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If you are a novice trader, cryptocurrency trading will not be easy. With little knowledge about the market, you cannot make decisions like an experienced trader. The major problem with cryptocurrency is that you have to gather massive information to learn how to trade. And as you spend more time trading, things will start to clear.
You might have heard experienced traders say that with more significant risks come higher rewards. But, it would help if you also considered that sometimes, there comes substantial loss. The idea of gathering knowledge might sound overwhelming, and you might have second thoughts about making your first trade.
But, what if you have a solution for this problem and know how to make better decisions without spending significant time and resources? Yes, it is possible. You can learn from professional traders, evaluate their strategies, and copy them for your trades.
You can achieve this by using crypto social trading platforms. Social trading allows novice traders to use strategies from professional traders, implementing them to their benefit.
What is Crypto Social Trading?
Do you use social media platforms? Everyone does. Social trading platforms are similar to social networks for traders. These platforms work as crypto brokers and allow traders to purchase various assets such as ETFs, CFD, and cryptocurrencies.
These platforms are different from regular trading platforms. For example, you can interact with other traders and learn their trading strategies using social trading platforms. The notable benefit of these platforms is choosing the instrument and market you want to trade.
This indicates that you can choose a market and view all top-performing traders. What’s more, you can copy their trades, check predictions, and discuss analysis. Also, you can ask queries, boost following, and learn crypto trading.
In layman’s terms, crypto social trading is the social trading platform that allows new traders to trade following professional strategies.
Top Crypto Social Trading Platforms
Here are some top crypto social trading platforms for copy trading you should evaluate. Evaluate these options and choose the best trading platform according to your preferences:
With Shrimpy, you can create and personalize a crypto asset portfolio. It is a cloud-based platform that offers a wide range of features to simplify trading. For instance, you can view the value of each coin in percentage. It also provides automatically rebalanced on a given period.
The platform allows you to view insights and helps you understand how others manage their platform. You can choose a potential portfolio and follow their strategy. The backtesting option enables you to optimize and improve your strategy. Shrimpy supports many other trading platforms, including Binance, Bibox, and Kraken.
The security features include two-factor authentication, API key encryption, and a fully secure HTTPS protocol. With so many security options, you will feel safe. The notable benefit of this tool is automatic rebalancing. Furthermore, you can choose up to 16 different exchanges. Shrimpy opens many earning opportunities for you, which include a referral program.
You can start using Shrimpy through a monthly membership. However, you can create a free portfolio as well. Also, you can connect your exchange account with Shrimpy through the free membership. By purchasing monthly memberships, you get access to their professional pack. The professional package unlocks every Shrimpy feature. This can include social trading, backtesting, rebalancing, custom index builder, and insights.
Cryptohopper is a wide-ranging trading platform that makes trading intuitive and straightforward. It allows you to automate your investments, set signals, and copy strategies from other traders. Thus, investors can automate their trades and scale their financial games.
You can register with their paid version, allowing you to avail various benefits. The monthly payment does not vary, which means you don’t have to pay a commission on each trade. By paying the flat monthly fee, you can access high-level analysis tools and access a comprehensive mobile app.
The free account allows you to track holdings, access backtesting strategy, and execute trades in real-time. They don’t bind traders with a minimum deposit amount. But, the platform suggests depositing at least 300 euros.
Cryptohopper is a powerful tool that enables traders to copy trading. This indicates that you can follow strategies from successful traders and win huge profits. Furthermore, you get a wide range of analyzing tools to make informed decisions.
Zignaly is another social crypto trading tool, as the platform focuses on cryptocurrencies and crypto investors. This platform uses API keys to integrate popular exchanges with the platform. For instance, if you are a Binance or KuCoin enthusiast, you can connect your accounts on this platform with Zignaly. This platform is beneficial for all types of traders. This indicates that beginners, as well as professional traders, can register with Zignaly.
Using a copy trading platform, you can simplify your trades and reduce stress. You can do so by choosing a well-performing trader and copying their strategies. Therefore, you can trade in a volatile market without taking much pressure.
Zignaly offers 100% secure accounts with non-custodial protection, advanced encryption, and two-way factor authentication. On top of that, they provide a user-friendly interface, copy trading, bots, terminals, and trading fees cashback.
The primary subscription option is free, which includes copy trading. However, you can choose advanced features on a monthly subscription starting from $5 to $500. In addition, you can join the advanced feature on a 14-day free trial.
ZuluTrade is a popular social and copies trading platform for novice and experienced traders. The platform allows you to socialize with other traders and choose well-performing strategies. Following strategies by professional traders, beginners can boost their portfolios. Moreover, traders can automate their system and profit from bearish and bullish trends. Furthermore, you can also share ideas and leave feedback on other accounts.
The platform offers a demo account for novice traders, allowing them to understand the medium. There is no restriction on minimum deposits. But the broker suggests that you initially add at least $100. What’s more, you can earn additional money when other traders copy your strategies. So, it is a win-win situation for everyone.
Other features include a flexible and straightforward interface with automatic portfolio rebalancing. Furthermore, thousands of signals are on the platform that helps novice and professional traders.
ZuluTrade offers four trading accounts: demo account, definitive account, profit sharing account, and trader account. There are no time limits on using a demo account. For other charges, you have to pay monthly subscription fees.
Crypto investors are moving to social trading platforms to generate high revenue over time. Using this platform, you can reduce your efforts and resources while choosing the right strategies. In addition, these platforms allow you to evaluate the performance of different traders. That way, you can start a new trading journey by choosing high-performing strategies.
These platforms are becoming popular because of automation tools. You can set sale and purchase orders using these tools, and the platform will trade in the background.
Some crypto social trading platforms are not suitable for beginners. But, professional traders can also use them to boost their profits. If you don’t have time to analyze charts, track the market value, and check indicators, you should assess the above platforms and choose the one that suits your needs.