Top 9 Crypto Copy Trading Platforms & OKX Exchange in September 2024

Want to invest without the hassle of constantly researching the market? Copy trading is your answer! Simply select an experienced trader to mimic and determine your investment amount. After that, all their buy and sell orders will be automatically replicated in your account. Our 2024 guide highlights the top crypto platforms for copy trading, helping you open an account and start investing in just minutes.

• Can Crypto Copy Trading Make You Rich?
• Which Crypto Copy Trading Platforms Are Worth Checking Out?
• What Is Crypto Copy Trading and How Does It Work?
• What Crypto Copy Trading Features Should You Look For?

Can Crypto Copy Trading Make You Rich?

When copying crypto trades in 2024, consider these platforms below for seamless transactions and optimal performance.

• BTCC – Overall Best Copy Trading Platform in 2024
• Kraken – Unbroken Security Record Since Launch
• eToro – Leading Social Trading Platform with CopyTrader Tools
• PrimeXBT – Build a Diversified Copy Trading Portfolio
• OKX – Great Option to Copy Trade Crypto Futures
• Bybit – Leading Derivatives Platform With High Leverage Limits
• MEXC – Follow Traders Who Buy and Sell New Crypto Assets
• Binance – Largest Copy Trading Platform for Daily Volume and Liquidity
• Gate.io – Copy Automated Bot Strategies for 24/7 Crypto Exposure

Which Crypto Copy Trading Platforms Are Worth Checking Out?

Discover how copy trading platforms operate, delving into vital aspects like fees, market support, standout features, security, and reputation. Our comprehensive guide covers everything you need to know to make informed decisions.

BTCC

BTCC stands out as a premier cryptocurrency trading platform, blending cutting-edge features with intuitive usability. It offers a robust security framework, round-the-clock customer support, and comprehensive educational resources via the BTCC Academy. Catering to both novices and experts, BTCC prioritizes user satisfaction, fostering a safe and knowledgeable trading environment across various digital currencies. Furthermore, BTCC boasts its own copy trading system, delivering exceptional services tailored for digital currency transactions. This holistic approach makes BTCC an ideal choice for investors seeking a secure and educational platform for their digital asset needs.

Kraken

Kraken, established in 2011, has earned a reputation as a trusted and secure crypto exchange platform. Ranked as the 6th largest by 24-hour volume, it boasts an impressive track record of zero security breaches. Investors worldwide rely on Kraken for its safety and variety of features. While the platform doesn’t offer an in-built copy trading facility, it supports third-party trading bots that enable users to mirror successful traders’ actions. Currently, Kraken offers trading for 246 cryptocurrencies, staking facilities, margin trading, and NFT markets, catering to a wide range of investors seeking diverse options. For more insights into crypto trading bots and how they can enhance your trading experience on Kraken, read our detailed article. Kraken offers multiple purchase options for cryptocurrency, including debit/credit cards, bank transfers, Apple Pay, and crypto deposits. With card purchases, a 3.75% fee applies, while bank transfers are more economical at 1.5%. Trading fees on Kraken follow a maker-taker model, rewarding higher-volume traders with reduced fees. This flexible approach to crypto acquisition and trading makes Kraken a standout in the digital asset market.

• Pros
• Trusted reputation with impeccable security record
• Wide range of different cryptocurrencies
• Margin trading, staking and NFT marketplace available
• Allows the connection of third party trading bots
• Cons
• Some features unavailable in certain US states

eToro

Discover eToro, a standout amongst cryptocurrency copy trading platforms. Boasting top-tier licenses from FINRA (US), FCA (UK), and ASIC (Australia), eToro ensures your investments remain secure. With a vast array of copy traders to select from, finding the right fit is effortless, thanks to eToro’s intuitive filters. These cover crucial metrics like ROI, monthly performance, risk profiles, and preferred markets. Moreover, eToro offers a diverse range of cryptocurrencies, including Bitcoin, Ethereum, and more, alongside traditional markets like stocks and forex. Copy trading on eToro is fee-free, with only standard commissions applying. With a $200 minimum for copy trading and a 1% per slide fee on crypto trades, eToro stands out from other platforms due to its higher charges.

• Pros:
  • Backed by a heavily regulated brokerage
  • Thousands of copy traders to choose from
  • No additional fees to copy trade
  • Supports other assets, including stocks and forex
  • Rated as ‘Excellent’ on Trustpilot
  • eToro has partnered with Twitter for easier copy trading

OKX

OKX stands out as one of the top crypto copy trading platforms, offering a wide array of leveraged futures markets. With a diverse group of top-rated traders to choose from, you can easily sort them based on their historical win rates or profit/loss percentages. Other search filters include assets under management and the total number of followers. Clicking on a trader reveals additional datapoints such as their preferred crypto markets and ongoing orders. The platform supports a vast range of perpetual futures markets, with the most popular being Bitcoin, Ethereum, Polygon, XRP, Solana, Dogecoin, and Pepe. Some markets even offer leverage up to 100x, making OKX one of the best crypto leverage trading platforms. Moreover, OKX also caters to the spot trading markets, providing a lower-risk way to copy trade crypto. It’s worth noting that OKX doesn’t charge copy trading fees, although standard trading commissions apply. Futures and spot trading commissions start from 0.05% and 0.1%, respectively. Enjoy budget-friendly benefits with no minimum investment requirements stated. This solid advantage is perfect for those managing their finances on a tight budget.

• Pros
• The best option for copy trading the futures markets
• Get leverage of up to 100x
• Supports hundreds of trading pairs
• Futures commissions start from 0.05%
• No copy trading minimums
• Cons
• Futures copy trading is high-risk
• Not available in all countries, such as the UK and the US

What Is Crypto Copy Trading and How Does It Work?

Copy trading in crypto involves mirroring the trades of a selected trader, offering a hands-off approach to investing. Yet, it’s crucial to understand that if your chosen trader experiences losses, those losses will be reflected in your portfolio as well. To minimize risks, conducting thorough research on potential copy traders is essential. Key metrics to consider include their historical win rates, profit and loss percentages, return on investment, average trade duration, and overall trading strategy. Remember, while copy trading can be a convenient way to invest, it’s not without its risks.

Copy Trading in Crypto: Mirroring Expert Trades

• Here’s how copy trading works: You invest, say, $500 into a crypto trader.
• The trader’s bankroll: They have $10,000. If they invest $1,000 into Litecoin (10% of their capital), you automatically follow.
• Your investment: You invest 10% too, which is $50 of your $500.
• Trader’s move: A few weeks later, the trader sells their Litecoin for a 60% profit.
• Your profit: Your $50 is automatically sold too, giving you a $30 profit. Easy, right?
• But wait: Copy trading platforms charge fees, including trading fees and profit-sharing commissions.
• The catch: These fees can reduce your actual profits.

What Crypto Copy Trading Features Should You Look For?

When selecting a copy trading site, investors should look for specific features that enhance their trading experience. These include risk management tools, transparent performance metrics, and social integration. Risk management is crucial in crypto copy trading, and it’s essential to understand the trader’s risk-mitigation strategy before investing. However, having your own risk management plan is also vital to avoid excessive losses. Your chosen copy trading platform should at least support stop-loss orders, providing an extra layer of protection. Transparent performance metrics allow you to assess the trader’s historical performance and make informed decisions. Social integration, on the other hand, enables you to engage with other traders, share ideas, and learn from their experiences. Exploring these popular features in detail can help you make the most of your copy trading journey.

In the volatile crypto market, risk management is crucial. Automated stop-loss orders are a powerful tool that can help mitigate losses. These orders allow you to predefine a threshold for closing a trade if it declines by a specified amount. Imagine you’re following a crypto trader who recently purchased BNB, but due to unexpected market shifts, the asset drops by 30% in just 24 hours. Fortunately, with a stop-loss set at 10%, your exposure to this downward spiral is limited. Once BNB declines by 10%, your system automatically closes the position, preventing further losses. Moreover, some platforms let you set stop-loss conditions for the traders you’re copying. For instance, you can choose to discontinue copying a trader if their performance drops by more than 15% in a month. Additionally, platforms like eToro offer flexibility in managing your copy trading portfolio. Say, your chosen trader invests in Cardano, but you’re not convinced about its prospects. With eToro, you can simply remove Cardano from your copy portfolio, ensuring your investment strategy aligns with your risk appetite and market views.

When copying trades in the crypto market, transparent performance metrics are essential. Without them, choosing a suitable trader becomes a challenge. Key performance indicators include ROI, which represents the total return on investment over a specific period. For instance, if a trader has earned 50% since joining a copy trading platform, investing in them from the start would yield the same profit. Assessing average gains over an extended period, such as their average monthly profit or loss percentage, ensures a trader’s consistency. Additionally, average trading duration reveals how long a trader keeps a position open. For example, an average duration of two hours suggests they are likely a day trader.

When evaluating a crypto trader’s performance, several key metrics stand out. One such metric is the average duration of their investments, which often spans several weeks or months, indicating a longer-term investment strategy. Another crucial aspect is the maximum drawdown percentage. This metric reveals the trader’s risk appetite by showing the largest decline in bankroll value from a previous peak. For instance, a drop from $10,000 to $6,000 represents a significant 40% drawdown. Furthermore, exploring the trader’s preferred crypto pairs provides insights into their risk-reward mindset. A trader who frequently trades Bitcoin and Ethereum, for example, might be considered more conservative, while one who focuses on small-cap coins embraces higher risks. These performance indicators, along with others like the total number of followers and assets under management, paint a comprehensive picture of a trader’s proficiency and approach.

To ensure reliable metrics, focus on extended periods. For example, while a trader may show a 400% ROI since joining, if it’s only been 60 days, this ROI lacks validity. Consider longer timeframes for a more accurate assessment.