With the expanding adoption of the cryptocurrency market, many traders, especially novice investors, seek low-risk and structured approaches to participate in this complex financial ecosystem.
Copy Trading is an innovative algorithmic investment mechanism that enables users to mirror the trading strategies of expert traders automatically.
The service allows users to benefit from data-driven decision-making and professional performance without requiring in-depth market analysis or extensive trading experience.
Types of Cryptocurrency Copy Trading Software
Cryptocurrency copy trading software comes in various forms, some of which are reviewed below.
Cryptocurrency Exchange Copy Trade Software
Specialized cryptocurrency exchanges offer these platforms. They typically support multiple cryptocurrencies and trading pairs and provide features like copy trading.
The main advantage is that users can utilize copy trading services without transferring their assets to other platforms.
Copy Trading Bots
Third-party companies usually develop these software solutions and can integrate them with specific cryptocurrency exchanges.
Copy trading bots automatically execute trades based on pre-programmed instructions, making them ideal for traders who lack the time to analyze the market.
Cryptocurrency Broker Copy Trade Software
These platforms are offered by online brokers that support cryptocurrencies. They provide similar benefits to cryptocurrency exchange software and also enable copy trading.
Best Cryptocurrency Copy Trading Software
Below, we introduce some of the top crypto copy trading tools.
Bybit
Bybit exchange is one of the most popular copy trading platforms in the cryptocurrency market. It allows users to copy the trading strategies of successful traders.
Advantages and Disadvantages of Bybit:
Advantages | Disadvantages |
Supports multiple cryptocurrencies | Relatively high trading fees |
Advanced risk management tools | No support for connectivity with other exchanges |
Detailed performance statistics | Restrictions on certain margin and futures trading pairs |
eToro
The eToro platform, founded in 2007, is one of the world's most well-known and reputable copy trading platforms. It allows users to automatically copy the trades of professional traders.
The table below shows the advantages and disadvantages:
Advantages | Disadvantages |
Supports a wide range of cryptocurrencies and other assets such as stocks and forex | Limited stocks and forex access for users in certain countries |
Integrated technical and fundamental analysis tools | Relatively high trading fees and spreads |
Direct interaction with successful traders | - |
Binance
Binance exchange is one of the largest cryptocurrency exchanges globally, supporting over 365 cryptocurrencies.
The Binance copy trading platform allows users to follow up to 10 top traders simultaneously.
Table of Advantages and Disadvantages of Binance copy trade service:
Advantages | Disadvantages |
Wide range of coins and tokens | Weak customer support |
Low transaction fees | No fiat currency support |
High security | - |
Shrimpy
Shrimpy is a cryptocurrency portfolio management tool that allows users to copy the trading strategies of successful traders.
The table below shows the advantages and disadvantages:
Advantages | Disadvantages |
Supports over 30 cryptocurrency exchanges | Requires a monthly or annual subscription for advanced features |
Advanced tools for traders | No mobile application |
Demo trading feature | - |
CryptoHopper
CryptoHopper is an automated trading platform that allows users to create trading bots and copy others' strategies.
The table below presents the advantages and disadvantages of the platform:
Advantages | Disadvantages |
Advanced trading tools | Relatively high monthly costs |
Supports multiple exchanges like Binance and Coinbase Pro | Requires customization of some strategies |
High level of security | No phone support |
Zignaly
The Zignaly platform is an automated cryptocurrency trading bot launched in 2018. It allows users to execute trades using trading signals from external providers.
Zignaly collaborates with platforms like TradingView, allowing users to customize their trading strategies.
The table below shows the advantages and disadvantages:
Advantages | Disadvantages |
Free trading bots | Limited number of supported exchanges |
Profit-sharing with traders | Limited exchange integrations |
Access to free signal providers | - |
Gate.io
Gate.io exchange, a cryptocurrency exchange established in 2013, recently launched its copy trading software.
The table below shows the advantages and disadvantages:
Advantages | Disadvantages |
Low fees | Hacked in 2018 |
Detailed trader performance statistics | No fiat currency support |
Over 1,600 tradable assets | - |
3Commas
The 3Commas platform is a comprehensive service for managing and automating cryptocurrency trades, founded in 2017. It allows traders to implement their strategies automatically using trading bots.
Advantages and Disadvantages of 3Commas:
Advantages | Disadvantages |
Advanced risk management tools | Poor management and security breach handling |
Supports 13 significant exchanges | Complex strategies for beginners |
Features like smart trading, paper trading | and social trading Not cost-effective for low-volume trades |
PrimeXBT
PrimeXBT broker is a cryptocurrency broker offering a high-speed copy trading platform with advanced features.
The table below shows the advantages and disadvantages:
Advantages | Disadvantages |
Detailed trader performance statistics | Low regulation |
Competitive fees | No Islamic account |
User-friendly interface | Limited trading tools |
BingX
BingX exchange is a cryptocurrency exchange that supports over 500 cryptocurrencies and trading pairs. It is widely recognized for its copy trading platform.
The table below shows the advantages and disadvantages:
Advantages | Disadvantages |
Mutual benefits for traders and copiers | High withdrawal fees |
Relatively low fees | Limitations on crypto-to-crypto transactions |
High security | - |
XT
XT Exchange is an international cryptocurrency trading platform that allows users to copy the trades of professional traders in their accounts automatically.
The table below shows the advantages and disadvantages:
Advantages | Disadvantages |
A wide variety of cryptocurrencies | Less well-known compared to larger copy trading platforms |
Competitive fees | Lack of full transparency in some areas |
Simple and user-friendly interface | - |
Key Considerations When Choosing Copy Trading Software
To select a proper cryptocurrency copy trading software, consider the following:
- Security: Ensure the platform adheres to high-security standards;
- Costs: Evaluate trading fees, spreads, and commissions;
- User Interface: Choose a platform with a simple and intuitive interface;
- Support: Assess the quality of customer support;
- Additional Features: Look for technical analysis tools, risk management, and performance reports.
Conclusion
Copy trading is one of the best ways for beginners and experienced traders to participate in the cryptocurrency market with minimal risk and maximum returns.
At the time of writing, platforms like Bybit and eToro are recognized as the best cryptocurrency copy trading software. However, the best choice depends on individual trading needs and goals.
