Do you still want to become a better crypto trader? One way you can spice up your crypto trading skills and strategies is by learning from others how to do it.
Commonly known as social trading networks or platforms, many platforms and ecosystems now allow traders to share their trades and/or trade ideas with others. Besides the community aspects and ability to copy or mirror trades from elite/experienced or known traders based on their performance, these platforms also let you do auto-trading and access free technical analysis.
The best place to start for a trader though is a cryptocurrency exchange and there are some, including -- and especially the Decentralized Exchanges -- that allow you to share trades or copy/mirror trades from other traders. Of course, most cryptocurrency projects have their own communities that can be thousands of users in number and these do offer a lot more value for crypto traders if you can join.
However, for a trader dealing in more than a single crypto, it might become tedious to manage several groups from different platforms. A number of social trading platforms offer large communities of different projects and from which you can learn from on how to trade, as well as copy/mirror trades from in order to become a better trader.
These platforms offer much more benefits than just a community and Copy Trading features. For instance, some let you access more assets with less amount of capital, e.t.c. and with Copy Trading, you might cut down the time and efforts to do technical or fundamental analysis. You are able to also spread the risk by allocating your investments to different traders that you would like to copy.
We are listing a few of those below as well as their fees.
E-toro is world's largest social trading broker firm and offers a mixture of assets including stocks, forex, cryptocurrencies, indices, commodities, ETFs and lets you learn or copy/mirror trades from over 5 million professional traders. Therefore, eToro is a good place for the trader who would like to mix crypto trading with other assets as well. Most traders there do.
From the platform, you are able to either place your own original trade or copy a trade from a given investor (obviously the popular one with highest returns on record) with an allocation of as little as $100. For instance, if you want to copy a trader who opens a trade with 1% of his trading account, with your $100, the copied trade size becomes $1 with eToro.
This way, and with a minimum deposit of as low as $100 (actually $50 but $100 is required to copy), you get exposure to different assets which you wouldn't have access to if you traded in the ‘traditional’ way of opening trades in your own accounts, which also requires more capital. For instance, as a small trader, you might not afford the minimum of $250 needed to open an original trade on Ethereum crypto. However, you can allocate $100 of your eToro trading account to a popular investor who trades Ether and have Ether trades opened in your account because the minimum copied trade size on Ether is $1.
As a professional investor, you do not have to worry because you can earn some commission, fixed monthly payments, spread rebates, and other benefits from eToro depending on your level and the dollar amount of assets under management (AUM), after other traders start copying your trades.
Etoro offers different pairs including Bitcoin (BTC), Ether (ETH), Ethereum Classic (ETC), Dash, Litecoin (LTC) and Ripple (XRP).
The Copy Trading feature works more like manual trading and the most important decision a trader has to make here regards who to copy and how much money to allocate to each trader. To copy a trader, fund your account and click on "Copy People" button, then select the crypto option in the “Who Invest In” drop-down menu. Set in the other parameters and then click "Go."
A search result appears showing the traders who trade or have traded cryptocurrencies before. You then check the traders’ risk ratings, historical performance, number of copiers, portfolio instruments, and other trade statistics. Select a desired trader, allocate the amount you want to copy with, and click "Copy," after which you set necessary parameters including the copy amount, “copy open trades” yes or no, etc.) and click copy.
You can also test features using their demo account.
Etoro also runs the CopyFund, with which you can invest a minimum of $5000 in a balanced and managed investment in the top cryptocurrencies.
CoVesting is a copy-trading platform for cryptocurrencies and an digital asset exchange that accepts deposits in EUR, GBP and USD.
The platform, which currently works for Android and mobile devices allows users to earn some income by having other traders copy their trades. The crypto copy trade feature is coming to the platform so not yet started. The platform lets you search traders by name and you can see their ratings and percentage returns and hence select from the best.
Experienced traders can get rewards in COV tokens by letting other traders to copy their moves. The copy trading fee is deducted from the amount invested each time you start following a trade.Normally, traders -- makers pay a fee of 0.15% while takers pay a fee of 0.2 percent.
The Covesting platform uses COV tokens and also lets users to suggest a token to be listed.
CopyMe.io is a platform that lets you copy crypto traders and experts in real time, automatically. The copy trade service lets you follow trades of one or more experts and decide how much they can allocate to each of the expert.
After signing up, the a trader willing to copy trading moves will select traders from who to copy, set up his or her exchange API keys, assign allocation percentage for each expert, and ensure live trading is set to "true."
If a professional trader takes a position in XYZ coin for a total of 10% of his account value and you are 100% allocated to that expert, the platform also executes a trade in your account in the amount of 10% of your account value.
The copier, which runs in the cloud, has facilitated many trades every day. They say the copy success rate is 100%.
It works for majority of the coin pairs.
ZuluTrade is a platform licensed and regulated in the EU and Japan and has more than 50 brokers connected to it around the world. The platform, which currently has more than 100 k traders to follow, offers the ability to auto-trade many of cryptocurrencies sought-after in the market today including Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin.
Users are able to copy experienced traders from all over the world in trading different pairs at the ZuluTrade’s fully-fledged web based platform. You are also able to open a Profit Sharing account.
By searching on traders, you are able to view their user names, amount they have traded and their percentage ROI so far, the number of the followers they have, as well as the total profit their followers have earned (in profit) or the amount they have invested so far by copying their trades. Then you are also able to follow these traders.
Also, the professional/experienced traders available for copying do provide a description and anyone can check these descriptions for more tips on trading. Each professional traders also has a rating.
Traders whose trades get selected by others, get 0.5 pips for each traded lot of his or her own signals ONLY. The minimum deposit depends on the broker you choose and will be around $300.
Naga Trader supports popular cryptocurrencies such as BTC, ETC, LTC and soon will do for any ERC20 tokens. In addition to being able to copy traders based on performance, users are also able to receive news feeds that give them the most important news from the markets.
If you are new to a social trading platform, you can get a free demo with which you can test using 2,500 demo credits and earn some experience before upgrading to a live account. The A.I features help you to manage your portfolio based on data.
They also have a wallet called NAGA Wallet and cryptocurrency called NAGA that users can use to deposit tokens into SwipeStox financial markets and blockchain-based Switex virtual goods' market for gamers as well as other virtual merchandise and all transactions. Swipestock now acts as a social trading platform that lets users to copy trades of others. Those whose trades get copied earn bonus but copiers need to connect Swipestox to a third party broker for trading with real money. Otherwise, you can trade with crypto.
The company behind the project is called NAGA Group AG, a Hamburg-based fintech company established in October 2015.
Tradeo lets you trade Bitcoin and other popular cryptocurrencies as well as copy traders from anywhere. You are able to explore traders based on the amount of their percentage gains or followers. You are able to check the number of copiers who are copying a given trader as well as their monthly gains in percentage. In addition to copying trades, you have the flexibility to change the copied trades and you can still select several traders to copy from, thus diversifying and spreading risks.
It works on android & iOS devices so you are able to copy trade on-the-go. Besides crypto, you can trade more than 200 instruments in the market.
You also get access to technical analysis that are posted daily on the platform, including analysis of crypto markets.
This is a good platform for those people who, in addition to copying traders, want to access statistics about traders before making an investment. You can see the trade population for a given currency pair over a month or duration or at a given time, and can even measure social interest in the pair by checking the number of followers and copiers.
You can also execute trading signals which identify trading opportunities in the markets on Forex, Stocks, Indices, Commodities and Cryptocurrencies. The signals are free and provided in real time.