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If you are a novice trader, cryptocurrency trading will be challenging. With little knowledge about the market, you cannot make decisions like an experienced trader. The major problem with cryptocurrency is that you must gather massive amounts of 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, a substantial loss comes. 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 and implement 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, allowing traders to purchase assets such as ETFs, CFDs, 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 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. Moreover, you can copy their trades, check predictions, and discuss analysis. Also, you can ask queries, boost following, and learn crypto trading.
In layperson’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:
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 various benefits. The monthly payment does not vary, so you don’t have to pay a commission on each trade. You can access high-level analysis tools and a comprehensive mobile app by paying a flat monthly fee.
The free account allows you to track holdings, access backtesting strategy, and execute trades in real-time. In addition, 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 various analyzing tools to make informed decisions.
Zignaly is another social crypto trading tool focusing 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 simplifies your trade and reduces 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 from $5 to $500. In addition, you can join the advanced feature on a 14-day free trial.
ZuluTrade is a popular social and copy 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 systems 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. Moreover, 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. As a result, you can start a new trading journey by choosing high-performing strategies.
These platforms are becoming popular because of automation tools. For example, using these tools, you can set sale and purchase orders, 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 market value, and check indicators, you should assess the above platforms and choose the one that suits your needs.