Ever since Bitcoin was introduced in 2009, the cryptocurrency has gained immense popularity. Hundreds of cryptocurrencies are available at this moment, and this market is more vibrant than ever.
However, for beginners, it might look challenging to invest in crypto. There is so much information it becomes difficult to filter out and create a trading strategy. This is where social trading platforms come into the picture. These platforms are online communities that allow you to share strategies and tips that are trading-related.
If you are a beginner who wants to join the cryptocurrency trading world, or if you are a professional who wants to boost their profit, check out Bidsbee, a reliable social trading platform. As there are hundreds and thousands of cryptocurrencies, there are several crypto social trading platforms, and it can be challenging to pick the right one. But worry not; below is a list of 5 of the best social platforms.
5 Best Crypto Social Trading Platforms
Different trading platforms have different features; some of the best-known platforms are:
1. Bidsbee
Let’s start this list with one of the best easy-to-use crypto social trading platforms, Bidsbee. This platform is suitable for beginners and professionals alike. One of the best features of this platform is that there is one cryptocurrency terminal. You get to see the real-time data, which is extremely helpful in creating charts. Also, traders can use the technical indicators to make strategies and get promising opportunities.
You also get the cross-platform solution, which means you do not have to go through multiple exchanges, and all your data from your accounts will be synched. So, if you have an account on exchanges such as Binance, Bybit, etc., you can manage your trade from the Bidsbee single-user interface.
One of the concerns of any trader is security and privacy. It is true that the cryptocurrency market is expanding; however, so is the cyber threat. But Bidsbee is a non-custodial platform. It means that they do not store your funds and do not have any access to your money. They respect the privacy of their users.
2. eToro
It is one of the oldest social trading platforms; in fact, it is not wrong to say that it is the pioneer in social trading platforms. It was founded in 2007. Even though it has been more than a decade, this platform offers several assets. Also, it has a user-friendly interface, so if you are a newcomer, you will not find it difficult to use.
You can go through the profiles of several traders and check their history and performance. This way, you will know whom to follow and what strategies to copy. This is extremely helpful if you are new, as you can take the guidance of experienced traders and follow in their footsteps.
3. Pionex
This is a free-to-use social trading platform, and with a few clicks of buttons, you can copy top traders. Apart from copying top traders, you can also benefit from the sixteen bots they offer. These bots help you with your first trades. You only have to enter your email to sign up, and you are good to go. You can trade in US dollars, and they also ensure that their platform is safe and secure.
4. Bitget
It is a relatively new platform launched in 2018; however, it is one of the fastest-growing crypto trading platforms. The popularity of this trading platform can be seen as there are five hundred winning traders listed. Also, it has a United States and Canada MSB license. One of the added benefits is that there are no zero spot trading fees; well, this is like a cherry on top of the cake.
5. Coinmatics
It is an advanced but also user-friendly crypto social trading platform. The main focus of Coinmatics is copy trading; however, you will also get around two hundred strategies, such as futures and spots. Also, you can connect with investors and traders with its auto-copy trading execution service. If you are a professional, you can use the different analytical tools provided by Coinmatics. They also have a referral program, via which you can get additional profit by inviting your friends to join Coinmatics.
Why Use Social Trading Platforms?
Social trading platforms offer you an opportunity to see what professional traders are doing, and you can copy their strategies. It is perfect for beginners if you want to learn the ins and outs of crypto trading. Using social trading platforms offers several benefits, some of them are:
- They are extremely easy to use. One of the best parts is that they are designed in a way anyone can use. You can analyze the charts, review other traders’ portfolios, and even compare different assets with ease. So you do not have to do complicated analysis and analysis.
- You have a wide range of tools and resources to help you make informed decisions. With these tools, you can identify which investments have low risk and are most profitable. So you can get high returns and minimize loss. However, remember that the crypto market is volatile, so always research before you invest.
- These platforms are transparent, and you can see the detailed profiles of the users and their histories of trading. This way, you can learn from the experience of each other, and it helps build trust between the investors.
Source: builtin.com
Summing Up!
Crypto social trading platforms are one of the promising options for every trader who is new to this field or any professional who wants to conduct more profitable trades. However, remember that you must pay great attention to the experts you are copying before you make your investment.
The crypto market can indeed be rewarding, but there are risks, too; however, with effective techniques, you can make a smart decision. As there are different platforms, pick the one that suits your trading objectives, preferences, and needs. So, open up your account, interact with fellow investors, and get ready to trade and shine!
