Social networks are similar to social trading platforms for traders such as stellar profit. They frequently act as a broker, offering you to purchase a range of goods, including crypto, EFTs, and CFDs. Social trading systems, as opposed to traditional ones, allow you to interact with other traders who are engaged in the same markets or products, mimic their moves, exchange and discuss analysis and predictions, pose questions, build your audience, and learn more quickly than you otherwise would.
A social trading system that lets you trade in cryptocurrencies is one of the greatest locations to start your cryptocurrency investing career. Here, the term “crypto-social trading” refers to social networks that let users exchange cryptocurrencies or contracts for crypto-based assets for instance stellar profit. Following are the best crypto social trading.
The first number of co social trading platform was called eToro. As a result, it has the market’s most cutting-edge social trading features. It also enables you to trade in Forex, commodities, equities, ETF, and CDF in addition to cryptocurrencies. But the majority of people can only trade cryptocurrency. eToro now supports 16 cryptos, including Bitcoin, Ethereum, XRP, Litecoin, Dash, Bitcoin cash, Cardano, IOTA, Stellar Lumens, NEO, EOS, Binance Coin, Zcash, Tron, Ethereum Classic, and Tezos.
Each user is allowed to connect with other traders and duplicate their trades thanks to eToro’s cutting-edge social trading capabilities, which constitute the social media network for traders. Similar to social media platforms, you can also design your news feed that features your preferred investors and the most recent market news.
2. PrimeXBT Covesting
PrimeXBT In this list, Covesting is the only cryptocurrency social trading platform and marketplace that is solely focused on cryptocurrencies and takes Bitcoin deposits. Primarily a cryptocurrency margin trading exchange, PrimeXBT has collaborated with Covesting to develop a copy-trading component as well. You can anticipate assistance from seasoned traders who have a financial motive to do so and are compensated for each profitable transaction you make as a beginner.
Additionally, you can select experts based on their trading histories, followers, methods, and reviews submitted by other traders. PrimeXBT Covesting is simple to use; all you have to do is sign up and make a bitcoin deposit (BTC). You will need to either devise a strategy on the platform or adopt one that has already been developed by the most experienced users.
Launched in 2018, Coinmatics is a user-friendly yet sophisticated copy trading and analytics tool. While copy trading is their primary focus, they also provide over 200 different trading options, including futures and spot, and link traders and investors through their automated copy trading execution service. 3 billing options are available from Coinmatics: Premium Ref., Premium, and Free Investors only pay for strategy subscriptions, whereas traders also pay a 5% profit commission to the site.
Despite being quite user-friendly, Coinmatics also offers skilled traders useful analytical tools. Simply open an account, link your API key, select your chosen trading strategy, and monitor its performance if you’re an investor keen on copy trading. You can create an account as a professional trader, link your API key, and choose the commission rate for others to imitate your transactions.
Tradelize is a unique, decentralized, and statistics-based social network for traders. It offers a new level of social connection that boosts the success of cryptocurrency traders worldwide and was created by experts with more than 10 years of trading expertise for traders like themselves. Included in this social trading platform are:
- a desktop trading platform of the finest caliber possible
- a socialized platform for traders and investors
- a mobile application that acts as a single investing gateway with a uniform user interface
Using real-time statistics obtained straight from exchanges, Tradelize is a cutting-edge trading tool. Every user can construct and grow a professional profile, similar to those seen on Facebook or LinkedIn. The user has access to Tradelize’s social features with this profile.
If you want to start right, starting to trade on a social trading bitcoin platform is a terrific way to do so, notably if you are knowledgeable of the potential risks. It’s important to keep in mind that the majority of conventional traders (over 67%) typically lose money as crypto and social trading gain popularity. Therefore, using professional assistance doesn’t always result in what you want, and you need to be mindful of the risks. Even professionals make mistakes.