10 Best Crypto Copy Trading Platforms 2024

Benzinga’s favorite crypto exchanges for copy trading include PrimeXBT, BYDFi and eToro.

Some crypto traders spend hours each day looking at markets, coming up with trade ideas and using various strategies to potentially profit. These traders can sometimes make huge returns on their investments because of their expertise and attention to detail. But many people do not have the time or experience to begin trading on the same level as experts. This issue is solved through a process called copy trading. 

Which Exchange is Best for Copy Trading?

Let’s take a look at the top 10 best platforms that offer copy trading in 2024. 

1. PrimeXBT

PrimeXBT offers a copy trading platform called Covesting, which allows you to see different traders’ strategies, followers and amounts invested. You can also choose from hundreds of trading strategies. PrimeXBT does not charge fees unless the trader you copy makes a profit. 

2. BYDFi

BYDFi al; allows users to choose from a large pool of traders to copy and can be sorted by several metrics, such as profit-loss (P/L) ratio, followers and number of days traded. It also offers leverage of up to 100 times and flat fees of 0.05%.

3. eToro

With over 20 million users, eToro is the largest copy trading platform. With more users, you can choose from a larger pool of experienced traders. It is also a social trading platform, allowing you to directly communicate with the traders you copy. 

4. KuCoin

KuCoin does not offer copy trading, but it allows you to connect your account to other platforms through an application programming interface (API). The API allows you to use features such as trading bots, margin and futures trading and copy trading.

5. Binance

Binance is a huge crypto platform that offers copy trading through its futures platform. It also offers lots of ways to choose traders and adjust the settings of the trades that the traders place. There are options to filter the list by different time frames: weekly, monthly, or 90 days which is helpful in navigating the trader's trading history to see if the strategy fits your needs.

6. Gate.io

Gate.io is a platform that offers more than 1,700 unique tokens, 50 of which can be traded by copy traders. There are also customization features, such as stop losses and take-profit limits. It also has a VIP program that has drastically lower fees.

7. Bybit

Bybit has more than 30,000 traders available to copy who use strategies ranging from cash trading to futures trading. Additionally, traders can buy and sell nearly 900 tokens.

8. Pionex

Pionex does not offer direct copy trading, but it does have 16 proprietary trading bots users can select from. The bots use a variety of strategies. Pionex has a flat fee of 0.05% per trade, one of the lowest in the industry.  

9. MEXC

MEXC has more than 1,500 traders to copy from and a variety of metrics to help differentiate the traders. You can rank traders by their win rate, seven-day return on investment (ROI) and total profit and loss. It also does not charge fees for spot trading.

10. Bitget

Bitget offers an intuitive one-click copy trade feature that is easy to use. The traders can also choose from a wide variety of altcoins and trading features. 

What is Crypto Copy Trading?

Some traders are willing to give their trades to the general public and allow others to view these trades. Other traders can look at these trades and then decide whether to invest. Copy-trading platforms automate this process, allowing you to select certain trades to automatically copy. 

For example, if you follow a certain trader, all of the trades they place will automatically be traded on your account. If they use 5% of their portfolio to buy Bitcoin, the platform will automatically place an order to buy Bitcoin worth 5% of your portfolio. 

How Do I Start Crypto Copy Trading?

• Choose the investor you want to copy: Each platform offers different ways to select traders to copy. Some allow for social copy trading, such as copy trades of other users on the platform, or copy trades of a proprietary trading bot. 
• Set the amount of money you want to allocate to the copy strategy: Once you have a strategy selected, you can decide how much money you want to allocate to the specific strategy. 
• Hit the “Copy” button: With a trader to copy and an amount selected, you can hit the copy button to begin copying trades. 

Pros and Cons of Crypto Copy Trading

Take a look at some of the pros and cons of copy trading crypto. 

Benefits of Crypto Copy Trading

• Accessibility: With copy trading, anyone with an account on the platforms can access trading without the need for extensive experience. 
• Time-saving: By copying trades, you do not need to take time to look at markets, create trade ideas and execute trades throughout the day. 
• Diversification: Because you can allocate your portfolio across multiple traders, you can diversify your portfolio based on the strategies the traders use.
• Potential profit: Some traders can generate profits in the market, which means that you can also profit if you copy from a successful trader.
• Learning: If you examine traders you copy to see what works well and what does not, you can learn from their mistakes and improve your trading strategies.

Risks of Crypto Copy Trading

• Costs: Some exchanges charge fees for each trade. If you copy a trader who executes many trades each day, the fees can add up and take away from profits or exacerbate losses. 
• Lack of control: If you are copying a trader, you will copy all of their trades until you stop copying them. It is important to fully understand and trust the trader(s) you copy. 
• Risk of loss: While there is potential for profits in copy trading, there is also potential to lose if your trader does not do well. 
• Account security: Some copy trading platforms are smaller and do not have large budgets for cybersecurity. This could make them vulnerable to hacks. 

How to Choose the Best Crypto Copy Trading Platform

You should several factors when choosing a copy trading platform:

• Fees: Some platforms have fees that can add up over time. This is important to consider if you plan on copying traders who are constantly placing trades.
• Reputation: If firms are more reliable and reputable, it can lower the risk of hacking and fraud. This can be found through things such as reviews and ratings.
• User interface: Platforms with intuitive interfaces can make it easier for users to navigate, execute trades and monitor their portfolios effectively.
• Community features: Some platforms offer more ability to connect with others in the community. This can make the trading experience more engaging and fun.

Is Copy Trading Profitable?

Whether copy trading is profitable depends on various factors, such as the skill level of the traders being copied, market conditions and risk-management strategies. However, it can be profitable in a couple of ways. 

First, if you are a beginner trader, copy trading can be a great way to learn about different trading strategies that you can apply on your own. Copying trades can be profitable but depends primarily on the underlying traders that you copy. 

Learn and (Potentially) Earn with Copy Trading

Copy trading is a great way to learn about trading by witnessing others as well as the potential to earn profits by copying successful traders. These benefits are a great opportunity to get involved in the crypto space. A variety of platforms allow you to copy trade, each with its benefits and drawbacks. 

Frequently Asked Questions