Whether you are new to the world of crypto trading or you already have a significant amount of experience under your belt, social trading platforms can provide a number of benefits. They aren’t just a great way of finding ways to invest your money, a growing number of them are incorporating social trading, copy trading and mirror trading into a single platform. This means that investors have the option of either copying the trades of other investors that they trust or monitoring their activity and using it to formulate their own strategy to the market.
Unfortunately, not all of these platforms support cryptocurrency investments. Of those that do, some platforms are better than others and the best one for you will depend on your individual circumstances and ambitions. Some people will prioritize copy trading features; they might not know or want to know anything about how the stock market works, they just want to mirror trades. Other people are in it for the data and can’t wait to start plugging numbers and refining their strategy.
Let’s take a look at some of the best social trading platforms out there for cryptocurrency investors.
eToro is already one of the most well-established brands in the social trading space. In fact, they are a giant of online trading in all sectors. However, their social trading features are particularly impressive.
With their roots in the traditional Forex market, cryptocurrency trading was a natural progression for them. eToro’s users are able to trade 14 (at time of writing) of the most popular cryptocurrency tokens on the market. The platform supports trading cryptocurrencies for one another, as well as for a number of fiat currencies.
Further Reading – eToro Bitcoin Guide
Sirix is one of the best social trading platforms on the market, but what is Sirix and why is it so popular? The linked article from InvestinGoaloffers a fantastic introduction to Sirixand its features.
In brief, Sirix is a platform that offers some incredibly advanced capabilities. If you haven’t used a social trading platform before, Sirix may well seem overwhelming. However, there are a number of great online tutorials and it is worth riding the steep learning curve in order to learn how it all works.
If you want to analyze other traders in order to build your own strategy, Sirix offers you all the data you could possibly want in order to understand how the traders in the game are approaching the market.
This is another one of the larger platforms operating today and boasts an impressive user base of well over 100,000. ZuluTrade is also growing at a phenomenal rate, and since introducing cryptocurrency trading in late 2017, they have added a whole new group of users.
In addition to its robust social trading features, ZuluTrade also offers comprehensive mirror trading and copy trading tools. This is a great platform for learning the ropes before transitioning to devising your own investment strategies.
If you are looking for a social trading platform that is suitable for cryptocurrency trading, the above platforms are the best place to start. Every investor is different and the right platform will depend on your goals and needs. Shop around and make sure you settle on the platform that’s right for you.