You can sort them by risk level, performance, portfolio composition, and more. You can also see their profiles, stats, risk scores, and trading history. It has millions of users from all over the world, a fast trading engine that executes trades smoothly, and a high level of security that protects your funds.

  • 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.
  • Well, in most cases it is legal the same as to hold and trade crypto assets.
  • Copy trading is safe, but if the trader opens a bad trade, your account will replicate that trade, and you might lose your funds.
  • This copy trading platform allows you to open 100 currency or stock charts at a time, and the 21 timeframes enable comprehensive and detailed analysis of even minor price movements.
  • This one of the best social trading platforms uses the MQL5 language, the automated trading software that mostly runs on your computer and trades for you.

Copy trading is one crypto trading strategy that allows you to build an automated mechanism for making trades. Essentially, you are copying the investment decisions of a seasoned trader through software. You can check their performance history, risk level, fees, and strategies. Then you can pick one or more traders to follow and copy their trades automatically on your BitMEX account.

Is copying cryptocurrency trades legal?

Be careful of platforms with high fees that may eat up your profits over time. Another thing to look for is the social trading community on the platform. Talking to other traders can give you valuable insights and improve your trading skills. These features give you more control and help you adjust your copy trading strategy to your risk level and goals. You can choose from hundreds of traders who trade different coins and strategies, and see their profiles, comments, and track records.

  • You choose the amount you want to invest and simply replicate everything they do in real-time.
  • To start copy trading on Pionex, you need to follow some rules set by the traders you want to copy.
  • In this case, all you have to do is decide which trader (or traders) to follow and how much of your account capital to allocate to that trader.
  • This is where you buy coins or tokens at the market price and your trade is dealt with on the spot, rather than at a future date.

The top traders can get commissions from their copiers based on their monthly profits. Phemex is a crypto exchange from Singapore that lets you trade over 272 crypto pairs with spot and contract trading. It has many features that help you make money with crypto, like earning interest, staking in launch pools, and prediction markets. It has many features for traders, like spot, margin, futures, options, staking, lending, savings, and more.

Reasons to Choose A Wirex Crypto Card for Everyday Transactions

MoonXBT is known for its incredible speed of execution, according to its team. If you did not know about this, odds are you would have already stopped copying the trend-following system before a trend shows up. But if you did your homework, you would be at ease, waiting for the next trending move to show up. Once everything checks out, simply move ahead and deposit funds. You can deposit funds on eToro via various methods, including PayPal.

  • Essentially, you are copying the investment decisions of a seasoned trader through software.
  • After all, social trading has continued to surge in popularity and with good reason.
  • Another aspect of its learning curve comes from the very simple fact that we are all still learning about how these markets actually operate.
  • It’s your choice, you can start or stop copying whenever you want, pause it, and add or remove funds as you like.

It’s crucial to conduct thorough due diligence when selecting traders to copy, considering factors such as their long-term performance, risk management strategies, and consistency. When it comes to copy trading crypto, selecting a suitable copy trading broker is an essential first step. You want to find a platform that offers reliable and secure services, while also meeting your specific needs as an investor.

AvaSocial Copy Trading

To become a copy trader, you need to have a trading account with a broker that offers copy trading services. Once you’ve found a trader you want to copy, you can connect your account to their account and start copying their trades. EToro is one of the best copy trading platforms, and it offers a wide range of assets (Forex, crypto, commodities, stocks, ETFs, and indices). The platform is based in Tel Aviv, and it was launched in 2007 by Ronen Assia (current CEO), David Ring, and Yoni Assia.

  • Some examples of apps that work with Binance are Coinmatics, WunderTrading, 3Commas, Cryptohopper, etc.
  • Copying a trader that takes these factors into account will help you survive during times of uncertainty.
  • Basically, cryptocurrency copy trading is all about identifying skilled traders and re-executing their moves literally.
  • Cryptocurrency investors can also choose more than one lead trader to diversify their portfolio.

The best way to do this is to learn about the blindspots and limitations of the traders you are interested in. Even the best of traders will have their own knowledge gaps and mistakes. Know this, and learn what they are, so that you can back away from them when you foresee a situation that they might not be great at. If you find a trader who aligns with your own trading beliefs, you will feel much more comfortable going forward and copy-trading crypto with them. However, many newcomers tend to feel the most comfortable doing simple spot trading. Understanding what is copy trading in crypto, and best practices on how to copy trade crypto in 2023.

Conclusion: Best Crypto copy trading platforms

Though this software is automated, initially, you have to provide your input. Yes, crypto copy trading can be profitable, but it is not guaranteed. You have to choose a secure platform and a profitable trader to follow. They can help you trade automatically and make the most of market movements. Copy trading in cryptocurrency allows you to directly replicate the positions of another trader.

You may not necessarily buy every investment he does or every investment he recommends. But you’d base your investing patrick cripps immediate edge decisions on the same principles he follows. You should also look at what you want to do with your portfolio.

BingX Copy Trading

To start copy trading on Pionex, you need to follow some rules set by the traders you want to copy. Copy trading is a way of making money by following the trades of another principal trader who has trading knowledge and – proven success rates. You will also not learn much by simply watching other people trade without attempting to trade yourself. You won’t learn much if you just watch other people trade without trying to trade yourself.

There is no need to select “Enable Withdrawals” in API restrictions. This ensures that your balance remains under your total control. Moreover, our users are able to protect Coinmatics account with two-factor authentication. In 2014, eToro became the first trading platform to support cryptocurrencies when it added bitcoin (BTC) support. As a new investor looking to use the copy trading system, you should decide on your goal. For instance, you might copy someone who is more interested in hedge funds, commodities, etc.

Crypto Guides

Traders can leave it totally to the software or watch the portfolio selection of their peers themselves and take trading actions based on their investment goals. Many brokers now offer automated copy trading, along with many other features. – When choosing the trades of other traders on the platform, you may filter those traders. They will have useful stats and insights about each investor, their profit/loss ratio for the last year, and their investment strategy.

  • These days, many different platforms offer copy trading services and the concept has become indispensable in trading.
  • Please pay attention that your country of residence may prohibit your participation in copy trading or holding crypto assets, then it will be illegal personally for you.
  • Once you copy a trader, all of their opened trades are automatically copied to your account.
  • Wasay has a passion for writing as it allows him to express his creativity, share his knowledge, and connect with people worldwide.

EToro strives to improve its crypto trading services and also offers a crypto wallet to traders that wish to own the underlying asset. Copy trading is just one way to automate your investment strategy. It takes the guesswork out of choosing where to invest your money. Knowing the risks and reward potential can help you decide whether copy trading is a strategy you should adopt. Next, diversify your portfolio by copying multiple traders from different sectors within the cryptocurrency market. This spreads the risk and reduces the impact of any single trader’s performance on your overall investment.

Social Trading Community

However, it’s important to acknowledge that copy trading carries inherent risks. Investors should exercise caution due to the volatile nature of cryptocurrencies themselves. While copy trading offers a chance at potential gains, losses are also possible.

  • When you become a follower, you can open and close trading positions automatically, get access to their trading history and earn more from your crypto without any prior knowledge.
  • EToro is a multi-asset platform that offers both investing in stocks and crypto assets, as well as trading CFDs.
  • Many traders who seek to replicate the trades of other traders are primarily interested in their trading performance, not in the markets they trade.
  • While some of the best things in life might be free, profitable trading bots are not one of them.
  • The crypto space has only existed for a handful of years, and so everybody is still trying to grasp how it functions in terms of technical analysis.

To do copy trading on BitMEX, you need to use another service that connects to BitMEX with an API. Some of the services that you can use are Zignaly, AIVIA, and WunderTrading. Copy trading is like having your own personal crypto mentor, guiding you through the ups and downs of the market.

# Meta Trader 5

There is no easy answer to how much money you can make from copy trading. It depends on many things, like how well the traders you follow do, how much money you invest, how much you pay in fees and commissions, and how the market moves. The platform does not charge any fees for copying or being copied.

  • With copy trading, you’re always in control.You can decide to unfollow the trading strategy whenever you decide that copying someone no longer makes sense financially.
  • The software could usually be set up to invest the same amount or the percentage as the trader being emulated.
  • All you need to do is sign up on the exchange, link your exchange account to Coinmatics with an API key, and pick a strategy from a trader.
  • You can also follow and copy the best traders on NAGA with their “auto copy” feature, which shows you their strategies and results.
  • The first step involved in crypto copy trading is arguably the most important.

Copy trading is one of the simplest ways to benefit from another trader’s expertise. It also means that you retain complete control over the outcome. Cryptocurrency investors can also choose more than one lead trader to diversify their portfolio.