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You have always wanted to invest in the financial markets, but you’re not sure how to do it? Many novice traders use copy trading to start trading without having in-depth knowledge. They feel even reassured. The idea is quite simple, you are not passing alone but along your community. It can be your family, friends… Social Trading also refers to a community following a professional trader (copy trading). But while this type trading has many advantages there are also certain risks that must be considered. This article will help you determine whether you should opt (or not) for copy-trading.
The Best Copy Trading and Social Trading Platforms
The first thing you will need to do to get started with copy trading will be to find a reliable platform. We scoured the web and found that 2 actors outperform all others in terms of platform, reputation and fees.
eToro, Best Copy Trading and Social Trading Network for 2021
eToro broker certainly deserves the first place for the overall quality of its Copy Trading service. This broker counts with 11 million users and offers a simple and ideal social trading network for beginners. eToro allows users to trade CFDs on cryptocurrencies, commodities, currencies, and stocks or physically buy more than 16+ cryptocurrencies and hundreds of shares. Their network allows users to copy the transactions and portfolios of successful investors and share trading tips and strategies on their intuitive social trading flow. eToro is regulated by CySEC, FCA and ASIC and accepts a lot of deposit methods, including PayPal, Skrill and Neteller. When it comes to fees, eToro charges a percentage spread that varies by currency. eToro does not charge any deposit fees but charges a fixed fee of €5 on all withdrawals. Good to know: The minimum withdrawal amount is €30. Long (BUY), stock and ETF positions are not executed as CFDs and do not incur a commission.
How do I copytrade on eToro?
- Open an eToro account by clicking this link
- Verify your account
- Deposit funds (€200 minimum)
- Find traders to copy (spend some time and be sure to analyze the number of followers they have, their trading style and the assets they trade best)
- Click on the “Copy” button
You can thus take advantage of all the portfolios of the major investors of the platform.
Walloftraders, the reference for cryptocurrencies
If you want to practice social trading on cryptocurrencies. Walloftraders.com seems to be an ideal place to start. It relates to the Binance crypto trading platform. Thanks to an agreement between the 2 actors, the trader can practice social trading without additional fee.
There is no minimum deposit fund.
Here you are. You may not have expert’s skills, but at least you know where you have to head to for a safe start.