What Is the Best Crypto Copy Trading Platform?

We will try to describe which platform is best for crypto trading in 2023 by explaining which features and qualities will affect your trading results and user experience the most. In the contemporary financial market, it is a good idea to crypto copy trade or to engage with the market using advanced automation solutions widely available to retail traders.

Not using them is like giving the whole market a huge handicap and falling behind because of it. The vast majority of people trading and making money on cryptocurrencies instead of holding hoping that they will appreciate are doing it by using a combination of long-term market positions and a series of short-term positions opened by bots on their behalf.

What is the best trading platform for crypto?

Choosing the right exchange is the first step toward consistent money-making. A good exchange should be transparent and reliable with enough liquidity to guarantee that all placed orders fall through. While many crypto exchanges appear to be law-abiding entities, some are better than others. We all remember the inglorious collapse of FTX.

However, other exchanges are way more resilient and operate in good faith. There are several important aspects of a good crypto exchange:

• A good word of mouth. Read reviews and the history of the company. Some of them are relatively young but have rave reviews. Others may not be at the center of public attention, but have good reviews and a solid track record.
• A rich selection of financial instruments. Choosing centralized crypto exchanges that offer P2P trading, spot, and margin accounts with a rich catalog of derivatives and available crypto assets is a good idea for beginners who are still sorting out their preferences.
• Excellent UX/UI. Making money is not only more pleasurable but also more convenient and efficient when you work on a platform that has an intuitive interface and simple navigation. The visual design also plays a huge role and often helps users make better decisions by guiding them to the most efficient flow of actions.

There are great platforms that manage to tick all the boxes while also having a flexible API allowing third-party copy trading apps and automation apps to connect with them seamlessly. Binance, Kraken, KuCoin, Coinbase Pro, and some other CEX platforms immediately come to mind.

What is a copy trading platform?

Some CEX platforms already have some automation functionality, but it is often limited and does not work outside their respective networks. Finding the best copy trading platform among automation vendors is not an easy task, but there are some criteria allowing us to discern providers that deserve attention more than others.

• Multiple integrations. The more, the merrier. If a copy trading platform works with multiple exchanges, it is a distinctive advantage. Look for vendors that can connect to Binance, Kraken, KuCoin, and many other CEX platforms. The longer the list, the better will be your experience.
• Good selection of managers. Each provider has access to the services of traders who allow other users to follow them and their market activities. A service provider needs to have a good selection of traders in their marketplace.
• Good UX/UI. Many automation services are tech companies and offer complicated products like advanced scriptwriting. It means that it caters to people with some technical know-how. At the same time, they must have an intuitive interface that anyone can understand.

Among companies that tick all the boxes, WunderTrading, 3Commas, and AvaTrade stand out the most. All three have good social trading products and feature a long list of traders to follow.

What does social trading cryptocurrency means?

Elements of social media have been integrated into many brokerage platforms and exchanges with the rise of the web 2.0 concept. User-generated content is quite valuable and attracts more users. In financial markets, it was a great thing for many newcomers.

Over 85% of all traders do not have any prior exposure to financial markets and start their careers in the dark. Social trading allows them to start following experienced veterans and learn while making money.

The best copy trade service is one that offers novices a chance to enter the market without the necessity to spend countless hours studying the complicated crypto market. For example, you can go to the WunderTrading platform and look at the marketplace. They have hundreds of well-performing traders who charge as little as $20 for allowing others to copy their actions in the market.

You will enjoy many advantages while copying people who have reached their potential and make money consistently thanks to their expertise. At the same time, you will have an opportunity to learn how successful investors make their decisions.

The main takeaway

Choosing the best copy trader platform is a tough task, but you should only spend time on companies that correspond with the criteria we outlined above. Many companies offer free plans that you can use to test features and even start investing without paying anything to automation vendors. Upgrade to a paid plan only after you have enough confidence that your strategy works.

Copy trading is a good addition to your portfolio. However, you should remember that past performance does not reflect the future. People who made millions yesterday can lose their whole portfolio tomorrow.