21 January 2022
Would you like to profit from Cryptocurrency trading? Perhaps, along with many others, you are new to the world of Cryptocurrency trading. You won't have to be frustrated because copy trading platforms are here to help. This becomes one of the most straightforward ways for anyone to profit from the expertise of professional traders. After all, trading has risk but with a disciplined approach and a consistent search for top Cryptocurrency traders, you can easily master the game of Crypto social copy trading. Copy-trading, also known as social trading, entails following the trades of other experts, bots, or signal sources. Perhaps, the imitator will achieve the same gains or losses as skilled traders. Such trading tactics can be quite successful, which is why they have become so popular. In traditional financial markets, social trading, particularly copy trading, has grown in popularity and is now becoming the standard among Crypto investors. It serves as a backbone for inexperienced investors/traders, allowing them to benefit even without extensive market understanding.
What is Crypto Social Trading?
For traders, social trading platforms are similar to social networking sites. They usually act as a broker, allowing you to buy a variety of products, CFDs, ETFs, and Cryptos. They’re different from traditional trading platforms because social trading systems allow you to connect with other traders who trade the same markets or goods, mimic their moves, share or discuss analysis and predictions, ask questions, increase your following so that you learn faster. Social trading platforms that allow clients to trade Cryptos or Cryptocurrency-based asset contracts are referred to as Crypto social trading.
So, which social copy trading platforms are best for Crypto investors? Despite social copy trading being known as a terrific way for inexperienced Crypto investors to make money- finding the finest social copy trading platform from the enormous number of trading platforms available online requires careful study. Therefore, this Crypto Blog will show you how to get started with social trading and supply you with the best platforms.
Wunderbit trading is an automated trading tool that allows two audiences to interact and profit from one another. It connects people who want to invest in Cryptocurrency with those who truly know how to do so. All genuine Crypto trading takes place on the main Crypto exchanges, which are connected to an internet trading platform. This also assures that the most popular Crypto list has a good level of security, liquidity, and availability. Wunderbit trading’s mission is to make capital management and trading as sophisticated as possible by allowing users to concentrate on what matters the most: analysis and decision-making. Crypto traders that use the Wunderbit trading platform become more than just traders; they become fund managers as well. The platform's products enable traders to establish, manage, and develop their money in a flexible and user-friendly manner. Wunderbit features its own built-in Cryptocurrency exchange that allows you to buy Bitcoin and other Cryptos and with a sophisticated web trading platform that allows Crypto investors to copy deals from professional Cryptocurrency traders or trade independently utilizing automated trading bots or smart trading terminals. Because it can be connected with multiple prominent Crypto exchanges, such as Binance, FTX, and Bybit, utilizing API keys, the trading platform enables for easy trading and investing in a range of Cryptos, ‘cos of the open track records, and user-friendly marketplace, investors can simply locate and emulate the greatest Crypto traders. To begin using Wunderbit social trading, you must first create an investor account and connect your exchange API credentials to Wunderbit, after which you may deposit funds and begin copying other traders.
- Easy to use.
- A 30-day free trial is available.
- A large number of exchanges are available.
- There are almost 2,000 users who have signed up.
- Traders' track records are transparent.
- Customer service is slow.
- When compared to other platforms, it has a small user base.
Etoro is a copy trading platform that was founded in 2006 and is currently utilized by over 12million traders. Stocks, commodities, forex, CFDs, social trading, indices, Crypto, index-based funds, and exchange-traded funds are all available on this copy trading platform (ETF) making it one of the top social and copy trading platforms for beginners who prefer a more straightforward interface. This platform is a highly innovative and functional Crypto trading platform with some of the industry’s most advanced social trading features. This means you can trade commodities, equities, and gold in addition to your Crypto. At the moment, they claim to support more than 16 Cryptos, and their copy trading feature is both creative and intriguing. They allow you to imitate other traders’ movements with configurable levels of exposure and risk, so you aren’t fully reliant on their actions and can reduce the threat of loss if necessary. The other great thing about Etoro’s traders is that they’re fully regulated, which means your funds are safeguarded by industry-leading security standards, and your personal information is never shared without your permission. In terms of pricing, only withdrawals will be charged a $5 fee, although you may be charged for spreads.
- Etoro Club membership.
- A broker who is highly regulated (FCA, CySEC, and ASIC)
- Innovative trading platform
- Allows you to exchange a wide variety of assets.
- Trading with no commissions is available.
- CopyPortfolios are available.
- A large trade community exists online.
- The spreads are higher than usual.
- The MetaTrader platform is not available.
- Clients in the EU have limited negotiating power.
- Fixed spreads are not available.
- Clients from the United States are not allowed.
Tradeo is yet another social trading platform that allows users to trade Crypto CFDs as well as a variety of other products. It has advanced social trading tools that let you identify and follow the signals of other traders rapidly, making it simple and easier to get to the platform. You can build up a realistic demo copy trading account and test yourself even if you are not confident enough to trade with real money at first. Although the number of Cryptos available is restricted, Tradeo’s social trading features will suffice for both novice and professional investors. It also offers a unique function that allows you to collect feedback on the strategies of more experienced traders. Overall Tradeo is a flexible platform for traders from diverse backgrounds. It’s a pretty great site to invest, study, and communicate with other like-minded people if you don’t mind the limited selection of Cryptos CFDs. Unfortunately, the platform is not available to residents of the United States. Tradeo allows you to trade the following Cryptos in addition to standard instruments. Bitcoin, DASH, Ethereum, Litecoin, XRP.
- Features for advanced social trading.
- Numerous trading instruments are available.
- A broker who is dependable and regulated
- A small number of Cryptos exist.
- Residents of the United States are not eligible.
- Advanced traders may be put off by basic options.
ShrimpyApp is a Cryptocurrency trading platform that runs on the cloud. Shrimpy allows users to set up a Crypto asset portfolio, choose the percentage weighting of each coin's value in the portfolio and have it rebalanced automatically at a predetermined time interval. Other features of ShrimpyApp include Social-(follow other Shrimpy traders’ methods), Insights-(learn how other Shrimpy users manage their portfolios), and Backtesting, Binance, Binance US, BitFines, bibox, Bittrex Global, Bitmart, Bitstamp, Coinbase Pro, Gemini, HitBTC, Huobi Global, Kraken, KuCoin, OKEx, Poloniex are just a few of the exchanges supported by Shrimpy. It gives you a security of API key encryption, two-factor authentication, and HTTPS protocol that is fully secured with SSL. The default here is that you’ll be charged for a monthly membership. Hodler’s free membership allows users to build a portfolio and link their exchange account. All Shrimpy forms, including Custom Index Builder, Rebalancing, Backtesting, Social Trading, and Insights, are included in the Professional package.
- A significant number of exchanges are provided (16 different exchanges); automatic rebalancing, security measures, and a helpful referral scheme.
- A beneficial referral program is available.
- There are a large number of exchanges that are supported.
- Strict security protocols
- There is a monthly subscription fee.
5. MetaTrader 5:
MetaTrader 5 is a Sophisticated platform for trading in the foreign exchange and forex markets. This is a stop forex copy trade service provider that trades on your account utilizing the MQL5 programming language, which is computer-based automated trading software. This copy trading software lets you open 100 currency or stock charts at once, and the 21 periods of time frame lets you analyze even the slight price fluctuations in great depth. MetaTrader5 Is available in desktop, web, and mobile versions. This is one of the greatest social trading platforms since it makes use of the MQL5 programming language, which is used to create an automated trading software that runs on your computer and trades for you. MetaTrader5 features let you have the best user interface, enhance the chart and graphics. It’s also one of the top copy trade platforms with new quotes on orders; the plus point is that it is quick, simple, and adaptable. This platform also helps you to save data and simply manipulate trades, the visual display, as well as the color and timeframe, are fantastic.
- The interface is simple to use.
- A calendar of economic events is available as part of the platform.
- This copy trading tool supports eight different types of pending orders as well as 21 different periods frames.
- A compressive set of analytic instruments is available.
- Asset class diversity.
- Exchange market hedging is disabled.
- For a newcomer, advanced tools and functions can be overwhelming.
As Crypto’s have become more popular it’s important to remember that the vast majority of retail traders more than 70% lose money. As a result, getting professional assistance does not always result in the intended outcome, and you should be aware of the risk- don’t forget that even the pros make mistakes. However if you’re prepared to take a chance you should expect to lose some money in the process of learning if you want to get started on the right path, starting to trade on a social trading Crypto platform is a great place to start, especially if you are aware of the hazards.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.