A lot of new investors and traders enter the crypto industry whenever there is a significant price surge, and given that the one in early 2021 was the largest one in history, countless newcomers have arrived, looking for an opportunity to earn some money.
Unfortunately, trading cryptocurrencies is complex due to volatility. It is also complex due to the fact that many things do not work the same way they do in traditional finance. So, how can these newcomers start earning quickly without having to spend weeks educating themselves on the ways of the crypto industry? The answer is — social trading.
Social trading platforms have been around for a long time, and they offer an easy way to keep track of expert traders and investors and mirror their moves with the hope of achieving the same results. If this sounds interesting, here are some of the top social trading platforms for cryptocurrencies.
Dtrade is a new, easy to use, transparent pro-social trading platform, created by the Decoin exchange. Its goal is to offer a way for the crypto community to come together and trade alongside professionals, using their insight and knowledge to the community’s advantage, and in doing so, helping it build strong roots.
Using Dtrade, any newcomer to the crypto industry can watch how some of the best pro-traders stream their top strategies live on the internet, and learn as they go. In doing so, they will pick up the do’s and don'ts without having to experience failure on their own skin first.
The project offers a quick way for new traders to start earning with crypto in an easy and transparent way. More than that, it solves the problem of knowing whether or not a trader is trustworthy by not only ranking the top traders, but also by showing the details of their trades. That way, anyone can tell if they are mirroring a true professional, or just someone who had a few lucky guesses.
eToro is another popular crypto and stock trading platform that offers social trading. In fact, its social trading feature has been quite popular among beginners for some time. The platform is simple enough to navigate, and all that users need to do is register, find a ‘Copy People’ feature on the panel on the left, and then select “Crypto” among different options.
After that, all it takes is to find a trader to copy, which can be done easily enough through various filters that the platform has. Users can simply check out which traders are giving consistent returns, and follow them. Meanwhile, professional traders don’t have to convince anyone — their returns will speak on their behalf. By clicking on the professional trader’s account, users can see their profile, detailed states such as performance over time, existing portfolio, and more. After that, users can simply start or stop copying the trader at any time.
Then, there is Gate.io — a well-known crypto exchange that also has a copy-trading feature that is extremely easy to use. Like with eToro, the procedure starts with registering an account on the platform and completing KYC. After that, users need to fund their account, and move on to Quantitative > Leaderboard.
There, they will find a list of available top traders that they can copy. One thing to note is that 5% of the net earnings are given to the initial strategy creator after the strategy closes, as a way to thank them for their help.
In the fourth spot, we have Covesting — a social trading platform integrated with PrimeXBT exchange. This means that traders can enjoy copy-trading directly on the PrimeXBT platform, where they also have access to the trading terminal, which is good for users who wish to make trades outside of social trading.
PrimeXBT is not only limited to crypto, either. Users can also access commodities, forex, SP500, and even numerous other assets. As for the social trading aspect, users get to access some of the top-performing traders and strategies, and automatically copy them and use their trading moves to make quick income.
Best of all, PrimeXBT doesn’t even require KYC at the time of writing. And, users can use a number of coins, including Tether, USD Coin, Bitcoin, Ethereum, and more. But, since most copy-traders are using Bitcoin as a funding mechanism, it might be best to follow their example.
As you can see, you do have a rather diverse choice of platforms for social trading, so you can compare them and find the one that fits your need the best. Cryptocurrency trading is very popular these days, and if you are interested in it, you shouldn’t miss out just because you lack the knowledge and experience. You cannot become an expert in a day, but you can see what the experts are doing and copy their moves with ease of any of the mentioned platforms.
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