10 Best Crypto Copy Trading Softwares in 2024
opy Trading, Social trading, mirror trading — most of the time, it’s the same. Call it whatever you want, but the basic concept is that you follow other traders. Based on their features, this article will discuss the best copy trade apps & platforms in crypto, forex, and stock markets.
Why Copy Trading?
Trading is not easy; it’s a skill that requires continuous work. In addition, not everyone has the time or competence to be a good trader. Therefore it is much easier to copy a good trader.
Incentives are set so the trader you follow will profit when you profit. Therefore, the trader you follow work for themselves, so it’s a win-win situation.
Why is Copy Trading popular among newbie traders?
Copying experienced traders can be an educational tool for people who wish to learn how to trade independently.
It is the easiest and most profitable entry into the crypto market — no need for much expertise.
Copy-trading works under the rule of being in the same boat: traders risk their own funds when providing trades for the copy. Additionally, they only earn when you make profits.
We at Coinmonks also are Master Trader at Bybit. Follow us at Bybit, and Let us trade for you.
💰 Deposit $300 on BYDFI(Bityard) and get Free 1 month CoinCodeCap Premium Signals. DM gaurav_zen on Telegram.
Sign up for 3Commas and get a free 1 month CoinCodeCap VIP Premium Signals.
Disclaimer — This site contains product affiliate links. We may receive a commission if you make a purchase after clicking on one of these links.
12 Best Copy Trade Platforms & Copy Trading Apps
1. Bybit
Bybit is one of the biggest crypto exchanges that recently introduced copy trading services. The best part about Bybit copy trading is that it does not charge any additional fee for copy trading.
However, Bybit allows up to 100x leverage, which looks very reckless. Any exchange shouldn’t allow more than 10x leverage for copy trading.
We are now a Principal Trader on Bybit, and you can follow us there.
Bybit: Copy Trading Features
Only Futures Trading is available for Copy Trading.
10% profit sharing with the master trader. In other words, whatever profits you will make, 10% will be shared with the Master trader.
If you lose 10 consecutive traders, Bybit automatically stops copying trades in your account.
Bybit calculates the Principal Trader’s performance using ROI, Cumulative Profit, Max Drawdown, Followers, Win Rate, Total Trades, Average P&L, Average Position Holding Time, and Trading Frequency.
High restrictions on Principal trader (Master Trader) are recommended to enhance followers' security.
If a master trader does not trade for 14 days, he/she loses their status as a master trader.
Principal trader can’t hold a losing position (with a 30% loss) for more than 7 days. Bybit considers it as malicious trade and can ban the master trader.
2. BingX — Exchange + Copy Trading App
BingX is a crypto social trading exchange founded in 2018 and offers copy, spot, and derivatives trading services. It’s a Binance broker. Therefore, all trades have trading fees (0.04%).
BingX provides three types of copy trading features.
Copy by Position — Copy the same position as Master trader (Not in quantity but in percentage). For example, if the share trading account has a net asset of 10K USDT and uses 20% of the fund, i.e., 2k USDT, with leverage of 3X to buy long ETH/USDT, the copiers will also use 20% of their fund (suppose 1kUSDT), that is, 200 USDT 5X to buy long ETH/USDT.
Copy by a fixed Margin — You can set a specific amount of margin amount in isolated margin mode.
Copy by spot grid — When the master trader opens a grid trading position. Copier will copy the same config.
Furthermore, the platform also provides the best forex copy trading, global indices, an automatic copy trading function, commodities, and other contract trading products.
BingX: Features
Also, support Noncrypto markets.
Direct TradingView integration is best for Master traders.
It serves more than 100 countries all around the world.
When applying for Master trader, you need the following done in the last 3 weeks (Trading Vol > 100k USDT, Win ratio > 55%, and Cumulative ROOI > 55%)
Max 20X leverage for BTC and ETH and non-crypto markets and 10X for shitcoins.
8% of the profit sharing with the Master trader, shared daily.
The ranking is given to those with better trading performance data and locality. Trading performance data includes Profit Ratio, Win Rate, Max. Drawdown, deposits/ funds in the account, etc.
BingX also detects plagiarizing trading orders. Read this to learn more.
3. BitYard: Best Copy Trading Broker
BitYard is situated in Singapore and has an enormous organization covering more than 150 nations, so it permits its traders to trade independently of their country.
BitYard Features
To encourage their users, BitYard Trading offers a 258 USDT invite reward whenever a user signs up for an account.
Its website is simple, easy to use, and gives a fast trading experience to its users.
A full refund warranty is proposed to every one of the traders.
The platform offers its users to try their website with a demo account.
The platform allows traders to enjoy crypto-to-crypto trading, further allowing them to purchase prominent cryptocurrencies.
With BitYard margin trading, you can leverage up to 125x on cryptos and about 200x on derivatives.
Check this article to see the top 10 copy traders to follow on Bityard.
Top trader's qualification on Bityard
Bayard shows top copy traders using the following criteria.
Total trades in the last 30 days and the win rate, which is (Profitable trades / Total trades)
A total number of followers currently or in the past.
Profit rate, which is the total price divided by the biggest position (including margin)
And P/L ratio, which is the profit rate for 30 days
Bityard Pros and Cons
Pros
Various copy trade modes are available, therefore much better control to users.
A wide range of coins is available.
Funds are SAFU because it uses big exchanges like Binance in the backend.
Restriction for leverage up to 20x for leaders
All sorts of trading products are available Spot, Futures, Derivative, everything.
Every trader has an upper limit
Good transparency
Cons
Liquidity will need to improve.
They should include Maximum drawdown (The maximum loss on your portfolio because of the Trader) while calculating top copy traders.
4. PrimeXBT
PrimeXBT is one of the leading Bitcoin trading platforms. It supports other cryptocurrencies like Ethereum, Litecoin, and Ripple. You can set up and start trading in just 40 seconds without KYC.
In addition, PrimeXBT has the best UI/UX and provides leverage up to 1000x. It charges a nominal fee of 0.05%. More information on the fee and trading conditions can be found here. To learn more about the platform, also read our PrimeXBT review.
