Copy trading platforms allow investors to automatically copy the trades of expert traders, often with just a few clicks of a button. With so many options available, knowing which copy trading platform to choose can be difficult. This guide explores the seven best copy trading platforms available in 2024.
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What is copy trading?
Copy trading is a form of trading where investors automatically replicate the trades of other traders they choose to follow. So, newbie investors can follow the trades of experienced and successful traders and use their investment strategies without needing extensive knowledge or experience in financial markets.
This process works through copy trading platforms, which allow traders to share their trading history and performance data. Other investors can then use this to decide which traders to follow and copy. By copying the trades of expert traders, investors hope to replicate their success and generate profits for their own portfolios.
The process of copy trading is usually done automatically, with the platform executing trades on behalf of the investor, based on the trades of the chosen trader.
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Which are the best copy trading platforms?
eToro Copy Trading
www.etoro.com%22 loading="lazy" data-src="https://beincrypto.com/wp-content/uploads/2023/03/eToro-logo.png">-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
www.bybit.com%22 loading="lazy" data-src="https://beincrypto.com/wp-content/uploads/2023/03/Bybit-logo-1.png">Bybit aims to provide a secure and transparent trading environment. The platform has more than 5 million users worldwide. It remains customer-focused and strives to offer the best user experience.
The copy trading crypto feature allows all Bybit users to follow experienced traders and realize similar gains while only contributing 10% of their profits to Principal Traders as commission. The copy trader program has a low entry barrier, as you only need to make your first deposit.
When you become a follower, you can open and close trading positions automatically, get access to their trading history and earn more from your crypto without any prior knowledge. This makes Bybit one of the top trading platforms and the best copy trading for beginners if you’re focusing entirely on the crypto market.
After you become the Follower of a Principal Trader, the copying and execution of trades are automatic. All Principal Traders go through a strict audit to ensure outstanding performance and stable 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
www.margex.com%22 loading="lazy" data-src="https://beincrypto.com/wp-content/uploads/2023/05/margex-logo.png">Margex is a cryptocurrency trading platform that offers a range of features and advantages designed to enhance the trading experience. The platform places a strong emphasis on user-friendliness and transparency in market reporting.
One notable feature of Margex is its provision of comprehensive market data, including live deal flow and a deep order book with a cumulative value exceeding $40,000,000, sourced from over 12 liquidity providers. This ensures market integrity by preventing potential price manipulation by individual traders with significant orders.
– 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
www.avatrade.com%22 loading="lazy" data-src="https://beincrypto.com/wp-content/uploads/2023/03/AvaTrade-logo-1.png">AvaTrade is a trusted global brand that is well-known for its extensive asset range for crypto, Forex, and CFD traders. It also offers exceptional educational content. The platform was launched in 2006, has its headquarters in Ireland, and is regulated by nine financial authorities, including The Financial Futures Association of Japan (FFAJ), Cyprus Securities and Exchange Commission (CySEC), Israel Securities Authority (ISA), Central Bank of Ireland (CBI), Australian Securities and Investments Commission (ASIC) and others.
AvaTrade was tested and found to be excellent for copy trading, competitive on mobile, and in line with industry standards for pricing and research. The platform registers over 2 million trades every month and has a monthly trading volume that surpasses $70 billion. This makes AvaTrade one of the best copy trading platforms for traders interested in all financial markets, not just cryptocurrency.
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
www.okx.com%22 loading="lazy" data-src="https://beincrypto.com/wp-content/uploads/2021/12/OKX-logo.png">Formally known as Okex, the Seychelles based platform is a crypto spot trading and derivatives exchange. OKX provides three types of contracts: futures, options, and swaps. It offers weekly, bi-weekly, quarterly, and bi-quarterly crypto margined contracts and Tether margined futures. Options are only available for Bitcoin, but there are perpetual swaps for other assets.
Unlike many of its competitors, OKX has been dubbed a one-stop shop, due to the variety of services that it offers. User’s will be happy to know that OKX’s suite of products is bound to meet most of their needs. In addition to spot trading and derivatives, the global platform offers bridges, cloud services, mining, loans, and copy trading.
OKX Copy Trading aims to create a trading tool that is efficient, transparent, and profitable for OKX traders. There is a low minimum trading limit for copy trading. In a single click, copy traders can explore new revenue streams, gain exposure, and engage with the larger trading community. This feature also provides new revenue streams for lead traders.
-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
www.bingx.com%22 loading="lazy" data-src="https://beincrypto.com/wp-content/uploads/2023/05/bingx-logo.png">BingX aims to empower even new investors with the knowledge needed for making the right investments. The platform’s excellent analytics and crypto social trading network mean that you don’t have to navigate the crypto space alone. There are models that you can use to build your strategies, but you also have the option to copy the strategies of other traders through the copy trading feature.
BingX is a leader in the industry with no deposit fees and the lowest fees. It offers all these features of a regular crypto exchange and seamless crypto derivatives trading. It is an all-encompassing platform that can meet all your trading needs.
The platform offers over 150 crypto assets, has over 3 million global users, and is one of the few derivatives platforms that offer an automatic copy trading system. New crypto investors can easily follow and copy the trading strategies of successful traders. The follower pays 8% of the profits 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
FXTM is a global network and has more than two million clients from 150 countries. It offers outstanding online trading services to retail clients. They have access to segregated accounts at top banks, secure deposits, withdrawals, competitive leverage, and tight spreads. You can trade over 250 instruments and have access to a range of optimized accounts and platforms. There are also exciting forex contests and trade-enhancing bonuses.
FXTM provides excellent educational resources for new traders, including live webinars, local seminars and videos, tutorials, and a demo account — all free of charge. FXTM offers clients the MetaTrader 4/5 (MT4&5) platform support. This gives traders a familiar, sophisticated trading interface they can use immediately. The software is also available as a mobile application. This broker platform is able to meet your needs, regardless of whether you are a forex trader newbie or an experienced trader.
-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.
Pros and cons of copy trading
Copy trading enables novice investors to enter the financial markets and make profitable trades by following experienced traders. It also offers convenience and time-saving benefits.
However, it’s important to consider the potential risks involved, such as blindly following the wrong trader or experiencing slippage. Ultimately, whether copy trading is right depends on your preferences and risk tolerance. It’s crucial to do your due diligence and research thoroughly before engaging in copy trading.
Blindly following the wrong trader can result in significant losses. Just because someone has a good track record in the past doesn’t mean they will continue to perform well in the future. Traders can also make mistakes, experience market volatility, or engage in fraudulent activities. Therefore, assessing a trader’s strategy, risk management practices, and overall performance is essential before deciding to copy their trades.
Copy trading can also have a negative impact on an investor’s psychological well-being. The fear of missing out (FOMO) can drive investors to make impulsive decisions based on the success of others. Additionally, having no control over your own trading decisions may cause anxiety and stress for some.
Is copy trading right for you?
Copy trading can offer many benefits, but it’s important to consider the potential risks involved. Investors should always conduct due diligence and thoroughly research a trader’s track record, strategy, and risk management practices before deciding to copy their trades.
Additionally, it’s crucial to be aware of the risks of slippage and the potential impact on one’s psychological well-being. By understanding the risks and taking necessary precautions, investors can use copy trading as a valuable tool to enhance their trading performance.
Frequently asked questions
Copy trading is a form of automated trading that allows investors to replicate the trades of another trader in real-time. It’s a type of social trading where investors can follow and copy the trades of more experienced traders.
Copy trading works by connecting an investor’s trading account to the account of the trader they wish to copy. Whenever the copied trader places a trade, the same trade is automatically replicated in the investor’s account. This allows the investor to mirror the trader’s strategy and benefit from their expertise.
Copy trading can be safe, but it also involves risks. Investors should carefully consider the trader they want to copy and conduct thorough research before copying their trades. It’s also essential to manage risk by setting stop-loss orders and monitoring one’s portfolio regularly.
Yes, it’s possible to make money with copy trading. By following and copying the trades of successful traders, investors can benefit from their expertise and potentially earn profits. However, it’s important to remember that there are no guarantees in trading, and losses are also possible.
Yes, anyone can become a copy trader. To become a copy trader, you need to have a trading account with a broker that offers copy trading services. Once you’ve found a trader you want to copy, you can connect your account to their account and start copying their trades.
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