Cryptocurrency has experienced enormous growth in the past few years. Thanks to advancements in technology, its reach and utility have also grown exponentially.
Hardly is there anybody on the internet who hasn’t, at least, heard about cryptocurrency. And news like Elon Musk is investing billions of dollars would make anybody want to get involved with these “magic” digital assets.
Many people may consider jumping into the crypto market after hearing about the vast profit potential. However, entering the market and making money is not that simple. It requires learning, strategy, consistency, and sometimes, a few bitter experiences.
But not everyone has the luxury of time to learn to trade by themselves. Some very busy people still want to be passively involved in the crypto market.
Therefore, cryptocurrency trading platforms are regularly adopting innovative measures to crypto trading to draw as many newbies into the market, hence, social trading platforms for copy trading.
Social/copy trading is an easy way by which new trades can increase trading earnings in no time.
It is a kind of broker that doubles as a social platform where traders can share their strategies. The good news is that one can copy-trade someone else’s trade. That eliminates the long process of learning how to trade from scratch.
However, not all crypto trading platforms offer this option. And so, keep reading this article to learn the three best crypto social trading platforms for copy trading.
Top 3 Crypto Social Trading Platforms
eToro is regarded as the pioneer of social trading. It is a multi-asset platform that offers cryptocurrency trading and other financial assets like stocks, forex, commodities, CFDs and ETF.
In addition to offering a copy trading option, eToro makes it very flexible that a trader can decide his risk level without depending entirely on the set parameters of the original owner of the strategy.
eToro has been in operation since 2007 and is regulated by ASIC. It is also beginner-friendly with many cool features, a minimum deposit of $200 and many cryptocurrencies to trade.
Coinmatics is another popular social trading platform that works excellently for beginners and professional traders. It allows traders to copy other traders’ trades both manually and automatically.
Established in 2018, Coinmatics also provides a unique social network for traders to increase their subscribers and earn profits for their trades.
Launched in 2007, ZuluTrade is a cross-broker social trading platform that incorporates over 50 different brokers for traders to choose from.
ZuluTrade offers copy trading in stocks, forex, commodities and cryptocurrencies, with customisable risk management. That is, a trader has complete control over his incurred risks.
ZuluTrade has a demo trading option and requires a minimum deposit of $300 for a real account.
Cryptocurrency trading is risky and shouldn’t be approached without adequately understanding the market.
But as more people, traders and investors troop into the market, brokers have to look for a way to encourage new traders by helping them leverage expert traders’ strategies and make profits with little knowledge of the crypto market.
Many Crypto trading platforms are gradually incorporating the copy trading option, giving them a significant advantage in the market.