Pionex has a flat fee of 0.05% per trade, one of the lowest in the industry. One of the most remarkable features of eToro is its “CopyTrader” technology. Sec Proposal Targets Crypto Exchanges You can choose expert traders to copy based on their performance, portfolio composition, profiles, stats, risk scores, and trading history.
They also offer a solution for individuals who need more confidence in trading independently or prefer a more hands-off approach. BYDFi al; allows users to choose from a large pool of traders to copy and can be sorted by several metrics, such as profit-loss (P/L) ratio, followers and number of days traded. For example, some countries may need crypto copy trading platforms to get licenses, follow anti-money laundering and tax laws, and protect the privacy and security of their users. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. In order to assess the best brokers for copy trading, we conduct extensive research on a wide variety of copy trading platforms and services. We test copy trading platforms as provided by the online brokers themselves, and evaluate the overall proprietary social copy trading experience, and we test copy trading services offered by third-party providers.
However, the standout feature drawing traders to Shrimpy is its rebalancing tool. This tool automatically adjusts portfolio holdings by gradually buying and selling crypto assets, aligning with the user’s specified risk and asset allocation level. Putting all your eggs in one basket, or in this case, relying solely on one trader’s performance, can be risky. To help protect your trades and get the most out of them, spread your money among several experienced traders. If you’re still on the fence about whether crypto copy trading is the right strategy for you, here are some reasons to consider using copy trading platforms. At the same time, a growing trader’s exposure to the methods and decisions of more experienced peers could be an invaluable opportunity to learn, setting them up for informed independence.
Like eToro, PrimeXBT lets you trade Bitcoin, S&P 500, Gold, EURUSD, and 50+ assets. With the Covesting social trading feature, you can choose among 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% of all profits earned by your followers. Copy trading is copying the trading strategies or trades of someone else.
In addition, not everyone has the time or competence to be a good trader. EToro USA LLC does not offer CFDs, only real Cryptocurrencies are available. Hovering over any profile would give you more details about the traders, and this is useful to understand the trading style of a specific trader. Once you have identified a top-performing trader, whose strategies you want to copy. Simply click on “Copy trading” and allocate a fund that you wish to delegate for Copy trading. Bybit is dedicated to creating a secure and transparent trading environment and has garnered a global user base exceeding 5 million.
Nowadays, Crypto exchanges have started providing copy trading services; in those cases, you do not need API keys. Disclaimer — 76% 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. AvaTrade ensures safety and transparency with comprehensive trader stats, including past performance, current portfolio breakdowns, and provable trades. Users enjoy complete isolation from signal generators, too, preventing interference or tampering with orders.
Today, individual investors agree to a Letter of Direction (LoD), which is a form that authorizes the broker to copy the trades of other traders automatically based on your explicit instruction. Bybit is one of the world’s leading exchange platforms that offers 100x leverage on derivatives for more than 600 pairs. Traders must choose a broker or platform that is regulated in order to keep their money safe and trade in a market that is open and clear. Before copy trading, research well on the potential risks and returns. Those who use cTrader must do so via a regulated platform such as AvaTrade. This implies that trading fees and commissions will no longer be determined by cTrader, but by the respective brokerage platform.
The platform’s principal traders earn 10% of the profits for each copy trader. Meanwhile, OKX lead traders will earn a 13% profit share from anyone who copies their trades. We also constantly communicate with our lead traders and copiers, seeking their insights to improve the copy trading experience and refine our platform. Beyond mere copying, many platforms have a community-driven aspect where traders share insights, news, and opinions.
The 3Commas non-custodial trade automation platform offers plug-and-play Bitcoin and cryptocurrency trading algorithms. Professional traders share their strategies within their trading community to foster a community of traders who mutually benefit. It also operates a safe, secure, transparent, and effiecient futures trading platform with over 20 million users worldwide and offers more than 230 perpeptual and futures contracts.
- However, it’s essential to approach copy trading with caution and awareness of its potential drawbacks.
- Incentives are set so the trader you follow will profit when you profit.
- For cryptocurrency copy trading, your broker must be a registered Money Services Business (MSB) and licensed by FinCEN.
- These traders can sometimes make huge returns on their investments because of their expertise and attention to detail.
- Registered with the FCA (Financial Conduct Authority), this platform allows users to copy the transactions and strategies of other cryptocurrency investors.
Overall, eToro is our top pick for social copy trading and cryptocurrency trading in 2024. Check out our full-length eToro review to see video walkthroughs of eToro’s user-friendly web platform and well-designed mobile app – both of which are great for casual investors and beginners. But it’s worth noting that not all of the bots available can be used for copy trading.
KuCoin does not offer copy trading, but it allows you to connect your account to other platforms through an application programming interface (API). The API allows you to use features such as trading bots, margin and futures trading and copy trading. Bybit copy trading crypto platform is straightforward and reliable to use. You can access it on Bybit’s website or mobile app named “Top Master Traders”.
Experienced traders managing complex automated strategies across platforms. Bybit is well-suited for active traders seeking leverage and customization. New users may find the interface complex compared to simpler options.
You can join as an investor (to copy other trades) or you can join as a trader, so that others can copy your trades and you can make money. Think of this as running your own hedge fund, and everything is automated. Moreover, copy trading can impact an investor’s psychological health. The fear of missing out (FOMO) may cause investors to make hasty decisions, chasing the success of others.
A feature-rich crypto exchange as well as a copy trading platform, Pionex supports margin trading with up to 100x leverage for increased risk and reward potential. Their social trading offering lets users browse an extensive leaderboard of top traders ranked by recent performance metrics. Copy trading is an automated trading mechanism that allows investors to replicate the trades of another trader in real-time. This form of social trading enables investors to follow and emulate the strategies of more experienced traders. While KuCoin does not have a native copy trading feature, we offer automatic trading through crypto trading bots.