Even internet users far from cryptocurrencies have heard about copy trading. Advertisements for “signals from crypto-trading gurus” literally flooded social networks, and it becomes more difficult to distinguish really interesting projects in this noise.
Social trading, or copying signals from more experienced traders, has a great potential for those who are new to the crypto market. By subscribing to an experienced mentor and copying the signals they offer, novice crypto investors and traders can avoid making gross mistakes and quickly improve their skills along with their income.
However, choosing the right expert for social crypto trading is not an easy task. The usual social networks democratize the process and facilitate access to coveted signals, but do nothing to help newcomers adequately compare different offers and check the reputation of this or that “expert”.
I’m a novice and afraid to lose my money
Specialized services for copy trading help to reduce the risk. After taking a minimum of time to register and sign up for an exchange account, users receive in return a clear and user-friendly interface, specially tuned for maximum automation of transaction copying, technical support and documentation, and clear and transparent rules.
And if you are looking for a reliable copy trading app in South Africa, here are some decent services for copy trading: from the old-timers to the promising beginners
- eToro – the founders of copy trading
Founded in 2007, eToro invented the concept of social trading (and the term CopyTrading itself) even before bitcoin appeared! The auto copying feature of top users’ trades was available in Open Book, the first social trading platform for investors.
eToro offered cryptocurrency support in 2014, soon launching its cryptocurrency wallet for iOS and Android as well. Today, the service has evolved into a feature-rich combine, offering a range of services, from its exchange, eToroX, to a trading academy. It serves tens of millions of users.
- Trade Copy – copy trading “on full autopilot”
Tiger.Trade was founded in 2015 and offers an original terminal for traders and investors. It is a single working environment for simultaneous trading on cryptocurrency and stock exchanges, allowing for maximum customization of all interface elements.
The company recently announced a new service dedicated to copy trading – Tiger.Trade Copy. The application for iPhone and Android is coming out by the end of the year and promises the most simple and clear interface, friendly to newcomers and maximally lowering the barrier of entry into crypto-trading.
- 3Commas – smart trading bots
The 3Commas platform, launched in 2017, specializes in automating the work of crypto traders. The Trading Bot, in particular, allows for fully autonomous trading based on technical indicators on several popular exchanges, including Binance, Bitfinex, Coinbase Pro (formerly GDAX), Kraken, KuCoin, and Huobi.
Copytrading is just one of the additional services in the 3Commas range. Bots can connect different signal sources: Trading View, RSI (7), TA Presets, CQS Scalping, and others. In addition, a marketplace with paid and free “social” crypto signals is also available.
- Shrimpy – automatic portfolio management
Start-up Shrimpy debuted in 2018, offering a radical simplification of cryptocurrency trading. Once registered with the system, users only need to connect their account to one of the supported exchanges, after which Shrimpy reserves the entire available balance and offers to distribute the portfolio among different traders.
All work with the system takes place in a browser and Shrimpy, alas, does not have a mobile app. Access costs at least $19/month (and from $79 for pro-rates with full functionality), and this subscription does not include commissions for copy traders.
Everyone, from pros to beginners, can make money trading cryptocurrencies today. If you don’t yet have the necessary knowledge and experience, copy trading can help you learn the basics of the crypto market – by automatically copying the trades of experienced traders, even beginners can quickly begin to profit and learn the basics of the crypto market without the risk of losing their investment due to gross mistakes or panic. And reliable trading platforms can help you do just that. Most importantly, choose wisely!
Passionate Writer, Blogger and Amazon Affiliate Expert since 2014.