The process of earning money using cryptocurrency can be simple or difficult dependent on the actions you choose to take.
Everyone wants to earn profits, but services are available where people who have a good track record in trading can aid those who aren’t, or people who prefer to let someone else take their choices.
These are called copy trading services. These services let traders offer their strategies to other traders to copy in exchange for a cost or a percentage of their earnings.
What exactly is copy trading and what are the best places to do it? CryptoVantage has put together an extensive list of our top copy trading options below.
What Exactly Is Copy Trading Crypto?
The copy trading of crypto strategy is a method of copying the trades of other people.
If you copy trade you’re simply replicating the actions of the leader in order to earn profit in the same way they do. In contrast, you could be the leader and let others copy your actions.
Copy trading can be found in markets that are not crypto-related and was first introduced as a traditional form of finance.
Copy trading is an ideal way for newbies to start trading cryptocurrency without doing much.
The CryptoVantage’s Most Popular crypto Copy Trade Software
Here are the top CryptoVantage programs for copy trading crypto. They are not in any specific order. Some are actually exchange services while others are exclusively software.
An exchange that has a vast range of crypto assets and trading pair, Gate.io has recently launched Copy Trading. This lets traders duplicate other traders trading strategies.
In exchange for allowing their strategies replicated user is paid 5% of the profits you earn through their method.
It’s an effect of cascading, and there is no limit to the number of commissions that you may get. Gate has a leaderboard with successful traders according to the amount of profit, trends and other.
- A solid platform for traders with experience seeking to invest massive volumes of capital
- Comparatively competitive fees with other exchanges
- Headquarters are in Cayman islands
- Large selection of cryptocurrency
Bitget is another trading platform that was founded in Singapore however, it now has offices across the globe. Bitget offers a variety of cryptocurrency pairs , and leverage trading available.
The only drawback to Bitget is the fact that it’s a crypto-only site which means you’ll be unable to pay for your account using fiat currency.
- Free copy trading available to users . Up to 8% commissions for the trader who has developed a strategy
- A wide range of tokens that are small market cap
- All elements of our platform
- Support for customers 24 hours a day
Shrimpy is an cryptocurrency trading bot that focuses on managing portfolios. One of its highlights that is offered by the bot Social Trading.
On Shrimpy, social trading can be accomplished by two methods that is leading and following. Leaders are those who develop and share their strategies.
Others traders are then able to choose to pay (amount differs by leader) to follow the user’s strategy. If the leader makes changes to their portfolio, all of the followers are able to copy the change.
There’s a leaderboard that displays those who have had the greatest success, which makes it simple for new users to select an effective strategy from the previous ones.
- A great free version that comes with numerous options
- Social trading is a part of trading that allows you to follow other traders
- Pricing tiers with different levels of support for enterprises
- Automatic portfolio re-balancer
PrimeXBT is among the more sought-after choices for copying the BTC traders is PrimeXBT. PrimeXBT provides copy trading to everyone.
Professional traders can profit from their knowledge by allowing other traders to copy their strategies using PrimeXBT. A greater number of followers means that traders earn more money by trading profitably.
Beginners can avoid the risks of learning about markets, and instead copy trade successful traders. Copy trading using PrimeXBT gives access to a broad range of markets, including Forex, stocks, cryptocurrencies commodities, and forex. These markets are also available through the no-cost PrimeXBT mobile app for trading.
- Covesting allows users to replicate successful traders
- International markets for trading with Bitcoin, Tether or Ethereum
- Support for staking cryptocurrency with a potential for earning as high as 10 percent APR
- The Crypto account, S&P 500, Gold, Forex and commodities in one account
EToro is among the first social trading platforms. It begun with traditional financial markets. It also offers the service for cryptocurrency. The CopyTrader features allow users to easily copy successful trading strategies.
Select the traders you wish to copy, choose the amount you would like to invest and then copy everything they do in a way that is automated with real time.
It is possible to copy 100 traders from eToro with a range of customization options that are available in CopyTrader.
It allows you to copy only new trades as well as copying trades from all transactions, stopping a copy, or even putting the stop loss. With numerous methods to copy trades as well as being capable of doing traditional markets, eToro is quite popular.
- Excellent for novices to crypto.
- Platform for general trading and crypto-based trading.
- Trustworthy company with solid credibility within the community
- Fully accepts credit cards for withdrawals and deposits
The CryptoHopper is a very well-known crypto trading bot. A feature of CryptoHopper is known as Mirror Trading, which is similar to copy trading cryptocurrency.
In essence, you can mirror or copy the strategies used by expert traders. You can purchase their strategies, templates or even signals. Templates offer a variety of currencies, configuration settings and much more.
They generally are sold in conjunction with strategies. Strategies are developed and tested by a group of approved traders.
They are made up of technical indicators and other parameters that guide a bot’s purchasing and selling decisions.
Signals indicate an upcoming hot cryptocurrency, which means that you can pay for a third-party to inform you when a particular coin is worthy of investing in. With CryptoHopper you can use one of these factors and integrate them into your bot.
- A great introduction to the crypto trading bots
- Easy to set-up for brand new users
- Compatible with a variety of cryptocurrency exchanges
- Mirror trading is supported in full
Zignaly is another well-known trading bot for crypto, and they provide copies of trading services. With Zignaly, you can replicate the activity of professional traders in real-time and let them handle the job for you.
After connecting to your exchange account, you have to choose the trader you want to follow and select the amount you would like to use as the maximum money you wish to utilize.
Zignaly’s copy-trading platform will automatically replicate the trading activities of the trader you’re following. This will ensure that your results are in line with the results of the trader.
You don’t have to worry about setting up, strategy, or risk management. It will be done for you. Traders typically charge fees for their services.
In addition, you will be capable of reading the results and reviews of every trader. Like Shrimpy You can also sell your own strategies on Zignaly , rather than buying them.
Coinmatics is a pure Copy trading service. It operates the same way as the other platforms listed above, and traders are able to opt to pay for copying the strategy of another trader or let others pay to copy their strategies.
There are strategies that are free to copy too. Coinmatics is different from the other choices mentioned since it is only focuses in copy-trading. There aren’t any other options that are available, such as the basic features of trading bots.