In today’s world of technology, every single thing related to human beings is being digitalized. Whether it’s our Quotidien activities or making money, we observe that all the transactions nowadays are online.
But beyond this, there’s another sector where various forms of digital currency are exchanged on a large scale, known as cryptocurrency.
One cannot perform these transactions like our normal bank transactions. There are certain rules and regulations and specific platforms provided separately for carrying out these types of operations.
Imagine if we get access to Warren Buffet’s computer or journal where he might have made notes of his trades/investments or Peter Lynch’s laptop, which consists of his analyzed charts and patterns. That would be a life-changing moment for us! We would all be millionaires.
Well, there are softwares that are available which enable us to copy trades executed by professional traders. This would automatically imply that our profits would surge largely.
This is where copy trading comes into the picture. It is most commonly known as mirror trading, indicating that we can mirror original trades of trading stalwarts on a smaller scale.
Copy trading is a type of trading that comes under social trading. Traders having minimum experience of trading or with minimum time follow this kind of trading approach.
The traders try to create a similar structure of their positions from another trader’s account. This process is done in either two ways; manually or automated. And most of the time, beginner traders try to imitate their accounts like the experienced ones.
But one main point to be noted is that you should have your analysis regarding the market position of any investment to avoid risk.
So we’ll be looking at three copy trading platforms. By using them, you can carry out crypto trading and get a chance to make digital currency.
3 Best Crypto Copy Trading Software
It is a clear copy trading platform where you can copy strategies and approaches with various brokers. They are present around, and by using their methodologies, you match your investment goals.
It also provides the trader’s latest statistics of their current top traders, under management assets, investment returns, and loss percentage. Users have to make a minimum deposit between $1 and $300, depending on the functionality enabled by the broker.
ZuluTrade also displays the information of their traders. This gives an extra opportunity to the traders to choose the best strategy and gain maximum capitalization on their stocks.
Zulu has a strong and efficient customer-oriented system that provides functionalities such as Q and A forums answered by experienced traders and automated monitoring of the copy trading process.
One thing to be appreciated about ZuluTrade is that they provide a section where the traders can read blogs based on recent market positions.
It has a unique feature called ‘Traders Combo.’ What happens here is high performing traders are brought together as dynamic pairs, which manage the trading services appropriately.
And it also supports a full auto-pilot mode that ensures execution of trade with more than 100+ traders. ZuluTrade’s Auto Trade feature supports cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, Ripple, and Litecoin.
Forex Time Management (FXTM)
Introduced in 2011, Forex Time Management is a Cyprus Securities-based copy trading platform. Rather than tip-trading or joining enormous amounts of Telegram/Discord chats, FXTM is here to help users to access trading opportunities with the minimum time involved.
You can get two options for choosing an account, a Standard account, and an ECN account. FXTM gives its users various services such as trading accounts, sub-trading platforms associated with them, real-time market analysis, trading instruments, etc.
This helps you grow your trading efficiency by lowering the costs, getting flexible leverage, and fast execution.
Talking about the accounts mentioned above, the Standard account, the user is provided with an MT4/MT5 trading platform. It supports currencies such as USD/EUR/GBP, which is advantageous as other platforms accept the base currency, USD.
There is no limit for maximum deposit accepted, but a minimum deposit of $100 is required while using a standard account. And the ECN accounts are supplied with the MetaTrader4 platform and the same base currency support as Standard accounts with a minimum deposit of $200.
A plus point of going with FXTM is that they have a separate section for guiding new traders. In this, many E-books, trading seminars and webinars, educational videos, and articles are available, thus making it one of its kind in this copy trading ecosystem.
eToro is the third one on the list of our copy trading software. It is an Israel-based trading company that allows users to trade by exchanging cryptocurrency stocks and achieving maximum profits.
They don’t charge any commission fees and also don’t have any limits on them. It means that the user will not have to pay the brokerage charge. This makes eToro an appropriate option for traders.
You can invest in stocks of Amazon, Microsoft, Apple, and Netflix, etc. The same basic deposit amount required here is $50. Currently, there are around about 340,440,095 trades open for the traders.
Like FXTM, eToro also provides a center of guidance for its users. It is by introducing various financial market guides, newsletters, capital interests, etc. They also provide an additional podcast that helps in understanding the ABCs of copy trading.
The daily market review section lets you know about the highlights and events that have occurred in the day and can cause a price surge or dip, which helps you make a decent bet by considering all factors and viewpoints.
The fact cannot be ignored that there has been a tremendous rise in cryptocurrency trading lately. An increasing number of traders today seek to make money by following such resources. Even though you get double what you invested, there is an equal risk of losing it all.
A well-defined risk-to-reward ratio is a must for all investors, be it in equity, cryptocurrency, commodity, or even forex trading, for that matter. Doing it on a small basis is still fine. But in the end, one should frugally invest his/her money in these things only after thorough research and analysis and lastly execute what best suits him/her.
I hope this article helps you and if you have any queries related to it, leave your comment below. If you have not joined our community then you can now. We are very active there and have been sharing important information there.
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