crypto-social-trading-platforms

5 Best Crypto Social Trading Platforms For This Year

Investing is the most discussed financial term presently, and it is not a cakewalk. Nobody becomes a great investor overnight. Right guidance, proper strategy, and good discipline are the key notes to becoming one. But where do you get it? The answer is crypto social trading platforms. These platforms enable the investors to invest properly in digital currencies. In this article, let us have a look at the best crypto trading social platforms. 

The Idea Behind Crypto Social Trading

Social trading platforms are similar to social networks for traders. In most scenarios, they act as a broker who enables the user to buy varied assets, such as ETFs, CFDs, and digital currencies. 

Unlike regular trading channels, these platforms allow the user to connect with other traders who are trading the same markets or goods, copy their activities, share and argue about the analyses and predictions, ask questions, increase their following and learn faster than they typically would. Here, crypto social trading implies social trading platforms that enable their customers to trade digital currencies or asset contracts that are crypto-based.

Best Crypto Social Trading Platforms 2021

By now, you have understood the concept of crypto social trading and are probably ready to know the best platforms that serve this purpose. So here are the top crypto social trading platforms 2021. 

eToro

As among the well-known social trading platforms, eToro caters to millions of users and functions in over 140 countries. Along with that, the platform is controlled in three states – The United Kingdom (FCA), Cyprus (CySEC), and Australia (ASIC), and is available for investors from the U.S. This is also among the best crypto trading platforms. 

Pros

  • Great social trading experience   
  • Wide range of instruments   
  • Reputable and regulated company

Cons

  • Inactivity fees
  • No crypto deposits

Presently, eToro supports 16 digital currencies, namely:

  • Bitcoin
  • Ethereum
  • XRP
  • Litecoin 
  • Dash
  • Bitcoin Cash
  • Cardano 
  • IOTA
  • Stellar Lumens
  • NEO
  • EOS
  • Binance Coin
  • Zcash
  • Tron
  • Ethereum Classic
  • Tezos

PrimeXBT Covesting

This platform is the only social trading platform and exchange of crypto in this list, which is a perfect crypto platform and takes Bitcoin dep. PrimeXBT is mainly a crypto margin trading exchange, but lately, it also released its best crypto copy trading platform in association with Covesting.

As a beginner, the user can expect to receive help from experienced traders, who have a financial incentive to do so and are rewarded for every profitable trade that the novice makes. They can also select experts based on their followers, strategies, reviews, and trading history reviewed by other traders.

Pros

  • No forced exchange and KYC
  • Up to 50x leverage   
  • Low fees   

Cons

  • Only 5 tradeable digital currencies
  • Unregulated exchange
  • No fiat deposits

Coinmatics

Coinmatics is an advanced yet user-friendly analytical and copy trading tool that was released in 2018. While their key aim is copy trading, they provide a choice of more than 200 strategies, that include spot and futures, and they also connect investors and traders with its auto copy trading implementation service. This is also the best crypto copy trading platform 2021. 

Despite being comparatively user-friendly, Coinmatics also offers helpful analytical tools for experienced traders. As an investor who is interested in crypto copy trading India, all they require to do is open an account, connect with their API key, choose a favored trading strategy, and track its operation. As an experienced traders, they can open an account, connect their API key, and set a rate of commission for copying their trades. Also, because of the referral program, both types of customers have the chance to gain an added profit by inviting their friends to the platform.

Pros   

  • Some strategies have the option to be copied for free   
  • Historical data available of traders’ strategies   
  • Ability to copy upcoming strategies   

Cons

  • 5% profit commission is to be paid for traders
  • USDT 150 deposit required minimum
  • No margin trading as of now. 

Tradelize

Tradelize is a decentralized social network for traders that is dependent on real live data. It was formed by traders with over 10 years of trading experience and was created for traders like themselves and provides a new level of social networking that raises the success of digital currency traders across the globe.

The Tradelize ecosystem includes:

  • A social channel for traders and investors
  • A desktop trading platform that has the highest professional quality
  • A mobile application that caters as a unified interface and all-in-one investing platform. 

Pros

  • Offers traders network for both professionals and beginners   
  • A huge range of functions and services

Cons

  • Not the biggest number of connected digital currency exchanges
  • Paid professional functionality

ZuluTrade

ZuluTrade is a cross-broker social trading channel that was founded in 2007. It sums more than 50 brokers globally and connects all of them in one copy trading and social trading platform. As a customer, you are free to select and communicate with thousands of signal givers, read their predictions and analysis, and copy their activities with a personalized risk management plan.

ZuluTrade’s service is licensed in Japan and the European Union. The user can trade varied assets, which include stocks, forex, ETFs, binary options, and commodities. Talking of digital assets, ZuluTrade allows five digital currencies:

  • Bitcoin
  • Ethereum
  • XRP
  • Bitcoin Cash
  • Litecoin

Pros

  • Lots of signal providers   
  • Wide range of brokers   
  • Transparency   

Cons

  • A constrained amount of digital currencies.
  • Steep learning curve
  • Many amateur traders

The Bottom Line

As both social trading and digital currencies become increasingly famous, it is important to understand that most of the retail traders tend to lose their invested money. Therefore having an expert opinion or help is very important. In the above section, we have discussed top crypto social trading platforms that will help you to achieve that. There are many best crypto copy trading apps as well to do the job. 


Frequently Asked Questions On Crypto Trading

1. What is the most popular crypto trading platform?

eToro is the most famous crypto trading platform. As among the well-known social trading platforms, eToro caters to millions of users and functions in over 140 countries. Along with that, the platform is controlled in three states – The United Kingdom (FCA), Cyprus (CySEC), and Australia (ASIC), and is available for investors from the U.S.

2. Which trading app is best for crypto?

There are many crypto trading apps but the best among them is WazirX, Unocoin, CoinDCX, Zebpay, CoinSwitch Kuber, and Bitbns.

3. What is a social trading platform?

Social trading platforms are similar to social networks for traders. In most scenarios, they act as a broker who enables the user to buy varied assets, such as ETFs, CFDs, and digital currencies.

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