5 Social Trading Platforms you Should Consider for Crypto in 2021
The idea of social trading in investments was introduced years ago with platforms like eToro, and many others that are taking the lead. However, crypto social trading started in late 2017, and since then, it has gained momentum.
Social trading aims to help investors maximize their incomes by following more experienced traders’ strategies with well-performing investments. Moreover, autonomous social trading systems make it easier to copy other expert trades and earn significant incomes. In crypto especially, social trading is essential due to the market volatilities of the best-performing assets like BTC.
However, there are many social trading platforms today, each offering services in its unique ways. This article will focus on the five best social trading platforms.
Shrimpy is an advanced crypto social trading platform designed with simplicity, reliability, convenience, and user-friendliness. Although it’s relatively younger than many other crypto platforms, Shrimpy provides excellent copy trading services, helping investors maximize their incomes.
This platform currently supports around 15 exchange platforms including, Binance, Binance US, Bittrex, Kraken, Kucoin, Gemini, Huobi, Bitmart, HitBTC, Coinbase Pro, Bitfinex, OKEx, Poloniex, etc. According to Shrimpy’s website, the platform has a total trading volume of over $2 billion and an average daily trading volume of $300 thousand.
Shrimpy helps users earn $4 per follower every month, meaning that the leader makes an income just by being followed. In shrimpy, an investor can follow multiple traders with multiple exchanges and different portfolios.
Shrimpy’s security is also maximum leveraging 2FA for investment and account protection. Moreover, it secures the APIs with complete system encryption.
The platform’s pricing options include Holder(free version) and professional, costing $13 monthly if paid annually.
Coinmatics is a world-class crypto user-friendly network provided for crypto social and copy trading. The platform offers an autonomous system that lets you benefit from experienced traders. It supports copy trading for Binance, but soon it will introduce more platforms like Bittrex, Poloniex, Bittrex, etc.
This platform maintains security, reliability, convenience, and usability, thus ensuring investors can easily invest. It implants systems like API encryption, 2FA, and many other features for ultimate platform security.
Coinmatics also offers other services like Free market research tools like Ticker alerts which send notifications based on the parameters you set. Moreover, there are crypto arbitrages, general market analytics, and many more.
The platform offers an unlimited trial period and a great profit-sharing mechanism, taking only a 5% commission on its profits.
eToro is among the first platform to introduce crypto social trading. Since its launch in 2007, eToro has been making great strides in the financial world, launching the crypto copy trading option in 2018.
eToro currently supports around 16 crypto assets, including Bitcoin, Ethereum, Litecoin, XRP, Tron, Dash, Bitcoin Cash, IOTA, Cardano, Binance coin, EOS, ZCash, Ethereum Classic, Tezos, etc. Currently, the platform boasts followership of over 12 million people in over 140 countries.
Using eToro, you can copy the trades of crypto investors but mitigate the risks of losing your wealth by maintaining an adjustable level of risk. Moreover, you receive over 100 thousand demo strategies that help you learn new ways to trade with significant incomes. eToro guarantees its users security by adhering to the FCA and CySec regulations.
The platform’s pricing is relatively fair, charging a small amount for withdrawals and spreads all depending on the coin in use. However, creating an account is free.
Tradelize is another crypto social trading platform offering excellent services for investors. This platform unites traders and analysts in a unique network allowing the community to benefit from other trading experts.
Tradelize defines itself as a ‘linked in for crypto trading.’ The platform’s users can create profiles like ‘linked in’ profiles, which will help access the social network’s trading features.
Currently, Tradelize supports around ten exchange platforms, including Binance, Huobi, Kraken, Okex, Bitfinex, Bitmex, Bittrex, HutBTC, etc. The platform has completed over 150 thousand trades and earned over $1 million. According to the website, there are currently more than 5 thousand regular platform users.
Investors can learn their trading from some of the most experienced Crypto traders and leverage professional trading tools. Tradelize staff is accessible 24/7 and will help users in case of any problems.
Currently, the platform has two pricing options, i.e., basic(free) and Pro-terminal, which costs $399 per month. However, it’s working to introduce an option cheaper than pro-terminal.
5. Naga Trader
Although the platform has existed for a long time, Naga traders ventured into Crypto trading in 2017. This platform does not just focus on crypto trading; it has over 500 financial assets in the markets.
Using Naga, you can quickly auto-copy other experts’ trades from the traders listed on the leaderboard and earn excellent incomes from their strategies. The leader also makes excellent returns.
Naga supports around 11 crypto assets, including bitcoin, ether, BCH, Dash, IOTA, etc. It fosters top user-friendliness by implanting a mobile and web user interface. There’s a free daily news feed, updating the investors on the latest trends.
A user can open multiple trading accounts using the currencies therein. Apart from crypto, the platform supports stocks, ETFs, Commodities, etc.
Social trading is one of the best Crypto trading options designed to help Crypto enthusiasts maximize their income even when they have little knowledge. Over a dozen platforms are designed to provide social trading options for crypto traders; however, the platforms listed above have proven excellent in service provision.
Some of the platforms focus not only on crypto but also on other general investment opportunities. However, others like Shrimpy introduce world-class features only for the crypto markets. Platforms fees, security, and reliability are vital in any financial or investment platform; therefore, you must look at the details keenly before choosing the platform. Social trading tools are essential, especially for crypto beginner traders.