Social and copy trading tools are a relatively new phenomenon in the cryptocurrency investment scene.

In a nutshell, while the former allows you to engage with other traders on the investment site you are using – the latter enables you to mirror the positions of an experienced investor like-for-like.

In this guide, we discuss the ins and outs of social trading cryptocurrency – including a full breakdown of the five best platforms that are active in this space.

For a full breakdown of the best social trading cryptocurrency platforms in the market – read on to discover our in-depth reviews.

Best Crypto Copy Trading & Social Trading Platforms Reviewed

In order to find the best social trading cryptocurrency platform for your requirements – you will need to do some independent research.

Important points of interest should include the specific social and copy trading tools on offer – alongside the applicable fees and minimum deposits. You’ll also want to choose a platform that has plenty of traffic and a sufficient number of verified traders.

in the sections below, we review the five best crypto social trading platforms.

1. eToro – Overall Best Stock Broker for 2022

In a nutshell, upon reviewing each and every social trading cryptocurrency platform in the market – no provider gets quite close to eToro. In fact, eToro dominates the social and copy trading arena by a considerable distance. First and foremost, eToro was founded in 2007 and the platform is used by more than 25 million people.

Upon heading over to the eToro website for the first time, you will quickly notice just how user-friendly it is. It takes just a few minutes to get started with an account and best of all – US clients are only required to deposit just $10. And, regardless of how you decide to fund your newly created eToro account, US clients pay no fees.

The easiest way to deposit funds is via a debit/credit card or PayPal, albeit, plenty of other payment types are accepted. In terms of cryptocurrency social trading features, in many ways, eToro is somewhat similar to LinkedIn. This is because you can leave comments underneath specific assets, like other messages, and even follow your favorite eToro users.

This means that when a user from your eToro friends list leaves a comment, you will be notified. With that said, the copy trading feature is perhaps the overarching best tool offered by eToro. Put simply, you will have access to thousands of verified traders – all of which you can copy from a minimum stake of $200.

This means that any cryptocurrency or stock positions that your chosen trader enters will automatically be replicated in your own account. Moreover, you have plenty of data to help you choose the best trader for your financial goals. This includes everything from the trader’s risk level and historical performance to their preferred asset and average position duration.

What we also like about this top-rated social trading cryptocurrency platform is that there are no additional fees to use this service. You can also make use of eToro smart portfolios, which also permit a passive cryptocurrency trading experience. The only difference here is that your portfolio will be managed by the eToro team.

Although many users join eToro for its social and copy trading features, the platform also enables you to invest on a do-it-yourself basis. This means that you can buy cryptocurrency at the click of a button – 24 hours per day. The platform supports dozens of digital currencies – which covers everything from Bitcoin, XRP, and BNB to Decentraland, Chainlink, and Shiba Inu.

When it comes to fees, you can invest in cryptocurrency here at a commission of just 1% above the bid/ask price. This means you can buy BTC with eToro with a minimum investment of just $10. Also, with such a wide range of cryptos to choose from you can gain exposure to the best long term crypto investments making headlines this year. In addition to cryptocurrency, eToro also enables you to buy thousands of US and international stocks and ETFs at 0% commission.

If you’re the type of investor that also likes the option of trading via a crypto app – eToro has you covered. The eToro app is free to download on both iOS and Android and it connects to your main account. This means that you can still access social and copy trading features on the move. And most importantly, eToro is heavily regulated – which includes a variety of tier-one licenses, making eToro a safe place to invest in financial instruments.

 

 

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk. 

2. NAGA – Cryptocurrency Copy Trading Platform With a Great Reputation 

If for some reason eToro is not supported in your country of residence, then perhaps the next best social trading cryptocurrency platform to consider is NAGA. This platform has a great reputation in the online trading scene and its parent company is publicly listed on the Frankfurt Stock Exchange. 

In order to get started with this platform, NAGA requires a minimum first-time deposit of just €10 – alongside a copy of your government-issued ID. With that said, if you wish to engage with cryptocurrency copy trading, then you will need to invest at least €250 per investor that you follow.

In a similar nature to eToro, NAGA enables you to choose a suitable trader based on a range of important metrics. This includes the trader’s profit and loss since joining NAGA, number of positions, and monthly win rate. Once you have chosen a trader to copy and determined your investment stake, all future positions will be mirrored in your own account until you decide otherwise.

You also have the ability to add or remove assets from your portfolio – and monitor the value of your positions in real-time. You can also determine the maximum profit and loss per trader that you copy before automatically closing the investment. In terms of social features, NAGA enables you to search for and engage with other users of the platform.

You can start conversations and reply to threads at any given time. We should make it clear that we really had to do some digging to find out what fees NAGA charges for its copy trading service. Nonetheless, this social trading cryptocurrency platform charges €0.99 for every trade that your chosen investor places on your behalf.

If a position is closed and it results in a profit of over €10, then you will a commission of 5%. Any profitable trades of below €10 will result in no commission being paid. Nevertheless, the fee structure implemented by NAGA is actually very expensive. This is especially the case if you find yourself trading small amounts.

To get money into your NAGA account, you can choose from a debit/credit card or an e-wallet like Neteller or Skrill.  If you decide to engage in DIY trading then you will also have access to CFDs. This gives you the opportunity to trade the future value of cryptocurrencies and other asset classes with leverage. Take note, NAGA is not available in the US or the UK.

3. ZuluTrade – Copy Proven Crypto Traders in a User-Friendly Environment

The next provider to consider from our list of the best copy trading platforms is Zulutrade. For those wishing to trade on a DIY basis, Zulutrade is home to a wide range of markets. In addition to cryptocurrencies, this is inclusive of stocks, indices, commodities, and forex.

With that said, cryptocurrency markets are somewhat thin on the ground – with just 13 pairs.  Nonetheless, when it comes to its social trading cryptocurrency tools, ZuluTrade gives you the option of copying other members of the site.

You can narrow your search down in various ways – such as the trader’s average monthly profit since joining the platform and how many people are copying the individual. You can also elect to invest in combo portfolios.

These are pre-packaged portfolios that contain a variety of individual strategies and trading systems. Once again, you can view the ROI on each combo portfolio to help you make an informed decision. In terms of fees, just like NAGA, we had to dig deep to find out what copy trading charges are in place.

Nevertheless, we found that fees depend on the type of account that you open. Classic accounts come with no monthly fees and you will not pay any commission to utilize the copy trading tool. On the other hand, profit-sharing accounts are charged at $30 per month. Moreover, you will pay a profit-sharing commission on any successful trades generated when copying other investors.

4. Pionex – Cryptocurrency Exchange With In-Built Trading Bot

Primarily, Pionex is a cryptocurrency exchange that enables you to buy, sell, and trade a variety of digital currencies. In fact, the platform is home to nearly 350 digital assets – so you will never be short of investment opportunities.

We like the fact that when buying and selling digital currencies here, you will only pay a commission of 0.05%. This is one of the cheapest pricing structures in this market. However, we should make it clear that Pionex does not offer conventional copy trading tools.

Moreover, there is no option to engage with other users of the platform in a social setting. With that said, Pionex does make our list of suitable platforms because it supports built-in trading bots.

This means that you can still use the platform to trade crypto passively. In total, there are 16 trading bots to choose from – each of which takes a different strategy across a variety of risk and reward targets. What we also like about Pionex is that trading bots are fully customizable – so you can set your own parameters to mirror your own trading objectives.

For example, you can elect to buy and sell a cryptocurrency pair when an upper or lower price target is met. On the other hand, Pionex is far from suitable for beginners that simply want to engage in a passive crypto copy trading strategy. In fact, unless you have some prior knowledge of core trading principles, this platform will be somewhat useless for your skillset.

5. Coinmatics – Copy Crypto Trading Strategies Like-for-Like

In a similar nature to Pionex, Coinmatics does not allow you to copy individual traders like you can at eToro and ZuluTrade. You can, however, utilize this platform to copy specific trading strategies. Moreover, it is important to note that Coinmatics itself does not facilitate buy and sell orders.

On the contrary, you will need to connect Coinmatics with an exchange account via an API. As of writing, just four exchanges are supported – Binance, OKEx, Bybit, and FTX.

The latter two will suit those of you that wish to access leveraged markets. Once you have connected your exchange account to Coinmatics, you will then need to choose the best strategy for your financial goals and risk tolerance.

In order to do this effectively, you can look at the metrics surrounding the specific system, preferred markets, risk rating, and more. It should be noted that Coinmatics offers a variety of plans to choose from. There is a free plan, but this will limit you to a total trade size of $2,500.

Once this amount is met, then you will need to upgrade to a paid-for account. The premium account, for example, will cost you $20 per month and comes with no trading limits.

Best Crypto Social & Copy Trading Platforms Compared

What is Social Trading Cryptocurrency?

In line with the recent growth of user-friendly cryptocurrency sites that are geared exclusively to retail client investors, a duo of new terms has come to fruition – social and copy trading.

In a nutshell, social trading enables you to interact with other members of the crypto exchange you are using. This enables you to, for example, start a conversation thread, reply to other messages, and ‘Like’ comments.

When it comes to copy trading, this offers a new and exciting way to invest in cryptocurrencies passively. Put simply, and as the name suggests, you will be copying the trades of another investor of the exchange in question.

How Does Crypto Copy Trading and Social Trading Work?

Baring in mind that both social and copy trading are essentially two different tools offered by online exchanges and brokers, this section will break the two terms down in more detail so that you have a firm grasp of how things work.

Social Trading

In its most basic form, the social trading concept follows a similar model to Reddit or LinkedIn – but in an investment landscape. That is to say, when you use a top-rated social trading cryptocurrency platform like eToro, you will be able to engage with other users of the site.

As a prime example, let’s suppose that you have been doing some research on Bitcoin and you believe that it is undervalued. What you could do on the eToro website is write a short post explaining your market insight.

In doing so, this will then be published for all to see. Of course, your personal details are not made public – so it’s only your username that people can see and if you wish – a profile photo of your choosing.

In turn, other people using eToro can decide to ‘Like’ your post or even reply with their own insights. Moreover, you can add other eToro traders to your friend list.

This will notify you whenever the trader in question is active in terms of leaving posts, messages, and Likes.  The overarching concept of social trading is to allow like-minded investors to communicate with one another through a single platform.

Moreover, eToro also offers an innovative tool that enables you to see where ‘the money is going’.

In other words, eToro offers a percentage scale on all supported assets, which tells you whether the general consensus is a buy or sell. For example, 98% of eToro might users might be bullish on Bitcoin while only 70% are in favor of Shiba Inu.

Copy Trading

Copy trading is an innovative concept that enables you to mirror the trades of a proven investor that uses the same broker or exchange that you are registered with. As such, this allows you to buy and sell digital currencies in a truly passive nature.

After all, you will not be required to perform any market research to support trading decisions. Moreover, you will not need to personally place any buy or sell orders.

Instead, any positions entered by your chosen trader will be mirrored in your own account. This will be proportionate to the amount you decide to invest in the respective trader.

Let’s look at an example of how copy trading works – so that you have an idea of the basics:

• Let’s say you do some research and decide to invest $2,000 into a seasoned crypto trader that has been using the eToro platform for three years
• The trader then risks 5% of their portfolio on a Shiba Inu trade. This means that automatically, you risk 5% of your own investment on Shiba Inu – which amounts to $100 (5% of $2,000 investment)
• The Shiba Inu trade is closed a few days later at a profit of 20%. This is replicated in your own account too.
• This means that you made 20% on a stake of $100 – which amounts to a profit of $20

As per the above, you made a $20 profit without needing to lift a finger. Now, if you had several copy traders on the go at the same time, this would enable you to amplify the number of positions being entered on your behalf.

In terms of finding a trader to mirror, this is one of the many reasons why eToro came out as the overall best social trading cryptocurrency platform.

Crucially, not only does the platform give you access to thousands of verified traders to choose from – but you can make the decision-making process easy by utilizing the many filters on offer.

For example, you can find an investor to copy via their:

• Risk rating – as determined by the eToro algorithm
• Preferred assets – e.g. cryptocurrency
• Average trade duration in minutes, hours, days, or weeks
• Profit and loss for every month since the user joined eToro
• Maximum drawdown percentage
• And much more

Moreover, as we noted earlier, eToro allows you to copy a trader from just $200 – which is ideal even for those on a budget.

Crypto Copy Trading vs Social Trading

As we covered in the sections above, copy and social trading refer to two completely different tools.

Nonetheless, allow us to summarize via the bullet points outlined below:

• Copy trading is a tool that allows you to trade passively.
• When you copy a trader, all future positions will be mirrored in your own account
• You can usually add or remove assets to a copy trading portfolio on a DIY basis
• Social trading allows you to engage with other traders of the same exchange or broker
• You can normally leave posts that outline your thoughts about a particular asset or the broader markets
• You can also ‘Like’ comments and reply to other people’s messages
• Social trading tools also allow you to build a network of like-minded investors

Both copy and social trading tools are offered by leading platform eToro at no additional fees.

Best Crypto Traders to Copy

On the one hand, it’s great that social trading cryptocurrency platforms like eToro give you access to thousands of verified investors – all of which can be copied like-for-like.

However, this can make it somewhat time-consuming to know which eToro traders to copy.

If you’re looking for some inspiration, below we list the five best crypto traders to copy on the eToro platform.

1. Yass9000 – Overall Best Crypto Trader to Copy

Although Yass9000 likes to diversify across a range of assets – including stocks and ETFs, the vast bulk of buy and sell orders are placed on cryptocurrencies.

This eToro copy trader first joined the platform in 2017, so we’ve got plenty of data to go on. After a somewhat rocky start, Yass9000 really took off in 2020 – where the individual ended the year with a profit of 85%.

2021 was even more fruitful for the trader, with annual gains of 187%. Yass9000 has been slightly more conservative in 2022, with a slight loss of2% as of April 2022.

2. MaxwellV – Long-Term Crypto and Stocks Investor

If you’re looking to copy an eToro trader that takes a long-term approach to investing – look no further than MaxwellV. This New Zealand-based trader has an average position duration of over 13 months.

The trader is just over 40% in cryptocurrency, with the balance split between stocks and commodities. When it comes to past performance, MaxwellV generated returns of 68% in 2021. In the prior year, gains were more modest at 21%.

3. Cristiangaunag – Conservative Crypto Investor With Medium-Term Outlook

Next up on our list of the best crypto traders to copy is Cristiangaunag. This Argentina-based trader has allocated 40% of his portfolio to cryptocurrency, with the majority of the balance focused on stocks.

With an average trade duration of three months, Cristiangaunag likes to take a medium-term approach to investing. He carries a relatively modest risk rating of 5. In 2020, the trader made gains of 14%. The following year, annual returns were higher at 26%.

4. MikeShishov – Great Returns in Both 2020 and 2021

MikeShishov is based in Latvia and has a split portfolio between cryptocurrency, stocks, and ETFs. During his first year on the eToro platform, MikeShishov made a huge loss of 56%.

However, since then, MikeShishov has generated returns of 43% and 45% in 2020 and 2021 respectively. MikeShishov has a low risk rating of 4.

5. Arnaud95300 – New Crypto Trader With Huge Returns to Date

Arnaud95300 only joined the eToro platform in early 2021. Nonetheless, this active trader made returns of over 280% in his first year.

With a risk rating of just 4 and a maximum yearly drawdown of 7.4%, this trader likes to take a conservative approach to investing. Arnaud95300 is only 25% in crypto as of writing, with the rest split between other copy traders and stocks.

 

 

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk. 

Is Crypto Copy Trading Profitable?

Asking whether or not crypto copy trading is profitable is perhaps no different from enquiring about the possibilities of making money from the stock markets. After all, your ability to make money is dependent on the trader(s) that you decide to copy.

• For example, if you copy a trader that makes 80% throughout 2022 – then you will also make 80% proportionate to the amount you originally invested.
• However, if your chosen trader makes an annual loss of 20%, you will also lose 20%.

This is why you need to spend time researching the ins and outs of a trader before you decide to invest any money. Moreover, it’s also a good idea to think about diversifying across several different traders – rather than putting all of your eggs into one basket.

With a minimum investment of just $200 per trader, eToro makes the diversification process affordable.

How to Copy Trade Crypto on eToro?

If you like the sound of investing passively via the copy trading feature on eToro – the walkthrough below will get you set up in less than five minutes.

Step 1: Open an eToro Account 

Prior to having access to the copy trading feature, you will first need to register an account. This will require you to choose a username and enter your email address. Next, enter your name, home address, and any other information required.

You will also need to verify your cell phone number. To do this, eToro will send you an SMS with a code. You will then be asked to enter this code on-screen.

Step 2: Upload ID

You will now need to go through a KYC process by uploading some ID. This can be a passport, state ID card, or driver’s license.

You also need to upload a proof of address document, such as a utility bill or tax statement.

Step 3: Deposit Funds

The minimum deposit at eToro for clients from the US is just $10. But, if you want to engage in copy trading, you need at least $200 in your account.

Enter your deposit amount and choose your preferred payment method – from a debit/credit card, e-wallet, or bank transfer. Those from the US pay no deposit fees.

Step 4: Choose Crypto Trader to Copy

Now that you have at least $200 in your eToro account, you can choose a crypto trader to copy. This part of the process can take some time, as it’s wise to ensure that your chosen crypto traders align with your financial goals.

As we covered earlier, some of the main metrics to consider when choosing a trader include their historical price performance since joining eToro, risk level, and average trade duration.

Once you have selected a trader, click on the ‘Copy’ button.

Step 5: Confirm Copy Trading Investment 

Finally, you will need to place an order to confirm your copy trading investment. In the ‘Amount’ box, enter the amount of money you would like to invest – from $200 upwards.

Make sure that the ‘Copy Open Trade’ box is ticked. This will ensure that all future buy and sell positions made by the trader will automatically be copied into your own portfolio.

Finally, click on the ‘Copy’ button to confirm your investment.

Step 6: Maintain Copy Trading Investment 

Now that you have confirmed your investment, you can keep tabs on how the copy trader is doing through your eToro portfolio.

You have the option of adding or removing assets at any time, and you can elect to stop copying the trader should you wish.

Conclusion

Social and copy trading tools are revolutionary in the cryptocurrency investment scene. Not only can you interact and share insights with other traders, but you can now invest passively by mirroring the positions of an experienced pro.

To get started with the best social trading cryptocurrency platform right now – you can open an eToro account in a matter of minutes. US-based clients can deposit funds fee-free and you will enjoy the regulatory protection of several tier-one bodies.