5 Top Copy Trading Platforms – Best Picks for 2023
Over the last few years, copy trading has become popular within the online trading space. If you are wondering what it entails, keep reading to find out. You will also discover the top platforms for copy trading.
Understanding Copy Trading
For starters, copy trading involves traders following the trades of other traders who are considered successful. The trading strategy is helpful, especially for newbies who do not have enough experience to execute profitable trades.
Several trading platforms allow users to copy trades of expert traders automatically. These platforms include:
Margex Copy Trading
Margex is one of the few reliable crypto exchanges in the market. The platform has put an emphasis on operating in transparency and making it easy for beginners to maneuver the crypto space. Margex is available in over 95 countries. Through this exchange, you can trade 10 cryptocurrencies, including Bitcoin.
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So, how do you deposit funds into your Margex trading account? You can make crypto transfers or use your debit card. The fees charged to copy trades in this platform vary from trader to trader.
eToro Copy Trading
With eToro, you can copy trades in various markets, including the stock, commodity, forex, and crypto markets. The Tel Aviv-based trading platform began its operations in 2007 under the leadership of Ronen Assia. It started supporting copy trading in 2010 and has since become one of the biggest platforms for social trading.
Besides being a trading platform, eToro also serves as a crypto wallet, allowing users to store their digital assets.
To start copying trades on eToro, you will need to create a trading account and deposit $50 or more. No deposit fees are charged, but expect a flat fee of $5 on all withdrawals.
Bybit Copy Trading
One of the crypto exchanges that offer a conducive trading environment for users is Bybit. The platform has amassed over 5.5 million users since its creation. If you wish to use its copy trading feature, you will be charged a 10% commission by the traders you choose to follow their trades. You do not need to open or close trades manually at Bybit. That’s because when you become a follower of a particular experienced trader, Bybit will automate trading on your account based on the trader’s strategy.
What’s the minimum deposit required to start copying trades on Bybit? Most experienced traders request users to hold a minimum of $50 in their trading accounts.
AvaTrade Copy Trading
AvaTrade is popular for providing users with access to various financial markets. Through the platform, you can trade crypto, major and minor currencies, and stocks. To assure users feel safe when trading, AvaTrade has obtained licenses from several top-tier regulators, including the Cyprus Securities and Exchange Commission, the Financial Futures Association of Japan, the Australian Securities and Investments Commission, the Israel Securities Authority, and the Central Bank of Ireland.
AvaTrade provides novice traders access to a broad pool of successful traders to let them copy trades to increase their chances of securing profits in the financial markets.
Note that you will be charged an inactivity fee of $50 in case your trading account remains inactive for three months or more.
OKX Copy Trading
OKX, a Seychelles-based crypto exchange, is known for supporting derivatives and spot trading. If you do not want to engage in active crypto trading, you can use its copy trading feature to follow the strategies of more successful traders. Each trader has set their minimum deposit requirement for anyone who wishes to copy their trades. Moreover, the commission charged for every successful trade varies from one trader to another.
Is Copy Trading a Good Idea for Beginners?
It takes months or even years to perfect trading skills. Therefore, as you continue sharpening your skills as a beginner, you can opt to copy the trades of successful traders to generate profits while learning how to trade. However, before copying the trading strategy of any trader, it is crucial to evaluate their performance and risk management measures.
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