The 5 Best Crypto Social Trading Platforms to Use

There are many crypto trading platforms out there, but choosing which one to use can be challenging. It can be even more challenging for beginners, but they can easily filter based on what they want to achieve and find the kind of exchange they want.

If the goal is to learn crypto trading while making some profit, then social trading can be an excellent option to consider. Not every exchange offers this service, but we list the best to use here.

What is crypto social trading?

Social trading or copy trading is a type of crypto trading that allows less experienced traders to copy the trades of more experienced traders. If the people they copy also benefit from the business, it will help them to make a profit. However, if the people they are following lose in the trade, they lose too.

If you are a brand new crypto trader, you may want to learn more about what crypto social trading is and how it works before proceeding. Having said that, the following are the best platforms for doing crypto social trading that you should look into.

1. eToro

For anyone who has been in crypto for a while, the name eToro should be familiar. It is the leading social trading platform for crypto traders and remains unmatched till date. Headquartered in Israel, the exchange allows traders from all over the world to use its platform for crypto trading in a variety of ways.

Using the Exchange’s CopyTrader feature, you can replicate other traders’ trades in real-time, thus reducing your chances of losing trades and increasing your chances of winning. You basically trade like a top trader with this feature and then learn to trade in the process.

This feature is for both beginners and experienced traders entering the space who may not have the time to watch the markets themselves and are willing to pay other traders to have their eyes on them.

You will not be charged any additional fees, and there are no hidden costs for copying others’ trades. eToro’s popular investor program pays out directly to copied traders.

2. CopyMe

CopyMe is another top platform for social trading. Unlike eToro, it is completely dedicated to crypto social trading. You can copy trades of more than one person at a time and divide your portfolio into multiple parts for each trader to copy.

This diversification feature enables you to spread your trades and reduce the chances of losing a lot in a single trade.

Orders are executed in split seconds, and you retain complete control of your funds on your exchange. CopyMe simply connects to the API of the exchange and executes orders using funds you have already placed on the exchange.

After creating an account on the platform, all you need to do is set up your Exchange Keys, assign the desired percentage to each trader if they are more than one, and set Live Trading to True. You don’t need to use code or manually input signals, so it’s suitable for people with zero coding knowledge.

The platform executes trades automatically, although you can stop your follow and change traders at any time. Each expert trader has a profile page that you can read before choosing who to copy, even though all selected experts must have a track record of successful trading in order to qualify.

3. MoonxBT

MoonxBT refers to itself as the first social trading platform. This allows copy traders to copy more than one trader at a time by splitting their portfolios. If you copy an expert trader and end up with a successful and profitable trade, part of your profit will be used to reward the person whose trade you copied.

You can modify the settings for your copy trading and close positions whenever you want. The traders you copy can receive up to 10% of your profits as a reward, because unlike eToro, MoonXBT does not pay them directly.

MoonXBT also allows you to trade with leverage depending on the trading pair. The maximum leverage is for the BTC pair and is 150x. The exchange is based in Cambodia and regulated by the Securities and Exchange Regulator of Cambodia (SERC).

4. Coinmatics

Coinmatics is another platform completely dedicated to copy trading. You can copy traders on Coinmatics when they link their accounts to the exchanges and make their crypto trading strategy available to copy. Investors who wish to copy trades are charged a fixed rate determined entirely by the trader, who may also decide to provide their strategies free of charge.

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