Every crypto enthusiast who has dabbled in trading knows it is very difficult and stressful work. To succeed in this field requires specific skills, experience, and, of course, time spent practicing.
However, people’s desire to earn serious money through trading has led to the emergence of services that provide copy trading capabilities.
What is Copy Trading, and How Does it Work?
Copy trading is a process where one trader interacts with another with the goal of replicating their trades in the market and earning additional profits.
In different professional communities, it may also be called mirror trading, social trading, trading with fiduciary management, etc. But the core idea remains the same.
As for the trader providing signals, they typically receive either a fixed fee or a percentage of profits. On modern copy trading platforms, payment of fees to signal providers happens automatically.
We’ve prepared a selection of 5 relevant copy trading services for you, with an in-depth breakdown of each.
1. ByBit
The copy trading platform from the cryptocurrency exchange ByBit launched in 2022 and is popular among traders. Subscribing to and tracking a signal provider’s trades can even be done completely free of charge and without KYC verification. The main requirement is having a registered ByBit account.
Of course, this doesn’t apply to traders wanting to become masters (signal providers). For them, KYC level 2 is mandatory. As for leverage, masters have access to up to 100x, while the master’s subscribers are limited to 5x.
Copy trading is available to subscribers with a bank balance of at least 10 USDT.
2. Bitget
To subscribe to one of the masters and follow their trades, you need a registered Bitget account (KYC is not mandatory). As with ByBit, copy trading is available to subscribers with a balance of at least 10 USDT. However, the maximum order size is limited to 3000 USDT.
If you want to become a master yourself and earn money from others copying your trades, you only need to deposit 500 USDT, and you’ll have access to the master board.
3. BingX
The service positions itself as a cryptocurrency social network where traders from all corners of the world congregate. In addition to classic copy trading by subscription, BingX provides access to many other tools and indexes, including forex trading.
To enable copy trading on this platform, passing KYC verification is mandatory. BingX’s downside is the relatively high commission fees – up to 25% of profits are deducted for the master.
4. Coinmatics
It is a copy trading service based on trading robots and professional traders. The service has several pricing plans, including a free option. However, masters have the right to set their own prices for signals.
Trades can be copied in both manual and automatic mode. Additionally, the platform pays rewards to traders through its referral system.
5. Eledator
The first platform for neuro-copy trading. Unlike other platforms where earnings are not fixed, Eledator users receive fixed monthly returns from +30% to +60%, depending on the chosen trader group. Eledator has no commissions at all. It pays users a fixed return, sharing any excess earnings between the platform and traders.
Eledator’s main downside is the very strict conditions for traders – the minimum insurance deposit to become a master is a full 50,000 USDT + mandatory KYC verification. However, if you want to copy Eledator traders and earn fixed 30-60% monthly returns, the minimum deposit is just $100.
Copy trading is available to subscribers with a balance of at least 100 USDT.
Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
