Social trading and the best copy trading platforms 2020
It’s a word that we hear more and more often, social trading.
You may have seen the Etoro commercial with American actor Alec Baldwin about social trading.
So let’s see what is social trading and what are the best social trading platforms 2020.
Social trading is a bit like trading embracing social networks like Facebook or Twitter, the interaction between traders (beginners or pros) who invest in trading stocks, forex or cryptocurrencies like Bitcoin.
Indeed, social trading can be applied to forex trading, stocks on major world exchanges like the Dow Jones, NYSE but also to Bitcoin and crypto currencies.
The growing success of cryptocurrency trading has led crypto trading platforms to integrate copy trading and social trading services to meet growing demand from a trading audience seeking the skills of professional traders.
What is social trading?
Social trading allows you to follow and copy the trading strategies of other traders who make their skills available to users who are either less competent in trading or traders who simply do not have the time to create their own trading strategies.
The benefits are of course time savings and ease of trading by simply copying the strategies of a professional trader.
Social trading can be applied to regular stocks (Tesla, Apple, Amazon, etc…) as well as to cryptocurrencies like Bitcoin, Ethereum, Ripple XRP, etc…
The appearance of powerful Bitcoin robots and crypto bots also allows social trading to develop by attracting an audience that does not have the particular skills to do trading but who will be able to use social trading in order to invest their money in that sector.
The advantages for professional traders is to be able to generate passive income by making their trading skills available through social trading and copy trading.
How does social trading / copy trading work?
The best social trading and copy trading platforms integrate functions on their platforms that allow a user to activate copy trading by choosing the traders and the trading strategies he wants to copy.
Everything is done automatically, whether on Etoro or other platforms like Kryll, you choose the trader(s) you are interested in and you can copy their trading strategies on your personal account.
These trading platforms have marketplaces on which you will find professional traders who make their trading skills and strategies available to other users.
You can of course follow several traders and several trading strategies at the same time on your account.
It is also recommended to dispatch your capital on different trading strategies so as not to concentrate your investment on a single trading pair but several in order to spread the risk (risk management).
What are the benefits of social trading and copy trading?
The automatic aspect of social trading relieves you of all monitoring of the markets and trading which can be very stressful and consume a good amount of your time.
Bitcoin robots and crypto bots are in charge to place orders on your account and following the strategies of traders that you have decided to copy while doing social trading.
Crypto trading bots never sleep and can place copy trading orders 24/7!
This is an advantage for your health, the problem of trading and especially trading Bitcoin for example is that these markets never stop, not even on weekends!
This means that a trader has to monitor the markets and the price of Bitcoin constantly, copying another trader and his professional trading strategies allows you to free yourself from all the stress of trading and sleep peacefully.
No feeling of fomo or panic when the price of Bitcoin goes up or down, same thing for any other cryptocurrency or stock that you could follow on the markets.
Be careful however, following a professional trader and doing copy trading does not guarantee that the trader you copy will only make gains.
Losses occur even with the best traders otherwise it would be too easy.
Before doing social trading or Bitcoin copy trading, you can look at the results posted by traders, this allows you to get an idea of the skills of the trader and the profits he generates with his trading strategies.
The trading strategies available on the Kryll marketplace are also rated by users, another aspect of social trading, the users and the community share their experience in social trading to help other members of social trading.
It also allows you to train in trading if you observe the trading of other professional traders.
Platforms like Kryll allow you to test your strategies for free in test mode until you are ready to go into real mode.
How much does social trading cost?
In general, doing social trading on a trading platform means simply placing sell or buy orders copied from another trader or one of his trading strategies.
The crypto exchange charges the usual fees for any trading activity on its trading platform.
The goal for a trading platform is to have more trading volume, social trading or copy trading will increase trading volumes and the exchange can therefore get more income in fees thans to this increase in activity.
Traders who make their trading skills available receive a percentage of the fees collected by the crypto exchange.
This allows the trader to generate passive income by making other traders benefit from his trading strategies via social trading.
What are the best social trading platforms and copy trading websites?
There are a few platforms that offer social trading and copy trading, whether for stocks or cryptocurrencies.
We have selected the 3 best social trading platforms that allow you to do copy trading, in real time or by copying trading strategies made available by pro traders.
With a presence in many countries, Etoro is available in English and many other foreign languages, Etoro has made a specialty of copy trading.
Etoro allows you to trade stocks like Tesla, Apple but also Bitcoin and cryptocurrency like Ethereum, Ripple, …
The platform allows you to credit your account with many payment solutions and even to buy Bitcoin with Paypal!
Copy trading makes it possible to copy the best Etoro traders, in real time, the buy and sell orders of the trader that you copy will therefore be placed simultaneously on your personal account.
The fees charged by Etoro will be the trading fees provided by the platform, whether you are trading yourself or copy trading by copying the trading strategies of a professional trader on Etoro.
A marketplace lets you know who are the best traders to copy on Etoro.
A very good platform for novice traders and beginners, professional customer support.
A social trading app on mobile to keep track of your copy trading and results.
The Etoro interface is simple and easy to use, and is positioned at the top of the social trading and copy trading activity.
Try Etoro copy trading by opening a free account: click here.
Kryll is an automated crypto trading platform, it offers powerful Bitcoin robots and crypto trading bots for traders who want to do automatic cryptocurrency trading.
It has a marketplace where professional traders can offer their trading strategies to other users of the platform.
The platform is available in English, Spanish and French.
Professional technical support as well as a community of users with whom it is possible to chat on Telegram.
This allows you to ask other marketplace users for advice on which strategies are performing well and which are not.
It is therefore an ideal platform for a beginner trader or the general public who would like to start crypto trading without having any skills yet.
Kryll also provides many guides and tutorials to better understand and learn trading.
In order to do copy trading on Kryll, simply open a free account and select the trading strategies you want to copy to your account.
Everything is automatic, once selected, you can first test the strategy for free in test mode before going into real and paid mode.
This allows you to see if the strategy works normally, backtest is free and unlimited on Kryll.
You can of course choose to copy multiple trading strategies at the same time.
Once in real mode, you will simply pay the transaction fees for orders placed by Bitcoin bots and Kryll’s crypto trading bots.
You can deactivate a trading strategy at any time, there is no monthly subscription to pay on Kryll, you only pay per use.
Kryll has an iOS and Android mobile application to track your account in real time.
Create a free account on Kryll to test copy trading: click here.
A platform that offers to copy trading strategies made available on their marketplace.
This automated crypto trading platform and its crypto bots are available in English, Spanish, Portuguese, Chinese, Russian.
3commas offers Bitcoin robots and crypto trading bots as well as a marketplace where professional traders offer their trading strategies to other users of the platform.
So just choose the trading strategies you want to copy to your account, the crypto bots will take care of the rest and will automatically place buy or sell orders on your 3commas account.
One of the advantages of 3commas is its impressive list of crypto exchanges on which it is possible to do automated crypto trading:
Binance, Binance US, Binance DEX, Binance Jersey, Kraken, Bitfinex, Bitmex, Bitstamp, Bittrex, Bybit, Bybit Testnet, CEX, Ethereum Wallet, Exmo, Gate.io, Coinbase Pro, Hitbtc, Huobi, Huobi US, Kraken, Kucoin , OKex, Poloniex, Yobit.
Using the trading platform requires paying a monthly subscription starting at $29 per month up to $99, the cheapest giving access to less functionality on the site.
Then you have to rent the trading strategies to the traders in addition to the subscription to 3commas.
You can create a free account on 3commas to find out more: click here.
You have here a selection of the best social trading and copy trading platforms 2020 to follow the best traders on Etoro, Kryll, etc…
Social trading is increasingly popular with traders and the general public who want to invest in trading stocks or cryptocurrencies like Bitcoin.
A novice trader can benefit from the skills of a professional trader by copying their trading strategies.
It can also allow him to learn by observing the trading of these strategies through copy trading.
A professional trader can also copy another pro trader if he simply does not have time to create trading strategies and it is therefore easier and more practical to use that of a pro trader who has already done all the work.
The general public who does not have trading knowledge can also now access trading by benefiting from the skills of professional traders, by simply copying what they do.
Everything is automatic, trading robots take care of everything and place buy and sell orders 24/7.
Trading stocks or cryptocurrencies, however, remains a risky activity, so be responsible for the money you want to invest in it.
Register on these platforms that offer social trading or copy trading and see which one best meets your expectations and needs.