Most coin trading, Forex… exchanges have the Copy Trade feature. However, it does not mean a good exchange will provide the best copy trading Exchange. Therefore, in the article below, I will share with you the top 10 most reputable and best Copy Trading Platforms in the world for your reference and selection of the most suitable Platforms for yourself.
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Top 10 best Copy Trading Platforms 2024
What is Copy Trade?
Copy Trade is a form of copying someone else’s transactions. Specifically, you will copy the investment portfolio of an expert in the market (Usually professional investors with fame and years of experience – called Pro Trader or Master Trader), without the need for any technical analysis. Then, any action of the investor you copy such as: Opening positions, cutting losses, taking profits, etc. will be similarly executed in your account at a % ratio between the two accounts.
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Why should you participate in Copy Trade?
Trading is not an easy task. It requires you to have skills and to work continuously. Moreover, not everyone has the time or ability to become a good trader. Therefore, copying a good trader is much more effective.
Especially for new Traders, you should join Copy Trade because:
- Copying experienced traders can be an educational tool for those who want to learn how to trade independently.
- This is the easiest and most profitable way to participate in the cryptocurrency market – no need to have a lot of specialized knowledge.
- Copy trading works on the principle of one boat. Copy Trade Platforms will set rules for Master Traders to earn extra income when you make a profit. Therefore, following them can be said to be mutually beneficial.
Top 10 Free, Best Copy Trading Platforms 2024
A famous Forex, Coin trading exchange – may not necessarily be a good Copy Trade Exchange – as sometimes their Copy Trade fees are too high, or the regulations on Copy Trade are not friendly to those who do Copy. Therefore, if you are looking for a suitable Copy Trade Exchange, you might want to consider the following suggestions:
Bybit Exchange
Bybit is one of the largest cryptocurrency Platforms that recently introduced Copy Trade service. The best part about Bybit’s Copy Trade Exchange is that it does not charge any additional fees for Copy Trading.
However, Bybit allows leverage up to 100 times, which seems very risky. Any trading exchange should not allow more than 10 times leverage for Copy Trade.
Some information about ByBit’s Copy Trade:
- 10% profit sharing with the Master Trader. In other words, no matter how much profit you make, 10% will be shared with the person you copy.
- If you lose 10 consecutive trades, Bybit will automatically stop copying trades in your account.
- Bybit calculates the performance of the Master Trader using ROI, Accumulated Profit, Maximum Drawdown, Followers, Winning Ratio, Total Trades, Average Profit & Loss, Average Holding Time of Position, and Trading Frequency.
- If a Master Trader does not trade for 14 days, they will lose their status as a Master Trader.
- Master Traders cannot hold a losing position (with a 30% loss) for more than 7 days. Bybit considers this toxic trading and can ban such Master Traders.
BingX Exchange
BingX is a cryptocurrency exchange established in 2018, offering Copy Trade, spot, and derivatives services. But one thing about the BingX Copy Trade Exchange is that they are a Binance broker. Therefore, all trades have a transaction fee (0.04%).
BingX offers three types of Copy Trade features:
- Copy by Position: Copy the same position as the Professional Trader (Not by quantity but by percentage ratio). For example: if a trading account with net assets of 10 thousand USDT uses 20% of the fund, i.e., 2 thousand USDT, with 3X leverage to buy long-term ETH/USDT, then the copiers will also use 20% of their fund (assuming 1kUSDT), i.e., 200 USDT multiplied by 5 times to buy long-term ETH/USDT.
- Copy by Fixed Margin Amount: You can set a specific margin amount in a separate margin mode.
- Copy by Spot Grid: When Master Traders open a Grid Trading position, the system will copy the same configuration.
But not just cryptocurrencies, this best Copy Trade Exchange also offers core functions for Forex, commodities, and some other futures contracts.
- Currently, BingX is present in over 100 countries around the world. To become a Master Trader – it requires them in 3 weeks (Trading Volume > 100 thousand USDT, Winning Ratio > 55% and Accumulated ROOI > 55%)
- Maximum leverage of 20 times for BTC and ETH as well as non-cryptocurrency markets, and 10 times for shitcoins.
- You will have to share 8% of the profit with the Master Trader, and it is shared daily.
BitYard Exchange
BitYard is based in Singapore and this Copy Trade Exchange is currently present in over 150 countries, allowing its traders to trade independently of their country. This Exchange allows traders to use up to 125 times leverage for cryptocurrencies and about 200 times for derivative instruments.
Some information about the BitYard Copy Trade Exchange:
- BitYard not only provides a safe, simple, and easy trading Exchange but also has many features that make Copy Trade safer.
- BitYard selects Master Traders based on criteria such as: Total trades in the last 30 days, winning ratio, profit ratio, and P/L ratio.
- It offers several different Copy Trade modes, so users can choose the most suitable mode for themselves.
- They have many proficient Master Traders, with very high win rates.
- Copy trading on BitYard is attractive and simple, allowing users to easily find out all the detailed information about Master Traders.
PrimeXBT Exchange
PrimeXBT is one of the leading Bitcoin trading Exchanges. It also supports other cryptocurrencies like Ethereum, Litecoin, and Ripple. You can set up and start trading in just 40 seconds without needing KYC. Additionally, PrimeXBT has the best UI/UX and provides leverage up to 1000 times. It charges a nominal fee of 0.05%.
Key features of PrimeXBT:
- The website is user-friendly, and you can easily find the Copy Trade feature in the Trading Tools menu.
- Supports up to 17 types of cryptocurrencies, and offers 100 times leverage trading.
- Trading fees vary significantly depending on the trading pair and feature. For regular trading, the fee is 0.001%, while for Copy Trade it is 1% (monitoring fee).
AvaTrade Exchange
AvaTrade is the best Copy Trade Exchange for beginners. Established in 2006, AvaTrade provides research and education tools, alongside Copy Trade aspects. It is a well-regulated Forex and CFD broker. They are licensed by FCA, ASIC, FSCA, FRSA, Israeli Securities Authority, Financial Services Authority, and Japan Financial Futures Association.
Although AvaTrade does not directly support Copy Trade, it offers integration with third-party providers, including ZuluTrade and DupliTrade (which I will detail below).
- Both third-party Platforms of AvaTrade allow users to copy trades of experienced investors with just a click.
- To participate in CopyTrade on AvaTrade, an account must first be opened and a minimum of 100 USD must be deposited.
- The markets supporting CopyTrade are very diverse, including stocks, forex, cryptocurrencies, and indices.
3Commas Exchange
3Commas offers the ability to copy trading strategies available in their market. 3Commas features cryptocurrency trading bots, where professional traders offer their trading strategies to other users. Therefore, just copy the trading strategy to your account, and the cryptocurrency bots will take care of the rest, automatically placing buy or sell orders on the 3commas account.
One of the advantages of 3Commas is the impressive list of cryptocurrency Platforms that can execute automated cryptocurrency trading: Binance, Binance US, Binance DEX, Binance Jersey, Kraken, Bitfinex, Bitmex, Bitstamp, Bittrex, Bybit, CEX, Ethereum Wallet, Exmo, Gate.io, Coinbase Pro, Hitbtc, Huobi, Huobi US, Kraken, Kucoin, OKex, Poloniex, Yobit.
- Security: Funds are not held on the Exchange; trading bots cannot withdraw money.
- Advantages: Supports many trading products, has a good reputation, offers an excellent user experience, and is beginner-friendly.
- Disadvantages: Not all exchanges support automated trading; it’s hard to customize bots without TradingView, a complex tool for beginners.
Pricing: 3 days of free access to the PRO package; 3 price levels: Starter ($14.50/month), Pro ($49.90/month), Advanced ($24.50/month). The cheapest package offers fewer features.
MoonXBT Exchange
Launched in 2021, MoonXBT is known as a cryptocurrency derivatives trading Exchange with unlimited capabilities, accessible in over 200 countries. MoonXBT is also quite a best Copy Trade Exchange, which allows users to step-by-step copy experienced and exceptional traders.
- Advantages – It ensures high liquidity. It also has transparent K-line pricing. Fast trading process. No deposit fees.
- Disadvantages – Being a relatively new Exchange, it has limited trading products.
- Security – MoonXBT has implemented technical security measures to ensure the security of your personal information.
eToro Exchange
eToro is the top choice in the list of the best Copy Trade Platforms today, as they are very famous and popular with many people. Established in 2007, it is regulated by top authorities such as the Cyprus Securities and Exchange Commission (CySEC). It allows you to trade Forex, commodities, stocks, 16 types of cryptocurrencies, and ETF contract for differences (CDF).
eToro’s CopyTrade feature is an exciting one. Unlike other Copy Trade Platforms , at eToro, you can copy trades of different Master Traders with adjustable risk levels. In this way, you are not entirely dependent on the Master Traders and can minimize the risk of losses if you want.
- The minimum amount to be allocated for each trader is just $200. No additional fees are required to copy a trader.
- There is an option to add or remove assets in the portfolio, and a trader can stop being copied at any time.
- In addition to copying traders and viewing their statistics, on eToro, you can also interact with them.
- eToro also allows you to try Copy Trade with a demo account – so you can verify whether copying brings in profits or not.
DupliTrade Exchange
DupliTrade is another famous COPY TRADE Exchange worth considering. It offers users access to and then the ability to copy advanced trading strategies. Each Copy Trade strategy has its own risk and potential for appreciation, along with its target market.
For example, there are strategies that focus only on EUR/USD, but others that focus only on indices. Regardless of the trading strategy of Master Traders, DupliTrade provides clear statistical data about their net profit history, trading frequency, recommended leverage, etc.
It’s important to note that DupliTrade is not a broker, meaning an account will need to be opened with another provider. For instance, AvaTrade – offering 0% commission on all supported markets, can be connected with a DupliTrade account. The biggest downside of DupliTrade is that it requires a minimum deposit of $5,000 to access the trading strategies of Master Traders.
ZuluTrade Exchange
ZuluTrade is a reputable Exchange in the Copy Trade field. When participating in Copy Trade via ZuluTrade, users have access to a wealth of data. You will get complete information about how each trader has performed since joining ZuluTrade and which assets they often choose.
Specifically, ZuluTrade allows users access to a range of customizable tools. For example, it lets users set stop-loss and take-profit orders on the traders they copy. This ensures alignment with users’ personal goals and risk tolerance.
Regarding fees, this depends on the account opened – where there are two options. First, the classic account allows users to participate in Copy Trade on a commission-free basis. Second, the profit-sharing account costs $30 per month.
Tips for Choosing the Best Copy Trading Platforms
It’s not easy to choose the best Copy Trade Exchange for you. You need to consider many factors when choosing, and below are some key factors you can refer to:
- Licensing: Check if the Copy Trade Exchange is licensed by reputable, authoritative agencies.
- Transparency: Copy Trade Platforms must provide all detailed information about traders that you can copy. This allows you to analyze their trading strategy to understand their performance.
- Quality of Master Traders: Each Copy Trade Exchange has different regulations about Master Traders: based on capital, trading performance, Risk:Reward ratio, leverage ratio. Study these regulations carefully.
- Fees & Commissions: In addition to trading fees, check if the Copy Trade Exchange charges any other fees, or what fees are paid to Master Traders – how much % compared to the total profit. Also, inactivity fees are a point of note.
- Deposit and Withdrawal Regulations: Prioritize Copy Trading Platforms that allow easy deposits and withdrawals, offer various user-friendly methods of deposit/withdrawal. Especially, the initial deposit amount should not be too large, and the minimum withdrawal amount should not be too high.
- Customer Support: Only choose Copy Trade Platforms with fast customer support channels, always available staff at any time. This way, when issues arise with your assets, you can easily protect your rights.
Above is my sharing about the top 10 best Copy Trading Platforms 2024. Have you ever tried Copy Trading on one of these Platforms? Do you know any other Copy Trade Exchanges? If possible, please share with us. Thank you for reading the article and wish you always successful in trading.
