Copy trading is a type of social trading in which one trader follows and “copies” the strategies of another trader in order to increase their trading profits, either for free or for a fee.
Users can subscribe to other traders, buy and sell trading signals, and connect to broker platforms for automated copy trading on modern copy trading platforms.
This article will list down a number of the best copy trading platforms to use.
When it comes to copy trading and social trading, CoinSmart is an exchange that falls short. Users are able to engage in spot market trading of several dozen different cryptocurrencies.
On the spot market, you can speculate with any of the supported cryptocurrencies. Many different fiat currency options are available for cryptocurrency purchases on CoinSmart. Bitcoins can only be bought and sold for fiat currency.
- Sell Bitcoins with same-day deposits into your bank account.
- Over-the-counter (OTC) trading
Even though it is a trading platform, Crypto.com does not support copy trading. There are over 250 different cryptocurrencies available for trading on the spot exchange, but only against each other. As an added convenience, you can instantly convert them to cash at any Visa retailer or ATM in the world. This is done with a Crypto.com Visa card.
- Buying cryptocurrency with a bank account, credit card, PayPal, or another payment method.
- Stake your cryptocurrency, and can earn a return of up to 14.5 percent.
- Use margins of up to ten times your initial order amount to trade cryptocurrencies on the spot or futures markets.
Coinmama also does not allow for copy trading. This platform does not allow you to trade cryptocurrency on the spot or in the future actively. It will enable you to convert crypto to fiat and fiat to crypto easily. To purchase cryptocurrency with fiat, use a bank account, credit card, Apple Pay, Google Pay, or Skrill, and the transaction is instant.
- Trading fees vary according to loyalty level: 2.93%, 3.41%, or 3.90%.
- Earn free Bitcoins by referring others.
This platform allows users, particularly beginners, to copy the trades of over 9,000 advanced users or strategy providers who have been carefully and strictly selected through multiple stages of selection. Clicking the star icon next to a financial instrument in the Most Traded section will add it to your list of preferred instruments.
To help you choose which traders to copy, the platform provides you with access to detailed analytics on both the traders’ and the trades’ histories.
Adjustments can be made to many aspects of a trade, including the amount of money at stake, the trade’s direction, the number of pips, the size of any potential profit or loss, and so on. You can see how many people are following them, how often they win, who they follow, how they lost, who has visited their profile, and who they copied.
- Tools for education and research Before you begin copying trades, watch video courses.
- Bank transfers, cards, Sofort, Neteller, Skrill, and cryptocurrencies are all available for withdrawal.
- Users can trade over 1000 different financial instruments.
The best trading platforms in Australia 2022:
Share trading has seen meteoric growth in recent years among younger Australians, who are increasingly interested in non-traditional means of wealth creation.
Whether starting or a seasoned pro, having access to a reliable trading platform is critical. And for those unsure where to begin, the Mozo Experts Choice Awards for Share Trading can assist.
When it comes down to it, there are numerous ways to determine which stock trading platforms are the best, and the answer will ultimately depend on what you value as an investor.
However, we hope to simplify your search by including information on Best Trading Platform Australia, some of which have received awards between 2021 and 2022.
Superhero – Live Account:
There is no monthly fee with the Superhero Live Account, a low flat-rate brokerage fee of $5 on ASX listed shares, and no brokerage on ETF purchases ($5 when you sell). New traders can also get started with a $100 minimum investment.
On full $5 brokerage trades, you can also earn 100 Qantas Points and 1 Qantas Point for every $5 transferred from AUD to USD (T&Cs apply). Users who sign up and fund their accounts within 30 days may be eligible for a US$10 offer from Tesla (T&Cs apply).
Saxo Markets – Classic:
The Saxo Markets Share Trading account, which won a 2022 Mozo Experts Choice Award in the Casual ASX trader category, provides users with access to 40 exchanges where they can trade over 19,000 stocks. The account has no monthly fees and a $5 flat fee for trades under $6,250 (0.8% of trade value for larger trades). Furthermore, Saxo Markets offers referral bonuses ranging from $100 to $500 when you refer a friend (T&Cs apply).