Unleashing the potential of blockchain technology, the surge in cryptocurrencies has attracted both new and experienced traders. To make your cryptocurrency journey successful, you need the right tools, and crypto copy trading platforms are one of them.
In this blog post, you'll discover the 16 best crypto copy trading platforms and apps available in 2023.
Best Crypto Copy Trading Platforms & Apps in 2023
1. eToro
Regarded as one of the pioneers of social trading, eToro allows you to follow and copy the strategies of successful traders. With eToro, you can easily diversify your crypto portfolio by copying the trades of established investors.
Features: eToro provides a CopyPortfolio feature, real-time stats, and risk analysis tools.
Pros: eToro offers a variety of cryptocurrencies and a user-friendly interface, and its CopyTrader tool is great for beginners.
Cons: The platform charges withdrawal fees, and it's not available in some countries.
2. PrimeXBT Covesting
Designed to meet the needs of beginner and professional traders, PrimeXBT Covesting allows you to copy top-performing traders automatically. Covesting Module, a feature on this platform, showcases the performance of successful traders, so you can make informed decisions.
Features: This platform includes a Covesting Module, detailed trader analytics, and a variety of crypto assets.
Pros: The Covesting Module allows for easy copy trading, and the platform has competitive fees.
Cons: There's a lack of fiat currency support, and it could be overwhelming for beginners due to advanced features.
3. ZuluTrade
ZuluTrade offers an intuitive interface and comprehensive tools for copy trading. You can easily follow and replicate the strategies of successful traders, while also setting your risk management controls.
Features: ZuluTrade offers auto-trading tools, advanced charts, and risk management controls.
Pros: It provides a wide array of trading instruments and has a user-friendly interface.
Cons: Fees can be high for some transactions, and its customer service is sometimes rated poorly.
4. Binance
Binance is not just a popular crypto exchange; it also offers a robust copy trading feature. Binance's Social Trading feature lets you mirror the trades of experienced crypto traders, providing a useful learning tool for beginners.
Features: Binance provides spot and futures trading, staking, and a social trading feature.
Pros: It has a broad range of crypto offerings and low fees, making it one of the largest and most popular exchanges.
Cons: It may be complex for beginners, and customer support can be slow.
5. Coinmatics
Coinmatics offers an effortless copy trading experience, providing real-time tracking of successful traders. It also allows you to set stop-loss limits, ensuring your investments are adequately protected.
Features: Coinmatics offers real-time tracking, stop-loss settings, and detailed performance stats.
Pros: The platform offers a simple setup process and transparent trading data.
Cons: It lacks mobile support and has a relatively small number of trader portfolios.
6. Tradeo
Known for its advanced social trading features, Tradeo provides a platform for following and copying expert traders. Tradeo’s interface is straightforward, and it's highly appreciated for its transparent trading data.
Features: Tradeo provides live streaming of currency prices, a variety of technical analysis tools, and advanced charting.
Pros: Its social trading network is robust, and there are no commission fees.
Cons: The platform doesn't offer a wide variety of cryptocurrencies, and its interface can be challenging for beginners.
7. Bitfinex
Bitfinex brings a unique feature to the table - social trading. With Bitfinex, you can interact with experienced traders, learn from them, and replicate their strategies to optimize your trades.
Features: Bitfinex includes a variety of order types, advanced charting tools, and a peer-to-peer financing market.
Pros: The platform offers a wide range of cryptocurrencies and high liquidity.
Cons: It has been involved in some controversial incidents in the past and can be complex for beginners.
8. CopyMe
CopyMe is a great tool for copy trading, designed specifically for the crypto market. It allows you to connect with experienced traders globally, and easily copy their trades based on your preferences.
Features: CopyMe offers trader rankings, customizable copy trading settings, and a range of crypto assets.
Pros: It's specifically designed for the crypto market, and it has an intuitive interface.
Cons: It has limited educational resources, and it only supports a few specific wallets.
9. Naga
Naga offers a wide range of financial instruments along with crypto. This platform comes with an Auto Copy feature that allows you to duplicate successful trades, making it ideal for beginners.
Features: Naga provides auto-copy trading, real-time stats, and a range of financial instruments.
Pros: It offers a variety of asset classes, including stocks and commodities.
Cons: There's a learning curve for beginners, and its fees can be high compared to other platforms.
10. CryptoHopper
CryptoHopper is a trading bot that provides a powerful copy trading feature. It offers signalers, who provide trading signals, which you can copy to automate your trading.
Features: CryptoHopper offers signalers, automated trading, and backtesting.
Pros: Its automated trading feature can run 24/7, and it offers integration with multiple exchanges.
Cons: It's reliant on signalers for copy trading, and its advanced features might be confusing for beginners.
11. Aluna Social
Aluna Social combines the power of social media and trading. You can follow other traders, share insights, and even copy trades from successful traders.
Features: Aluna Social provides public trader profiles, trade mirroring, and performance analytics.
Pros: It combines social media and trading, encouraging interaction between traders.
Cons: It's a relatively new platform and therefore doesn't have an established reputation yet.
12. Covesting
The Covesting platform is integrated with PrimeXBT. It allows you to follow and copy trades of successful traders, offering a transparent leaderboard of trader performances.
Features: Covesting offers a leaderboard, trader profiles, and comprehensive performance metrics.
Pros: It provides transparent performance metrics and allows easy copy trading.
Cons: It lacks support for a broad range of cryptocurrencies.
13. Shrimpy
Shrimpy lets you automate your crypto trading by following successful traders. You can configure your risk tolerance, making it an excellent platform for both novice and experienced traders.
Features: Shrimpy provides portfolio rebalancing, backtesting, and social trading features.
Pros: It's easy to use, and it offers automation of portfolio management.
Cons: The platform's social trading feature is not as comprehensive as others.
14. Mudrex
Mudrex offers algorithm-based copy trading. You can choose and invest in pre-built portfolios created by successful traders and just sit back as the algorithm does the work for you.
Features: Mudrex offers algorithm-based copy trading, backtesting, and a range of pre-built portfolios.
Pros: It allows for easy investment in pre-built portfolios and provides detailed portfolio analytics.
Cons: It doesn't support a wide range of cryptocurrencies, and its algorithm-based trading might not suit everyone.
15. Duplitrade
Duplitrade offers an automated trading platform where you can follow and copy the trades of expert traders. It offers a list of handpicked strategy providers you can follow.
Features: Duplitrade provides a list of strategy providers, automated trading, and performance analytics.
Pros: The platform's copy trading is fully automated, and it offers handpicked strategy providers.
Cons: It supports a limited number of crypto assets, and its services are not available in the U.S.
16. CoinSignals
CoinSignals is a crypto trading platform that offers the feature to follow experienced traders. Its interface is user-friendly, and it provides a variety of signal options to choose from.
Features: CoinSignals offers a variety of signal options, detailed trader analytics, and customizable settings.
Pros: It provides real-time signal notifications and a user-friendly interface.
Cons: It might be overwhelming for beginners, and the number of supported exchanges is limited.
Remember, copy trading can be a great way to kick-start your crypto journey, but it's not a guaranteed path to success. Always do your research, understand the risks involved, and invest wisely.
There you have it, the 16 best crypto copy trading platforms and apps in 2023. Each platform offers unique features and benefits, so it's up to you to decide which one suits your trading style and risk tolerance. Happy trading!
FAQS About Crypto Copy Trading
Q1: What is copy trading?
A1: Copy trading is an investment strategy where investors copy the trades made by experienced traders. The idea is to leverage the skills and knowledge of seasoned traders to make informed investment decisions.
Q2: How does copy trading work?
A2: Copy trading works by linking a portion of the copying investor's portfolio to the portfolio of the copied trader. Any trading action made by the copied trader, like opening a position, closing a position, or setting stop loss and taking profit orders, is mirrored in the copying trader's account.
Q3: Is copy trading profitable?
A3: Copy trading can be profitable, but like all investment strategies, it involves risks. Profitability depends on the effectiveness of the copied trader's strategies and market conditions. It's important to remember that past performance is not an indicator of future returns.
Q4: Can you lose money in copy trading?
A4: Yes, it's possible to lose money in copy trading. The risks in copy trading are similar to those in direct trading. If the trader you're copying makes poor investment decisions, you'll mirror those losses in your account.
Q5: Is copy trading legal?
A5: Yes, copy trading is legal in many jurisdictions around the world. However, regulations can vary, so it's important to use a platform that complies with the regulations in your area.
Q6: What is the best platform for copy trading?
A6: There are several reputable platforms for copy trading, including eToro, ZuluTrade, and Binance. The best platform for you will depend on your specific needs, such as the assets you wish to trade, the level of fees you're willing to pay, and the platform's usability.
Q7: Can beginners do copy trading?
A7: Yes, copy trading is often seen as an effective way for beginners to start trading. It allows them to learn from experienced traders and understand how they make trading decisions. However, beginners should still learn about the markets and understand the risks involved in trading.
Q8: Do you need a lot of money to start copy trading?
A8: The amount of money you need to start copy trading depends on the platform you choose. Some platforms allow you to start copy trading with a small amount of money, making it accessible for individuals with different investment capacities.