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Best Platforms for Crypto Social Trading Compared
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Best Crypto Social Trading Networks & Platforms

As a beginner crypto investor, you may find it quite challenging to decide how to start trading. You may feel that you don’t have sufficient market experience to strategically allocate your money.

But you aren’t alone on your crypto trading journey. Happily, you can connect with experienced traders to learn from their first-hand experience and even copy their successful strategies.

In this article, I hope to answer any questions you might have about this type of investing, along with the potential advantages and common setbacks to avoid.

So, which are the five best crypto social trading platforms to try out in 2023?

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1
5.0
  • Minimum Deposit : $5
  • Fees : Very Competitive
  • Regulations : CySec / FSA / FSCA / VFSC
2
4.5
  • Minimum Deposit : $100
  • Fees : Competitive
  • Regulations : ASIC / CySEC / FSA / FSC / FSCA
3
4.5
  • Minimum Deposit : $0
  • Fees : Very Competitive
  • Regulations : FMA / FSA
4.7
  • Minimum Deposit : $250
  • Fees : Very Competitive
  • Regulations : ASIC / CFTC / CySEC / FCA / FMA / FSCA / MAS
4.5
  • Minimum Deposit : $500
  • Fees : Competitive
  • Regulations : CySEC / FSCA / MISA

Best Platforms for Crypto Social Trading Compared

EightcapBanxsoAvaSocialFP Markets
Cryptocurrencies250+80+2010+
Minimum Deposit$100$100$100$100
Commission $3.50 per lot per trade0%0%0%
Free DemoAvailableAvailableAvailableAvailable
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Crypto Brokers for Social Trading Reviewed

FXGT

FXGT Broker, a standout in the realm of crypto social trading, provides an innovative and dynamic platform for both novice and seasoned traders. FXGT Broker offers an exceptional sentiment analysis tool, giving traders valuable insights into market trends and investor attitudes.
Additionally, FXGT Broker integrates seamlessly with popular trading forums, allowing users to connect with a community of over 20 million traders.
The platform’s 24/7 trading capability and diverse market access further enhance its appeal, making FXGT Broker a top choice among the best crypto social trading platforms.

  • Pros
  • Wide range of tradeable assets
  • Dynamic and competitive spreads and leverage
  • Suitable for traders of all experience levels
  • Multiple account types
  • Copy and social trading facilities in the crypto segment
  • Cons
  • It is not available in some countries, including the US

AvaSocial (AvaTrade)

AvaSocial is one of the best crypto social trading platforms as it enables you to engage with experienced traders and see their investment history.

Further, AvaSocial allows you to chat with and follow other traders, learn from their experience, compare their performances, and even copy their trades.

In addition, the platform sends you daily trading activity updates, allows you to execute trades from hundreds of global markets 24/7, create your own chat groups, and even join mentor groups to follow their trading signals.

  • Pros
  • Trading in crypto/crypto and crypto/fiat pairs
  • Wide variety of research tools and useful signals
  • Advanced platforms for copy trading and social trading
  • Educational resources for all levels of traders
  • Cons
  • High inactivity fee

BlackBull Markets

BlackBull Markets offers a sentiment indicator, offering traders data on how others within the brokerage position themselves. Sentiment indicators became the second-most sought features among social traders, trailing only live chat. BlackBull Markets also connects to TradingView, the leader among social trading services, where 30M+ traders can share charts, exchange ideas, and chat in public and private rooms. It makes BlackBull Markets a leader among the best crypto social trading platforms.

It also features BlackBull Social, which includes a copy trading service allowing cryptocurrency traders to follow signal providers with a minimum commitment of $200.

  • Pros
  • User-friendly platforms with excellent trade analysis tools
  • Spreads starting from 0.0 pips
  • Leverage of 1:2 for cryptocurrencies
  • Negative balance protection
  • Cons
  • Limited deposit options

IG Markets

While IG Markets does not offer a dedicated social trading platform or service, it enables social trading via numerous methods, placing it among the best crypto social trading platforms. Sentiment indicators exist on its cryptocurrency assets. The IG Community is where traders at IG Markets communicate, discuss, and share ideas. It is a notably smaller group of traders versus market leaders, but the quality and expertise are superior, resulting in quality over quantity.

The IG Markets proprietary web-based trading platform includes a “Signals” function, where third-party providers Autochartist and PIA-First publish signals, often sourced from social trading strategies.

  • Pros
  • Zero commission on crypto trading
  • Tight spreads
  • Extensive suite of alerts and other tools
  • Round-the-clock customer support
  • Cons
  • Social (copy) trading is not offered through the web-based interface

Banxso

Banxso – a commission-free investment platform – offers a social trading platform that enables you to copy expert traders and enjoy their success. In addition to being able to copy your favorite traders, a Banxso account comes with various educational tools and features to help boost your trading experience.

After creating an account with Banxso, you can evaluate the success of hundreds of fully audited and experienced traders. Then based on your evaluation, you can choose your favorite traders to duplicate their trading settings.

Although you’re copying other traders’ settings, you are still able to set your own stop-loss and take-profit thresholds to manage your personal risk.

  • Pros
  • 0% commission
  • $0 deposit and withdrawal fees
  • Leverage of 25:1 for cryptocurrencies
  • Transparent and safe, regulated by FSCA
  • Cons
  • Accepts only South African traders currently but has expansion plans

What is Social Trading in crypto?

Social trading is a type of crypto investing that allows investors to watch the behavior of expert traders and imitate, mimic, or emulate their investment approach. Because a trader’s experience is being exploited, this kind of trading requires little to no understanding of the marketplaces in which they operate.

More technically, it’s an alternative method of data analysis that involves monitoring what others are doing and replicating their approaches and strategies, which eliminates the need for in-depth technical understanding or basic research.

Investors engage in a trading social network, study trading outcomes from other experts, and discuss real-time market events. It’s not about uploading images and selfies.

For example, suppose you’re a beginner investor who wants to start trading crypto. You could join a social trading platform, look at experienced traders’ investing approaches, and then copy them. But what is a social trading platform, and what does it include? Let’s review.

What is a Social Trading Platform?

A social trading platform is a subset of social networking services, which enables investors to trade online with the assistance of others – usually more experienced traders.

Social trading platforms generally enable you to communicate with other investors in a similar way to Facebook. The fundamental idea is that you can share and discuss prospective investment opportunities with like-minded traders.

The most popular social trading platforms, in many situations, allow you to ‘copy’ experienced traders, opening the way for passive investment without having to conduct substantial amounts of research.

By leveraging a social trading platform, you can learn which strategies work, and which don’t. This ultimately enhances your experience and leads you to make more rational moves in the future.

A social trading platform may include:

  • Message boards and chatrooms where traders can share trades and discuss strategies.
  • Customizable social news feeds that keep investors up to date on the activities of their favorite traders.
  • Comprehensive access to trader statistics such as their portfolio, risk score, a personal news feed, and fail/success ratio.

What are the Benefits of Social Trading?

Social trading comes with a variety of benefits. Let’s review them in detail:

  • Social trading reduces the stress that beginner investors may experience when starting out on their trading journey. Generally, beginner traders aren’t really sure how and where to start and are afraid their strategies will end up in a loss. By following more experienced traders, they can instead confidently dip their toes into the world of investing.
  • You have an opportunity to learn through observing experienced traders. Watching investors who trade both regularly and strategically can teach you how to do the same. Monitoring their losses may also be beneficial as it helps to learn the most common kinds of mistakes to avoid.
  • If you find a trader who consistently makes profits, you might be able to use that trader’s knowledge and skills to enhance your own profits.
  • You can diversify your portfolio by trading assets you wouldn’t trade otherwise.
  • You can become a part of a community and get to know like-minded people.

What are the Disadvantages of Social Trading?

Although social trading may seem great for first-time crypto investors, it may come with disadvantages. For example:

  • You may have difficulty determining which traders are successful in the first place. While you can view their deals, you don’t have a whole history of their trading activity, their results, or even all of the variables that may have contributed to their successes or failures.
  • You’re relying entirely upon the competence of others, and risk losing your money if they don’t make the right decision.
  • Over time, social trading may make you lazy. It’s tempting to believe that all you have to do to be successful is piggyback on the success of another trader, but this is a poor approach for a variety of reasons. First, you won’t have assessed that trader’s system, so will have no clue why you or they work well. Second, you can be caught off guard if the trader suddenly starts losing money.

How to Start Social Trading with Crypto?

Now that you understand both how social trading with crypto works and have a rundown of the five best platforms worth signing up for, it’s time to review how to get started.

Step 1: Open an Account and Upload Your ID

To start using any social trading platform, you’ll first need to open an account and upload proof of ID. Most brokerage companies validate documents instantly, meaning you might need less than 10 minutes to open your account.

Step 2: Deposit Funds

After opening your profile, you’ll need to activate it by depositing funds into your trading account.

Step 3: Browse Copy Traders

Once you’ve deposited funds into your account, you can start searching for verified copy traders. Don’t forget to filter for traders who invest specifically in crypto and to analyze their performances properly.

Step 4: Copy the Trade

Finally, when you find the crypto trader whose strategy you want to copy, it’s time to act and finally copy their trades. You’ll also need to select your investment amount.

Conclusion

The casual investor’s interest in social trading cryptocurrency platforms is rapidly expanding. The big draw is that you can now actively trade the markets without having to raise a finger. Instead, all you must do is choose an experienced trader you trust, decide how much you want to spend, and then start enjoying a passive investment experience.

Of course, you should spend time investigating the various social trading platforms to pick one that suits your requirements. When choosing a social trading platform to join, you should consider the ones offering competitive fees. Also, a good social trading platform should also provide access to a variety of educational tools and resources so you can make better-educated trading decisions.

I specifically picked the five social trading platforms you can sign up for today based on their fees and the features they provide. So, all that’s left for you to do is to choose the one that suits your unique needs the most.

FAQ

  • Is social trading regulated?
    On its own, social trading isn’t regulated as a form of investing. However, you should always choose a regulated social trading platform to ensure the safety of your crypto investments.
  • How do you use social trading?
    As a member of a social trading platform, you can subscribe to another trader’s channel and copy their trading settings. This way, you’ll get the same outcome as the original trader.
  • What is a social investing platform?
    A social trading platform is a broker which allows you to connect with other traders and share trade ideas or to copy each other’s trades.
  • What is the best social trading platform?
    Eightcap could be the best social trading platform right now, as it enables you to invest in more than 250 cryptocurrencies and connects you with over 30 million traders.
  • Are social trading and copy trading the same?
    No, copy trading is a subset of social trading – it allows you to mimic the trading settings of other investors. While social trading also enables you to copy trades, it includes a social media element, letting you discuss the markets.
  • How does social trading work with bitcoin?
    If you’re new to investing with the best crypto social trading platforms, the social trading feature lets you copy the bitcoin trading settings of other investors. This way, your account will replicate their trading strategy and you will both receive the same results.
author
About Marcel Deer
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.