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How to Choose the Right Copy Trading Platform

29.09.2020

Today’s all about choosing  your copy trading platform! Copy trading is a great way to piggyback off the success of expert crypto traders. But starting can feel a bit overwhelming as there’s a lot to learn. Not sure what platforms offer you the best possibilities? 

No worries, we’re here to help! Keep reading to learn tips that will help you make the right choice. 

Selecting a Copy Trading Platform – The Basics

Let’s start with the basics. Trading means buying and selling assets in order to make a profit. These could be stocks, shares, bonds or any other type of securities. Trading cryptocurrencies means buying and selling digital assets. 

So, when does trading become cryptocurrency copy trading? This depends on your trading strategy. Copy trading means setting your account to follow another trader. When they make a trade, you also make the same trade automatically. You don’t have to do anything – it’s all automatic and in real time. This means you can start trading cryptocurrencies like an expert, even if you aren’t one. 

Would you like to know more about the basics of copy trading? Check out our article on Copy Trading Cryptocurrency. It has everything you need to know. 

Top Tips for Picking a Copy Trading Platform

Now that you know the basics, let’s get to work! When picking a copy trading platform, there are several factors to keep in mind. But it’s difficult to learn all these. So, we’ve selected the top three to remember. First up, look for a platform that has expert signal providers. 

Great Signal Providers 

The right platform will have a good selection of signal providers to choose from. Signal providers are traders that you copy. They are experts or successful traders with many followers who trade like them. They also provide copy trading signals for people who would like to learn. You can think of these signals as strategies that you can automatically copy on your account. You can learn more about signal providers in our article about copy trading signals

Without great providers, it’s harder to succeed with copy trading. You should look for traders that have a proven track record. They should have at least 12 months on the platform. But the longer, the better. So, instead of focusing more on great features, start with the traders available. 

Robust Statistics 

This one is more about the platform. There are many great platforms that provide solid features. But one of the most important features is how much info they provide about traders. The best platforms display all the key statistics about signal providers. These often include number of followers, signal track record, return on investment and many more. These statistics tell you all about the trader, and help you decide on who to copy. 

If you don’t have the right tools to pick great traders, succeeding with copy trading will be harder. Look at what tools are available to help before you pick a copy trading platform. 

Solid customer support 

Imagine having a problem with a trade and no one to help. That’s a scenario that can bring nightmares due to how volatile crypto can be. Volatility means sudden drops or rises in the value of digital assets. You can see why it would be important to have helpful, responsive customer support. 

Apart from this, you’re likely to have a lot of questions. If you’re just starting out, you need to be able to get great answers quickly. That’s why solid customer support is important in a copy trading platform. 

Hopefully, you now know exactly how to pick a winning copy trading platform. Looking to try out copy trading today? CoinMetro crypto exchange is a great place to start. Sign up to learn more today. In case you have any questions, reach out to our support team for 24/7 assistance.