10 Best Crypto Copy Trading Platforms 2024

Looking for the best crypto copy trading platforms to find the most profitable traders? Look no further. Here's the best crypto copy trading platforms for 2024.

What are the best crypto copy trading platforms?

ByBit

Bybit is a well-known crypto exchange that offers a unique copy trading feature. Users can choose to be either a trader to be copied or an investor to copy others. This platform fosters a social trading environment where users can explore and evaluate traders to copy.

Bybit copy trading pros:

• Wide selection of traders to choose from for copying

• User-friendly interface

• Up to 100x leverage available

• Customizable preferences and fund allocation options

• Sign-up bonuses are often available

• Autopilot mode for convenience

• Online customer support

Bybit copy trading cons:

• Not available for US residents

• Fees can accumulate over time

• Limited to one exchange

Binance

Binance, one of the world's largest cryptocurrency exchanges, offers a copy trading feature that allows users to replicate the trading strategies of experienced traders. Binance copy trading aims to provide a seamless and accessible way for both novice and experienced traders to participate in the crypto markets.

Binance copy trading pros:

• Leading crypto exchange

• High liquidity

• Global presence

Binance copy trading cons:

• Some products may be limited depending on your location

• Copy trader profiles may not be internally vetted

• Fees for smaller traders are relatively high

Phemex

Phemex is a popular crypto and derivatives exchange known for its advanced copy trading features. It offers a social trading environment where users can copy successful traders' trades and customize their settings to align with their risk tolerance and preferences.

Phemex copy trading pros:

• Customizable copy order criteria

• Detailed performance metrics for traders

• Intuitive interface

• Availability of trading bots for various cryptocurrency pairs

Phemex copy trading cons:

• Withdrawal fees may apply

• Mandatory minimum withdrawal amount

• Lack of clarity regarding regulations and licenses in the US

OKX

OKX, formerly OKEx, offers a copy trading feature called OKX copy trading. Users can replicate the transactions of experienced traders without having to conduct their own research or trading. OKX supports a broad assortment of coins and trading pairs, offering various trading options.

OKX copy trading pros:

• Low fees

• User-friendly interface suitable for beginners

• Low deposit and conversion fees

• Ability to filter traders by AUM capacity

OKX copy trading cons:

• Not available for US residents

• Increasing KYC processes for users worldwide

PrimeXBT

PrimeXBT is a combination of a social trading platform and a crypto exchange, offering margin trading and copy trading services. Users can deposit Bitcoin and gain insights from experienced traders, selecting expert traders based on their strategies and track records.

PrimeXBT copy trading pros:

• Demo account available for practice

• Low fees

• Potential for high-profit sharing for traders

• Expanding range of assets

PrimeXBT copy trading cons:

• Not suitable for beginners

• Geographical restrictions may apply

eToro

eToro is a pioneer and one of the most popular social trading platforms, especially for beginners looking to experience copy trading. It supports cryptocurrency markets, regulated by the FCA, and offers various filters for finding traders with detailed performance information.

eToro copy trading pros:

• Traders have blogs, and users can chat with them

• User-friendly interface ideal for beginners

• Reputable and regulated company

eToro copy trading cons:

• Charges fees for inactivity

• Higher withdrawal fees than others

• Traders may not be internally vetted

BingX

BingX is a new cryptocurrency exchange offering a straightforward and flexible copy trading feature. Users can analyze the past performance of traders, assess their risk levels, and decide whom to copy. It also fosters a community of traders for sharing ideas and strategies.

BingX copy trading pros:

• Active social trading community

• Easy-to-use interface

• Demo accounts available for practice

BingX copy trading cons:

• Higher transaction fees

• Not available for US residents

Wundertrading

Wundertrading is a social trading platform that focuses on creating a community of traders, fostering collaboration, and providing educational resources. Users can follow accomplished traders, exchange ideas, and copy their trades while utilizing various automated trading preferences.

Wundertrading copy trading pros:

• Strong emphasis on building a social trading community

• Collaboration and learning opportunities

• Access to educational resources and tools

• Regular promotions for first month free

• Supports multiple popular crypto exchanges

Wundertrading copy trading cons:

• Growing user base but still relatively small

• Includes weaker traders among all traders

Coinmatics

Coinmatics is an automatic copy trading platform that allows users to copy the trading operations of profitable traders based on their preferences. It offers a comprehensive selection of traders with individual performance metrics and strategies.

Coinmatics copy trading pros:

• Promotions for free plans often available

• Fast technical support

• User-friendly interface

• Free plan for small volume traders

• Supports both manual and automatic copy trading modes

Coinmatics copy trading cons:

• Higher commission for traders

• Minimum $50 USDT deposit required

• Supports only three exchanges

• Lack of futures and margin copy trading options

Cryptohopper

Cryptohopper is an automatic crypto trading bot that offers a copy trading feature, allowing users to replicate the trades of skilled traders. It provides pre-set trading plans and a marketplace for exchanging plans, offering hands-free trading with customizable bots.

Cryptohopper copy trading pros:

• Supports many exchanges

• Offers a demo account for practice

• Customizable trading bots and technical analysis tools

• Backtesting features for strategy evaluation

Cryptohopper copy trading cons:

• Extra cost for signals

• Limited features in free plan

• May be restricted depending on your location

How to choose a crypto copy trading platform

When looking for the best crypto copy trading platform, consider these key features:

• Supported exchanges: Make sure the platform works with your preferred cryptocurrency exchange.

• User-friendly interface: Choose a platform that's easy to use and navigate, whether you're a trader or investor.

• Risk management tools: Look for tools like stop-loss and take-profit options to protect your investments and ensure a secure trading environment.

• Trade execution speed: Pick a platform that executes trades quickly, especially in the fast-paced crypto market.

• Security and regulation: Prioritize platforms with strong security measures to safeguard your funds and personal information. Check for regulatory compliance.

• Customization options: Select a platform that lets you customize your trades, including leverage, stop-loss, trade size, and exposure.

• Customer support: Reliable customer support is essential for addressing any issues or concerns during your copy trading experience.

• Diverse pool of traders: Look for a platform with a diverse group of traders, increasing your chances of finding one whose style matches your preferences.

• Transparent performance metrics: The platform should provide clear and transparent performance metrics for traders, including historical returns, success rate, drawdown rate, risk levels, and trading history.

• Social integration: If it's a social copy trading platform, ensure it allows users to interact with traders and engage in market discussions for advice from experienced traders.

What is crypto copy trading?

The idea of crypto copy trading is simple: find a trader who's been doing well and copy what they do. It's like learning from the best. By doing this, you can make your investments more successful. Plus, it lets you spread your money across different assets, which is a smart way to lower your risks.

It's also a helpful shortcut for people new to trading, as instead of learning all the complicated stuff about trading, you can copy the moves of experienced traders in real time.

It's often used for short-term strategies, like day trading and swing trading, especially in the crypto world. When you use copy trading, everything happens automatically, so you don't need to spend a lot of time and effort.

But copy trading still has risks. You should always have your own plan and be careful when picking the traders and platforms to copy. Some platforms also have safety features, like automatic stop-loss, which can protect you if the trader you're copying starts making bad moves.

Read next: What are the best crypto trading bots?

Is crypto copy trading profitable?

Crypto copy trading may be profitable, but it very much depends on who you copy and whether that trader has predicted market movements correctly. Losses may still occur, even when copying the most experienced traders.

How do I start crypto copy trading?

It’s simple to get started with crypto copy trading, just follow these steps:

1. Choose a platform. Whether you’re using a single exchange or a dedicated copy trading platform that connects to multiple platforms, this is the place to start.

2. Research traders. Don’t just pick the first trader you see, research the available traders to copy on your platform, including looking at their historical performance, understanding the risk level of their strategy, the potential returns, and understanding the diversity of their investments.

3. Start small. You don’t have to dive in head first and commit all your funds to one copy trader. Invest a small amount of your overall portfolio, and never more than you’re willing to lose.

4. Monitor and re-evaluate. Although a big benefit of crypto copy trading is not having to watch your portfolio constantly, you’ll still need to monitor the performance of your chosen copy trader, and the wider market, to make sure your strategy is the most profitable it can be.

Don't forget the tax bill

Profits from crypto copy trading will come with a tax bill - and especially if you're following an experienced trader, your transactions can add up. Don't worry, Koinly can help you manage your crypto taxes easily. Sign up free today.