What Are Some Of The Best Platforms For Copy Trading In 2023?

• Copy trading is highly sought after by beginners in the trading market.
• Due to its popularity and high rewards, several platforms offer copy trading.

The crypto industry is highly volatile, which surely offsets the naive traders’ enthusiasm for starting their crypto journey. Also, there are thousands of projects out there, and it takes extensive research and analysis before resting on some and investing in them. The most important thing is to avoid falling into scams and fraud projects that sound promising but are empty from the inside. 

New traders have to invest a lot of time and energy before they begin trading. For such problems, many platforms came up with the strategy of copy trading. Here, a master trader who is reliable and has experience in the field is chosen, and the new traders copy his positions and gameplay. In return, they learn from the experience, and the master trader is incentivized with some percentage of profits. 

There are several platforms out there that offer copy trading, and all differ in the features provided. The stock market, the currency market, and other markets can all employ copy trading. We’ll examine some of the well-known platforms in this section and discover what makes them unique.

Best Copy Trading Platforms

• Bybit

One of the largest crypto exchanges, Bybit, recently introduced copy trading with no additional fee for futures. The master trader (principal trader) earns up to 10% of the profit from each successful trader. To protect the interests of users, Bybit has imposed several restrictions on master traders. They can hold losing positions for 7+ days and may face a ban if they do so. 

Upon losing 10 consecutive trades and/0r being inactive for 14 days, the person loses the status of the master trader. Their performance is calculated using parameters such as Win Rate, Cumulative profit, Max drawdown, ROI, and several others.

• BingX

The platform was launched in 2018 and offers the options of spot, derivatives, and copy trading. Being a Binance broker, it charges a trading fee of 0.04%. Through BingX, users can participate in copy trading through three different means: Copy by Position, Copy by Fixed Margin, and Copy by Spot Grid. 

To become a master trader, a person should have a win ratio of> 55%, a cumulative ROOI > 55%, and a Trading volume > 100K USDT in the last three weeks. The platform supports direct integration with TradingView and can be used in more than 100 countries. The master trader earns a profit of 8% on each successful trade. 

• BitYard

The Singapore-based platform can support an audience of more than 150 countries and even provides an inviting offer of $ 258. The platform has a simple and easily navigable website, which is best for new traders. Master traders are ranked based on their followers, win ratio, profit rates, and P/L ratio. Crypto traders come with 125X leverage, while derivatives have up to 200X leverage. Users can also navigate and use the website through a demo account before actually opening an account. 

• PrimeXBT

The platform provides the best user interface (UI) for users, making it a primary choice for beginners. Including Bitcoin, Ethereum, Ripple, and Litecoin, it can support up to 17 cryptocurrencies, major stocks, foreign currencies, and other commodities. Traders can utilize advanced charting and analysis tools for trading. Trading fees are nearly 0.05%, leverage is up to 100X, and there is a novel covering feature. 

Conclusion

The list of best copy trading platforms includes several other names like 3Commas, eToro, Shrimpy, MoonXBT, Trader Wagon, and others. Each platform has significant differences in the basics like trading fees, supported cryptocurrencies, master trader requirements, and leverage, among others. Traders can choose based on thorough research and, at last, personal taste and goals to go with their desired platform.