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Copy trading has been around since 2005, four years before the decentralization of bitcoin. So, this is a financial trading practice tested and proven with exceptional results helping beginners get a foothold in the financial markets.

Also known as social trading, copy trading can be a lucrative practice.

But there is a catch: The beginner trader must be able to predict a successful trader whose trades they can copy. There is a famous trading quote that surmises the concept of copy trading:

"Watch the market leaders."

If you want to trade, focus on copying the strongest traders because they outperform others in the market with minimal risk.

Does that mean they never get it wrong?

Of course not. There is always a risk in every trade. How, then, can you copy trade with the best results? This article shares tips on how to copy trade and the advantages and disadvantages of copy trading. Let's dive right in with the pros and cons.

Advantages of Copy trading

Provides Familiarity

Since copy trading copies the trades of a successful trader, you have the opportunity to build 
familiarity with the practices and markets that you are trading in by following in the footsteps of already successful traders.

Increases Confidence

Trading in financial markets can be intimidating for a beginner. But your trading confidence grows if you are copying a successful person and can see their trades work for you. It is no longer hearsay; the proof is in the pudding, which, technically, you just ate. The more you learn from the copied trades, the more confident you become before going solo.

You are Part of a Community

There is a solid copy-trading community where experienced, and beginner traders meet and exchange ideas and strategies. Working with like-minded individuals helps improve trades while growing your knowledge of trading strategies.

Allows Broad Participation

You can copy trade across various financial markets, including foreign exchange, commodities, indices, stocks, cryptocurrency, and more. Copy trading is not restricted to just one security.

Disadvantages of Copy Trading

It Is Risky

You run the same risks the experienced traders run when you copy their trades. Just because a trader is experienced and has successful trades doesn't guarantee future success. As a beginner, you must copy the trades entirely, so you cannot escape the risks if the trade doesn't go well. Unfortunately, signal providers do not always make winning trades.

You Have No Control Over Trades

Since you are copying another person's trade, you have no control over their trading practices, decisions, and strategies. When you copy another person's trade, you copy it with all its shortcomings.

Market Conditions Frequently Change

Remember, you also have no control over the frequently changing market conditions. Master traders are also at the mercy of frequently changing market conditions, so they cannot guarantee you success when you copy their trades.

You May Have to Pay for the Trades

Sometimes, a master trader will require a performance or subscription fee to copy their trades. Traders can charge as much as $200 or more. Before copying a trade, make sure that you identify any charges that apply.

You Will Not Develop Your Skills Fast Enough

While copy trading helps you grow your knowledge of trading in financial markets, it also coddles you preventing you from learning about trading and markets sooner. Going solo allows you to gain critical experience by developing your strategies. You also get to learn from your trading mistakes and become a better trader over time.

Copy Trading Tips for Beginners

Use the auto copy feature to replicate more experienced traders' activities easily. You can do this with the click of a button.

Auto-copy several master traders to spread your risk. That diversifies your portfolio so that if one trader has unsuccessful trades, then you have other copied trades that are successful.

Partner with a regulated broker that provides you with customer support, security, and assets.
Begin copy trading with smaller budgets as you check out the return on investments and profits. 

Trade using a minimal budget so that you incur a small risk. This is a safe way to learn about trading with minimum risk to you.

Avoid copying the highest P&L traders even though they appear to be the best to copy because of their high return on investment and P&L. The higher the return on investment, the higher the risk.

Use social features like the news feed on the trading platform to get better trading insights and connect with other like-minded traders. Other social features that provide insights and accurate information include Facebook groups and Instagram. These social features benefit you with pertinent information allowing you to maximize your profit when you trade.

Do not be afraid to stop and do more research when considering copy trading. When you do adequate and thorough research, you can tell when a signal provider's trade drops and is heading to less than 30% of the overall invested amount. The research will show you if a particular trader is always at 30% and below, and if you see this happening, you can pull the plug in time to save your investment.

Avoid copying new signal providers because their trading strategies and ROI have not been verified. We are not saying that new master traders cannot have successful trades. But their strategies and trading decisions have not been tested and proved to be successful. It is better to stick to signal providers with a successful record that you can verify.

Use filters to find the best traders on trading platforms. Once you identify these master traders, look for their trading history and stats before committing to auto-copying them.

What to Expect from Copy Trading Apps

There are several copy trading apps for crypto available for beginner use. The best copy trading apps for financial markets should:

  • Be regulated
  • Have a demo account
  • Allow you to trade in various securities like forex, indices, crypto, commodities, and CFDs, among others.
  • Allow you to do your trading from anywhere in the world
  • Accept funding methods like bank transfers, PayPal, and credit cards
  • Have excellent customer support via phone, live chat, and email
  • Allow you to view real-time prices and price updates

Some of the best copy trading apps for financial markets include Etoro, AVATrade, PrimeXBT Copy Trading, FXTM, and Naga, among others. Check out the following extensive list of excellent copy trading apps you can use for crypto. Copy trading is currently being used in crypto trading to make it easier for new traders to learn the ropes of trading.
 

Top Copy Trading Bot Platforms

Filters

Auto Trading
Pricing
Plans
Account
CryptoHopper.png

CryptoHopper

From $199/year

Cryptohopper is a web platform that enables automated cryptocurrency trading. Cryptohopper allows you to create automated bots with customized strategies or with signal providers from its marketplace.

Cryptohopper was founded in 2017, making it one of the oldest contenders in the crypto bot space. Since then, it has gained much popularity due to its ability to set up custom advanced trading bots or copy trade with a powerful interface.

Features

Signal Bots
DCA Bots
Arbitrage Bots
Copy Trading
Backtesting
Paper Trading

Supported Exchanges

Spot Exchanges (16)

Binance
OKEx
KuCoin
Coinbase Pro
Binance US
Bitfinex
Bittrex
Bybit
Huobi
Kraken
EXMO
Poloniex
Bitvavo
BitPanda Pro
Crypto.com
HitBTC

Platforms

Web-based
Android
iPhone
iPad
zignaly.jpg

Zignaly

Commission

Zignaly is a cryptocurrency trading platform with a trading terminal and copy trading feature, which copies the activity of expert traders and allows you to replicate it in your account.

At Zignaly, you copy expert traders under a profit-sharing model. Instead of a flat monthly fee, you'll pay a percentage of your earnings with no minimum investment required.

Being a cryptocurrency trading platform, Zignaly works through an automated service that performs cryptocurrency trading operations without requiring user intervention, allowing trading 24/7 using external crypto signal providers.

Since the platform's services are cloud-based, users can easily access the bot's features at any time and on any device.

Features

Copy Trading

Supported Exchanges

Spot Exchanges (1)

Zignaly

Platforms

Web-based
Naga.png

Naga

Commission

If you are looking for a platform that also offers social networking, then Naga is the crypto platform to trade on. This platform is different mainly because it uses the autocopy feature that automatically copy the strategies of other brokers and earn money from the copied trades. 

Being a social media savvy platform also allows it to share a trader’s ideas, and discuss strategies not to mention learn new ones from other traders. 

The main advantages of using NAGA include an extensive copy trading platform and offering MetaTrader 4 and 5. This platform allows traders to trade over 1000 asset like CFDs, Stocks and Forex. However, there is a withdrawal fee that applies when using this platform. The NAGA platform carries the NAGAX cryptocurrency exchange.

Features

Copy Trading

Supported Exchanges

Platforms

Web-based
Android
iPhone
iPad
Royal Q.jpeg

Royal Q

Commission

Royal_q is one of the best crypto exchanges for beginners. It is a quantitative platform that enables traders to execute the best trades 24/7 using multiple strategies. And for new traders who find success on the platform, you can refer new users to the platform using your referral link and for each newbie you instantly earn $30. 

On Trustpilot, reviewers have reported that this bot can give between 20 and 30 percent profits consistently monthly. There have been many trading bots that do not perform long-term and are scams but Royal_q is not one of those. It is a proven trading bot that uses AI to perform trades on behalf of the trader. 

Features

DCA Bots
Copy Trading

Supported Exchanges

Spot Exchanges (3)

Binance
Coinbase Pro
Huobi

Platforms

Web-based
Android
iPhone
Shrimpy.png

Shrimpy

From $180/year

Shrimpy is a crypto trading platform focused on portfolio management. The platform supports ten exchanges, 13 wallets, and cold storage tracking, allowing crypto investors to get a birds-eye view of their portfolio value from a central place.

Shrimpy's features offer serious crypto investors a solid solution for their portfolio management and tracking needs.

You can easily keep your portfolio balanced thanks to Shrimpy's portfolio rebalancing feature. Shrimpy offers two rebalancing strategies: periodic and by threshold. With periodic rebalancing, the platform checks the asset distribution periodically and rebalances the assets if necessary. With the threshold rebalancing method, the platform monitors each asset's distribution and when an asset exceeds a certain threshold (15% change by default), it will rebalance the portfolio.

Features

Periodic Bots
Rebalancing Bots
Copy Trading
Backtesting
Portfolio Tracking

Supported Exchanges

Spot Exchanges (17)

Binance
OKEx
KuCoin
Coinbase Pro
Binance US
Bitfinex
Bitstamp
Bittrex
Gemini
Kraken
Poloniex
CEX
Huobi Global
Gate.io
HitBTC
Bibox
Bittrex Global

Platforms

Web-based
Kryll.jpeg

Kryll

Commission

Enter the new era of trading. The most powerful strategy marketplace and crypto bot builder..

Features

Signal Bots
DCA Bots
Copy Trading
Backtesting
Paper Trading
Portfolio Tracking

Supported Exchanges

Spot Exchanges (3)

Liquid
Yobit
IDEX

Platforms

Web-based
Android
iPhone
iPad
Gate.io.png

Gate.io Bots

Commission

Trade Anywhere Anytime

Features

Grid Bots
Arbitrage Bots
Rebalancing Bots
Copy Trading
Portfolio Tracking

Supported Exchanges

Spot Exchanges (1)

Gate.io

Platforms

Web-based
Android
iPhone
iPad
Mac
Windows
WunterTrading.png

WunderTrading

From $95/year

Automated crypto trading bot

Features

DCA Bots
Arbitrage Bots
Copy Trading
Portfolio Tracking

Supported Exchanges

Spot Exchanges (9)

Binance
OKEx
KuCoin
Bittrex
Bybit
Huobi
Kraken
BitPanda Pro
HitBTC

Futures Exchanges (4)

Binance
Bybit
Deribit
BitMEX

Platforms

Web-based
Android
iPhone
iPad
Mac
Windows
UpBots.png

UpBots

Commission

Easy & Secure Crypto Trading , For Everyone

Features

Signal Bots
Copy Trading
Portfolio Tracking

Supported Exchanges

Spot Exchanges (5)

Binance
OKEx
KuCoin
Binance US
Huobi

Platforms

Web-based
Android
iPhone
iPad
Mercor Finance.png

Mercor

Decentralized Crypto Bot Marketplace.

Features

Signal Bots
Rebalancing Bots
Copy Trading
Backtesting
Portfolio Tracking

Supported Exchanges

Platforms

Web-based
eToro.png

eToro

Commission

Invest better together

Features

Rebalancing Bots
Copy Trading
Paper Trading
Portfolio Tracking

Supported Exchanges

Platforms

Web-based
Android
iPhone
iPad
Mac
Windows
Coinmatics.png

Coinmatics

From $180/year

Successful Crypto Trading Performance on Autopilot.

Features

Signal Bots
Arbitrage Bots
Copy Trading
Portfolio Tracking

Supported Exchanges

Spot Exchanges (3)

Binance
OKEx
Bybit

Platforms

Web-based
Tuned.png

Tuned

From $900/year

Lightning-fast trade automation

Features

Signal Bots
Rebalancing Bots
Copy Trading
Backtesting
Paper Trading
Portfolio Tracking

Supported Exchanges

Spot Exchanges (6)

Binance
Coinbase Pro
Bybit
Huobi
Kraken
BitMEX

Platforms

Web-based
Android
iPhone
iPad
Superalgos.png

Superalgos

FREE

Crowdsourcing Superpowers for Retail Traders

Features

Signal Bots
Copy Trading
Backtesting
Paper Trading

Supported Exchanges

Spot Exchanges (3)

Binance
Binance US
Nasdaq

Platforms

Mac
Windows
CryptoRobotics.png

CryptoRobotics

From $228/year

Best crypto platform for day trading

Features

Grid Bots
Signal Bots
Copy Trading

Supported Exchanges

Spot Exchanges (13)

Binance
OKEx
KuCoin
Binance US
Bitfinex
Bittrex
Bybit
Huobi
Kraken
EXMO
Poloniex
CEX
Gate.io

Futures Exchanges (1)

Binance

Platforms

Web-based
Android
Mac
Windows
Gimmer.jpeg

Gimmer

From $255/year

The Smart Way to Trade Cryptocurrencies.

Features

Signal Bots
Arbitrage Bots
Copy Trading
Backtesting
Paper Trading

Supported Exchanges

Spot Exchanges (8)

Binance
Bitfinex
Bittrex
Huobi
Kraken
Poloniex
OKcoin
BitMEX

Platforms

Web-based
Mac
Windows
Jet-bot.png

JET-BOT

Commission

Get copied. Get paid. Become a popular trader.

Features

Copy Trading

Supported Exchanges

Spot Exchanges (1)

Binance

Futures Exchanges (1)

Binance

Platforms

Web-based
Android
iPhone
ProfitTradingApp.png

ProfitTradingApp

From $31/year

TRADE. EASIER. FASTER.

Features

Signal Bots
Copy Trading
Paper Trading

Supported Exchanges

Spot Exchanges (10)

Binance
OKEx
KuCoin
Coinbase
Bittrex
Bybit
Huobi
Kraken
BitMEX
HitBTC

Futures Exchanges (1)

KuCoin

Platforms

Web-based
Android
iPhone
iPad
Mac
Windows
Trademate.png

Trade-mate

From $240/year
Commission

Trading platform with advanced functionality

Features

Signal Bots
DCA Bots
Copy Trading

Supported Exchanges

Spot Exchanges (3)

Binance
Poloniex
BitMEX

Platforms

Web-based
Android
iPhone
iPad
Diabolo.png

Diabolo

Commission

Win on crypto market automatically 24/7 with the best traders and bots.

Features

Copy Trading

Supported Exchanges

Spot Exchanges (2)

Binance
KuCoin

Futures Exchanges (1)

Binance

Platforms

Web-based
3470_ico-mizar_thb.jpg

Mizar

Commission

Mizar is an algorithm-based trading platform designed by traders for traders.

Features

DCA Bots
Copy Trading

Supported Exchanges

Platforms

Web-based
download.jpg

Paratica

From $324/year

The most advanced, automated and the coolest way to manage your investments

Features

Signal Bots
Copy Trading
Backtesting

Supported Exchanges

Spot Exchanges (1)

Binance

Platforms

Web-based
Android
Trailingcrypto.png

Trailingcrypto

From $60/year

An Advanced Cryptocurrency Trading Terminal built for Professionals

Features

Grid Bots
Signal Bots
DCA Bots
Copy Trading
Paper Trading

Supported Exchanges

Spot Exchanges (12)

Binance
OKEx
KuCoin
Bitstamp
Bittrex
Kraken
Poloniex
CEX
BitMEX
HitBTC
Coinex
Huobi Pro

Futures Exchanges (1)

Binance

Platforms

Web-based
Holderlab.jpeg

Holderlab

From $95/year

Get your crypto portfolio ready in 5 minutes.

Features

Rebalancing Bots
Copy Trading
Backtesting
Portfolio Tracking

Supported Exchanges

Spot Exchanges (11)

Binance
OKEx
KuCoin
Bitfinex
Bittrex
Huobi
Kraken
Poloniex
HitBTC
Bibox
Beaxy

Platforms

Web-based
attachment_98863347.jpg

TradingBot Solutions

From $588/year

Automate Your Crypto Trading Now!

Features

Signal Bots
Copy Trading
Paper Trading

Supported Exchanges

Spot Exchanges (6)

Binance
Coinbase Pro
Binance US
Bittrex
Poloniex
BitMEX

Platforms

Web-based
Aperium Tech.png

Aperium Tech

From $96/year

Make your clients life easier with Signal and Automation single point of charging.

Features

Signal Bots
Rebalancing Bots
Copy Trading

Supported Exchanges

Spot Exchanges (1)

Binance

Platforms

Web-based
Dealerify.png

Dealerify

From $192/year

Newbie in trade? Sit back and relax

Features

Signal Bots
Copy Trading
Paper Trading

Supported Exchanges

Spot Exchanges (3)

Binance
KuCoin
Bybit

Platforms

Web-based
Pluto.jpeg

Pluto

FREE

Automatic investing is a click away.

Features

Signal Bots
Rebalancing Bots
Copy Trading
Backtesting
Paper Trading

Supported Exchanges

Platforms

Web-based

Skyrocket your profits with the most advanced trading bots in the market