Do you want to make money by copying the trades of top traders?
Phemex is a well-known exchange from Singapore that offers a copy-trading feature.
You can spectate top traders' trades and copy their trades automatically. This kind of social trading is ideal for investors who are beginners and good in picking the top traders.
And like many others, you are just a beginner in crypto trading. Well, you don’t need to be disappointed as copy trading platforms are here to your rescue. This is one of the easiest ways for anyone to piggybank on the skills of experienced traders and make a passive income. Of course, it comes with the inherent risk of trading, but with a disciplined approach and by regularly finding top crypto traders, you can ace the game of crypto copy trading.
|Name||Copy Trading||Trading Terminal||Bots||Supported Exchanges||Pricing|
|eToro||✅||✅||❌||Own exchange||$5 for withdrawals|
|PrimeXBT||✅||✅||✅||Own Exchange||Performance fees|
|3Commas||✅||✅||✅||Binance, Bybit, Bitmex, and more||Variable plans|
- What is Copy trading in Crypto?
- Best Crypto Social Trading platforms to use for Profit:
- 1. ByBit Copy trading
- 2. Binance – Copy Top Binance Traders
- 3. BYDFi
- 4. Finestel – Copy trading platform
- 5. Gate.io Copy trading
- 6. eToro Copy Trading feature
- 7. PrimeXBT Covesting
- Conclusion: Best Crypto copy trading platforms
- Does Binance offer a social trading feature?
- Is Copy Trading in Crypto Profitable?
What is Copy trading in Crypto?
Copy trading is copying the trading strategies or trades of someone else. Usually, it is experienced traders who are constantly generating more profit than losses. While we are at it, you should know that Copy trading is also known as social trading or mirror trading. Essentially, they all are one of the same things.
This copy trading software automates buying and selling of crypto assets by mitigating the original trades of professional traders. You as a user only need to deposit an initial capital which could be as low as $50, select an expert trader on one of these cryptocurrencies’ social trading platforms, and from here on everything will be automated.
- Beginner people prefer copy trading as this way, they can rely on the expertise of experienced traders.
- Copy trading could be automated or could be manual. It is much better when it is automated.
- There are exchanges which offers copy-trading feature. Bybit and Binance are two most popular platforms offering copy-trading feature.
- There are tools like Cornix that can be use to copy trades automatically if you are part of paid telegram groups.
If you are a pro-trader, you can offer your service via these social trading platforms and earn a profit when people copying your trades make a profit. The best part; is everything is automated, and you will be acting like a hedge fund without the hassle of compliance and paper work.
Now there is no end to the number of platforms that offer copy trading (social trading), but like always I will make your search easier by suggesting only the best copy trading platforms. So buckle up to learn something new and start earning from trading even when you have no prior experience in trading.
Best Crypto Social Trading platforms to use for Profit:
1. ByBit Copy trading
Bybit is a popular exchange that offers copy trading features. You can either become a principal trader and earn money by letting others follow your trades. As a principal trader, you will earn 11% commission. Or, you can copy other pro-trader strategies and make money.
Here is how to use the Copy trading feature of Bybit:
- Create an account on Bybit
- Fund your account with USDT or the crypto of your choice.
- You can also buy Crypto directly on Bybit using Fiat money
- Go to Derivatives > Copy trading
Here you will see all the pro-traders, and you can pick a trader to copy based on their performance and statistics.
- You can set your own Take profit and stop losses, if you like.
- Allocate a fund for the copy trading strategy, and let the pro-trader make money for you.
Pros of Bybit Copy trading:
- Easy to get started
- Leverage up to 100x
- Vetted and pro-traders
Cons of Bybit Copy trading:
- Not available in USA
2. Binance – Copy Top Binance Traders
Many of the existing Binance users are unaware that they can copy top traders of Binance via a 3rd party tool. TraderWagon is a crypto social trading platform which helps beginners find experienced traders and copy there trade.
How to copy top traders on Binance?
- Create an account on TradersWagon.
- You can use Login via Binance feature.
- If you are on Binance mobile app, search for marketplace and select TraderWagon. (See screenshot)
Once you are logged into TraderWagon and connected it with your Binance account, your next task is to find the best trader.
Here you have option to filter the traders based on various filters. TraderWagon also offer option to let you copy someone portfolio, which is ideal for those who are looking to invest.
If you need a detailed guide on how to copy-trade on Binance, let me know via comments.
BYDFi is a cryptocurrency derivatives exchange that offers a copy trading feature, that let you make the most out of contract trading. The platform offers a copy trading module, in which you can browse through the list of top-performing traders, and copy the strategy that resonates with you. BYDFi offers a demo mode that allows you to make practice trades using real market statistics.
BYDFi is regulated in Singapore, Estonia, Australia, and the USA. BYDFi is an international market that services over 150 countries at this time.
You can get started with as low as $5.
Here is how to get started with BYDFi Copy trading module.
- Register an account on BYDFi (Free)
- Add funds to your BYDFi wallet by clicking on “Assets”
- Click on Copy trading at the top to see the list of top-performing traders
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.
Click on copy, and congratulations! The copy trading module has started.
4. Finestel – Copy trading platform
Finestel is one of those crypto copy trading software that you always wanted it to be existed. Finestel is an independent platform that connects pro-traders with investors.
Pro-traders can share there trades from Binance or other supported exchanges (automatically using API), and investor can automatically copy those trade to make money.
What I really like here is, if you know anyone of your good friend who is pro in trading, you can ask him/her to create an account on Finestel and let you copy this trade. They can also setup a performance fees which will help them to make extra money from the trading.
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.
5. Gate.io Copy trading
Gate.io is a well known crypto exchange that allows users from USA as well. They offer Copy trading feature, which is super easy to use.
To get started with the Gate.io copy trading feature, here are the steps required:
- Register an account on Gate.io
- Complete KYC
- Add funds (They only accept crypto at this moment)
- Select Quantitative > Leaderboard
Here you will see the top traders that you could copy.
5% of the net earnings will be given to the initial strategy creator when the strategy closes. You can use the fund in your exchange wallet to deploy, and from here everything is automated.
6. eToro Copy Trading feature
eToro social trading is quite popular among beginners who are looking to start with copy trading feature. eToro deals in various markets including cryptocurrencies.
Once you have activated your account, inside your dashboard select “Copy people” and select “Crypto” under the “who invests in” tab. See the below screenshot for a better understanding:
Past performance is not an indication of future results. The trading history presented is less than 5 complete years and may not suffice as a basis for an investment decision.
There are various filters to help you find a trader whom you can copy. My recommendation is to look for a trader who is giving consistent returns over a long period, ex: 12 months.
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.
You can further click on any profile to see their detailed stats which include performance over time, their existing portfolio. Once you have found the trader you wish to copy, simply click on copy and you would be asked to add the funds.
Do note that there is a feature called “Stop copying” which is similar to “Stop Loss” feature, and helps you save yourself when things go south.
Once everything checks out, simply move ahead and deposit funds. You can deposit funds on eToro via various methods, including PayPal.
Pros of eToro:
- Popular Social trading platform
- Offer more than Crypto
- Thousands of established and verified traders
Cons of eToro:
- No Crypto deposits
- Inactivity fees
- $5 withdrawal fees
With expected valuations of $10.4 billion, and the company going public soon through a blank-check company, eToro is an ideal choice for any new investor looking to leverage social trading for extra gains.
Disclaimer: 81% 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.
7. PrimeXBT Covesting
Covesting is a social trading platform that is not directly integrated with PrimeXBT which is another upcoming exchange. This union helps you to enjoy the power of social trading directly inside the PrimeXBT exchange. PrimeXBT also offers a trading terminal as well, that you can use to make trades other than social trades.
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.
Getting started with the PrimeXBT Covesting feature is simple and here is how to go about it:
- Create an account on PrimeXBT (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 are using BTC as a funding mechanism.
- Select Covesting from the top menu bar, and use filters to find an ideal trader to copy.
You can click on any name to see more stats about their profile. Here you will find all information you need to pick a professional trader, such as performance stats, manager equity (The amount of own money the trader has put in), followers equity, Win ratio, description of the trader, and the profit distribution.
Once you have found a trader that you wish to copy, click on follow and enter the amount you want to start with copy trading.
- Note: You can use the COV token to reduce the entry fees.
- Note: Please be informed that following a strategy using the Covesting module involves the risk of capital loss. Following a strategy could result in a partial or complete loss of your funds, therefore, you should not operate with funds you cannot afford to lose.
Overall PrimeXBT Covesting platform is one of the top social trading platforms out there, and something you as a beginner might like to start with.
Conclusion: Best Crypto copy trading platforms
As the cryptocurrency market maturing, we can expect more similar platforms. However, for now, these are the best social trading platforms you could use to copy trades from the top traders.
If you are looking for a single 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 keep updating this resource to help you updated with the top platform for social trading, but for now, I have a few questions for you:
- How’s your experience with Copy trading?
- What are the pros/cons of social trading?
- What measures do you take to minimize the risk when copying the trade of others?
And, last but not the least;
- Which other platforms are you using for social trading?
Yes, you can use copy trading feature of Binance using a 3rd party cool called TraderWagon.
Is Copy Trading in Crypto Profitable?
Copy trading could be a profitable avenue for inexperienced traders to make money from crypto. However, you need to ensure the trader you choose to copy the trades is pro-active, and risk management and win rate is high. Even though you might want this to be completely passive, which may not be the best idea. You should know that some traders functions better in bull market, and some in bear market. Following the right trader and letting go of losing trader is perhaps the best way to maximize your ROI from copy trading.