5 Best FREE Copy Trading Platforms & Apps (2023)

Nguyen
30/07/2023
266 Views

Today we will discuss Copy Trading apps and review these platforms…

Copy 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?

  1. Copying experienced traders can be an educational tool for people who wish to learn how to trade independently.
  2. It is the easiest and most profitable entry into the crypto market — no need for much expertise.
  3. 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.

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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.

 

1st Top Copy Trading Platforms: BYBIT

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.

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.

2nd Top Copy Trading Platforms: BYBIT

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.

3rd Top Copy Trading Platforms: Bitget

What is Bitget?

Bitget is a Singapore-based crypto exchange platform, which offers derivatives, spot, copy trading, and other products. It has even launched inverse contracts. Moreover, it aims to become a leading platform and is available on both Android and iPhones. There’s no doubt about its safety, as it has acquired four licenses. 

Read our Bitget review to know more.

Top Copy Trading Platforms: Bitget

To know more, check out the below table:

Features

Description

Countries Availability 

Available worldwide with branches in Japan, South Korea, Canada, and 8 other countries. 

Available Cryptocurrencies

Cryptos like Bitcoin, Ethereum, and others are available.
Spot Trading: 100+ crypto trading pairs
Futures: 13+ crypto trading pairs

Copy Trading Fee

No exchange fee
8-10% fee to the professional trader which you were following

General Fee

Deposit: free
Withdrawal: depends on crypto
Spot trading: 0.20% (0.14% with BFT)

Professional Traders Payment

Get 10% commission from the profits of the copiers

Regulations

Singapore MAS 
USA’s MSB 
Canada MSB
Australia DCE 

Order Types

Market Order
Limit
Stop Limit
Stop Loss
Take Profit

Minimum and Maximum Investments

Minimum – 10 USDT
Maximum Position – 5000

Leverage 

1:1 to 1:20

Demo Account

No

App Availability

Android and iOS

How to become a professional trader on Bitget?

To become a professional trader on Bitget, traders have to follow a few requirements:

  • A trader must complete their KYC.
  • Also, they can have only one account to open orders. 
  • All contracts must have no open orders, no following traders, no stop limit, and no positions.

VISIT BITGET

Besides these, there were a few more requirements. However, they are vague and ask for mature, professional traders with excellent trading records and strict trading risk management. 

Another critical point to note is that traders have to follow the Bitget code of conduct and have to abide by their rules and regulations. Further, there is also specific punishment for breaking the rules. 

Pros and Cons

Pros

Cons

Copy Trading with Bitget is straightforward.

The copy-trading market is not popular.

They offer low trading fees.

 

24/7 customer support.

 

Available worldwide.

 

Traders earn 10% of the total profit of their copier.

 

4th Top Copy Trading Platforms: Bitget

Bydfi 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.

Bydfi ( BitYard) Features

  • To encourage their users, Bydfi 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 Bydfi 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.

5th Top Copy Trading Platforms: 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.

PrimeXBT Features

  • Ease of Navigation: The website is easy to navigate. The Copy-trading feature is located in the Trading Tools menu. However, we believe locating it on the header menu would be better. Moreover, the names are different on the menu and the Copy-trading page, namely “Copy Trading” and “Covesting.” These changed names often confuse the new traders for whom the feature is intended.
  • Leveraged Trading: The platform provides 100x leveraged trading. You can trade by depositing only 1% of your trading funds.
  • Supported Cryptocurrencies: The platform supports 17 cryptocurrencies, one more than eToro.

PrimeXBT Fees

The trading fees vary significantly with each trading pair and trading feature. For usual trading, the fee is 0.001%, whereas for copy trading, it is 1% (follower fee).

PrimeXBT Pros and Cons

Traderwagon (TW) is one of the newest copy trading brokers that bridges the gap between experienced and novice traders. It is one of the most popular crypto copy-trading sites in the world. It has a plethora of copy-trading options and features. Furthermore, it is a platform that links both experienced and beginner traders. Users may utilize TraderWagon to identify, follow, and mimic transactions done by the world’s best traders.

How to choose the best Copy Trading Apps?

It’s not easy to select the best copy trading platform for you. You need to consider many factors when choosing a copy trading software.

Here are some key points you need to check in copy trading apps:

  • Regulation: The copy trading software or broker you use must be licensed by authorities.
  • Security: Most copy trading now requires a funds deposit (Except the crypto exchanges that provide copy trading), so avoid copy trading apps asking you to deposit funds. (Unless they are exchanges)
  • Quality of Traders to copy: Best copy trading apps have some criteria for traders who can be leaders and are available as copy traders. Such as their trader performance, leverage history, risk-reward ratio, etc. Additionally, they won’t allow more than 20x leverage for copy traders.
  • Transparency: Copytrading apps must provide all the details about the traders you can copy. So you can analyze their trading strategy to understand their performance.
  • Finding Winning Traders: Most forex social trading platforms simplify tracking which traders offer the highest ROI. However, you should check if they include their losses in the ROI or not? And how much leverage they allowed to these traders.

Is Copy Trading legal? 👮‍♀

Yes, the regulations related to copy trading is similar to trading. However, it depends on your jurisdiction. If your broker or exchange is regulated and authorized by legal authorities and crypto trading is allowed in your jurisdiction, you don’t need to worry. Copy Trading is also prevalent in the Forex and Stock markets. There are hundreds of Forex Copy trader.

How Does Copy Trading Work? 🍀

You must understand how copy trading works. As the name suggests, copy trading is simply copying the trades. You follow a specific trader, and their trades get copied into your account. In other words, when the trader you are following opens trades in their account, the same trades get open in your account. You can set the lot size (size of the trade), and leverage.

I recommend that the trader you are following let them control the lot size and leverage.

You must create API keys and connect with copy trading software to provide access. Please ensure you only provide trading-related permission and DO NOT PROVIDE WITHDRAW PERMISSIONS.

Nowadays, Crypto exchanges have started providing copy trading services; in those cases, you do not need API keys.

Can you make money copying trades? Are there any risks in copy trading? 💲

Yes, copy trading works. However, you have to be very careful.

I have been REKT a few times by following traders without analyzing their historical trades. You can read my experience of copy trading.

And also, remember, “High Risk, High Reward.” Therefore, an increased risk must be involved if anyone promises high returns.

You must remember a few things if you are new to copy trading.

  • Analyze the trade history of the traders you want to follow.
  • Divide your money into three parts. A small portion for High-risk trading, another percentage for Medium risk trading, and a good position for low-risk portfolio building strategy; choose different traders for these.
  • Start small, once you understand the trading pattern of the trader you are following, then slowly increase your investment.
  • Avoid traders who use more than 10x leverage.
  • Don’t invest; you can’t afford to lose.

For long-term portfolio building, you can follow our in-house copy-trade solution.

What is the difference between copy, social, and mirror trading?

Here is brief information and the main difference between all three trading platforms:

Social trading

Social trading allows new traders to learn and invest by following experienced traders. Most of these platforms enable social media-like features to enable a community experience.

When in binary option social trading, you can talk to other traders, share your technical analysis, and comment on others’ posts.

Copy-trade

Copy Trading is a software application primarily focused on enabling core trading features instead focus on community experience.

They provide detailed traders’ analysis and enable futures and margin trading for markets such as forex, crypto, and stocks. Most copy trading platforms focus on enabling trading automation tools for their strategies.

Mirrors trading

You can combine top traders’ strategies and trading approaches with Mirror trading. As a result, mirror trading provides more accurate and predictable trading signals. They are perfect for investors who want to know all the forex trading.

Best Copy Trading Software: Conclusion

Social trading is becoming increasingly popular among crypto investors who want to start generating passive crypto income over time.

For newbies just starting their trading journey, copying trades looks quite attractive. Everything is automatic. Trading works in the background, with buy and sell orders running 24/7.

And the same can be applied to a professional trader as well. If you simply don’t have the time to watch charts, it only makes sense to let someone else trade for you and copy what they do.

That being said, we recommend you never stop learning yourself and not follow traders blindly. This way, you don’t have to trust anyone else with your trading, and you will learn something no one can take away from you.

P.S. If you find this article helpful, do share it. Let’s encourage more people to invest in crypto markets. Blockchain is the future.

 

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