Do you want to make money from crypto trading?
And like many others, you are just a beginner in the world of crypto trading . Well, you don't have to be disappointed as copy trading platforms are here to save you. This is one of the easiest ways for anyone to build a piggy bank on the skills of experienced traders and make passive income. Of course, this comes with the inherent risk of trading, but with a disciplined approach and regularly finding top crypto traders, you can definitely appreciate the game of crypto copy trading.
|Name||Copy trade||Commercial terminal||Bots||Supported exchanges||Pricing|
|Gate.io||✅||✅||✅||Own exchange||Free of charge|
|eToro||✅||✅||✅||Own exchange||5% tow|
|PrimeXBT||✅||✅||✅||Own stock exchange||Performance Fees|
|Shrimpy||✅||❌||❌||Binance, Bitfinex, Bittrex, KuCoin|
Coinbase pro, Gemini, etc
|3Commas||✅||✅||✅||Binance, Bybit, Bitmex, etc||Changing plans|
But what the hell is Copy trading?
Copy trading is copying someone else's trading strategies or trades. Usually experienced traders consistently generate more profit than loss. While we're at it, you should know that copying is also known as social trading or mirror trading. Essentially they are all the same thing.
This one copy trading software automates the buying and selling of crypto assets by mitigating the initial trades of professional traders. You as a user only need to deposit initial capital, which can be as low as $ 50, choose an expert trader in one of these social cryptocurrency trading platforms, and everything will be automated from there.
- People who are beginners prefer the copy trading method as they can rely on the expertise of experienced traders.
- Copy trading can be automated or manual. It's much better when it's automated.
If you are a professional trader, you can offer your service through these social trading platforms and earn profit when people copying your trades earn. The best part; everything is automated and you would act like a hedge fund.
Now there is no end to the number of platforms that offer copy trading (social trading), but as always I will make your search easier by offering you only the best copy trading platforms. So buckle up to learn something new and start profiting from trading even when you have no previous trading experience.
The best crypto social trading platforms to use for profit:
1. Gate.io Copy Trading
Gate.io is a well-known crypto exchange that also allows US users. They offer a copy trading feature that is super easy to use.
To get started with the Gate.io copy trading feature, here are the steps required:
- Register a Gate.io account
- Complete KYC
- Add funds (They only accept crypto at the moment)
- Select Quantitative > Ranking
Here you will see the best traders that you can copy.
5% of the net profits will be given to the creator of the original strategy when the strategy closes. You can use the fund in your exchange wallet to deploy and from there everything is automated.Start Copy Trading on Gate.io
2. eToro Copy Trading Feature:
Social commerce eToro is quite popular among beginners who want to get started with the copy trading feature. eToro trades in a variety of markets, including cryptocurrencies.
After you activate your account, in your dashboard, select "Copy People" and select "Crypto" under the "who invests" tab. See the screenshot below for better understanding:
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. eToro USA LLC does not offer CFDs, only real cryptocurrencies are available.
There are various filters to help you find a merchant you can copy. My recommendation is to look for a merchant that gives consistent returns over a long period, for example: 12 months.
Hovering over any profile will give you more details about the traders and this is useful to understand the trading style of a particular trader.
You can further click on each profile to view their detailed statistics which include their performance over time, their existing portfolio. Once you find the merchant you want to copy, simply click copy and you will be asked to add the funds.
Note that there is a feature called "Stop Copying" which is similar to the "Stop-Loss" feature and helps you save yourself when things go south.
Once everything is verified, just go ahead and deposit funds. You can deposit funds into eToro through a variety of methods including PayPal .
With an estimated valuation of $10.4 billion and the company soon to go public through a blank check company, eToro is an ideal choice for any new investor who wants to use social trading for additional profits.Start eToro Social Trading
3. PrimeXBT Covesting:
Covesting is a social trading platform that is not directly integrated with PrimeXBT, which is another upcoming exchange. This alliance helps you enjoy the power of social trading directly on the PrimeXBT exchange. PrimeXBT also offers commercial terminal , which you can use to make non-social transactions.
Like eToro, PrimeXBT allows you to trade with Bitcoin , S&P 500, Gold, EURUSD and 50+ assets . With the Covesting social trading feature, you can choose from the best performing strategies and automatically copy their trading activity to get the same returns. And if you are an experienced trader, you can earn up to 20% from all the profits earned by your followers.
Getting started with the PrimeXBT Covesting feature is simple and here's how to do it:
- Create a PrimeXBT account (no KYC required at the time of writing)
- Fund your account using any of the accepted cryptocurrencies. (USDT, ETH, BTC, USDC, COV). My suggestion is to use BTC as most of the copy traders use BTC as a funding mechanism.
- Select Covesting from the top menu bar and use filters to find an ideal copy trader.
You can click on any name to see more statistics about their profile. Here you will find all the information you need to choose a professional trader, such as performance statistics, manager's equity (Amount of own money the trader has invested), followers' equity, profit ratio, trader description and profit sharing.
Once you find a trader you want to copy, click follow and enter the amount you want to start copy trading.
- Note: You can use the COV symbol to reduce entry fees.
- Note: Please note that following a strategy using the Covesting module involves the risk of capital loss. Following a strategy can result in a partial or total loss of your funds, therefore you should not operate with funds you cannot afford to lose.
Overall, the PrimeXBT Covesting platform is one of the best social trading platforms out there and something you as a beginner might want to start with.Start Social Trading on PrimeXBT
4. Social trading of shrimp:
Shrimpy is an automated tool to manage your portfolio and also offers a social trading feature which is quite popular. You can automatically copy the best crypto traders using Shrimpy. I have discussed Shrimpy earlier here .
Shrimpy offers both free copy trading and premium copy trading. Premium Leader Fees are additional fees charged for following a leader. Each leader can charge these additional fees for following one of their portfolios. Premium Leader Fees are charged by Shrimpy on a monthly basis. The two different fees that leaders can charge include “Performance Fees” and “Assets under Management Fees”.
Shrimp is available as a subscription model and the cheapest plan is only $ 19/month.
What I love about Shrimpy is its social aspect. Leaders here are more open to communication and many of them maintain a trading log, which gives more transparency to their trades.
Shrimpy is a social cryptocurrency trading platform and allows you to copy trades from leading traders on the following exchanges:
and a few more crypto exchanges .
To use the Shrimpy social trading feature, you need to connect your favorite exchange to Shrimpy using the API feature. If you've never done this before, watch the video below to learn how to generate an API key for Binance and then connect to Shrimpy or similar platforms.
After connecting your exchange to Shrimpy, go to the social function. Filter the leaders based on the stock market and their performance.
You can click on any of the leaders to see more details about their strategy, performance, distribution and other important details that would help you choose the right leader to copy for social trading.
Once you find a reliable leader to follow, click follow leader and allocate some fund to start trading copies.
I know some readers who use Shrimpy for social trading and are quite happy with it. However, I found the interface not so much better -as simple as PrimeXBT Covesting offers , but that might just be my perspective.Start copy trading on Shrimpy
Conclusion: The Best Crypto Copy Trading Platforms
As the cryptocurrency market evolves, we can expect more such platforms. However, for now, these are the best social trading platforms that you can use to copy trades from top traders.
If you are looking for a recommendation, I would suggest you start with PrimeXBT Covesting, as it offers some great data and has a proven track record. eToro is also quite popular which you can explore along with PrimeXBT.
I would continue to update this resource to help you update yourself with the best social trading platform, but for now I have a few questions for you:
- What is your experience with Copy trading?
- What are the pros and cons of social commerce?
- What measures do you take to minimize risk when you copy the trades of others?
And last but not least;
- What other platforms do you use for social commerce?
Does Binance offer a social trading feature?
At the time of writing this resource, Binance does not offer the social trading feature. However, they do offer future ranking and soon this feature can be enabled.