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Best copy trading platforms 2022
Cryptocurrency offers relatively new opportunities for growth in the financial industry, along with volatility. Several companies are now offering Copy Trade services for popular cryptocurrencies such as Litecoin, Ethereum, and Bitcoin.
Copy trading platforms let investors copy professional traders. The best trader's investments are replicated in the user's portfolio, allowing for passive trading.
It provides a simple way for new investors to get started in the markets and for experienced investors to diversify into new asset classes or strategies. Take a look at the best copy trading platforms listed below.
List of Top 12 Copy Trading Platforms
NAGA
Demo Account
Yes
Minimum Deposit
250$
Trading assets
Forex, CFDs, indices, shares, commodities, cryptos
eToro
Demo Account
Yes
Minimum Deposit
$50
Trading assets
Crypto, CFD, Stocks, ETF
PrimeXBT
Demo Account Yes
Minimum Deposit
$50
Trading assets
Forex, indices, commodities, cryptos.
AvaTrade
Demo Account Yes
Minimum Deposit
$100
Trading assets
Forex, Cryptos, Stocks, Commodities, Futures, Indices, Bonds, ETF.
BingX
Demo Account Yes
Minimum Deposit
$0
Trading assets
Crypto, Forex , commodities and indices
ZuluTrade
Demo Account Yes
Minimum Deposit
$200
Trading assets
Forex, Cryptos, Stocks, Commodities
FXTM
Demo Account Yes
Minimum Deposit
$10
Trading assets
Forex, Cryptos, Stocks Indices, Commodities, Metals
Pepperstone cTrader
Demo Account Yes
Minimum Deposit
Depends on the third-party broker
Trading assets
Forex, stocks, ETFs, indices, metals, oil
MetaTrader 5
Demo Account Yes
Minimum Deposit
N/A
Trading assets
Forex, Stocks, Cryptos
FP Markets
Demo Account Yes
Minimum Deposit
100$
Trading assets
Trade Forex, Gold, Oil, Indices & more
Bitget
Demo Account Yes
Minimum Deposit
$10
Trading assets
Cryptocurrencies (Choose among 13k+ elite traders)
Gate.io
Demo Account Yes
Minimum Deposit
0$
Trading assets
Popular cryptos and blockchain assets
Copy trading Cryptocurrencies
Crypto copy trading is an excellent pick if you're new to the cryptocurrency market because crypto trading consumes a lot of effort and research. For instance, you must process trades and monitor the industry using technical analysis. Such skills and research take time to develop.
Many traders use copy trading as it helps in making money with little energy and cost. However, with the wrong strategies, investor accounts lose money when trading. It's one of the reasons we've compiled a list of the best copy trading platforms for traders.
So, what exactly is "copy trading" all about?
Copy trading is when you automatically do the same thing as other traders when they open or close a trade. You can learn to trade by joining an online forum and learning from others who have already mastered a particular strategy.
It is a way to make money by buying and selling assets in different financial markets. This includes buying and selling FX and CFDs on Stocks, Commodities, Indices, and Cryptocurrencies. You can also do this with bitcoins (BTC).
Mirror trading vs. copy trading
There are different ways to copy trade. With mirror trading, you have to follow each signal without any manual input. But with copy trading, you can select the trader whose trading activities you want to copy. There are a few best copy trading platforms we will discuss below.
Crypto trading: How does copy trading work & How to get started?
Copy trading lets you invest like traders who have already made fruitful investments. So, it can help you if you want to trade but don't know how to start. You can find a platform that has different assets and features.
Then, you can research the traders and decide who to follow. You can also customize how much risk you want to take on and what signals you want to copy.
Consider a trader's history and performance before following them. Also, think about the fees associated with copying them. Some platforms charge a percentage of profits, others a flat fee.
In simple words, firstly, find a copy trading broker. Then open a broker account, deposit money & just find a trader to copy.
Benefits of copy trading
Risks of copy trading
Utilize the Best Copy Trading Strategies for you
Choosing a copy trading strategy requires some study. Finding a strategy that fits your investment plans and risk tolerance is vital. Automated copy trading is possible, along with manual copy trading.
Also, there are different copy trading strategies, such as long-term or short-term investing, trend following, or mean reversion. Identifying if your trading strategy matches other vendors' is crucial. It would prevent excessive risk-taking.
You can find a copy trading strategy that works for you by trying different approaches. It's also essential to monitor and adjust your strategy. Copy trading beginners should start small and gradually increase their investment size as they become more confident.
Choose the right Crypto Copy Trading Software
When choosing the best copy trading platform or software, let's look at some things to consider.
Ease of use: The forum should be easy to use for new traders.
Asset selection: The platform should offer a variety of assets to diversify your copying portfolio.
The Size of trader network: An extensive trader network shows that many people have benefited from the software. A smaller trader's network can also be sufficient, but it's likely new.
Fees: Some crypto copy trading software is free, but others cut your profits. The platform should have low or no trading fees.
Reliability: The platform should be consistent and reliable. The best way to check software reliability is to read online reviews. Avoid software with too many negative reviews.
Crypto exchanges it supports: Identify if you use the exchanges it supports. You don't want crypto copy trading software incompatible with your cryptocurrency exchanges.
Reputation: The platform should be well-known among traders.
Safety and security: A safe and secure platform with anti-fraud solid safeguards for your account and personal information.
Regulation: A reputable financial authority should regulate the platform.
Demo/ Trial account: A demo account for you to test out before investing real money.
Languages supported: The platform should support your language so that you can use it without difficulty.
Countries that are supported: The platform should be available in your country.
We will discuss the best copy trading platforms we have chosen for you below.
Best Copy Trading Platforms Reviewed
You must understand where your target market can be found. The most dependable copy trading platform is listed below. These platforms offer numerous features and advantages.
Some notable copy trading apps
1. NAGA
Naga is a copy trading platform founded in 2015. However, it has gained a strong following among traders, especially in Europe. More than 500,000 traders use the NAGA platform. Over 950 assets are on NAGA's platform.
Naga copy trading service copies your trades automatically. It helps you find other investor's stats on the leader board and copy them for the most profit.
Naga is famous because it's easy to use. Even first-time traders will find the platform easy to use. It has different features and tools to help traders make decisions.
Best features
Drawbacks
2. eToro
Because of the useful features it provides, eToro is also one of the best copy trading platforms. It allows copying successful traders in the eToro community. Users can interact and learn from each other's trading strategies on eToro.
It offers a variety of capital market tools. Invest in cryptocurrencies, stocks, commodities, ETFs, and more.
eToro lets you trade in a demo account before using real money. It is a great way to test the platform and ensure you like it.
Disclaimer: 68% of retail CFD accounts/ retail investor accounts lose their money on eToro when trading CFDs. Consider if you can risk losing money.
Best features
Drawbacks
3. PrimeXBT
PrimeXBT is an excellent copy trading platform. It's a fully-fledged trading platform so that you can do more than copy trade on PrimeXBT. It assists professional investors in monetizing their skills by enabling others to copy their techniques.
They provide high liquidity and tight spreads across all markets. Spreads start as low as 0 on Bitcoin, Ethereum, Litecoin, Ripple (XRP), EOS, Cordano, Polkadot, Uniswap, Chainlink, and Dogecoin.
PrimeXBT is excellent for both experienced and new copy traders.
Best features
Drawbacks
4. AvaTrade
Ava Trade has been around for over 10 years and consistently provides excellent service. This platform offers CFDs on 1,250 instruments. AvaTrade doesn't support copy trading but integrates with third-party providers.
ZuluTrade and DupliTrade are included. The user has to pick a provider and investor to copy. Both third-party platforms let users copy seasoned investors' trades with a click. AvaTrade requires an account and a $100 deposit.
The platform can combine copy trading with a personalized strategy. It offers 0% commission and competitive spreads on trading CFDs. Before trading Forex, read the AvaTrade risk disclosure.
Best features
Drawbacks
5. BingX
BingX is a global crypto social trading exchange that offers simple, easy-to-use, and competent trading products and services.
BingX's Automatic Copy Trading function is unique. This tool lets traders copy expert trades with one click. The copy trading supports DeFi, NFT, Indices, Commodities, Forex, and Layer2.
It lets users trade cryptos like BTC, ETH, AXS, Safemoon, USDT, and Dogecoin. It provides a secure platform to buy, sell, and trade Crypto safely.
Best features
Drawbacks
6. ZuluTrade
Similar to eToro, you must find an experienced trader who matches your financial goals. You can choose from more than 10,000 ZuluTrade investors.
It is an easy-to-use copy-trading platform. Because opening an account and depositing funds takes minutes, you can start copy trading immediately.
ZuluTrade isn't regulated like eToro. You need to link your ZuluTrade account to a broker such as AvaTrade. The platform supports ZuluTrade and allows commission-free trading in thousands of markets.
Best features
Drawbacks
7. FXTM
FXTM is a forex and CFD copy trading platform. This 2011 platform dominates copy and social trading. Also, being an active ECN broker in Asian and African marketplaces, they offer many account types.
It hosts clients on broker platforms for social trading. Social trading lets you use trading signals and pay the source. You pay the strategy providers if you win.
You can utilize FXTM Invest to search for and copy traders who match your targets. Profit growth, risk level, amount of capital managed, and returns can help you choose traders.
Best features
Drawbacks
8. Pepperstone cTrader
cTrader is a third-party option that must be linked to a broker. Pepperstone is the most efficient copy trading platform in this regard.
It is a community where experienced traders can share their strategies, and they can be copied.
The strategy broadcaster earns a commission while newbies trade fully automatically. After choosing an investment strategy, you can set up risk-management tools to meet your goals.
Best features
Drawbacks
9. MetaTrader 5
Our another choice among the best copy trading platforms is MetaTrader 5. Meta Trade 5 is an exchange and Forex platform. This forex copy trade provider employs MQL5, an automated trading framework that runs on your device and executes trades on your behalf.
This copy trading service lets you simultaneously open 100 currency or stock charts. The 21 timeframes facilitate the complete analysis of minor price changes.
MetaTrader 5 is available on desktop, web-based, and mobile apps.
Best features
Drawbacks
10. FP Markets
ASIC-regulated FP markets launched in 2005. For most traders, this broker's main selling point is its diverse variety of tradable assets.
Ffmarkets offers 11 equity indices, 60 Forex pairs, major precious metals, and five cryptos, including Bitcoin. FP markets hybrid ECN/STP execution model lets clients choose between fast ECN and "natural" spreads.
Best features
Drawbacks
11. Bitget
Bitget is one of the best copy trading platforms in the cryptocurrency market. The Bitget lets you trade 100+ cryptocurrencies, including top ones.
With just one click, align your portfolio with the positions of experienced traders. Can choose 13k+ elite traders to get incredible benefits.
Best features
Drawbacks
12. Gate.io
Gate.io is a relatively new but well-known crypto exchange founded in 2013. Gate.io is accessible to traders worldwide, including in the U.S. It offers 1,600+ spot crypto trading pairs and 33 futures copy trading pairs.
Gate.io's ability to increase user earnings is impressive. There is no deposit, low trading, and a low withdrawal fee.
Best features
Drawbacks
The best way to use copy trading signals
1) The signal is not a rulebook. Because markets change, what works today may not work tomorrow.
2) Don't lose the money you can't afford. That is the main reason for people losing money rapidly. Use only money you can afford to lose to copy trade.
3) Patience is key. A buy or sell signal does not imply that you must act immediately. Wait, and don't let emotions interfere.
4) Use signals, but do your research. This way, you can make a good trade.
5) Planning for copy trading means deciding on goals, risk tolerance, and strategies. Success is hard without a plan, and the crypto market has a high risk of losing assets.
What is a copy trading software: Utilize the Copy trading apps
Copy trading lets you conduct objective and impartial financial market analysis. Beginners can copy the positions of experienced traders using copy trade software. Profitability can be increased with new opportunities by the best copy trading brokers.
Moreover, successful traders can profit from weekly or monthly trading in a brokerage account. However, those who are less experienced or are having trouble making money can copy their positions.
Logging on and monitoring the copy accounts on the copy trading app is simple. MetaTrader 5, eToro, and other well-known providers offer free mobile apps for IOS and Android smartphones. Users can use the installer to compare and analyze trading plans, fund bank accounts, and copy traded transfers.
Many of the platforms listed above offer free copy trading apps.
What is Social Trading?
Social trading lets investors monitor their peer's and experts' trading behavior. The goal is to copy or mirror their investment strategies. Simply put, "Social trading" involves copying other traders' strategies.
Social trading vs. copy trading
Copy trading is a social trading subcategory that copies other investors' trades. Social trading platforms let you see other traders' investments, but copy trading makes your account copy theirs. Leading platforms now offer social trading as well.
The idea is that users can trade in a social setting like LinkedIn or Facebook. Say a user wants to buy Bitcoin and explain why they did so. Others on the platform could see and like or comment on the post.
Copy Trading Signals
Indicators that market participants can use to take a position are signals. Copy trading offers less flexibility than signals. Prior to executing trades, you may also wish to modify trade size, stop loss, and take trading profits.
Once you receive the signal, you can modify your trading settings and parameters. MetaTrader 4 and MetaTrader 5 are two of the most famous signal providers, with thousands of best traders providing free and paid signals.
FAQs
Copy trading is an excellent idea to diversify your investment portfolio while also benefiting from the expert knowledge of other traders. It can be a perfect way to start trading because you can learn and copy more pro traders' strategies.
Do your research before you invest, and keep in mind that the past isn't always an ideal indicator of the future.
Sign into a legitimate brokerage account to copy trades. Always review your broker's rules and regulations in advance. The trader must deposit money to invest. You may need to copy investments to your Live Account based on your platform.
Typically, the brokers offer guidance. Once you have a trading account, copy trading is simple. It's best if a broker provides videos beforehand.
Many experts believe that copy trading is a safe investment option because it allows investors to diversify their portfolios while minimizing risk.
However, blindly copying their every action without conducting your research could also prove damaging.
Yes, copy trading is legal in most countries if the service broker has the necessary licenses. However, some limitations might be in place, such as not being able to trade with leverage or copy specific trade types.
Copy trading can be a lucrative investment. Your profit depends on the traders you follow and when you copy trades. Before choosing a trader, compare their earnings. Market old phrase says quick performance can't predict future results. Copy-trade is risky, and most traders lose money.
Copying successful traders is never a guarantee of success, but it may help them earn more than copying traders with a poor track record. Also, some traders struggle to acquire copy trades. The main thing to success is choosing the right strategies.
Conclusion
Copy trading helps retail investors build and maintain a profitable portfolio by sharing market insights. All of the best copy trading platforms we've chosen for you above have mobile apps and demo accounts for users.
Top providers like eToro offer Copy Trading for Cryptocurrencies. AvaTrade offers numerous advantages, including a low deposit and fee copy trading app. Also, eToro and ZuluTrade enable users to invest in a number of different financial assets with low deposits.
Copy trading can be a safe and effective investment method as any investment involves risk. Do your research and only invest what you can afford to lose before investing.
Also, be aware of any restrictions in your country. Choose a regulated broker with a good reputation. That was all about the best copy trading platforms.