Copy trading platforms have revolutionized investing by enabling investors to automatically mimic the trades of seasoned traders with just a few clicks. With a plethora of platforms to choose from, selecting the right one can seem daunting. This guide highlights the seven leading copy trading platforms as of 2024.
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Understanding Copy Trading
Copy trading is an investment strategy where investors automatically emulate the trades of other, typically more experienced, traders. This approach allows novice investors to leverage the expertise of seasoned traders without needing an in-depth understanding of the financial markets.
Through copy trading platforms, traders share their trading history and performance, enabling others to make informed decisions about whom to follow. By replicating the trades of proficient traders, investors aim to duplicate their success and enhance their own investment returns.
This replication is typically automated, with the platform executing trades on behalf of the investor based on the actions of the chosen trader.
Best Copy Trading Platforms in 2024
eToro Copy Trading
-Web, PC, and mobile iOS and Android platforms
-Copy trading and investment strategies of other users
-Free demo account (up to 100k virtual portfolio)
-Customer service via support tickets
-50+ cryptocurrencies
-Provides professional tools
-0% commission stocks
-eToro Money Visa Card (free and instant deposits with no conversion fees and instant withdrawals)
-Many deposit options for fiat (credit/debit card, bank transfer for the first deposit, and PayPal, Skrill, and Neteller after the first deposit)
-eToro Club (exclusive market info from financial experts)
- Social trading (copy trading feature)
- Offers access to more than 50 cryptos
- High non-trading fees
- Your account can only use one currency
- Not all features are available in the US.
-For deposits: the minimum deposit is $50
-For withdrawal: $5 fee, the minimum amount is $30
-There are no trading and transaction fees for stocks and ETFs
-Crypto transactions incur a 1% fee
-There are no management, rollover, ticket, or additional broker fees
-FX fees apply on non-USD deposits and withdrawals
-Inactivity fee: $10/month
-Withdrawals and deposits are conducted in USD. Any other currency will have to be converted and, therefore, will incur a conversion fee.
Disclaimer
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Bybit Copy Trading
Bybit is dedicated to creating a secure and transparent trading environment and has garnered a global user base exceeding 5 million. The platform is customer-centric, continuously striving to enhance the user experience.
Its copy trading feature enables Bybit users to emulate the trades of seasoned traders and enjoy similar returns, contributing only 10% of their profits as commission to Principal Traders. This program is accessible, requiring only an initial deposit to begin.
Upon becoming a follower, users can automatically manage trading positions, access the trading history of their chosen traders, and potentially increase their crypto earnings without prior trading knowledge. This positions Bybit as an optimal platform for beginners in the cryptocurrency trading arena.
After alignment with a Principal Trader, trade replication and execution are automated. All Principal Traders undergo rigorous auditing to assure consistent performance and reliable earnings.
-Offers trading derivatives products, including bitcoin and other cryptocurrencies, and contract options
-Wide range of trading features, including cross and isolated margin trading
-Comprehensive data analysis tools
-Intuitive user interface
-Offers VIP program for traders that surpass a certain monthly level
-24/7 customer support
-Over 100 cryptocurrencies supported
-Bybit Earn allows investors to earn a passive income through liquidity mining and staking
-100,000 TPS system
- No KYC is needed for opening a new account (limits account withdrawals to 2 BTC)
- Offers Insurance Fund guarantee to cover potential losses
- Bybit leverage is very high, up to 100x
- Lack of regulation
- U.S. citizens are not allowed to trade
- Trading volume cannot be verified
-Spot Fee: up to 0.10% (Maker/Taker)
-Derivatives Fee: up to 0.01% (Maker), 0.06% (Taker)
-No deposit fee
-The withdrawal fee is different for each crypto
-No minimum deposit is required, but there are minimum withdrawal amounts.
Margex Copy Trading
Margex offers a cryptocurrency trading platform that emphasizes user-friendliness and market transparency. It features extensive market data provision, including real-time transactions and a detailed order book valued over $40 million, sourced from more than 12 liquidity providers. This design safeguards against price manipulation by individual large-scale traders.
– Leverage trading (up to x100)
– Copy trading that allows traders to copy successful strategies
– Staking crypto to earn passive income over time
– Spot and derivatives trading
– Price alerts for users with real-time needs
– Mobile app on Android/iOS
- Minimum deposit of $10
- Mobile support
- Real time price alerts
- Multiple order types
- Advanced trading interface
- Does not support bank transfers
- Only accepts deposits through third-party or crypto
– 0 deposit fees
– Maker fees: 0.019%
– Taker fees: 0.06%
AvaSocial Copy Trading
AvaTrade, a globally recognized brand established in 2006 and headquartered in Ireland, is regulated by nine financial authorities worldwide. Known for its broad asset offerings and superior educational resources, AvaTrade is an excellent choice for copy trading. It conducts over 2 million trades per month with a trading volume exceeding $70 billion, making it an ideal platform for traders interested in diverse financial markets beyond just cryptocurrencies.
Offers a wide range of investments (1200+ supported assets)
-Impressive trading platforms available to traders (MetaTrader 4, MetaTrader 5, Meta Trader for Mac, Meta Trader for mobile trading, Meta Trader for web trading, the AvaTradeAct platform — proprietary platform)
-Automated trading software (MQL5 Signal Service, API Trading, Duplitrade)
-Negative balance protection
-Offers a wide array of financial trading instruments (Forex, cryptocurrency, indices, stocks, bonds, ETFs, commodities, options)
-AvaSocial — replicate the trades of successful investors.
- Free deposit and withdrawal options
- A wide range of trading instruments
- Customer service support in 14 languages
- The trading platform’s interface is less user-friendly
- Does not accept customers from the U.S.
- Deposits may take up to five days. Withdrawals could take up to ten days.
-No deposit, withdrawal (bank transfer), and account fee
-Inactivity fee: $50/€50/ £50, charged after three consecutive months of non-use
-Administration fee: $100/€100/ £100, charged after 12 consecutive months of non-use
-Currency conversion fee: for all trades on instruments denominated in a currency different from your account’s currency
OKX Copy Trading
Formerly known as Okex and based in Seychelles, OKX operates as a comprehensive spot and derivatives crypto trading exchange. The platform offers a variety of services including futures, options, swaps, bridging, cloud solutions, mining, loans, and notably, copy trading. OKX is particularly favored for its low entry threshold for copy trading, allowing users to effortlessly access new revenue streams and integrate into a broader trading community with a single click.
-Offers spot, margin, and derivatives (options and futures) trading for a multitude of cryptocurrencies
-Single and multi-collateral for fixed and flexible-term loans for up to 10 cryptocurrencies
-OKX Cloud — White-label cloud services for building your own exchange
-Mining pools for BTC, LTC, ETH, ETC, and DASH, and staking pools on a variety of assets
-OKX social trading
- Many educational resources
- Accounts can be opened in a variety of fiat currencies
- Vast suite of products
- User friendly and advanced trading interface
- Hundreds of trading pairs
- Demo trading
- OKX proof of reserves
- Unavailable in many countries, including the U.S.
- Can only fund account with crypto unless you use a 3rd party
-Vary depending on two types of users — Regular user and VIP user 30-day trading volume, and OKB holdings (for Regular users)
-Maker fee (Regular): Spot-trading (0.06-0.08%), Futures and Perps (0.015-0.02%), Options (0.015-0.02%)
-Taker fee (Regular): Spot-trading (0.08-0.1%), Futures and Perps (0.03-0.05%), Options (0.03%)
-Maker fee (VIP): Spot-trading (-0.008-0.06%), Futures and Perps (-0.015-0.01%), Options (-0.01-0.01%)
-Taker fee (VIP): Spot-trading (0.02-0.08%), Futures and Perps (0.02-0.03%), Options (0.013-0.02%)
BingX Copy Trading
BingX empowers new investors with advanced analytics and a robust crypto social trading network, eliminating the need to tackle the crypto market solo. It supports over 150 cryptocurrencies and caters to more than 3 million users globally. BingX stands out for its zero deposit fees and low transaction costs, along with an automated copy trading system that enables new traders to adopt the strategies of successful traders, with 8% of the profits returned to the trader.
-Buy and sell cryptocurrencies worldwide
-The most advanced copy-trading features in the crypto market
-24/7 customer support
-Provides fiat support through third-party protocols
-Offers a perpetual swap feature
-Beginner-friendly user interface
- The largest copy-trading platform
- No KYC needed to begin trading
- 24/7 customer support in ten languages (email and live chat)
- Crypto-to-crypto transactions are limited; only crypto-stablecoin pairs are available
- U.S. traders are not allowed
- No staking or earn programs
-No deposit fee, but a fee may be applied if you transfer fiat to crypto through a third-party provider
-Withdrawal fee is different for each crypto, but higher than the industry standard
-Trading fee: around 0.05% (Maker) and 0.10% (Taker), but it’s different for each pair
-Spread fee (0.02-2%) differs for each crypto pair
-Cryptocurrency conversion rate: 0.20%
FXTM Copy Trading
With a client base spanning over 150 countries, FXTM provides superior online trading services. Clients benefit from segregated accounts in top-tier banks, secure transactions, competitive leverage, and tight spreads. FXTM supports a variety of trading instruments and account types, along with the MetaTrader 4/5 platforms, enhancing the trading experience whether for newcomers or seasoned forex traders. Additionally, FXTM offers a wealth of educational resources including webinars, seminars, tutorials, and a demo account, all free of charge.
-FXTM offers maximum leverage up to 1:2000 (has a tiered system)
-Demo account
-Commission-free trading accounts (Micro and Advantage Plus) and one commission-based alternative (Advantage)
-MT4/MT5 trading platforms and has developed its own mobile app (FXTM Trader)
-FXTM Invest (audited and verified traders to follow and copy their trades)
-Market analysis and FXTM trading signals
-24/5 multilingual customer support (phone support, including a call-back function, e-mail, and FAQ section)
- Low trading fees
- The variety of trading instruments is huge
- Great educational resources
- The broker is closed on Saturday and Sunday
- Limited product portfolio
- Withdrawal fee
-Each account type features different fees, has CFDs fees, forex fees
-Standard accounts have no commission but offer higher spreads
-ECN accounts have lower fees and commissions only when opening a position
-Inactivity fee: $6 per month after six months of inactivity
-Withdrawal fee: $3 for credit card, $20–$40 for bank transfer, $0 for Neteller, and Skrill. Note that this varies based on your country of residence, the method you use, and the currency.
Advantages and Challenges of Copy Trading
Copy trading offers novice investors an entry point into the financial markets, enabling profitable trading by following the expertise of established traders. It also provides significant convenience and time-saving benefits.
However, potential risks must not be overlooked. These include the dangers of blindly copying a less competent trader and the possibility of experiencing slippage in trade execution. Deciding if copy trading suits your investment style involves careful consideration of your preferences and risk tolerance. Thorough research and due diligence are essential before engaging in copy trading.
Following an unsuccessful trader could lead to substantial financial losses. Past performance is not always indicative of future results, and even expert traders can err, face market volatility, or engage in risky behaviors. Evaluating a trader’s strategies, risk management techniques, and overall performance is crucial before choosing to replicate their trades.
Moreover, copy trading can impact an investor’s psychological health. The fear of missing out (FOMO) may cause investors to make hasty decisions, chasing the success of others. Additionally, the lack of direct control over trading decisions can lead to increased stress and anxiety for some investors.
Is Copy Trading Suitable for You?
While copy trading can be highly beneficial, it’s important to acknowledge and understand the associated risks. Prospective copy traders should thoroughly investigate a trader’s historical performance, strategy, and risk management practices before commencing to copy their trades.
Awareness of potential slippage risks and the psychological impacts of copy trading is also vital. By comprehending these risks and implementing the necessary safeguards, investors can effectively utilize copy trading to augment their trading efficacy.
Frequently asked questions
Copy trading is an automated trading mechanism that allows investors to replicate the trades of another trader in real-time. This form of social trading enables investors to follow and emulate the strategies of more experienced traders.
Copy trading links an investor’s trading account to that of the trader they wish to emulate. When the copied trader executes a trade, the same trade is automatically conducted in the investor’s account. This synchronization allows the investor to mirror the trader’s strategies and capitalize on their expertise.
While copy trading can be safe, it inherently involves risks. Investors should meticulously choose and research traders before copying their trades. Risk management measures, such as setting stop-loss orders and regularly monitoring the investment portfolio, are crucial.
Yes, it is possible to generate earnings through copy trading by leveraging the acumen of successful traders. However, investors should keep in mind that trading always carries the risk of loss, and there are no guarantees of profit.
Absolutely, anyone with a trading account at a brokerage offering copy trading services can become a copy trader. After selecting a trader to copy, you simply link your account to theirs and begin copying their trades, stepping into the world of strategic, mirrored investing.
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