What is crypto social trading?
Social trading platforms connect traders in the same way social networks connect people. In fact, they facilitate the acquisition of different assets, such as crypto. Social trading platforms are an alternative to traditional platforms for online trading since they enable users to interact with and learn from other traders in the same market or trade the same assets. Here, “crypto social trading” refers to crypto trading platforms that facilitate the buying and selling of crypto among its users. Let us find out which is the best platform for crypto trading.
Best 5 crypto social trading platforms
We will discuss some of the popular crypto social trading platforms.
eToro
eToro, one of the first social trading and copy trading platforms, is highly recommended for beginners who want to connect with, follow, and learn from the experience of other traders in the crypto market. eToro’s crypto trading platform provides some of the most cutting-edge social trading capabilities in the business while being highly creative, practical, and user-friendly.
The website currently offers over 16 different cryptos along with stocks, commodities, and foreign exchange pairings. With eToro, you can find a wide variety of traders and methods to learn.
You can check the number of times a main trader has been “liked” and check comments posted by copy traders like you. This would help you control your risk and exposure to various assets.
Bitget
Bitget, launched in 2018, has quickly become one of the most popular copy trading and social trading platforms. This is among the best cryptocurrency trading platforms. In addition, it is a crypto exchange platform that offers all the functionality traders may want, such as spot and margin trading, staking, a launchpad, support for purchasing crypto on the site, grid trading bots, and more.
With Bitget, investors don’t have to go it alone when trading. Instead, they may copy the trades of successful traders from the Bitgetleaderboard, which now has 500 winners from across the globe.
PrimeXBTCovesting
PrimeXBTCovesting is a pure crypto trading platform that takes Bitcoin deposits, making it the only one on the list of crypto social trading platforms and exchanges. Although PrimeXBT’s main focus is on crypto margin trading, the platform has just introduced a copy-trading feature in partnership with Covesting.
Expert traders will be willing to guide you when you begin trading since they stand to gain from your success. Experts are selected based on their trading techniques, the number of people who follow them, their trading records, and the ratings they have received from other traders.
Sign up and deposit bitcoin to begin using PrimeXBTCovesting (BTC). As a platform user, you will need to either develop a plan from scratch or adopt one that has previously proven successful for your peers. After that, your only responsibility is to monitor your account balance and make any necessary modifications while the transactions are executed automatically in the background.
Coinmatics
Coinmatics, which debuted in 2018, is a top contender based on its trading possibilities and adaptability compared to other crypto duplicate trading platforms. You may duplicate particular crypto trading techniques using the crypto copy trading platform, but you cannot automatically mimic the transactions of individual traders.
Coinmatics’ main selling point is that it comes in handy for automated and hand-operated copy trading. The platform is more like a signal supplier if you spot a method you like but want additional risk management. Crypto copy trading may be successful if you manually enter and exit deals to secure profits.
Tradelize
Tradelize, unlike any other social network for traders, is decentralized and built on real-time data. Created by traders with over a decade of expertise, it provides a novel kind of social networking that boosts the fortunes of crypto traders.
Tradelize is a cutting-edge crypto trading platform that pulls in-the-moment data from exchanges. Users may create and update personal profiles that can be used professionally, much like those on social media platforms like LinkedIn and Facebook. When the user logs in with this profile, they will have access to the social aspects of Tradelize.
With these metrics in mind, network members assess the profiles of other professions, such as traders. Success and profits made in the past determine a trader’s competence. The user may see the profitability of various transactions on various exchanges.
The most common ways successful traders make money are via premium content and subscription-based channels. A trader may provide trade monitoring, copying, and capital management services.
Conclusion
It is important not to be blindsided by your successes as a trader. There will always be many risks involved in crypto trading, and you must always keep them in mind. Social trading platforms can thus be a good way to get a reality check and advice from fellow investors as you dip your toes in the crypto market.
FAQs
Which crypto should I buy in 2023?
As the crypto market is volatile, it is difficult to forecast which crypto is likely to outperform in 2023. As a general rule, it is better to keep specific parameters in mind, such as the team size, the problem the crypto is solving, and tokenomics, among other factors. But as always, DYOR.
What are the best crypto social trading platforms?
eToro is one of the best crypto social trading platforms, although you can consider other popular platforms such as Bitget, PrimeXBTCovesting, Tradelize, and Coinmatics.
Which is the best platform to trade crypto on?
The best platform for you need not work for all other investors and vice versa. However, CoinSwitch is undoubtedly one of the better platforms you will find.
Which is the safest trading platform for crypto?
There are various options in the market when it comes to trading platforms. But if you’re looking for an exchange that supports various cryptos, provides top-notch safety measures, and allows for sophisticated trading on an intuitive interface, CoinSwitch is one of the best options in India.
