Let’s talk about jam. Imagine that you’re standing in the grocery shop and staring at 24 different jam jars on the shelf. Which one are you going to buy? Small or large jar? Strawberry or raspberry? Domestic or overseas production?
If you feel overwhelmed, it’s totally okay. At the moment, you’ve just participated in Jam Experiment, one of the most famous experiments in consumer psychology.
Psychologists Sheena Iyengar and Mark Lepper found that consumers were 10 times more likely to purchase jam when the number of jams available was reduced from 24 to 6. Less choice, more sales. More choice, fewer sales.
When beginners make a decision to enter the crypto market (not a supermarket) by copying deals of successful traders, they come across a huge amount of crypto copy trading platforms and get lost.
So, the investment idea dies. It’s sad.
Probably, you’re embarrassed by my talk. Social trading, mirror trading, copy trading — most of the time it’s the same stuff. Call it whatever you want. All you need is to catch the concept: you simply let someone else develop the trading strategy for you by directly copying the exact same deals they make. The best option is the automatic mode, but the manual one is also possible.
Take a note: this article is dedicated to CRYPTO copying.
- Copying experienced traders can be an educational tool for people who wish to learn how to trade on their own.
- It is the easiest and most profitable entry to the global market — no need to have much expertise.
- Copy-trading works under the rule of being in the same boat : traders risk their own funds when providing trades for the copy.
- If you copy the trades automatically, it’s a real time saver.
Let’s review the most effective and trustworthy services and run away from uncertainty. Ready, steady, go!
A platform that offers to copy trading strategies made available on their marketplace. 3Commas offers Bitcoin robots and crypto trading bots as well as a marketplace where professional traders offer their trading strategies to other users of the platform.
So just choose the trading strategies you wish to copy to your account, and the crypto bots will take care of the rest and will automatically place buy or sell orders on your 3commas account.
One of the advantages of 3Commas Blog is its impressive list of crypto exchanges on which it is possible to do automated crypto trading: Binance, Binance US, Binance DEX, Binance Jersey, Kraken, Bitfinex, Bitmex, Bitstamp, Bittrex, Bybit, Bybit Testnet, CEX, Ethereum Wallet, Exmo, Gate.io, Coinbase Pro, Hitbtc, Huobi, Huobi US, Kraken, Kucoin , OKex, Poloniex, Yobit.
Security: the funds are not held on the platform; the trading bots are not able to make withdrawals.
Pros: big amount of supported exchanges; good reputation; great user experience and beginner-friendly interface.
Cons: not all exchanges support automated trading; hard to customize bots without TradingView; complicated tool for beginners.
Pricing: 3-day free access to PRO plan; 3 tariffs: Starter (14.50$/month), Pro (49.90$/month), Advanced (24.50$/month). The cheapest plan offers less functionality.
Read our 3Commas review.
Coinmatics is a crypto copy trading and analytical platform that was launched in 2018. Founded by Denis Zabauski, the platform is an excellent tool to use for both beginners and trading professionals. In a nutshell, the service allows investors to copy the crypto deals in automatic or manual mode. For traders , Coinmatics is an opportunity to earn by growing subscribers base and getting profit out of their copied deals.
The main feature of Coinmatics is crypto copy trading. Additionally, other services are helpful for experienced traders: crypto arbitrage, ticker alerts, and analytics. Today, there are 40 traders and more than 3000 registered copy traders on the platform.
At the moment, only Binance exchange is available for copy trading. But HitBTC, Bitfinex, Bitstamp, Poloniex, Bittrex, Exmo already work for the other Coinmatics services mentioned above. These exchanges will be added to copy trading as well in one of the next big updates. Anyway, Binance copy trading is worth trying.
“We know that investments are always a risk, especially when we talk about volatile currencies. So, Coinmatics understands it and mitigates the risk by moderating the strategies — more stable performance get higher ratings. Rating calculation based on performance is a constant process that starts at the moment the strategy is added to Coinmatics. The platform keeps the trading history of each strategy open so anyone can make an independent evaluation”.
Security: no withdrawal permissions in API key settings; credible statistics; two-factor authentication for account protection.
Pros: unlimited free trial period; additional analytical tools for professional traders; efficient and fast-working support; strategies rating, intuitive interface easy for crypto beginners to get used to.
Cons: low number of Coinmatics reviews on the Internet; lack of Binance Futures and Margin Trading.
Pricing: unlimited free trial period; profit sharing principle.
Also, read our Coinmatics review.
eToro is a pioneer of social trading, indeed. Obviously, it has the most advanced social trading features in the market. It lets you trade in Forex, commodities, stocks, and ETF contracts for difference (CDFs). Now it supports more than 16 cryptocurrencies.
eToro’s copy trading is an exciting feature. Unlike regular copy trading, social investing allows you to copy other traders’ actions with adjustable levels of risk and exposure. This way, you are not entirely dependent on other trader’s activities and can alleviate the risk of losses if you want to. Moreover, this service is like an investment social network — traders can make their own blogs.
eToro_Official claims +29.1% average yearly profit (of 50 most copied traders for 2019) for copy traders.
Security: Etoro is fully regulated by the FCA and CySec; your funds are protected by industry-leading security protocols; no private sharing data without your permission.
Pros: Wide variety of instruments; reputable, regulated company; traders’ ability to maintain their blog where they can communicate with users; availability of copy trading+terminal+bots.
Cons: inactivity fees, no crypto deposits (only $), slow customer support, can be a complicated tool for newbies because of verification process, many unprofessional traders; the fee for withdrawal of funds.
Pricing: only withdrawals incur a fee of $5 and, additionally, eToro_Official charges for spreads.
CopyMe is the next social investment platform. USA product. Overall, those who are looking for a unique, high-quality, and effective platform may want to tap into the power of CopyMe. This platform enables individuals to perform trades by experts so that they can enhance their chances of seeing a better return. To get started and to learn more about the platform, just visit the CopyMe website today.
How does their copy trading work? You as an investor are able to follow trades of one or multiple experts and decide how much you want to allocate to each expert without ever sending anyone your funds.
Security: no detailed information on security maintenance is provided by CopyMe team.
Pros: a variety of filters that the potential followers can use in order to find the best trader; unlimited number of traders to copy simultaneously; 24/7 Customer Support; ability to allocate your funds between several traders.
Cons: only 3 exchanges available — Binance, Binance US, BitMEX; no detailed information on security maintenance.
Pricing: no profit-sharing — only a monthly subscription fee to the experts that they set (starts from $40).
Kryll is an automated crypto trading platform, it offers powerful Bitcoin robots and crypto trading bots for traders who want to do automatic cryptocurrency trading. It has a marketplace where professional traders can offer their trading strategies to other users of the platform. It is therefore an ideal service for a beginner trader or the general public who would like to start crypto trading without having any skills yet.
In order to do copy trading on Kryll, simply open a free account and select the trading strategies you wish to copy to your account. Everything is automatic, once selected, you can first test the strategy for free in test mode before going into real and paid mode.
Kryll.io has an iOS and Android mobile application to track your account in real time.
Security: direct connection to the exchange accounts via API key; withdrawal permissions are not required.
Pros: iOS and Android mobile application; powerful strategy editor; TradingView integration; free and unlimited backtests.
Cons: not detected.
Pricing: 1% of traded capital for 1 month’s use.
ShrimpyApp is a cloud-based crypto trading platform. Shrimpy allows users to configure a crypto asset portfolio, specify the percentage weighting of each coin’s value in the portfolio, and set it to be automatically rebalanced at a set time period.
ShrimpyApp has other features such as Social (follow the strategies of other Shrimpy traders), Insights (gain insight into how other Shrimpy users manage their portfolio), and Backtesting. You’ll be amazed by a wide range of exchanges supported by Shrimpy company: Binance, Binance US, BitFinex, Bibox, Bittrex, Bittrex Global, Bitmart, Bitstamp, Coinbase Pro, Gemini, HitBTC, Huobi Global, Kraken, KuCoin, OKEx, Poloniex.
Security: API key encryption; two-factor authentication; fully secured HTTPS protocol (with SSL).
Pros: A large number of supported exchanges (16 different exchanges!); automatic rebalancing; security measures; a beneficial referral program.
Cons: not detected.
Pricing: a monthly membership fee. Difference: free Hodler subscription gives the ability to create a portfolio and connect to their exchange account. The Professional pack includes all Shrimpy features including Custom Index builder, Rebalancing, Backtesting, Social Trading and Insights.
Also, read our Shrimpy review.
Trademate is a distinctive platform offering advanced functionality for trading on Poloniex, Binance, and BitMEX. As an investor, you can also take advantage of the platform to see which traders are the best to follow and gain profits by executing wise trades. On the other hand, if you feel confident in your experience and knowledge, you can start earning money by becoming a Pro Trader. Trademate offers such features as Task Editing, Averaging, and TradingView.
Security: the service has no access to user funds on the exchange; secure servers to store user API keys; two-factor authentication via phone or email; HTTPS encryption to improve connection security.
Pros: referral system (20% from the payment of your referrals); 2 types of traders: traders and pro traders; integration with TradingView; a detailed security policy.
Cons: no customer support.
Pricing: subscription is $20 per month but a 7-day trial is available.
Tradelize is a decentralized social network. It was developed by traders with more than 10 years’ trading experience for traders like themselves and offers a new level of social networking that is increasing the success of crypto traders across the world.
The Tradelize ecosystem includes:
- A social network for traders and investors
- A desktop trading terminal of the highest professional quality
- A mobile app that serves as a unified interface and all-in-one investing portal
Tradelize uses real live statistics directly from exchanges. Every user can create and develop a professional profile that is similar to what you find on LinkedIn or Facebook. Using this profile, the user is able to access the social features of Tradelize.
Network users rate the profiles of other professionals, including traders, by using these statistics. A trader can demonstrate their historical profitability and success. They can see the profitability of different trades on different exchanges. A trader can monetize their success through a paid channel or translate their trades into premium content. For example, a trader can offer monitoring or copying of trades or even management of capital.
Pros: a wide range of services and functions; mobile app; simple portfolio management system.
Cons: not detected.
Pricing: there are 2 tarrifs available: Basic (free/month), Pro Terminal (39.99$/month).
Wunderbit is another advanced cryptocurrency focused social copy trading platform that deserves a mention. It’s a place where crypto investors can copy trades from experienced cryptocurrency traders or trade by themselves by creating automated trading bots. Moreover, users can use smart trading terminals. Supported exchanges in Wunderbit: Binance, Binance Futures, Deribit, FTX, FTX US, Bybit, Kucoin, OKEX, HitBTC, Kraken.
Security: funds are secure due to API restriction and 2FA.
Pros: big choice of exchanges; transparent track records of traders; ease of use; more than 2000+ users; own Buy Sell exchange; availability of copy trading+terminal+bots; ability to use for free during the first month.
Cons: no good traders to copy; slow customer support; small userbase.
Pricing: profit sharing principle (first month is free, then you’ll need to share 30% of your profit every 2 weeks), no monthly payments.
Also, read our Wunderbit review.
Zignaly is a social crypto copy trading platform that is specifically focused on cryptocurrencies and crypto investors. Investors can create trading portfolios by connecting different crypto exchanges through API keys. Binance and KuCoin fans love this service.
How to copy trade? Create a Zignaly account, connect your exchange with API keys and choose among many cryptocurrency traders to follow.
All in all, Zignaly Zignaly is an amazing platform for copying other traders and can definitely remove the stress generated by highly volatile markets like cryptocurrencies tend to be.
We take security seriously and we built the platform with this in mind. The trading orders are executed on your behalf on the exchange and we don’t require withdrawal rights, so your funds are 100% secure.
Pros: user-friendly interface; trading fees cashback; availability of copy trading+terminal+bots.
Cons: not detected.
Pricing: using platform is free; copy trading can be free but there are also prices for monthly subscribtion on traders: $5-$500; 14 days trial period.
Social trading is becoming increasingly popular among crypto investors who want to start generating passive crypto income over time.
For newbies who are just starting their trading journey copy trading looks quite attractive. Everything is automatic, trading works on the background with buy and sell orders running 24/7.
And the same can be applied to the professional trader as well. If you simply don’t have the time to watch charts, it only makes sense to let someone else trade for you, and copy what they do.
That being said, we would still recommend you to never stop learning yourself and not to follow traders blindly. This way you don’t have to trust anyone else with your trading, and you will learn something no one can take away from you.
P.S. If you find this article helpful, do share it. Let’s encourage more people to invest in crypto markets. Blockchain is the future.
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