Review of the Best Trading Platforms for Copy Trading 2023
Copy trading has long been an excellent decision for those who have just started trading on the exchange. It is no less popular among professionals who cannot devote enough time to trading. That’s why there are so many trading platforms for this.
What is crypto copy trading?
Before we go on to the software for copy trading, let us remember what it is. It is a trading strategy that allows you to copy deals of experienced market participants. It works in the following way.
Crypto copy trading platforms place charts of the most successful traders who agree to have their trades copied. All you need to do is to choose one or more traders from this list and press the “start copy trading” button. As a result, you will get the same results as they did.
You will have to pay him a commission for being allowed to copy his trades. It is usually about 10%. Some popular exchanges support copy trading crypto, but automated trading platforms are much more popular. In addition, to copying trading, there are dozens of useful tools for any trader.
This copy trading software, created in 2018, is designed to help traders minimize routine operations and improve trading efficiency. It allows you to trade independently using a professional terminal, copy the deals of other successful traders or develop an automatic bot, which will perform operations based on a given strategy.
The system works in tandem with all popular exchanges.
This strategy on WunderTrading is organized as follows:
- You need to create an account on WunderTrading;
- Connect your exchange account to WunderTrading via API;
- Select the trader whose trades you want to copy;
- As soon as the trader starts trading, the same orders will be automatically sent to your exchange account.
All deals are displayed in the personal account, where you can control, open and close them. In addition, you can wait for further actions of the trader or edit the strategy by yourself.
All trading is done via API. You only need to give a key to access to make trades, and the service will not be able to withdraw funds from the exchange.
Thanks to a lot of security measures, WunderTrading is a safe place. One of the options, for example, is 2FA (two-factor authentication). In addition, because it does not store any funds, it is considered safer than traditional banking systems. Money is deposited in exchanges or wallets chosen by users.
It’s easy to choose a trader whose strategy you like, thanks to transparent trading statistics and tools for analyzing trades.
WunderTrading is a godsend for any user interested in crypto trading. Many users consider it the best crypto trading platform. It is suitable for both beginners and experienced traders. In addition, with WunderTrading, you can automate any strategy. For example, if you are looking for the best futures trading platform, choose it.
The disadvantage is a difficulty setting up trading bots, but this aspect has nothing to do with copy trading. Also, the disadvantages can be attributed to the fact that the platform still does not have a mobile app.
This is one other popular trading platform crypto and broker headquartered in Ireland. The project was launched in 2006. Since then, AvaTrade has gotten permission from financial regulators of several countries, including Japan, Israel, and Australia.
In addition to the perfectly implemented copy trading feature, it has the following advantages:
- It supports over 1200 assets, including cryptocurrencies;
- Avatrade users have access to a wide range of trading instruments.
AvaTrade is considered the best trading platform for beginners. It is also suitable for experienced traders. Many users prefer to trade here because of the excellent opportunities the broker offers.
Copying the deals is organized like on most trading platforms, so we will not describe it in detail. All you need to do is create an account on Avatrade, choose a trader, and start copying his trades.
According to the official AvaTrade website, client funds are kept separately in segregated accounts. Withdrawal of funds from trading accounts is possible only to the details from which the deposit was made. The European jurisdiction provides compensation to clients in case of bankruptcy claims of the company.
The platform is offered for computers, laptops, tablets, and smartphones. The mobile version of the site is identical to the desktop version – users are provided with the same features, so when switching from one version to another, they will not get confused. The company follows the path of improvement of its platforms and tools. Thanks to this, the broker is leading in the online trading market.
What can be considered the disadvantages of this software? First, it does not have a user-friendly user interface. Second, it can take up to 5 days to deposit assets and up to 10 days to withdraw them.
It is considered by many users to be one of the most multifunctional platforms in the copy trading market. You can repeat trades for traders in the traditional financial market and crypto industry representatives.
The project was launched in 2007 and was an automated trading platform. Already in 2010, they added the function of copy transactions to the platform as part of the expansion of this functionality.
Four years later, eToro users were among the first to have access to copy trades for crypto assets. The company holds three licenses from reputable financial regulators and must take all necessary precautions to safely and securely store its clients’ data and funds. According to the company, these funds are kept in first-class European banks, and their misuse is excluded.
What else should you consider when choosing eToro?
- It is available in mobile (iOS, Android) and PC versions;
- On eToro, you can open a free demo account to test the platform’s capabilities;
- The developers offer a variety of options for deposits and withdrawals.
Platform users can also join the eToro Club, where experts share their experiences about the digital asset market. The disadvantages of the eToro include the fact that the functionality of the platform is subject to geographical restrictions. Users from some regions are unable to use some of eToro’s features.
We have reviewed the most popular and best, in our opinion, software for copy trading, as well as discussed their safety, pros, and cons. So if you still don’t know how to choose the best platform, study our article again and choose one of the three presented.