Nov 2, 2020
10 Best FREE Copy Trading Platforms & Apps (2023)
Today we will discuss Copy Trading apps and review these platforms...
Copy Trading, Social trading, mirror trading — most of the time, it’s the same. Call it whatever you want, but the basic concept is that you follow other traders. Based on their features, this article will discuss the best copy trade apps & platforms in crypto, forex, and stock markets.
Why Copy Trading?
Trading is not easy; it’s a skill that requires continuous work. In addition, not everyone has the time or competence to be a good trader. Therefore it is much easier to copy a good trader.
Incentives are set so that the trader you follow will profit when you profit. Therefore, the trader you follow work for themselves, so it’s a win-win situation.
Why is Copy Trading popular among newbie traders?
- Copying experienced traders can be an educational tool for people who wish to learn how to trade independently.
- It is the easiest and most profitable entry into the crypto market — no need to have much expertise.
- Copy-trading works under the rule of being in the same boat: traders risk their own funds when providing trades for the copy. Additionally, they only earn when you make profits.
We at Coinmonks(CoinCodeCap) also are Master Trader at Bybit. Follow us at Bybit, and Let us trade for you.
10 Best Copy Trade Platform & Copy Trading Apps
1. Bybit
Bybit is one of the biggest crypto exchanges that recently introduced copy trading services. The best part about Bybit copy trading is that it does not charge any additional fee for copy trading.
However, Bybit allows up to 100x leverage, which looks very reckless. Any exchange shouldn’t allow more than 10x leverage for copy trading.
We are now a Principal Trader on Bybit, and you can follow us there.
Bybit: Copy Trading Features
- Only Futures Trading is available for Copy Trading.
- 10% profit sharing with the master trader. In other words, whatever profits you will make, 10% will be shared with the Master trader.
- If you lose 10 consecutive traders, Bybit automatically stops copying trades in your account.
- Bybit calculates the Principal Trader’s performance using ROI, Cumulative Profit, Max Drawdown, Followers, Win Rate, Total Trades, Average P&L, Average Position Holding Time, and Trading Frequency.
- High restrictions on Principal trader (Master Trader) are recommended to enhance followers' security.
- If a master trader does not trade for 14 days, he/she loses their status as a master trader.
- Principal trader can’t hold a losing position (with a 30% loss) for more than 7 days. Bybit considers it as malicious trade and can ban the master trader.
2. BingX — Exchange + Copy Trading App
BingX is a crypto social trading exchange founded in 2018 and offers copy, spot, and derivatives trading services. It’s a Binance broker. Therefore, all trades have trading fees (0.04%).
BingX provides three types of copy trading features.
- Copy by Position — Copy the same position as Master trader (Not in quantity but in percentage). For example, if the share trading account has a net asset of 10K USDT and uses 20% of the fund, i.e., 2k USDT, with leverage of 3X to buy long ETH/USDT, the copiers will also use 20% of their fund (suppose 1kUSDT), that is, 200 USDT 5X to buy long ETH/USDT.
- Copy by a fixed Margin — You can set a specific amount of margin amount in isolated margin mode.
- Copy by spot grid — When the master trader opens a grid trading position. Copier will copy the same config.
Furthermore, the platform also provides the best forex copy trading, global indices, an automatic copy trading function, commodities, and other contract trading products.
BingX: Features
- Also support Non crypto markets.
- Direct TradingView integration is best for Master traders.
- It serves more than 100 countries all around the world.
- When applying for Master trader you need following done in last 3 weeks (Trading Vol > 100k USDT, Win ration > 55%, and Cummulative ROOI > 55%)
- Max 20X leverage for BTC and ETH and non-crypto markets and 10X for shitcoins.
- 8% of the profit sharing with the Master trader, shared daily.
- The ranking is given to those with better trading performance data and locality. Trading performance data includes Profit Ratio, Win Rate, Max. Drawdown, deposits/ funds in the account, etc.
- BingX also detects plagiarizing trading orders. Read this to learn more.
3. BitYard: Best Copy Trading Broker
BitYard is situated in Singapore and has an enormous organization covering more than 150 nations, so it permits its traders to trade independently of their country.
BitYard Features
- To encourage their users, BitYard trading offers a 258 USDT invite reward whenever a user signs up for an account.
- Its website is simple, easy to use, and gives a fast trading experience to its users.
- A full refund warranty is proposed to every one of the traders.
- The platform offers its users to try their website with a demo account.
- The platform allows traders to enjoy crypto-to-crypto trading, further allowing them to purchase prominent cryptocurrencies.
- With BitYard margin trading, you can leverage up to 125x on cryptos and about 200x on derivatives.
- Check this article to see the top 10 copy traders to follow on Bityard.
Top trader's qualification on Bityard
Bayard shows top copy traders using the following criteria.
- Total trades in the last 30 days and the win rate, which is (Profitable trades / Total trades)
- A total number of followers currently or in the past.
- Profit rate, which is the total price divided by the biggest position (including margin)
- And P/L ratio, which is the profit rate for 30 days
Bityard Pros and Cons
Pros
- Various copy trade modes are available, therefore much better control to users.
- A wide range of coins is available.
- Funds are SAFU because it uses big exchanges like Binance in the backend.
- Restriction for leverage up to 20x for leaders
- All sorts of trading products are available Spot, Futures, Derivative, everything.
- Every trader has an upper limit
- Good transparency
Cons
- Liquidity will need to improve.
- They should include Maximum drawdown (The maximum loss on your portfolio because of the Trader) while calculating top copy traders.
4. PrimeXBT
PrimeXBT is one of the leading Bitcoin trading platforms. It supports other cryptocurrencies like Ethereum, Litecoin, and Ripple. You can set up and start trading in just 40 seconds without KYC.
In addition, PrimeXBT has the best UI/UX and provides leverage up to 1000x. It charges a nominal fee of 0.05%. More information on the fee and trading conditions can be found here. To learn more about the platform, also read our PrimeXBT review.
PrimeXBT Features
- Ease of Navigation: The website is easy to navigate. The Copy-trading feature is located in the Trading Tools menu. However, we believe locating it on the header menu would be better. Moreover, the names are different on the menu and the Copy-trading page, namely “Copy Trading” and “Covesting.” These changed names often confuse the new traders for whom the feature is intended.
- Leveraged Trading: The platform provides 100x leveraged trading. You can trade by depositing only 1% of your trading funds.
- Supported Cryptocurrencies: The platform supports 17 cryptocurrencies, one more than eToro.
PrimeXBT Fees
The trading fees vary significantly with each trading pair and trading feature. For usual trading, the fee is 0.001%, whereas, for copy trading, it is 1% (follower fee).
PrimeXBT Pros and Cons
5. Traderwagon
Traderwagon (TW) is one of the newest copy trading brokers that bridges the gap between experienced and novice traders. It is one of the most popular crypto copy-trading sites in the world. It has a plethora of copy-trading options and features. Furthermore, it is a platform that links both experienced and beginner traders. Users may utilize TraderWagon to identify, follow, and mimic transactions done by the world’s best traders.
Pros- Funds are sent instantly. Trading costs are kept low. It offers a variety of other services, such as Smart, which enables consumers to create their own trading websites.
Cons- There isn’t a lot of currencies accessible for trade. The minimum amount necessary for investing is one hundred dollars.
Security- Security is their number one priority. Users’ funds and personal data are always protected with the necessary safeguards.
6. 3Commas - Free Copy Trading Strategies
A platform that offers to copy trading strategies made available on their marketplace. 3Commas offers Bitcoin robots and crypto trading bots and a marketplace where professional traders offer their trading strategies to other platform users.
So just copy the trading strategy to your account, and the crypto bots will take care of the rest and automatically place buy or sell orders on your 3commas account.
One of the advantages of 3Commas Blog is its impressive list of crypto exchanges on which it is possible to do automated crypto trading: Binance, Binance US, Binance DEX, Binance Jersey, Kraken, Bitfinex, Bitmex, Bitstamp, Bittrex, Bybit, CEX, Ethereum Wallet, Exmo, Gate.io, Coinbase Pro, Hitbtc, Huobi, Huobi US, Kraken, Kucoin, OKex, Poloniex, Yobit.
Security: the funds are not held on the platform; the trading bots cannot make withdrawals.
Pros: Big amount of supported exchanges; good reputation; excellent user experience and beginner-friendly interface.
Cons: not all exchanges support automated trading; hard to customize bots without TradingView, a complicated tool for beginners.
Pricing: 3-day free access to PRO plan; 3 tariffs: Starter (14.50$/month), Pro (49.90$/month), Advanced (24.50$/month). The cheapest plan offers less functionality.
Read our 3Commas review.
7. MoonXBT
MoonXBT, which debuted in 2021, is a crypto derivatives trading platform with limitless capabilities and unrivaled deals. It is well-known for its one-of-a-kind light trading contract, and the platform is accessible in over 200 countries. It just included copy trading on its platform. This function allows a user to step-by-step replicate seasoned and exceptional traders.
Pros- It guarantees high liquidity. It also features a transparent K-line price. High-speed transaction process.Zero deposit fees.
Cons- Relatively new platform. A limited number of cryptocurrencies are available.
Security- MoonXBT has implemented technical and organizational security measures to ensure the confidentiality of your Personal Information and to protect your Personal Information from loss, misuse, unauthorized alteration, or destruction. Only authorized personnel of MoonXBT have access to your Personal Information.
8. Wunderbit
Wunderbit is another advanced cryptocurrency-focused social copy trading software that deserves mention. It’s a place where crypto investors can copy trades from experienced cryptocurrency traders or trade by themselves by creating automated trading bots. Moreover, users can use smart trading terminals. Supported exchanges in Wunderbit: Binance, Binance Futures, Deribit, FTX, FTX US, Bybit, Kucoin, OKEX, HitBTC, Kraken.
Security: funds are secure due to API restrictions and 2FA.
Pros: big choice of exchanges; transparent track records of traders; ease of use; more than 2000+ users; own Buy Sell exchange; availability of copy trading+terminal+bots; ability to use for free during the first month.
Cons: no good traders to copy; slow customer support; small userbase.
Pricing: profit sharing principle (first month is free, then you’ll need to share 30% of your profit every 2 weeks), no monthly payments.
Also, read our Wunderbit review.
9. eToro Copy Trading
eToro is a pioneer of social trading in forex and stock market. It has the most advanced social trading features in the market. It lets you trade Forex, commodities, stocks, and ETF contracts for difference (CDFs). Now it supports more than 16 cryptocurrencies.
eToro’s forex copy trading is an exciting feature. Unlike regular copy forex trading, social investing allows you to copy other traders’ actions with adjustable levels of risk and exposure.
This way, you are not entirely dependent on other copy forex trader’s activities and can alleviate the risk of losses if you want to. Moreover, this service is like an investment social network — traders can make their own blogs.
eToro_Official claims +29.1% average yearly profit (of 50 most copied traders for 2019) for copy traders.
Security: Etoro is fully regulated by the FCA and CySec; industry-leading security protocols protect your funds; no private sharing of data without your permission.
Pros: Wide variety of instruments; reputable, regulated company; traders’ ability to maintain their blog where they can communicate with users; availability of copy trading+terminal+bots.
Cons: inactivity fees, no crypto deposits (only $), slow customer support, can be a complicated tool for newbies because of the verification process, many unprofessional traders, and the fee for withdrawal of funds.
Pricing: only withdrawals incur a fee of $5, and eToro_Official charges for spreads.
Read eToro Review
10. Shrimpy
ShrimpyApp is a cloud-based crypto trading platform. Shrimpy allows users to configure a crypto asset portfolio, specify the percentage weighting of each coin’s value in the portfolio, and set it to be automatically rebalanced at a set time period.
ShrimpyApp has other features such as Social (follow the strategies of other Shrimpy traders), Insights (gain insight into how other Shrimpy users manage their portfolio), and Backtesting. You’ll be amazed by a wide range of exchanges supported by Shrimpy company: Binance, Binance US, BitFinex, Bibox, Bittrex, Bittrex Global, Bitmart, Bitstamp, Coinbase Pro, Gemini, HitBTC, Huobi Global, Kraken, KuCoin, OKEx, Poloniex.
Security: API key encryption; two-factor authentication; fully secured HTTPS protocol (with SSL).
Pros: A large number of supported exchanges (16 different exchanges!); automatic rebalancing; security measures; a beneficial referral program.
Cons: not detected.
Pricing: a monthly membership fee. Difference: free Hodler subscription allows users to create a portfolio and connect to their exchange account. The Professional pack includes all Shrimpy features, including Custom Index builder, Rebalancing, Backtesting, Social Trading, and Insights.
Also, read our Shrimpy review.
11. Zignaly
Zignaly is a social crypto copy trading for binance and other exchanges that is specifically focused on cryptocurrencies and crypto investors. Investors can create trading portfolios by connecting different crypto exchanges through API keys. Binance and KuCoin fans love this service.
How to copy trade? Create a Zignaly account, connect your exchange with API keys and choose among many cryptocurrency traders to follow.
All in all, Zignaly Zignaly is an amazing platform for copying other traders and can definitely remove the stress generated by highly volatile markets like cryptocurrencies tend to be.
Security:
We take security seriously and we built the platform with this in mind. The trading orders are executed on your behalf on the exchange and we don’t require withdrawal rights, so your funds are 100% secure.
Pros: user-friendly interface; trading fees cashback; availability of copy-trade + terminal + bots.
Cons: not detected.
Pricing: using the platform is free; copy trading can be free but there are also prices for monthly subscription on traders: $5-$500; 14 days trial period.
Frequently Asked Questions
How to choose the best Copy Trading Apps?
It’s not easy to select the best copy trading platform for you. You need to consider many factors when choosing a copy trading software.
Here are some key points you need to check in copy trading apps:
- Regulation: The copy trading software or broker you use must be licensed by authorities.
- Security: Most copy trading now requires a funds deposit (Except the crypto exchanges that provide copy trading), so avoid copy trading apps asking you to deposit funds. (Unless they are exchanges)
- Quality of Traders to copy: Best copy trading apps have some criteria for traders who can be leaders and are available as copy traders. Such as their trader performance, leverage history, risk-reward ratio, etc. Additionally, they won’t allow more than 20x leverage for copy traders.
- Transparency: Copytrading apps must provide all the details about the traders you can copy. So you can analyze their trading strategy to understand their performance.
- Finding Winning Traders: Most forex social trading platforms simplify tracking which traders offer the highest ROI. However, you should check if they include their losses in the ROI or not? And how much leverage they allowed to these traders.
Is Copy Trading legal? 👮♀
Yes, the regulations related to copy trading is similar to trading. However, it depends on your jurisdiction. If your broker or exchange is regulated and authorized by legal authorities and crypto trading is allowed in your jurisdiction, you don’t need to worry. Copy Trading is also prevalent in the Forex and Stock markets. There are hundreds of Forex Copy trader.
Which are the Best Copy Trading Platforms? 👷
Here is a list of the best Copy Trade software:
- 👍 Bityard
- 👍 BingX
- eToro
- CoinCodeCap (This is our own service, and it’s for long-term portfolio building)
How Does Copy Trading Work? 🍀
You must understand how copy trading works. As the name suggests, copy trading is simply copying the trades. You follow a specific trader, and their trades get copied into your account. In other words, when the trader you are following opens trades in their account, the same trades get open in your account. You can set the lot size (size of the trade), and leverage.
I recommend that the trader you are following let them control the lot size and leverage.
You must create API keys and connect with copy trading software to provide access. Please ensure you only provide trading-related permission and DO NOT PROVIDE WITHDRAW PERMISSIONS.
Nowadays, Crypto exchanges have started providing copy trading services; in those cases, you do not need API keys.
Can you make money copying trades? Are there any risks in copy trading? 💲
Yes, copy trading works. However, you have to be very careful.
I have been REKT a few times by following traders without analyzing their historical trades. You can read my experience of copy trading.
And also, remember, “High Risk, High Reward.” Therefore, an increased risk must be involved if anyone promises high returns.
You must remember a few things if you are new to copy trading.
- Analyze the trade history of the traders you want to follow.
- Divide your money into three parts. A small portion for High-risk trading, another percentage for Medium risk trading, and a good position for low-risk portfolio building strategy; choose different traders for these.
- Start small, once you understand the trading pattern of the trader you are following, then slowly increase your investment.
- Avoid traders who use more than 10x leverage.
- Don’t invest; you can’t afford to lose.
For long-term portfolio building, you can follow our in-house copy-trade solution.
What is the difference between copy, social, and mirror trading?
Here is brief information and the main difference between all three trading platforms:
Social trading
Social trading allows new traders to learn and invest by following experienced traders. Most of these platforms enable social media-like features to enable a community experience.
When in binary option social trading, you can talk to other traders, share your technical analysis, and comment on others’ posts.
Copy-trade
Copy Trading is a software application primarily focused on enabling core trading features instead focus on community experience.
They provide detailed traders' analysis and enable futures and margin trading for markets such as forex, crypto, and stocks. Most copy trading platforms focus on enabling trading automation tools for their strategies.
Mirrors trading
You can combine top traders’ strategies and trading approaches with Mirror trading. As a result, mirror trading provides more accurate and predictable trading signals. They are perfect for investors who want to know all the forex trading.
Who are some good traders to copy at eToro? 🚀
- Jeppe Kirk Bonde (etoro.com/people/jeppekirkbonde):
- Olivier Danvel (etoro.com/people/olivierdanvel) : only trade forex, only green months since Jan 2017. His goal is 1% per month, pretty consistent so far
- Mariano Pardo (etoro.com/people/marianopardo) : 5th year in a row with positive returns (4 out of 5 superior to 25%)
- BalanceAM (etoro.com/people/balanceam) : low risk score (3), very good 2019 year. Seems to be becoming very popular recently
- Libor Vasa (etoro.com/people/liborvasa) : yearly positive returns since 2014
Best Copy Trading Software: Conclusion
Social trading is becoming increasingly popular among crypto investors who want to start generating passive crypto income over time.
For newbies just starting their trading journey, copying trades looks quite attractive. Everything is automatic. Trading works in the background, with buy and sell orders running 24/7.
And the same can be applied to a professional trader as well. If you simply don’t have the time to watch charts, it only makes sense to let someone else trade for you and copy what they do.
That being said, we recommend you never stop learning yourself and not follow traders blindly. This way, you don’t have to trust anyone else with your trading, and you will learn something no one can take away from you.
P.S. If you find this article helpful, do share it. Let’s encourage more people to invest in crypto markets. Blockchain is the future.
Discounts and Coupon Codes 🔥
Create a copy trading account on BingX , and get UPTO $100 Sign-up bonus.
Signup on the Binance and Coinbase and get a discount on the Trading Fee.
If you are looking for a free trading bots, try Poinex, they only charge trading fee, not month on month fixed pricing. Also Try Pionex Leveraged Tokens to earn more with less money.
Check Bityard, a exchange with copy trading.
Sign Up for AAX, FTX, Deribit, Bybit and PrimeXBT and other best crypto exchange and get a discount on the trading fee.
For the Indian, Crypto community check the best Indian crypto exchange and Apps to buy bitcoin in India.
Pay your crypto taxes using the best Crypto tax software and secure your crypto using the best crypto hardware wallet.
Also, Read
