Best Crypto CopyTrading Sites
Best Sites - November 2023
This guide features the best crypto copytrading sites in November 2023
What is Copy Trading?
Copy trading lets investors with less experience do the same trades as investors with more experience. In short, copy trading is a good way of copying someone else's work.
Think about a classroom.
If you want to get a good grade, you should learn from someone who studies and knows what they're doing instead of just guessing and hoping.
Copy trading is pretty much the same thing.
The main reason to copy trade is to make as much money as a successful trader. It's investing with less room for mistakes that could cost a lot because you're delegating the thinking and decision process to someone else.
But before you decide to copy trade, you should know a few more things.
Copy trading step-by-step
1. The first step of crypto copy trading is to sign up for an account on a trustworthy platform, we recommend Bitget or Bybit. On most platforms for trading, you can choose to follow other traders. There are different ways to choose the trader you want to follow. For example, you might want to follow a trader who makes more money or who trades in a consistent way.
2. The second step is to decide how much you want to invest and how much of your money you are willing to risk. Don't put all your eggs in one basket, as the saying goes. Start with a small amount of your extra money, and keep in mind that investing always carries the risk that you won't get all of your money back.
3. All you have to do is watch! There are trading platforms that automatically trade the same stocks you choose as the investors you copy. But you can copy trade by hand by keeping an eye on what your peers buy and sell in their portfolios.
What's good and bad about copy trading?
Copy trading is a way to invest, but it might not be the best choice for everyone or every financial situation. So, before you start copy trading, it's important to know what the pros and cons are.
- You can trade like a pro even if you have minimal knowledge about the market.
- It is possible to make a lot of money.
- It's great way for new traders to start.
- You don't have to watch trades all day or even study the market before you make a trade.
- It helps traders connect with each other
- By following more than one trade provider, you can lower your risks and spread out your investments.
- Diversified funds are a great way to make money while you sleep.
- Finding the right platform or software for copying. Many platforms make you pay to get the software. If a company is not backed by us, you should stay away from them.
- Figuring out who is a real trader. In the world of social media, people need to do more than just look at a profile picture to get to know someone. Be careful when you look for a trader to copy.
- If you use an automated software, make sure you keep track of your losses and stop before you lose all of your money.
Now that you know what copy trading is, you can decide if it's the right way to invest for you.
Is Copy trading profitable?
Copy trading can work really well. But it will only work as well as the trader you pick.
Also, copy trading only works as well as the amount you put into it. If you invest $300 and get a 15% return, you will only make $45 per month. That's not very much. But if you get a 15% return on your investment every month and you put in $10,000, you will get back $1,500 every month. Of course, in cryptocurrency trading, profit margins are often much higher than that. A good trader in foreign exchange or crypto can make many times that amount.
The 7 benefits of Copy Trading
1. Time saving
Becoming a successful trader is not easy and takes a lot of time and work. Some traders won't be able to find the time they need to build a trading career. This could be because they have a full-time job or other obligations.
This doesn't mean they have to give up on their hopes of becoming successful traders. Copy trading lets you copy the trades of successful traders and doesn't need constant monitoring or manual intervention. So, if you don't want to lose more than your risk tolerance can handle, you need to make sure you've set up the right risk parameters.
2. Allows someone to trade even if they don't know much about the market.
To analyse the markets, you need to know how they work and how to do both fundamental and technical analysis. Even though traders who focus on fundamentals might not find technical analysis very useful and vice versa, it is always a good idea to understand how both work.
3. You can learn how to trade from people who have done it for years.
Some master traders like to keep their identities secret, but others would rather build a community around their service. This will let you learn from a trader with more experience and share ideas with other traders.
4. You can deal with risks better.
Copy trading does not lower the risks of trading. But traders can change different risk parameters in the copy trading app to keep the risk at a manageable level. Traders can set a maximum drawdown level or decide if they want to copy the size of the trades made by the master trader or change the size of the trades based on the size of their accounts.
5. Keeps emotions out of the trading process.
One of the hardest things for traders to do is to keep their emotions in check. This is why it's often easy for traders to make money on a demo account (at least in the short term), but they have a hard time when real money is involved.
Even with copy trading, emotions can still come into play. For example, if you copied a trade and it turned out to lose more than you expected. But you can depend on the master trader's decisions to a large degree. If you've noticed that you're too emotional when trading manually and close out your winners too soon while letting your losers run, copy trading might be a better fit for you.
6. The trades can be customized to fit your needs.
Most of the best Crypto Copy Trading platforms let users not only directly copy the trades and strategies of signal providers, but also change how they copy in certain ways.
This means that investors can choose to copy trades but only do so in smaller amounts or only copy parts of a trade. What is copied from a signal provider and how much is copied can often be changed. This means that copied trades can be made to fit different account levels and risk profiles.
7. Copy trading gives you a variety of ways to invest.
Diversifying your portfolio is a key part of managing risk. Copy trading is another way to get this kind of variety. Investors can choose from a number of traders who trade different assets, do so over different time periods, and use different strategies. All of this can work together to give a portfolio balance and variety.
Crypto CopyTrading on Bitget
Bitget is one of the most popular cryptocurrency exchanges in the world. It was founded in 2018 and is currently used by more than 2 million people in more than 50 countries.
Since Bitget's official launch in the crypto derivatives market in June 2019, the platform has become one of the largest crypto copy trading and derivatives exchanges in the world.
Bitget introduced the world's first USDT-margined futures in June 2019. Bitget was the first exchange to offer copy-trading for crypto futures in 2020. At the moment, it is the largest copy-trading platform for crypto futures in this business.
There are more than 12K professional traders on Bitget's One-Click Copy, and so far more than 380K people are following them. All the traders have made a total of more than US$100M, and their followers have made a total of more than US$120M.
Crypto CopyTrading on Bybit
Bybit is a cryptocurrency exchange that opened in March 2018 to give crypto traders a professional platform with a fast matching engine, great customer service, and community support in many languages. The company offers retail and institutional clients from all over the world innovative online spot and derivatives trading services, mining and staking products, and API support. Its goal is to be the most reliable exchange for the new class of digital assets.
Since April 2022, Bybit users will be able to choose a master trader to copy, and the brand new copytrading system will mirror the same trades in a matter of ms (extremely fast). Bybit keeps a close eye on how master traders do and they features the most interesting ones for the users to follow.
Bybit Copytrading is letting you copy the trades of the platform most successful traders. The master traders also get paid commissions, which gives them a way to make passive income.
If you're new to crypto trading and find it hard to navigate the markets, you can join as a Follower and choose a Principal Trader you like from the Bybit pool of traders who have been carefully screened. Once you start copying their trades, you'll not only be able to trade with ease, but you might also learn a thing or two from these experienced traders.
This platform is great for you if you want to grow your portfolio or learn from more experienced traders (or maybe both).