We have already talked aboutcopy trading and its advantages and disadvantages.
A copy trading platform is a software app, which enables users to copy positions managed by experienced traders and use it. That way, traders can copy strategies with the desired leverage and invest, according to the strategy owner recommendations.
This can be a great trading strategy for beginners, trying to make their first profit from cryptocurrency trading.
We have prepared a list with some of the TOP copy trading platforms.
AvaTrade
Etoro
PrimeXBT
BingX
Naga
AvaTrade
AvaTrade is considered to be one of the best copy trading platforms. It is based in Ireland and regulated by the Central Bank of Ireland in Europe. They are one of the few top forex brokers offering fixed spread forex trading.
AvaTrade allows automatic real-time copying of trading operations from one account to another. At the platform, traders provide public access to their deals, and other users are able to subscribe to their signals. Afterwards, the execution is done automatically on subscribers’ accounts.
Etoro
Etoro is another popular copy trading platform, used by more than 12000000 traders. It offers Stocks, Commodities, Forex, Cryptocurrency, etc.
Etoro is perfect for beginners in social and copy trading. There you can build a crypto-based portfolio and trade a wide variety of assets.
Prime XBT
This is another copy trading platform, suitable for both beginners and experienced traders. For professional traders, this is a great platform to monetize their skills, by selling their strategies.
Prime XBT provides access to a wide range of markets and hundreds of trading instruments all in one platform.
BingX
BingX is another popular copy trading platform, with more than a million users, in over 100 regions. It provides a wide variety of cryptocurrencies, such as Bitcoin, Ethereum, Dogecoin, Safemoon, Solana, etc. Users are able to use a demo account and study trading strategies, while making profit at the same time.
Naga
This copy trading platform automatically copies the trade and helps you find other investor’s stats on the leader board. That way you can select from who to copy from, to get the highest profit possible.
The platform provides a messenger for sharing analysis. You can also set stop loss and take profit limits, to reduce the risk of losses and to secure your profits.
Why choose copy trading?
As we have already said, copy trading can be a great strategy for beginners, as it allows them to look after the best traders and directly copy their strategies. Social trading, on the other side, allows the exchange of trading ideas, and is also a great way to learn.
There are many reasons, copy trading is getting so much popularity, including:
Time-saving - copy trading is easy, and takes no time, compared to manual trading.
Learning - copy trading is a great way to learn strategies from the best traders. You can explore their actions, ask questions, and read more about why certain trade was implemented.
Diversity - copy trading gives a great opportunity to make profit, without hard work and huge investment.
How to choose the right copy trading platform?
Here are some important factors we recommend you to consider, before choosing a copy trading platform:
Security - Have a look at the institutions regulating the platform, as well as the location it's based on and the time it has been alive. You can also look at reviews and ratings.
Number of quality traders - Of course, the number and the quality of the users is another important factor to consider.
Search for transparent details about the traders you can copy from.
As we always suggest, you should do good research before making an investment, and never invest more than you are willing to lose.
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