Do you know anyone who is a successful investor by nature? We also don’t. Investing profitably frequently takes excellent insight, good fortune, discipline, and expertise. Before turning a profit, most top traders lost money for weeks, months, or even years. That is one perspective: sometimes you have to lose some to gain some. However, things don’t necessarily have to be this way.

It is proven that doing something is the fastest method to learn it. But you can’t just leap into the flames without looking first. A strategy can be used in this situation. Developing a strategy entails putting some theory and your market study into practice. If you know what you’re doing, it is a potent combo. Unfortunately, most new investors discover they don’t know when they thought they did.

The best method to approach investing is to have a coach for this reason. Your learning process can be sped up by having a mentor, a buddy, a coach, or anybody else with the necessary experience, without ruining your portfolio through costly trial and error experiments.

That’s easier said than done, though. Great mentors or coaches frequently charge fees, which are typically out of most people’s budgets. Not every retail investor has the means to hire a top investing mentor. Having someone to talk to about the market and your choices is still a beneficial experience, so surround yourself with those who can challenge your assumptions. According to billionaire hedge fund manager Ray Dalio:

“I don’t care if the right answer comes from me; I just want to be right.”

Consequently, a social trading platform that lets you trade in cryptocurrencies is one of the most incredible places to start your cryptocurrency investment career. This post examines some of the top crypto social trading platforms for cryptocurrencies.

What is social trading in crypto?

For traders, crypto social trading platforms resemble social networks. They often serve as a broker, enabling you to buy various products, CFDs, ETFs, and cryptocurrencies.

Social trading systems, as opposed to traditional ones, allow you to interact with other traders engaged in the same markets or products, mimic their moves, exchange and discuss analysis and predictions, pose questions, build your audience, and learn more quickly than you otherwise would.

In this context, “crypto social trading platform” refers to social trading platforms that let users exchange cryptocurrencies or contracts for crypto-based assets.

1. Etoro

A leader in crypto social trading platform, eToro is a multi-asset social trading platform. As a result, it has the market’s most cutting-edge social trading features. It also enables you to trade Forex, commodities, equities, and ETF contracts for difference in addition to cryptocurrencies (CDFs).

But only Americans and Americans living in the United States are allowed to trade.

eToro now supports 16 cryptos, including:

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

With millions of members and operations in more than 140 nations, eToro is one of the most well-known social trading platforms. Additionally, the platform is open to investors from the United States and is governed by three states: Cyprus (CySEC), the United Kingdom (FCA), and Australia (ASIC).

Every user is free to connect with other investors and duplicate their trades thanks to eToro’s cutting-edge social trading capabilities, which make it the social network for traders. Like social media platforms, you can also design your news feed that features your preferred traders and the most recent market news.

Last but not least, copy trading on eToro is a fascinating function. With eToro’s social investing, you may duplicate other traders’ trades with customizable levels of risk and exposure, unlike average copy trading. In this manner, you can reduce the danger of losses if you so like and are not entirely reliant on the actions of other traders.

Knowing that the eToro social trading platform is free to join and use if you don’t feel ready to jump into the trading world might be helpful. Additionally, a practical demo portfolio is available to get you started.

2. XBT Covesting in prime

PrimeXBT In this list, Covesting is the only crypto social trading platform, and exchange solely focused on cryptocurrencies and takes Bitcoin deposits. Primarily a cryptocurrency margin trading exchange, PrimeXBT has collaborated with Covesting to develop a copy-trading component.

You can anticipate assistance from seasoned traders who have a financial motive to do so and are compensated for each profitable transaction you make as a beginner. Additionally, you can select experts based on their trading histories, followers, methods, and reviews submitted by other traders.

PrimeXBT Covesting is simple to use; you must sign up and make a bitcoin deposit (BTC). Following that, trades will begin to execute automatically, and all you will need to do is monitor your account balance and make changes as required. You will need to either devise a strategy on the platform or adopt one that the most experienced users have already developed.

3. Coinmatics

Launched in 2018, Coinmatics is a user-friendly yet sophisticated copy trading and analytics tool. While copy trading is their primary focus, they provide over 200 trading options, including spot and futures, and link traders and investors through their auto copy trading execution service.

Coinmatics offers professional traders powerful analytical tools while yet being comparatively user-friendly. Open an account, link your API key, select your chosen trading strategy, and monitor its performance if you’re an investor interested in copy trading. You can create an account as a professional trader, link your API key, and choose the commission rate for others to imitate your transactions. Both categories of users have the opportunity to make additional money by referring friends to the platform, thanks to the referral program.

3 billing options are available from Coinmatics: Free, Premium, and Premium Ref. Free trading tactics include some of them. Investors only pay for strategy subscriptions, whereas traders also pay the site a 5% profit commission.

4. Tradelize

Using real-time information, Tradelize is a unique decentralized social network for traders. It offers a new level of social networking that boosts the success of cryptocurrency traders worldwide and is created by traders with more than 10 years of trading expertise for traders like themselves.

Included in the Tradelize ecosystem are:

• A social media platform for investors and traders
• A desktop trading platform of the finest calibre possible
• A mobile application that acts as a single investing gateway with a uniform user interface.

Using real-time statistics obtained straight from exchanges, Tradelize is a cutting-edge trading tool. Every user can construct and grow a professional profile, similar to those seen on Facebook or LinkedIn. The user has access to Tradelize’s social features with this profile.

Network members use these statistics to evaluate the profiles of other professionals, including traders. A trader can provide evidence of their prior performance and profitability. They can view the profitability of various trades on several exchanges. A trader can turn their businesses into premium content or monetize their success through a subscription channel. A trader might provide capital management, trade copying, or even monitoring.

The NYSE’s professional trading terminals have an equivalent in the Tradelize Trading Terminal for cryptocurrency traders. This multi-exchange terminal is compatible with all eight crypto exchanges and the currencies that are exchanged there:

• Binance
• Bitfinex
• Bitmex
• Bittrex
• HitBTC
• Huobi 
• Kraken
• Ok

Users can manage their spot positions and contracts using the Tradelize Portfolio, a single interface. Make sub-accounts and distribute your money among them. You can locate the most advantageous transactions on the market using Arbitrage Finder and Watch List. You may follow your trades from anywhere in the world using the Tradelize App. Transactions may quickly increase their profits with all three goods.

Also, read – Can Crypto Compliance Protect Crypto Trading For The Traders

5. Zulutrade

ZuluTrade is a cross-broker crypto social trading platform that was established in 2007. It brings together over 50 brokers worldwide and links them through a single copy trading and social trading solution. You have the freedom to select from among hundreds of signal providers, communicate with them, read their analysis, and imitate their behavior using a unique risk-management technique.

Japan and the European Union have granted licenses to ZuluTrade’s cross-brokerage service. You can trade various products, including binary options, currencies, stocks, and ETFs. ZuluTrade supports the following five cryptocurrencies when referring to digital assets:

• Bitcoin 
• Ethereum 
• XRP
• Litecoin 
• Bitcoin Cash