Best Crypto Copy-trading Platforms

Copy trading has become increasingly popular as a growing number of traders look to leverage the expertise of seasoned professionals. Whether you're a novice in trading or looking to diversify your trading strategy without spending significant amounts of time monitoring the markets, copy-trading offers an attractive alternative.

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Here’s a shortlist of the top copy-trading platforms to consider.

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1. eToro - Best overall copy trading platform
2. Bybit - Best option for derivatives copy-trading
3. Phemex - Great for spot copy-trading
4. Binance - Best for demo copy-trading
5. PrimeXBT - Derivatives copy-trading with a community
6. Bitget - All-round solid platform

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Top Crypto Exchanges For Copy-Trading

Below is an in-depth analysis of some leading crypto exchanges' copy-trading features, associated fees, and limitations.

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1. eToro - Best overall copy trading platform

eToro is a leading social trading platform that offers a powerful copy-trading feature, allowing you to replicate the trades of successful investors in real-time. The platform's intuitive design makes it accessible for most people, who can explore a diverse range of traders and filter them based on performance, risk level, and trading style to replicate their trades.

In addition to copy-trading, eToro provides CopyPortfolios, enabling investors to invest in a portfolio managed by eToro's investment team, combining multiple top traders or assets to add diversification and potentially reduce risk.

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It's important to note that while eToro does not charge a specific fee for copy-trading, users need to consider spreads and withdrawal fees. The spreads on eToro are relatively high compared to other exchanges, potentially impacting profits for high-frequency traders. Additionally, there is a $5 withdrawal fee and a $10 monthly inactivity fee after 12 months of no activity.

eToro's cryptocurrency offering is more limited than some competitors, with around 30 cryptocurrencies available. It's also worth noting that eToro's availability is restricted in some countries, which may limit access for certain users.

Read our complete eToro review for more information.

Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk. Past Performance is not an indication of future results.

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2. Bybit - Best option for derivatives copy-trading

Bybit recently introduced a copy-trading feature for various derivatives traders. You can follow skilled traders and automatically replicate their strategies, and the platform ranks traders based on their performance. 

Create an account claim up to a $30,000 USDT deposit bonus.

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Bybit aims to enhance transparency and enable followers to make informed decisions by providing performance statistics such as return on investment (ROI), win rate, and trading history.

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Bybit offers a user-friendly interface for effortlessly managing copy-trading investments. You can set stop-loss and take-profit levels, even while duplicating trades. 

Bybit applies a 10% profit-sharing fee on copy-trading earnings, ensuring that charges are incurred only when the account is profitable. Additionally, standard trading fees of 0.075% for takers and -0.025% for makers apply, with makers receiving a rebate.

Given its relative newness, one notable limitation of Bybit is the need for historical data for its copy-trading feature. This could pose challenges for users evaluating the long-term performance of traders they wish to follow. 

Furthermore, Bybit's copy-trading is available only for derivatives trading, which might only suit some people.

Check out more details in our review on Bybit.

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3. Phemex - Great for spot copy-trading

Phemex presents a comprehensive leaderboard showcasing the top traders based on criteria such as total profits, win rate, and trading approach. You can choose to track these traders and automatically replicate your trades.

As seen in our Phemex review, it allows you to follow multiple traders simultaneously, providing diversified exposure to different trading strategies. The platform is well-known for its user-friendly interface, which ensures a smooth copy-trading process.

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Similar to Bybit, Phemex imposes a profit-sharing fee, where a portion of the follower's profits are paid to the trader they are emulating. This incentivises traders to perform well, as their earnings are tied to their followers' profits. Additionally, the platform charges competitive trading fees within the industry.

One limitation of Phemex is its primary focus on derivatives trading, which may only suit some users, especially those who prefer spot trading. 

Furthermore, Phemex's copy-trading feature is relatively new, so there may be fewer experienced traders to follow it than on more established platforms.

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4. Binance - Best for demo copy-trading

Binance, a major global cryptocurrency exchange, offers an extensive copy-trading feature through its Binance Copy Trading platform. This platform allows users to discover professional traders, assess their performance, and automatically replicate their trades. Binance provides comprehensive analytics and performance metrics to facilitate the selection of suitable traders to follow.

Additionally, the platform supports copy-trading across various markets, including spot, futures, and margin trading. With Binance's broad range of supported cryptocurrencies, you have ample opportunities to diversify your copy-trading portfolios. One added pro is the ability to try copy trading in its demo mode, making it an attractive option for those who need a good paper trading account.

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Binance's copy-trading feature involves a profit-sharing fee, typically around 10%, which aligns with other platforms. However, Binance's standard trading fees are among the lowest in the industry, starting at 0.10% for spot trading and 0.02%/0.04% for futures trading, based on the user's VIP level. 

One potential area for improvement of Binance's copy-trading platform is its complexity, which may be daunting for some due to the vast array of options and features. 

Furthermore, due to regulatory constraints in certain regions, Binance's services, including copy-trading, may only be available to some users. More limitations are discussed in our Binance review.

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5. PrimeXBT - Derivatives copy-trading with a community

PrimeXBT's Covesting feature allows users to copy successful traders' trades, ranked based on indicators such as total profits, daily return, and risk score. This feature is available for cryptocurrencies, forex, commodities, and stock indices. The platform has an intuitive interface, displaying clear performance indicators and an easy process for replicating trades.

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PrimeXBT charges a profit-sharing fee of up to 20%, which is higher than other platforms but justifiable given the performance of top traders. Additionally, standard trading fees of 0.05% per trade are charged. However, the high profit-sharing fee may deter some users.

It's important to note that PrimeXBT is primarily a derivatives platform, which may not appeal to users who prefer spot trading. The higher profit-sharing fee may also impact profits, especially for traders with lower risk tolerance.

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6. Bitget - All-round solid platform

Bitget has recently entered the crypto space and has swiftly become popular due to its copy-trading feature. Users can follow and automatically replicate the trades of top traders on the platform. Bitget has an intuitive interface that makes it easy for users to navigate and manage their copy-trading activities.

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One of Bitget's distinctive features is "One-Click Copy Trading," which enables users to start copying trades with a single click. The platform also offers detailed analytics on each trader to assist users in making well-informed decisions.

Bitget applies a 10% profit-sharing fee, which is the industry standard. In addition, it charges trading fees ranging from 0.04% to 0.06%, depending on the market. These fees make Bitget appealing to traders seeking a cost-effective copy-trading solution.

One limitation of Bitget compared to larger exchanges like Binance or eToro is its limited range of supported cryptocurrencies. As a newer platform, Bitget may have a different trust or recognition than more established exchanges. 

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Copy-trading Risks You Should Know

Emulating the trades of experienced traders can provide valuable insight, but it comes with risks. There are no guarantees when it comes to replicating the performance of other traders, even if they are highly successful. 

Market instability, especially in the cryptocurrency sphere, can lead to significant price fluctuations, which can result in potential losses for those who copy high-risk positions.

Additionally, copy-trading can create a false sense of security. 

While mimicking a successful trader may seem like a foolproof strategy, it can hinder the development of your trading abilities and understanding of the market. Some platforms may need more transparency, leading to misjudgments when selecting traders to emulate. 

Lastly, platform-related risks such as technical malfunctions, liquidity concerns, and fraudulent activities should not be underestimated, as they can directly impact your investments.

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Pros of copy-trading

Copying trades is an attractive option for most traders due to its advantages. 

One of the main benefits is accessibility. Copy trading allows beginners to participate in the markets without extensive knowledge or experience. By following experienced traders, newcomers can potentially benefit from market movements without having to dedicate significant time to learning complex trading strategies.

Another key advantage is time efficiency. Copy-trading is a passive investment approach. After selecting a trader to follow, the platform handles trade execution. This is ideal for individuals who may not have the time to manage their investment portfolios actively. 

Copy trading also enables diversification, allowing you to follow multiple traders with different strategies and spread the risk across various markets and assets. Furthermore, most platforms offer transparency, allowing you to assess a trader's history, performance metrics, and trading style before investing funds. This information can assist you in making well-informed decisions.

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Drawbacks of copy-trading

Copy-trading has various advantages, but it also comes with several drawbacks. 

One significant disadvantage is the risk of copying unverified or inexperienced traders. While platforms rank traders based on their performance, these rankings might only partially represent long-term success or consistency. Following such traders can lead to substantial losses, especially in volatile markets.

Another downside is the lack of control. When you copy a trader, you essentially rely on their decisions, which may expose you to strategies or risks that you wouldn't typically consider when trading independently. 

Additionally, fees associated with copy-trading, including profit-sharing fees, can accumulate and impact your returns. 

Finally, relying on others' decisions through copy-trading may hinder your ability to develop your trading skills and understanding of market dynamics, which could be a significant disadvantage if you intend to trade independently.

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We aim to publish factual and accurate information as of the publication date. For specific information about a cryptocurrency exchange or trading platform please visit that provider's website. This information is general in nature and is for educational purposes only. We do not provide financial advice, nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

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