- Best Platforms for Crypto Social Trading Compared
- Crypto Brokers for Social Trading Reviewed
- What is Social Trading in crypto?
- What is a Social Trading Platform?
- What are the Benefits of Social Trading?
- What are the Disadvantages of Social Trading?
- How to Start Social Trading with Crypto?
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?
- Minimum Deposit : $250
- Fees : Very Competitive
- Regulations : ASIC / CFTC / CySEC / FCA / FMA / FSCA / MAS
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.
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.
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.
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.
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.
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.
- 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.