange:
- It offers a wide range of tradeable assets to users.
- The options include more than 16 digital assets, stocks, FX pairs and commodities.
- It enables copy traders to adjust their risk and exposure levels themselves, so they don’t have to completely depend on an expert’s trading activity.
There are also a few minor cons to be aware of:
- It does not accept crypto deposits.
- It charges an inactivity and withdrawal fee.
PrimeXBT
PrimeXBT platform is one of the top trading platforms for beginners, intermediate and professional traders, alike.
The copy trading feature PrimeXBT offers is called Covesting. The high-end security and support for leverage trading are some of the reasons why this trading platform has made its mark in the crypto space.
Let’s take a look at some of the pros of this exchange:
- It has a fair and transparent fee structure.
- PrimeXBT offers support to a variety of asset classes.
- It is a technologically advanced trading platform.
Some of the cons are:
- It is not available in the USA.
- It does not offer demo accounts for new users to test the platform.
You can learn more about the Covesting feature by taking a look at our brief guide.
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim your 50% bonus by using the promo code “bitcoinsensus50” with our link.
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Pionex
Pionex is quite possibly the best crypto copy trading platform for new traders who are on a budget.
It is a free-to-use trading platform that differs from others on this list. It does not have a list of professional crypto traders to copy. Instead, it has 16 in-built copy trading bots and strategies that are free to use.
Once you share your email you can start using the automated trading software of the platform.
Pionex offers the following pros:
- It has an easy-to-navigate interface.
- This is one of the best platforms for people short on time and funds.
- It supports hundreds of digital assets.
The cons of Pionex are:
- It has a vague regulatory status.
- The users are unable to socialize with each other.
Coinmatics
Coinmatics was established in 2018 and has made a name for itself in the industry. It differs from other crypto copy trading platforms because it does not allow users to copy an individual trader.
You can copy specific crypto trading strategies on the platform and perform both manual and automatic copy trading.
The pros offered by the trading platform are:
- Copy traders can opt for a strategy they prefer and adjust the risk control themselves.
- It has an unlimited free trial.
- There are no fees charged for the first $2,500 traded.
- Users can enter or exit trading positions manually.
The cons of the exchange are:
- There are no social trading tools available.
- Users cannot copy individual traders.
CopyMe
CopyMe is a USA based crypto trading platform that allows traders to copy multiple professional traders simultaneously.
You can divide your funds, place a certain amount with different expert traders you want to copy, and create a diverse portfolio.
Here are the pros of using CopyMe:
- It offers around-the-clock customer support.
- You can use several filters to specify your trading goals and more.
- You can copy several traders at the same time.
The cons of the exchange are:
- It is not a budget-friendly copy trading platform.
- It does not offer enough information regarding the security provided.
Final Takeaways!
Crypto copy trading is the next best thing for traders, especially new ones, who want to participate but do not have enough experience or time to learn about trading. It is not only popular among inexperienced traders but also benefits people with demanding schedules as they can trade on the go, without constantly monitoring the markets. The list above talks about some of the top copy trading platforms in the industry and the features they have to offer, making it easier for you to choose a suitable exchange.
