Per a report from the Cambridge Center for Alternative Finance (CCAF), fossil fuels have been the primary energy source for BTC mining since the start of the year. The CCAF recently updated its Cambridge Bitcoin Electricity Consumption Index (CBECI). Its study claims that 62% of all the energy the leading token has consumed so far consists of coal-based energy. BTC’s Energy-Intensive Mining Bitcoin employs the proof-of-work consensus mechanism to create new tokens and validate transactions on the blockchain. The PoW…
Trading crypto isn’t an easy task. There are so many projects, exchanges, and options available today. All of this selection can make the process of getting started seem a bit overwhelming. Recognizing this fact, developers have begun to create new and exciting ways to alleviate this burden for new investors. Crypto copy trading is one of these remedies.
What are Crypto Copy Trading Platforms?
Crypto Copy-trading platforms allow users to duplicate the trading strategies of experts. This approach is excellent because it enables new investors to learn and earn simultaneously. Eventually, the student can become the teacher. Once you are ready to take the reins, you can become a crypto trade leader. Impressively, experienced cryptocurrency traders are already making thousands of dollars every month on these crypto social trading platforms.
As with any new technology, it’s recommended that you stick to only reputable platforms to avoid rug pulls and scamsters. Luckily, multiple platforms support copy trading at this time. Here are five copy trading platforms every trader should know.
Shrimpy introduces robust and futuristic trading tools to expand your profits. The platform is unique because it combines social media with trading. The Social Portfolio feature allows new traders to navigate the market quickly. This protocol shows the traders a percentage-wise breakdown of all the coins. It’s easy to see the top performers and make informed investments using this interface.
Shrimpy is among the most flexible options in the market. The platform supports 700 cryptocurrencies and over 15 different exchanges. Additionally, you can integrate a variety of trading bots into your strategy. Another substantial benefit Shrimpy introduces is rebalancing options. These protocols automatically adjust your portfolio throughout the month. When you combine all of these features, Shrimpy provides more earning opportunities than conventional copy trading options.
The developers sought to make Shrimpy great for both followers and leaders. Followers have access to a wealth of tools that simplify market analysis. Leaders earn paid commissions for each follower they obtain. Specifically, you get paid $4 per follower. In this way, leaders gain an additional revenue stream.
Covesting is another top-performing copy trading platform. This protocol originated as a basic exchange. Today, Covesting is a comprehensive platform that enables a wide variety of functionalities, including algorithmic trading. Over the years, they added many new features, such as copy trading.
Covesting’s copy trading interface is user-friendly and suitable for those new to crypto trading. The network integrates a liquidity aggregator to eliminate trade delays. Impressively, buy, and sell orders to execute simultaneously. User’s trades complete at the same rate due to this responsiveness.
To utilize this platform, you must first allocate funds to the trade leader’s account. You will need to use the native token COV. Covesting allows you to follow 20 different leaders. In this way, you have an excellent selection of trading strategies to guide your investments.
eToro is a perfect example of a traditional trading platform venturing into the crypto realm. This platform started with Forex and EFTs as their main product. Consequently, eToro has a massive following. The platform services more than 140 countries and has millions of users currently. Not surprisingly, the eToro’s success has spawned a fleet of copy cat platforms.
eToro provides traders a robust toolset that streamlines the copy trading process for newbies. The platform’s design eliminates slippage as copy trades execute in near real-time. New users also enjoy the ability to start unlimited demo accounts. If you get confused, eToro provides 24/7 customer support.
eToro is a solid choice for someone not interested in diversification. The platform has a limited coin selection that only includes the market’s top performers. Notably, you can copy trade Bitcoin, Ethereum, Litecoin, Ripple, and a few other reputable cryptocurrencies.
ZuluTrade is a platform that has risen to stardom primarily in the EU and Japan. The platform has an intuitive interface that features various dashboard filters that simplify the trade leader search process. You can sort potential traders based on ROI, number of followers, total trading volume, and other valuable criteria like their followers’ net profits.
Armature traders can choose to follow brokers directly. ZuluTrade includes a large variety of brokers in its network. This feature provides valuable insight into comprehensive crypto trading strategies. Also, users can utilize the profit reinvestment tool to leverage their earnings further. This feature enables you to allocate a specific percentage of your profit for re-investment.
To participate in ZuluTrade, you need to make the minimum initial deposit of $300. This investment isn’t unreasonable when you learn that ZuluTrade offers some of the lowest fees. Consequently, ZuluTrade continues to see adoption by traders.
Naga Trader is another platform that initially started as a stock trading platform. As such, the platform includes a vast selection of powerful trading tools that they carried over from their stock trading applications. Also, the network has a large user base due to its stock origins.
The Nag Trading interface simplifies trading by placing all the most valuable data at your fingertips. You can make informed investment calls aided by the most relevant and timely data. Additionally, Naga has a decent selection of popular cryptocurrency trading pairs.
Interestingly, the main draw to NAGA is its CYBO robot. This protocol facilitates 24/7 trading on AI-based algorithms. Using the system, traders can implement and execute advanced trading strategies in an automated environment. As your profits rise, your followers will follow suit. Best of all, you earn for your efforts.
Conclusion – The Best Copy Trading Platforms
These five copy trading platforms are the best in the market. They provide you a safe and reliable trading experience. Don’t risk your hard-earned cryptocurrency betting on unknown platforms. Stick with established copy trading networks, and you are sure to enjoy higher ROIs and learn new trading techniques along the way.