More

    6 Top Copy Trading Platforms [Important Read] 2024


    Are you a beginner trader looking to earn profits? Or Someone who is busy and yet wants to make extra benefits that crypto trading offers? Then copy trading is right for you. Here in this article, we will be learning about the best crypto trading platforms. 

    Summary

    • The top seven copy trading platforms include eToro, BYDFI, Bitget, BingX, PrimeXBT, MoonXB, and Gate.io.
    • One of the most accepted copy trading platforms is eToro. Its ease of use and around 4 regulations make it a more trustworthy and appreciated exchange platform.
    • eToro offers specific and regular monthly payments to professional traders.
    • BYDFI is another copy trading platform, with its availability in around 150 countries or so.
    • The professional traders of BYDFI get 8% commission from the profits.
    • Bitget is another platform available worldwide with branches in Japan, South Korea, Canada, and 8 other countries.
    • BingX is our third top platform, which offers copy trading as it’s one of the products, and offers an 8% profit share of the daily net profit from their followers.
    • PrimeXBT is a new platform formed in 2019. 
    • Finally, Gate.io has been in the crypto world since 2017 and offers many products and services including copy trading to traders, with professional traders earning 5% profit share of the daily net profit from their followers.

    1st Top Copy Trading Platforms: eToro

    What is eToro?

    The eToro is one of the famous copy trading exchanges promoting themselves as a social trading platform. It was founded in 2007 and is known as one of the founders of copy trading. It’s an easy-to-use trading platform, with investors investing across 2300 instruments, including popular cryptocurrencies, CFDs, Forex, and exchange-traded securities. Further, it has been operating under various jurisdictions and has been regulated by multiple investors, including Cypriot regulators CySEC (eToro Europe), British Regulator (FCA), and Australian regulator(ASIC).

    Top Copy Trading Platforms: eToro
    Features Description
    Countries Availability  Available in 140 countries
    Not available in Japan, Pakistan, and a few other countries.
    Also not available in a few states of the US
    Available Cryptocurrencies 30 cryptocurrencies
    100+ crypto trading pairs
    Copy Trading Fee No exchange fee
    General Fee Deposit: free
    withdrawal: $5
    Inactivity: $10 per month
    Professional Traders Payment Receive monthly payments based on their level or tier
    Regulations Europe CySEC
    UK FCA
    Australia AFSL
    USA FinCEN
    Order Types Market Order
    Limit
    Trailing Stop Loss
    Take Profit
    Minimum Investments Copy Trading – $200
    Copy Investment Profiles – $5,000
    Average Return Rate  29% – top 50 traders
    Leverage  1:2 for cryptocurrencies (currently unavailable)
    Demo Account Yes with $100,000
    App Availability Android and iOS

    How to become a professional trader on eToro?

    To earn a passive income on eToro through eToro copy trading, it offers the Popular Investor Program. Under this program, talented and experienced investors can earn a specific amount annually based on their level. Follow the below steps to apply for this program:

    1. The first step is to create an account on eToro, which takes only a few minutes. 
    How To Become A Professional Trader On Etoro?How To Become A Professional Trader On Etoro?
    How to become a professional trader on eToro?
    1. To apply for the program, make deposits.
    2. Also, note that the equity needs to be greater than $1000. 
    3. Now, you have to be patient and trade for at least two months.
    4. Further, while trading, you need to maintain the maximum risk score lower than 7, and that too for at least six months. 
    5. Besides that, you also have to manage the maximum risk score lower than 8 for the next 12 months and a risk score of 7 when you apply for this program.
    6. Please, note that, while maintaining the above points, you also need to abide by the leverage restrictions.
    7. The next part includes attracting copiers and attaining an AUM above %500.
    8. Complete your profile with the latest details, and write a biography of at least 150 characters to gain the trust of copiers.
    9. Last but not least, have an active feed.

    Also, note that eToro divides professional traders into four ranks Cadet, Champion, Elite, and Elite Pro, depending on their AUM, Copiers, risk score, and others. Therefore, the requirements mentioned in the above points are for only the Cadet rank, the basic level or 1st level of professional traders. 

    Also Read: What is an Example of Social Trading?

    Pros and Cons

    Pros Cons
    It provides enough filters to find the right professional trader. It asks for high spreads.
    No additional commission for copying. The withdrawal commission is high.
    It is one of the largest copy trading platforms.
    eToro is a safe and transparent platform with regulations in the UK, EU, and Australia.
    24/5 customer support availability.

    Also Read: eToro vs Robinhood: Which is Most Legit Crypto Exchange?

    2nd Top Copy Trading Platforms: BYDFI

    What is BYDFI?

    BYDFI is another one of the best crypto trading platforms, which is relatively a new exchange. It is based in Singapore and offers different products, including spot, derivatives, Forex, and copy trading. Furthermore, BYDFI is a highly user-friendly platform, which provides leverage up to 125x, crypto-to-crypto conversions, low fees, copy trading fiat deposits, and much more. 

    To learn more, check out the BYDFI review.

    Bydfi Copy TradingBydfi Copy Trading
    BYDFI Copy Trading
    Features Description
    Countries Availability  Available in 150 countries
    Available Cryptocurrencies 43 cryptocurrencies
    100+ crypto trading pairs
    Copy Trading Fee No exchange fee
    8-10% fee to the professional trader which you were following
    General Fee Deposit: free
    Withdrawal: 2 USDT
    Spot trading: 0.1%
    Overnight: Margin * Leverage * 0.05% * Overnight Days
    Professional Traders Payment Get 8% commission from the profits
    Regulations Singapore ACRA 
    USA’s MSB 
    Estonia’s MTR 
    Order Types Market Order
    Limit
    Stop Loss
    Take Profit
    Minimum and Maximum Investments Copy Trading – 2 USDT (min)
    Max Single Copy margin – 100 USDT
    Maximum limit – 12000 USDT
    Leverage  1:5 to 1:125
    Demo Account No
    App Availability Android and iOS

    How to become a professional trader on BYDFI?

    To become a professional trader on BYDFI, follow the following steps:

    • First, visit the official site or App of BYDFI. 
    How To Become A Professional Trader On Bydfi?How To Become A Professional Trader On Bydfi?
    How to become a professional trader on BYDFI?
    • The next step is to contact the Online Customer support through the Live chat option on the bottom right corner.
    • Now, submit the required information.
    • Further, you need to deposit at least 500 USDT and complete your KYC details.
    • The minimum days since your account registration needs to be more than 15 days, and your account profit rate should be higher than 55%.
    • Also, to be eligible to become an expert trader on BYDFI, your trading volume needs to be more than 10,000 USDT with orders more than 10.
    • You need to adhere to the rules and not break them, like having Multi or the same IP address with other copy traders.
    • Once you become a copy trader, users can follow your first 1 ten orders per day.

    Pros and Cons

    Pros Cons
    Offers 250 USDT as a Bonus to new users. OTC is only supported in limited countries. 
    Highly safe and has four regulations from the US, Singapore, and Estonia The commission fee of Copiers is 8% of the profit. 
    Provides less trading fees.
    Also, it offers high leverage up to 125x.
    Further, it also has OTC deposits. 

    Also Read: BYDFI Copy Trading – An Ultimate Guide

    3rd Top Copy Trading Platforms: Bitget

    What is Bitget?

    Bitget is a Singapore-based crypto exchange platform, which offers derivatives, spot, copy trading, and other products. It has even launched inverse contracts. Moreover, it aims to become a leading platform and is available on both Android and iPhones. There’s no doubt about its safety, as it has acquired four licenses. 

    Read our Bitget review to know more.

    BitgetBitget
    Top Copy Trading Platforms: Bitget

    To know more, check out the below table:

    Features Description
    Countries Availability  Available worldwide with branches in Japan, South Korea, Canada, and 8 other countries. 
    Available Cryptocurrencies Cryptos like Bitcoin, Ethereum, and others are available.
    Spot Trading: 100+ crypto trading pairs
    Futures: 13+ crypto trading pairs
    Copy Trading Fee No exchange fee
    8-10% fee to the professional trader which you were following
    General Fee Deposit: free
    Withdrawal: depends on crypto
    Spot trading: 0.20% (0.14% with BFT)
    Professional Traders Payment Get 10% commission from the profits of the copiers
    Regulations Singapore MAS 
    USA’s MSB 
    Canada MSB
    Australia DCE 
    Order Types Market Order
    Limit
    Stop Limit
    Stop Loss
    Take Profit
    Minimum and Maximum Investments Minimum – 10 USDT
    Maximum Position – 5000
    Leverage  1:1 to 1:20
    Demo Account No
    App Availability Android and iOS

    How to become a professional trader on Bitget?

    To become a professional trader on Bitget, traders have to follow a few requirements:

    • A trader must complete their KYC.
    • Also, they can have only one account to open orders. 
    • All contracts must have no open orders, no following traders, no stop limit, and no positions.

    Besides these, there were a few more requirements. However, they are vague and ask for mature, professional traders with excellent trading records and strict trading risk management. 

    Another critical point to note is that traders have to follow the Bitget code of conduct and have to abide by their rules and regulations. Further, there is also specific punishment for breaking the rules. 

    Pros and Cons

    Pros Cons
    Copy Trading with Bitget is straightforward. The copy-trading market is not popular.
    They offer low trading fees.
    24/7 customer support.
    Available worldwide.
    Traders earn 10% of the total profit of their copier.

    Also Read: MoonXBT Vs Bitget Vs BingX: Copy Trading

    4th Top Copy Trading Platforms: BingX

    What is BingX?

    BingX is another Singapore-based crypto exchange, which has been in the market since 2018. This platform offers different products, including spot trading, USDT contracts, copy trading, and others. Also, it is one of the safest platforms, which provides bonuses up to $100. Further, BingX is for both beginner and advanced traders, as it offers a demo account for novice traders. 

    Read our BingX review to know more.

    BingbonBingbon
    Top Copy Trading Platforms: BingX

    Also, read Bingx Copy Trading: How to Get Started?

    Features Description
    Countries Availability  100+ regions, Not available for US citizens
    Trading Volume $171B
    Available Cryptocurrencies 100+ crypto pairs
    30+ crypto assets
    Copy Trading Fee Exchange Fee: 0.075% 
    8% fee to the professional trader which you were following
    General Fee Deposit: free
    Withdrawal: depends on crypto
    Trading Fee Rate: 0.075%
    Spread: 0.02% ~ 0.2% (for crypto 0.02% ~ 0.1%)
    Professional Traders Payment Get 8% profit share of the daily net profit from their followers
    Regulations Estonia MTRUSA’s MSB 
    Canada FINTRAC MSB
    Australia DCE AUSTRAC
    Order Types Market Order
    Trigger Order
    Limit
    Stop Loss
    Take Profit
    Minimum and Maximum Investments Minimum – 2 USDT
    Maximum limit – no limit
    Leverage  1:20 to 1:150
    Filters to find Traders Cumulative PnL, Account Assets, Followers, Cumulative Earnings of Followers, 30D Profit Rate, and Max. Drawdown.
    Demo Account Spot Trading – yes
    Copy Trading – No
    App Availability Android and iOS

    How to become a professional trader on BingX?

    To become a professional trader at BingX, first, meet all the eligibility criteria. Once you do that, you will be eligible to become a trader on this platform.

    Eligibility Criteria:

    • Both the normal or listen traders need to have a minimum deposit of 50 USDT.
    • They must complete their KYC.

    Once you are eligible to become a trader, you can start sharing your trade by going to settings – Share Trading. The next step is to apply to become a listed trader. Therefore, ordinary traders have to meet the following requirements to become a listed trader:

    • Their trading volume should be higher than 1,000,000 USD in the past three weeks.
    • The win rate of the ordinary trader must be greater than 55%.
    • Further, the number of trades in the past three weeks must be greater than 15.
    • Also, the historical deposit on the user’s account should be more than 100 USDT.
    • In addition, the account profitability percentage has to be greater than 30% in the past three weeks.

    Also, note that if your percentage or amount in the requirements mentioned above falls in the future, then BingX will hide your profile temporarily. Further, there are other requirements, which both ordinary and listed traders have to maintain, based on their number of followers. However, in any case, if you fail to do so, BingX can cancel the qualifications of that trader. 

    Trading restrictions are also applied to professional traders to protect the copiers from high risks. Following are the restrictions you have to maintain:

    • The ordinary traders with more than or equal to 100 followers should have less than or equal to ten trades.
    • Also, the listed trader’s maximum trade per day should not be more than 10.

    Besides this, look at the image below to find the limitations on maximum leverage.

    Bingbon Traders Bingbon Traders
    BingX traders

    Pros and Cons

    Pros Cons
    High leverage up to 125x is available. Limited cryptos are available.
    It has an easy-to-use web platform and application. Not available for US citizens.
    Further, this platform has high security with four licenses.

    Also Read: eToro vs PrimeXBT vs Capital.com vs AvaTrade

    5th Top Copy Trading Platforms: PrimeXBT

    What is PrimeXBT?

    PrimeXBT is a new crypto exchange platform, which was founded in early 2019. It supports different products, including forex, cryptos, stock indices, and others. Further, the platform aims to offer services and products that users require in their day-to-day trading life. 

    PrimexbtPrimexbt
    Top Copy Trading Platforms: PrimeXBT
    Features
    Features Description
    Countries Availability  150+ countries. The USA, Canada, Japan, France, and 11 other countries are restricted.
    Trading Volume $545,000,000
    Available Cryptocurrencies 30+ crypto pairs
    10+ crypto assets
    Copy Trading Fee Entry Fee: 0.075% 20% fee to the professional trader which you were following20% for the platform
    General Fee Deposit: free
    withdrawal: depends on crypto trading
    Fee Rate (crypto): 0.05%
    Professional Traders Payment Get a 20% profit share of the daily net profit from their followers
    Regulations None
    Order Types Market Order
    LimitStop Order
    Stop Loss
    OCO
    Take Profit
    Minimum and Maximum Investments Minimum – 0.001 BTC
    Maximum single trade size – 100 BTC
    Leverage  Crypto – 1:10 to 1:50
    Forex – 1:100
    Filters to find Traders Currency, followers, profit percentage
    Demo Account Spot Trading – yes; Copy Trading – No
    App Availability Android and iOS

    How to become a professional trader at PrimeXBT?

    To become a professional trader on PrimeXBT and start earning, you need to create and manage your own strategy. Follow the below steps to create your strategy:

    • Sign in to your PrimeXBT account.
    • Select Covesting from the top menu options. 
    Get Started With PrimexbtGet Started With Primexbt
    Get started with PrimeXBT
    • Now, click on “My Strategies.” In this section, you can manage your strategies or create new one’s.
    • Click on “Get Started.”
    • A window will open. 
    • Fill in the details, including your preferred cryptocurrency, strategy name, and description. 
    Fill In The Details At PrimexbtFill In The Details At Primexbt
    Fill in the details at PrimeXBT
    • Add your social media links and your starting capital amount.
    • Click on “Create Strategy.”
    • A confirmation pop up window will show up. Click on “Confirm” to proceed further. 
    • Once it’s created, you can manage it and start trading by clicking on “Trade.”

    Also, note that your strategy history is hidden by default, or you can say in private mode. However, a strategy manager can easily make it public by going to “My Strategies” -> select the strategy -> Strategy management section -> Make my trading history public.

    Pros and Cons

    Pros Cons
    No KYC is required. The coveting fee is high.
    24/7 and responsive customer services. Not available in the USA.
    It is a multi-product platform.
    Easy to use.
    No requirements are needed to become a 
    professional trader besides a minimum deposit of 0.01 BTC.

    6th Top Copy Trading Platforms: Gate.io

    What is Gate.io?

    Gate.io is known to be one of the oldest crypto-to-crypto exchanges, which was launched in 2017. Earlier, it was based in China; however, now its location in Virginia, as mentioned on their website. Moreover, it supports more than 500 leading cryptocurrencies and 1000+ trading pairs, which gives users a lot of options to choose from. However, you should note that even though Gate.io offers several products, it is not recommended for beginner or novice traders. 

    Read our Gate.io review to know more.

    Gate.ioGate.io
    Top Copy Trading Platforms: Gate.io
    Features Description
    Countries Availability  100+ regions. Not available for citizens and residents of Washington State(U.S.A), New York State(U.S.A), Cuba, Iran, North Korea, Sudan, Syria, the Government of Venezuela, and Crimea.
    Trading Volume $1.33b
    Available Cryptocurrencies 500+ cryptocurrencies and tokens
    Copy Trading Fee Exchange Fee: none
    5% fee to the professional trader which you were following
    General Fee Deposit: free
    Withdrawal: depends on crypto
    Trading Fee: depends on 30-day trading volume
    Professional Traders Payment Get a 5% profit share of the daily net profit from their followers
    Regulations None
    Order Types Market Order
    Limit
    Iceberg order
    Hidden Order
    Post Only Order
    Conditional Order
    IOC
    Minimum Investments $10 
    Leverage  Up to 1:150
    Demo Account Yes
    App Availability Android and iOS

    Also Read: Where and How to Buy Elongate Crypto?

    How to be a professional trader at Gate.io?

    Gate.io mentions no particular requirements to be a professional trader. Users just have to go and create their own strategies to earn the rewards of copy trading from the profits of their followers. Following are the steps to create your strategy: 

    • Register or Sign in into your account.
    • Complete your KYC and deposit a minimum of 100 USD or equivalent in your wallet.
    • Click on “Copy Trading” from the top menu.
    Click On &Quot;Copy Trading&Quot; From The Top MenuClick On &Quot;Copy Trading&Quot; From The Top Menu
    Click on “Copy Trading” from the top menu
    • Now, either you can create your strategy from scratch, or you can select from template strategies.
    • If you create your own, then click on “Custom Strategy.”
    • Fill in the details, and click on backtest.
    Fill In The DetailsFill In The Details
    Fill in the details

    Pros and Cons

    Pros Cons
    Offers around 800 cryptos and tokens Not significant for beginners.
    Offers multiple products, including spot trading, perpetual, margin trading, copy trading, ETF, etc. Low liquidity.
    The fees are low. It is an unregulated platform
    No particular specifications to start as a professional trader.

    Also Read: Useful Tips to choose a reliable Copy-Trading platform

    Conclusion: Top Copy Trading Platforms

    All of the above platforms mentioned in this article have some features, some of which are common. However, if you are looking to become a copier, you should focus on the platforms where you get the best and highest from the profit distribution. Also, look for transparency and exchanges that offer more tools and features.

    However, if you are looking to earn more profits while trading, you should look for platforms that provide a higher percentage of profits to you as a professional trader. Further, the platforms which have more flexibility will also suit you. 

    So based on that, you can choose anyone from the above-mentioned best crypto trading platforms that fit your criteria and necessities. 

    Frequently Asked Questions

    Does copy trading work?

    Copy-trading, also known as social trading, definitely works if you select trustworthy and regulated platforms/brokers. However, you should be aware that using copy trading does not guarantee your success. It does seem promising, but you should be mindful of its risks too.

    What is the benefit of copy trading?

    Copy-trading allows novice or beginner traders to get familiar with the markets and the terms related to them.
    Also, new traders can take it as a learning opportunity by observing how professional traders move.
    Further, with copy trading, experienced traders can earn an extra amount plus their own benefits that they will be generating.

    Is copy trading illegal?

    Copy-trading allows novice or beginner traders to get familiar with the markets and the terms related to them.
    Also, new traders can take it as a learning opportunity by observing how professional traders move.

    Is copy trading free?

    Whether copy trading is free or not depends on the platform you will be using. For instance, eToro does not ask for any commission, plus copiers get to take their entire profit. However, if we talk about Gate.io copy trading, 5% of copier profits are given to professional traders.

    How do you copy the best traders?

    To copy from the best traders, you have to find the best possible professional trader. So, for that, use the filters provided by the platforms. Observe their number of followers, monthly trading results, profit percentage, number of traders placed, average trade duration and other factors that suit your goals.

    Also read,



    Source link

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    - Advertisement -

    You might also like...