In today’s world, Cryptocurrency is becoming a prominent part of the monetary system due to consecutive months of exponential growth of their market capitalization. However, Cryptocurrency depends on technological factors, economic problems, security issues, pressure on the markets to deliver, political factors, security issues, etc.
The volatility of the crypto market leads to the great potential of high profit if the right investing strategies are followed. Copy-trading has provided a new way to automate trading and rely on proven professionals in this field. Here are some of the best platforms to become a copy trader:
| Name | Profit distribution | Exchange fees | Available cryptocurrencies Exchanges |
|---|---|---|---|
| BYDFI | 8-10% | None | 43 cryptocurrencies100+ crypto trading pairs |
| BingX | 8% | 0.75% | 100+ crypto pairs30+ crypto assets |
| BitGet | 8-10% | None | 100+ cryptocurrencies |
| Zignaly | varies | None | Binance, Bittrex, BitMEX, KuCoin, and Poloniex |
| WunderTrading | Varies | 1% | BTC, ETH, XLM, BNB, XRP, BCH, and LTC and 14 exchanges |
| Gate.io | 5% | None | 500+ cryptocurrencies and tokens |
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Table of Contents
What is Copy Trading?
Copy-trading allows you to automate your trades by simply following a professional trader. Further, copy trading is a feature that allows followers to follow an investment style and achieve goals that align with that of an expert trader and copy their trading movements.
In the meantime, it invests in the traders. After the trader chooses the investor, they want to follow, and there is not much left for them to do because most of the trade becomes automated. Before copy trading, the trader must ensure enough money in their trading account to cover the activity initiated in their trading account.
Disclaimer – Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk. Past Performance is not an indication of future results
BYDFI: 1st Best Platform to Become a Copy Trader
- BYDFI is considered one of the best copy trading softwares. This trading exchange platform has a network that covers 150 countries and provides its users with a straightforward interface and a beginner’s guide to get to know the platform.
- The trader’s trading strategy description on the platform must be correct so that the followers can copy the investment based on the given description.
- Further, this platform rejects adopting a trading strategy where the trader’s adopted strategy is different from the stated description.
- Traders must ensure that their trading status remains updated, so followers understand trading strategies and behaviour and keep up the following good relationship.
- Traders cannot conduct any malicious operations to hike the number of followers or funds, leading to the suspension of their accounts.
Also, read – 6 Best Copy Trading Apps in India [Important]
BingX: 2nd Best Platform to Become a Copy Trader
- Another fantastic platform that provides a reliable environment to their users and provides a copy trading feature is the BingX platform catering to over a million users with its low fees and high transaction speed It is one of the best cryptocurrency exchanges.
- The margin limit of the followers is set at 40x of the copy trader’s margin.
- Copy-trading on BingX has two subtypes of copy trading: copy trading by the amount and copy trading by proportion.
- The Copy Trader can earn 8% from the net profits made by the followers who follow the strategy.
- If the user wants to create a strategy, a minimum deposit of 50 USDT is required in their account for both ordinary and listed traders.
- The user will become an eligible Ordinary trader if he completes the KYC process. For becoming an eligible Listed trader, the user must complete the KYC process as well as in the duration of 3 weeks, weeks’ trades must be greater than 15, win rate must be greater than 55%, account profitability must be greater than 30%.
Also, read Bingx Copy Trading: How to Get Started?
Bitget: 3rd Best Platform to Become a Copy Trader
- Bitget is another leading cryptocurrency exchange platform based in Singapore. This platform brings thousands of traders from which the user can copy investing.
- The requirements to become a trader include mandatory KYC, no positions, no stop limit, the contracts should have no open orders, and no following any traders.
- A trader on Bitget can charge a fee of 10% on their followers’ profit, which they earn through copy trading.
- On Bitget, the user can also be a part of a crypto community that helps the traders increase followers, consequently expanding their profits.
- To become a trader, the following requirements must be met which is that the trader must have 50 followers and a deposit requirement of more than equal to 500 and less than 10000 or have 100 followers with a deposit requirement of more than equal to 10,000 and less than 5,000,000 or have 150 followers with deposit more than equal to 5,000,000.
Also, read MoonXBT Vs Bitget Vs BingX: Copy Trading
Zignaly: 4th Best Platform to Become a Copy Trader
- Zignaly is a platform especially built for Crypto investors and based on cryptocurrencies that provide its users with copy trading.
- This platform works by replicating the trading activity proportionally than the trader they are copying once they set their desired total balance.
- To become a copy trader on this platform, the user needs to enter the minimum allocated balance, which is the minimum investment the follower would have to set to start copying their account.
- Further, every copy trading account can trade with only one quote, which they must inform the platform versus which coin they’ll always trade for their account.
- Currently, the platform offers Binance and Kucoin, but more will be coming soon. The Exchange type can be Spot or futures trading.
- The copy trader can start trading in the following three ways: the trading terminals, signals, and a mix of signals and manuals.
Also, read Zignaly vs Margin.de vs NapBots – Which is Best?
WunderTrading: 5th Best Platform to Become a Copy Trader
- WunderTrading is a platform that offers a straightforward environment to its users to access features like social trading and copy trading with transparency, safety and low fees.
- This platform provides a simple process for the traders to become copy traders. To start with, the user must select the role of a trader and provide their USDT (ERC-20) payout address in the copy trading tab.
- Further, the trader has to change their settings to make themselves visible in the marketplace for the followers to copy their trade.
- Unlike other platforms, it does not have a list of requirements to make the user a copy trader for other people to follow them. Next, all they have to do is set the price for their profiles/bots, which is set for 30 days.
- Lastly, they have to select the currency, and the process is done.
Also, read WunderTrading Review – Social crypto trading to make serious money
Gate.io: 6th Best Platform to Become a Copy Trader
- Gate.io is another platform that allows its users to copy crypto traders and use their strategies to earn returns. This platform supports more than 500 cryptocurrencies as well as more than 1000 trading pairs.
- Furthermore, this platform supports spot and margin trading as well.
- Although no exchange fee is charged, a fee of 5% is charged to the professional trader, which the user is following.
- Users can also be professional traders if they want and create their own strategies to claim the rewards of copy trading from the profits the followers gain without any particular specifications.
- Gate.io presents many ways with which the user can gain points and claim rewards, including benefits like avoiding exchange fees. The user can exchange these coins for the following things: To cover contract and spot trading fees, To participate in USDT special activities.
Also, read Top 6 Binance Trading Bots
Conclusion
The trader should choose a platform that provides him with the highest profit distribution and the lowest risk, which can prove really beneficial. Most of the traders are now opting for the copy trading feature as it reduces their work by automating their trade and claiming its high benefits, and providing them with transparency and support exchanges and offer most features.
Frequently Asked Questions
Is the Copy trading feature legal?
Yes, in most countries, copy trading is legal and is not a scam.
Is copy trading profitable?
Copy-trading has become one of the most profitable ways to earn money as it allows the user to copy successful traders strategies to earn more profit.
On what basis do we choose a copy trader?
To select the best copy trader, the user must observe the number of followers of the copy traders, average trade duration, profit percentage, number of traders placed, monthly trading results and other factors according to the users’ need.
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