By James Davis
Nowadays, it is possible for novice traders to generate substantial profits without prior trading skills thanks to copy trading platforms which allow them to follow the strategies of experienced traders. These platforms are flooded in the market, making it difficult for interested traders to pick the right one. However, you don’t have to worry about that because we have done the hard work for you.
This guide discusses the five top copy trading platforms you can use in 2023.
What is Copy Trading?
As the name suggests, copy trading is a type of trading where expert traders permit newbies to replicate their trades. The copied trades are usually executed automatically by the platform once the novice trader selects their ideal experienced traders. When choosing whom to copy their trades, several factors must be considered, including their win rate and commission.
Which are the Top Copy Trading Platforms?
Many copy trading platforms tout themselves as the best, but most of them rarely meet their users’ expectations. Here are the top platforms you can sign up with to start your copy trading journey.
eToro Copy Trading
eToro is undoubtedly among the top copy trading platforms in the market today. It provides users with a wide selection of assets to trade, such as indices, stocks, crypto, forex, and commodities. The Tel Aviv-based company launched the copy trading functionality in 2010. For investors wishing to copy crypto trades only, eToro has listed over 50 cryptocurrencies and has more than 1,000 expert traders willing to let other people follow their strategies.
eToro supports several deposit methods, including credit/debit cards and bank transfers. It currently serves customers living in the European Union member states and the United States.
OKX Copy Trading
OKX is a Seychelles-based crypto exchange popular for supporting derivatives and spot trading. The trading platform recently started offering more services like loans, mining, copy trading, and bridges. In this article, we will focus on OKX’s copy trading feature.
OKX lists over 400 cryptocurrencies, giving its users in more than 100 countries a great selection of digital assets. Thousands of experienced crypto traders who allow copy trading are also available. The exchange only requires copy traders to deposit $50 to get started. Funds can be deposited through crypto transfers or debit cards.
AvaTrade Copy Trading
AvaTrade is a globally recognized brand that offers an extensive range of assets, from crypto to Forex and indices. Many traders trust this trading platform due to its conformity with the stipulated laws. AvaTrade is regulated by several tier-1 regulators, including the Central Bank of Ireland, The Financial Futures Association of Japan, the Australian Securities and Investments Commission, and the Israel Securities Authority.
One of the innovative features of AvaTrade is copy trading. Before you even start following the trading strategies of expert traders, the platform provides you with educative materials to help you better understand the trading world. Note that AvaTrade doesn’t accept United States traders.
Bybit Copy Trading
Bybit is a well-known exchange that has adopted security measures to offer its 4.5 million users a secure trading environment. Therefore, interested copy traders are assured of the safety of their personal data.
To start replicating the trades of seasoned traders, you must make a minimum deposit of $42. The trader you choose to copy their trading strategy takes 10% of the profits realized. What makes Bybit’s copy trading feature stand out is that it allows copy traders to close trades when they seem not to go as predicted.
Similar to AvaTrade, United States citizens cannot sign up with Bybit.
BingX Copy Trading
As a crypto-focused trading platform, BingX ensures its users are equipped with the right knowledge to build their own strategies. As you continue finding a trading strategy that works for you, the platform allows you to copy those of experienced traders. This feature is, however, not free. 8% of your profits is usually channeled to the expert trader as a commission. With over 10,000 seasoned traders, BingX is considered the biggest platform for copy trading.