The past few years have seen the cryptocurrency trading industry boom in popularity and total investment. 24-hour trade volume peaked at over $3,000 billion in November 2021 and has remained impressive to date. With the popularity of cryptocurrency trading and the fast swings that certain coins can experience, traders have found a new, exciting financial medium to experiment in.
Yet, cryptocurrency is still a sector that fewer people understand than regular trading. This has given rise to the thriving industry of copy trading. ‘Copy trading’ is where users can follow the trades of more experienced traders, providing them with an easy way of making more reliable and accurate trades without needing to have extensive crypto knowledge themselves.
With the popularity of crypto copy trading, numerous leading platforms now offer this function. In this article, we’ll dive into these platforms, highlighting what makes them trader-favorites. We’ll touch on the following platforms:
- Bitget – Industry Favorite
- Bybit – Best For Community
- Pionex – Best Bot Experience
- OKX – Best Simple Option
- Kucoin – Best Alternative Option
Bitget – Industry Favorite
Bitget is a prominent name in the copy trading industry, serving over 20 million customers across the globe. As the market leader in terms of the size of their user base, Bitget continually incorporates new features and UX improvements to give its audience the best copy trading experience possible.
Bitget offers over 500 coins and 500 trading pairs, making it one of the top 5 futures trading platforms and a top 10 spot trading platform. Behind their impressive stats is a central vision: to create a platform that allows people to achieve an equitable future through cryptocurrency. By providing education and a comprehensive platform filled with useful trading tools, Bitget empowers its audience to do more with their cryptocurrency.
Throughout its history, Bitget has received accolade after accolade, being the first crypto exchange to launch Futures USDT-M trading and offering an extensive community of experts. For users who want to invest in cryptocurrency but don’t know how, their impressive community pages will help them find matches with traders with similar goals, interests, and levels of risk aversion.
Bitget is a market leader for a reason, making it a wonderful choice for anyone looking to trade smarter and get involved in the world of crypto copy trading.
Bybit – Best For Community
Bybit is a popular option in the crypto copy trading sphere, boasting over 31,000 master traders who feature their active trades on the platform. One of its main advantages is how simple it is to use, with the platform focusing greatly on providing an impeccable user experience for its community.
Speaking of community, there is something for absolutely everyone on this platform. With over 890 coins, users can find a master trader who specializes in the type of trading that they prefer to partake in. Currently, there are millions of active users on the platform, all engaging in contract, futures, and options trading.
The Bybit platform is built for utility, being able to process over 100,000 transactions per second. Considering the sizeable community on this platform, it’s no surprise they’ve focused on functionality. While not available in the USA, this is a great option for users who are looking to branch out into more specific coins and follow lead traders as they publish their trades.
Pionex – Best Bot Experience
Pionex takes a slightly different approach from the other entries on this list. Instead of selecting from a list of traders to copy, users can choose from one of 16 different trading bots. Each of these trading bots is free to use and will help traders automatically make trades and take advantage of market movements.
When signing up for Pionex, users will set rules for their accounts that will help suggest which option will be best for them. For example, users can define how much they want to invest and different total thresholds for certain trades. At the time of writing, there is a 0.05% trading fee per trade, which is a seemingly reasonable fee considering you can trade all of the major coins.
Pionex also makes it easy for users to get involved with their trading while on the go. Individuals can sign into their Pionex account from their mobile device, accessing a highly customizable mobile application from which they can trade and control their copied trades.
While the trading bots do present unique opportunities, they are limited in terms of what products users can access. For example, lending and margin trading are still not available on the platform.
OKX – Best Simple Option
Our penultimate addition to this list is another leader in the space, OKX. OKX offers users the ability to either Contract Copy Trade or Spot Copy Trade. With the former, users can configure their personal preferences in a trade, such as defining the copy ratio, leverage, max position, and margin mode. The latter offers buying and selling alongside a range of analysis features to show a context-rich approach to trading.
OKX offers a thriving community of traders that you can copy. Each trader has a profile that displays important information about their trading history. For example, each trader’s 90-day return, year-to-date return, and current PnL for various periods. Each trader has a limit of 1,000 followers, with many of the top traders having a maxed-out roster of people following their trades.
With an intuitive platform with several useful features, OKX is great for traders who are looking for the most simplistic crypto copy trading experience.
Kucoin – Best Alternative Option
Kucoin takes a different approach to the world of cryptocurrency copy trading. Instead of offering an in-app platform where users can make trades and follow their favorite traders, Kucoin requires you to link your Kucoin account via a third-party pathway. For example, you could use Cryptohopper, 3Commas, or WunderTrading. Each of these offers a slightly different experience, allowing you to achieve the flexibility you’re looking for.
While Kucoin isn’t necessarily a crypto copy trading platform, it does offer the ability to trade via third-party pathways with over 700 total assets. Combined with the huge range of other features this platform offers on its main platform, this can be a great choice if you don’t want a traditional experience.
Final Thoughts
Cryptocurrency trading is a vibrant industry that sees billions of dollars of movement every single day. This dynamic industry has only gotten more popular as brands like those mentioned in the article have helped to increase accessibility to this market. Alongside educational initiatives that have helped the general public learn more about crypto, the rapid adoption of copy trading has provided new traders with a wealth of opportunities.
The crypto copy trading platforms on this list offer a range of features, expansive community systems, and leading security that make them stand out in the blockchain ecosystem. Over the coming years, as these platforms continue to refine their offerings and the general public learns more about cryptocurrency, we’re likely to see a large influx of new contenders in this field.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
