Trading cryptocurrencies requires a lot of research, analysis and time to find out how the market is moving and what trends are happening. If you are new to the world of cryptocurrencies and haven’t taken the time to learn how to trade and master the markets, copy trading will help you make money. This guide covers the ins and outs of copy trade and the best crypto copy trading platforms.
What is Crypto Copy Trading?
Crypto copy trading is an innovative strategy for anyone to automatically duplicate the transactions of proven crypto investors, automating the entire crypto trading process.
Traditional crypto trading requires extensive market analysis, chart analysis and research to support trading decisions. After placing a buy or sell deal, you need to manage the trade and exit at the optimal moment.
Crypto copy trading opens a new door as it offers beginners and passive investors a method to profit from crypto markets with minimal effort. Copy trading focuses on short-term trading, mainly day trading and swing trading strategies. Copy trading is therefore applicable to both the foreign exchange and crypto markets.
Choose a trader from one of the best crypto copy trading platforms listed below to copy trade, sync your brokerage account and let technology manage the rest. In a nutshell, that’s all there is.
Advantages of Crypto Copy Trading
Investing in cryptocurrencies requires dedicated time for research, understanding and a lot of risk. You have to be able to find “hidden seeds” and trading opportunities and manage each trade, which requires even more time and emotional control.
Copy trading in crypto eliminates the need for all this labor. It enables anyone, regardless of experience or talent, to profit from crypto market investments without investing time.
No expertise required
Although the profits you can make with crypto copy trading platforms largely depend on the trader or firm whose trades you choose to mirror, copy trading is incredibly beginner-friendly. No expertise required! You don’t need to study, research or even trade. Copy trading makes investing in cryptocurrency easier than ever.
More hands-off approach
Everything is performed automatically when copy trading with any of the platforms listed below. This is a truly hands-off approach to trading that allows you to profit on the cryptocurrency markets with minimal effort.
You monitor the copied strategies and adjust to minimize losses and maximize profits. Compared to the work of a typical trader, which involves complicated analysis and continuous market monitoring, cryptocurrency trading is as hands-on as it gets.
Minimal investment
Another reason why crypto copy trading is beneficial for new traders is the low initial investment required. With many of the best crypto copy trading platforms available today, you can start copy trading and build your brokerage account or cryptocurrency wallet for as little as $200.
Disadvantages of Crypto Copy Trading
Although copy trading crypto is ideal for new traders and extremely easy to get started, as with any form of trading, there are downsides and risks to consider.
Risk of copying losing trade
Is Cryptocurrency Trading Profitable? Indeed, it is for many, but whether or how much you benefit from it depends entirely on whose trades you choose to copy. There is no guarantee that copy trading will yield you significant profits.
As a copy trader, your best approach is to divide your portfolio between several distinctly successful traders. This will prevent you from relying on one trader or trading strategy, which could put you at risk of losing it all.
Less likely for trader to ‘grow’
Even with the best crypto copy trading platforms and strategies, you are less likely to develop and rely on your trading strategies. Copy trading makes it easy to make money from cryptocurrencies, giving traders little reason to study, learn and improve.
If you are satisfied with your profits, copy trading can prevent you from earning even more. The crypto space is constantly changing and volatile. If you only do copy trading, you can miss out on a lot of great opportunities because you can’t change with them.
High Copy Trading Fees
Copy trading is also more expensive than trading independently. Although the best crypto trading platforms and traders usually charge reasonable fees for their strategies and services, some fees can be quite high and should be weighed against your budget before making investment decisions.
How to choose the best Crypto Copy Trading Platforms?
The best crypto copy trading platform will depend on your trading requirements and how much you intend to invest in copy trading.
For example, if you want to learn about trading while copy trading, you should choose a platform that allows you to participate in a community where you can exchange ideas with others. This will help you improve your trading abilities so that you can create strategies that you can eventually share with others.
When deciding whether or not to engage in copy trading, you must also consider the level of security. If a platform uses API keys to connect your exchange to the copy trading account, you can rest assured that they cannot access your funds. This means that only you will have the ability to withdraw funds from your copy training account.
20 Best Crypto Copy Trading Platforms in 2023
There are now thousands of cryptocurrencies to trade or engage with, and millions of people are getting into crypto, and there are more and more crypto copy trading platforms. To save you the trouble of finding a successful trader to copy, we have compiled the 20 best crypto copy trading platforms for you to choose from.
Bybit – Best Crypto Copy Trading Platform Overall
With over 330 coins via spot trading or derivatives (USDT Perpetual contracts, Inverse Perpetual contracts, Inverse Futures contracts and Options) and a super-fast trading speed of 100,000 transactions per second, seasoned traders will definitely love Bybit. It also operates a safe, secure, transparent and efficient futures trading platform with more than 20 million users worldwide and offers more than 230 permanent and futures contracts.
Bybit is the best crypto copy trading platform because it lets you find traders to copy, automatically open and close your trades, and watch your crypto balance grow. Savvy traders can benefit by allowing Bybit users to copy their tactics and trades. Each friend earns 10% of their income. Bybit connects expert traders with beginners for a win-win crypto trading experience.
After selecting a primary trader, set copy order criteria, such as leverage. After your chosen main trader places a market order, all new copy trades will be initiated immediately with market orders that meet the criteria you set.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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