Cryptocurrencies are volatile digital assets. The daily highs and lows of crypto assets are on the most part more varied than a traditional tradable asset. While the swings of the crypto market can lead to risk when trading, it can also lead to significant opportunity. In this article, we will review 4 popular crypto copy trading platforms you may want to use. This article is a high-level review and is by no means exhaustive. We hope that by introducing you to some different options, this will be a prompt for further research to find the best platform for your needs.
What is crypto copy trading?
Crypto copy trading involves mimicking/mirroring the trading strategy of a professional, vetted trader. In the past, when a beginner trader wanted to copy the strategies of other traders, they would have had to find a signal provider from a trading community and then go on a trading platform to trade.
While using signals channels is still a feature of the cryptocurrency trading environment, copy trading offers an easily accessible option for those who want to trade but would rather have a professional in charge of their assets (for a management fee).
Many trading platforms now have integrated the copy trade function into their products and services. This not only is lucrative for the cryptocurrency exchange but can be lucrative for the service users, too.
Here are 4 you may want to check out:
eToro has more than 13 million users in 140 countries worldwide.
eToro made its name through its social investing platform, a tool that allows users to copy the trades of other investors.
The platform provides FX trading, stocks trading, indices trading, commodities trading, CFDs, index-based funds, exchange-traded funds (ETF) and cryptocurrencies.
eToro is compliant with regulations.
eToro developed its copy trade system with great social features. Finding a trader to copy on eToro is like finding a friend on Facebook. You choose an investor you want to copy, and with a click of a button, you can begin mirroring their positions automatically. To protect your position you can set stop losses.
For any investor, who is seeking a place for social communications and the ability be exposed to a small selection of cryptocurrencies, then eToro is a good bet.
ZuluTrade is an online social and copy trading platform. It allows traders to copy the trades of experienced traders in the forex and financial markets. While copy FX trading is a big focus on ZuluTrade, cryptocurrencies such as BTC, LTC, ETH, BCH are available.
The social element also enables traders to leave feedback and share ideas. Today, it has around one million users and executes a trading volume in excess of $800 billion.
Zulu trade is set apart from other copy trading platforms by the sheer number of traders you can copy. You have access to over 10,000 traders from 192 countries. Additionally, you can then use ZuluTrade’s advanced search engine to hone in on the best.
Bityard is an online cryptocurrency contracts exchange. Crypto contracts are trading instruments that enable an investor to trade on the price movement of crypto at a predetermined future date and price.
Bityard launched its contract copy trade in November 2020. This function allows users to automatically copy the contract trading of traders of their choice, eliminating the need for constantly monitoring the market.
On CoinMetro, the copy trading platform is known as “TraM” ( Trade Mirror).
TraMs can either be public, or private. The majority of TraMs are private. Public TraMs have gone through a thorough vetting process by the CoinMetro team and the managers are experienced traders with a proven track record.
Private TraMs are not visible to the public, and only accessible via a link that the manager can share.
There are no costs to follow a TraM. Allocate euro or bitcoin, and you will mirror the trades made by the manager. You are free to remove your funds at any time.
The managers take a small management fee only on the profit you make. The fee is chosen by the manager, 5/10/15/20/25%.
In addition to CoinMetro’s successful Copy Trader options, you get access to a vibrant digital asset exchange (see our full CoinMetro review) where you can buy and sell Bitcoin and a range of cryptocurrencies in a safe, regulated environment.
In summary, each of the four platforms has its own features. eToro is distinguished with its great social features. ZuluTrade is a professional platform weighted more toward FX trading. Bityard has diverse cryptocurrency trading services. CoinMetro has successful public copy trading options and a vibrant ecosystem of digital asset wealth-building tools. Conducting your own research on each one will help you find the crypto copy trading platform that’s right for you.