Crypto Copy Trading

What is Crypto Copy Trading?

Crypto copy trading, also known as social trading or mirror trading, is a type of trading that allows investors to digitally duplicate specific trades of seasoned cryptocurrency traders, effectively integrating all aspects of crypto trading. It is a unique trading method specially designed for beginners and investors who don’t have prior knowledge of making trades effectively, or lack time.

By using well known Copy Trading platforms such as Bitget, ByBit, and Gate.io, investors can participate in crypto copy trading and follow the trades of successful traders, to get a chance to make money in the cryptocurrency sector, with little to no knowledge of the market.

How Does Crypto Copy Trading Work

The working mechanism of Copy Trading is straightforward and pretty much similar to Spot Trading. The process starts by choosing a seasoned trader whose investment strategies match your objectives. You can accomplish this by using a copy trading app or platform that permits you to browse and choose successful traders. Once you select a trader to follow, customize your trade setup by setting up a budget and maximum leverage.

When everything is set up accordingly, Copy Trading models integrated in the platform replicate the investment decisions of the selected trader and execute trades on your behalf, for profit/loss.

Is Crypto Copy Trading Suitable For Beginners?

Crypto copy trading can be advantageous for beginners who desire to begin trading cryptocurrencies but lack experience or knowledge about the market. However, just like any other crypto trading, there is risk involved, and you can end up losing all your investment.

Some platforms permit their users to follow various traders at the same time. Doing so can help you diversify your investment portfolio and lower your risk of loss.

Benefits of Crypto Copy Trading

Doing such type of trading is beneficial especially for novice traders. Some of the benefits worth noticing are as follows.

• Helpful to gain knowledge: By auditing the approaches and strategies used by successful traders, beginners can learn new trading techniques and even come up with their own trading strategies. 
• Lowering hazards: Beginners can minimise the overall risk involved with crypto trading by following different traders’ trades at the same time.
• Saving time: As the popular saying goes, “time is money.” Well, it’s true, and if you don’t have time to watch the crypto market all day, then Copy Trading is for you. Since the supplier performs trades on behalf of you, there is no need to conduct lengthy market analysis and keep yourself up to date with the latest market news all day long. Therefore, copy trading is time efficient for those who want to participate in crypto trading but lack the time.

Risks of Crypto Copy Trading

It is important to remember that it also has certain disadvantages. For instance, new traders may become overly dependent on signal sources and fail to create their own trading plans. Furthermore, there is always a chance that trades taken by the followed trader might not always go right, meaning you might suffer a financial loss.

That’s why it is recommended for beginners to proceed towards copy trading carefully, by analysing the trader history (Success Ratio) before picking reputable traders. Moreover, in the beginning, in order to better understand the market, first start with investing a little amount and try to grow progressively while developing trading skills.

Crypto Exchanges Supporting Copy Trading

Today, copy trading has become an increasingly popular technique for traders to automatically duplicate the deals of more competent traders. Although there are several cryptocurrency exchanges, not all permit copy trading. The following cryptocurrency exchanges allow copy trading:

Bitget Copy Trading

If you’re an investor looking for an exhaustive platform, Bitget includes all the required features, including spot and margin trading, staking, a launchpad, and support for buying cryptocurrency.

To learn more about how to use Bitget click here

It is also worth considering because of its social trading platform that enables users to replicate the trading choices of highly profitable trades globally, with their Complete Trading History and Success Ratio mapping. It has an outstanding track record and is used by over 8 million users.

Pros:

• Bitget supports over 500+ coins and tokens for trading
• It provides free copy trading with a high commission of up to 8% maximum for traders
• It offers access to a variety of tokens with small market caps
• Supports multiple networks, including Binance, Smart Chain, Ethereum, Blockchain and more

Cons:

• Doesn’t allow users to directly trade in Fiat Currencies
• There is room for improvements in Live Customer Support

ByBit Copy Trading

If you’re looking for a crypto exchange that provides a wide range of features and tools, then ByBit may be an excellent choice. Launched in March 2018, it has more than 210 markets available for derivative trading and over 370 for spot, at cheap trading costs compared to other top-tier exchanges.

To learn more about how to use ByBit click here

ByBit offers MultiCopy trading features for investors, allowing them to follow up to 10 Masters at the same time. Additionally, the Exchange also has Affiliate Program for all traders, which enables users to earn up to 30% commission on each completed trade.

Pros:

• A wealth of experienced traders are available
• Effortless autopilot mode for trading
• Offers a maximum leverage up to 100x for Major Cryptocurrencies
• Features Live Chat Customer Support for user Assistance 24/7
• Many learning resources for beginners

Cons:

• Its trading fees can be slightly high

• This platform is prohibited in the U.S.

Binance Copy Trading with TraderWagon

If you’re a beginner to cryptocurrency trading without any experience, then Binance Copy Trading with TraderWagon is the best choice. Apart from the traditional Copy Trading option, the platform also offers a lot of resources for learning in order to help you create your own trading strategy and make profitable trades.

To learn more about how to trade on Binance click here

Pros:

• Provides easy access to reputable traders
•  Offers easy to navigate, user-friendly layout
• It provides one of the best customer support services in the market
• Offers lowest trading fees in the market

Cons:

• Binance Global is not available in USA. Hence, you may not be able to utilize its Copy-Trading Services
• Users can’t participate in any type of trading activities without KYC

Gate.io Copy Trading

Founded in 2013, Gate.io is one of the fastest growing Exchanges, featuring multiple trading services including Future Trading, Copy Trading, and Spot Trading.

To learn more about how to use Gate.io click here

By adhering to the rules of the platform and copying successful traders, you can earn high returns on your investment. Gate.io also provides automatic trading alternatives and sophisticated settings to protect cash loss, making it simple for anyone to begin copy trading.

Pros:

• Supports over 1600 cryptocurrencies with over 2700 trading pairs
• Allows copiers to filter traders with high returns on a monthly basis, and follow them
• Features both Spot and Future Copy Trading with a minimum investment limit of as low as $10
• Offers live 24/7 Live Support to help assist you with any issue regarding the platform

Cons:

• Not available for US Customers
• Its trading fees for both Future and Spot Might may not be suitable for some

OKX Copy Trading

If you’re looking for a simpler approach to trade cryptocurrencies, OKX Copy Trading is a good option for you. OKX launched its Copy Trading services recently in January 2023 for global users, and allowed users to replicate experienced traders’ strategies in over 600 Coins.

To learn more about how to use OKX click here

Remember that copy trading still carries risk and that you should conduct your analysis before investing.

Pros:

• Offers simple and quick realtime Copy Trading
• Features a Support Section to help assist you with any queries regarding Copy Trading 
• Lead traders can receive up to 10% of the profit gained by the copier

Cons:

• For certain cryptocurrencies it has low liquidity
• It has poor Customer Ratings
• Not available in the US

Interested in signing up for any of the aforementioned Exchanges? Follow this link to find some special Coin Labs referral codes to jumpstart your registration process with these Exchanges.

How to use Copy Trading on ByBit

 You can use Copy Trading on ByBit by following these steps:

1. Make an account on ByBit if you are new to this platform. Use your email address to sign up and fulfill the verification step.

2. After logging in, go to the Copy Trading portion of the ByBit platform by navigating through the main menu Derivative section at the top of Website Homepage.

3. Once there, Select a Trader who meets your objectives and click on “Copy” next to its profile.

4. After that, a pop-up will appear requiring some important information such as Funds you are willing to spend and what copy stop loss should be.

5. Now, tap on the “Copy Now” button on the pop-up to start following your selected trader.

6. After, the system will automatically copy the trades of suppliers in real time. In order to track progress, users can view the outcomes of trades on the Exchange Copy Trading page with a complete view of present revenue and profit/loss, and a breakdown of every trade (Opening/Closing).

7. There are also no restrictions on how long you can subscribe. If you feel uncomfortable while participating in Copy Trading, you can leave by unfollowing the trader.

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