Best Social Trading Platforms to Trade Cryptocurrencies in 2022

Social Trading Platforms

Social trading platforms enable investors to generate an investment income by copying the trading strategies of experienced traders. In this guide, you will discover the best social trading platforms that you can sign up to invest in cryptocurrencies.

What is Social Trading?

Social trading is an investment strategy that involves copying the trades of experienced investors in a fully-automated fashion on an online social trading platform. The platforms act both as brokers and as financial social networks as they bring together a community of investors – both novice and advanced – and enable them to follow (and copy) each other’s trades in a transparent manner.

Social trading can be an excellent way to earn an investment income as a beginner by copying the trades of a range of experienced, profitable traders on a social trading network.

Below you will find the best social trading platforms that you can use to trade cryptoassets so that you can get started as a crypto investor even if you do not yet have the skills and know-how yourself.

Best Social Trading Platforms for Crypto

eToro

eToro Logo

eToro is arguably the leading social trading platform in the market. Launched in 2007, the company enables users to trade in shares, forex, ETFs, commodities, and other traditional assets. In 2013, bitcoin (BTC) was incorporated into the platform paving the way for bitcoin social trading.

Currently, eToro supports a wide variety of cryptocurrency trading options. Users can buy and sell Bitcoin Cash (BCH), Ether (ETH), Ripple (XRP), Stellar (XLM), Cardano (ADA), Ethereum Classic (ETC), NEO (NEO), Dash (DASH), ZCash (ZEC), Binance Coin (BNB), and EOS (EOS).

eToro offers two social trading features: CopyPortfolios or CopyTraders. CopyPortfolios enable traders to invest their money into a specific portfolio and have a top trader to handle all the trading activity. This way users divest time from doubtful strategies and lower their risk by relying on experienced and successful traders. CopyTrader allows less experienced traders to mimic the activity of top traders on eToro.

eToro offers a low barrier of entry where users can deposit as little as $50 to trade. In addition, eToro offers a Demo account for new users to learn how to navigate the platform. Users can also access the platform on a smartphone by downloading the eToro app on both iOS or Android.

Here is a summary of the main features:

Trade a wide range of assets
Supports a variety of cryptocurrencies
Innovative social trading features like CopyTrader, CopyPortfolios
Low minimum account balance
Demo account
Mobile phone App
24/7 customer support

ZuluTrade

ZuluTrade is another popular social trading network that allows users to copy the activity of experienced traders in financial markets. Founded in 2007 by Leon Yohai, the concept of ZuluTrade was to offer an open environment where global traders could connect any trading platform and share their knowledge. The platform is now licensed in both the EU and Japan and is connected to 50 top brokers globally.

Unlike traditional online trading platforms, ZuluTrade is a cross-broker platform. That means the platform acts as a bridge between brokers and the signal providers users plan to copy. Therefore, a user needs to open a trading account with one of the recognized brokers to operate on the platform. Having said that, the social trading platform excels by allowing anyone to execute copy trading strategies with ease.

The function provides access to an advanced search tool that allows users to search thousands of signal providers. Their strategies can be analysed in real-time and most importantly, replicated by customizing risk and money management.

In addition, ZuluTrade utilises an interesting ‘profit-share model’ where traders sacrifice the traditional revenue archetype and focus on a subscription type system for access to their strategies. In other words, users can choose to share returns and will complete auto-trades at a discounted commission. This way traders are paid only if the strategies generate profit, strengthening the partnership and incentivising good performance.

The company began supporting cryptocurrencies in late 2017. Currently, ZuluTrade offers the following currency pairs, BTC/USD, LCT/USD, ETH/USD, BCH/USD and XRP/USD. Cryptocurrency speculators who are looking for top traders to emulate can search them by ROI, the number of followers they have and the volumes traded. Moreover, users can compare the percentage of profits a trader’s followers have earned over time.

Here is a summary of the main features:

Profit sharing model between traders and signal providers
Advanced search tool to filter thousands of signal providers
Supports multiple crypto trading pairs
Connected to a global network of reputable brokers
Supports trading in traditional assets

Tradeo

Tradeo is an online trading platform and brokerage that makes it easy for anyone to invest in financial markets. Founded in 2012, the Malta-based company strives to be the world’s first true social trading platform by having an easy-to-use dashboard that allows users to copy trades from successful traders and learn more by studying the commentary accompanying those strategies.

Tradeo has two trading platforms; the site’s proprietary trading platform or MT4. The proprietary trading platform interfaces well with the social trading aspects the company offers. Users can overcome any apprehension by practising on the free demo account, before investing any real capital.

In addition, the minimum deposit required to start trading is $100 and traders can select any of the over 100 asset choices, comprised of CFDs, commodities, forex pairs, stocks, and indices. There are no additional commissions charged for use of social trading features.

Tradeo does not allow for direct trading in digital currencies. Instead, it enables users to exchange CFDs on different cryptocurrencies. The site lists a variety of cryptocurrency pairs including BTC/USD, BTC/EUR, DSH/USD, XRP/USD, ETH/USD and LTC/USD.

To better analyse trades users can explore the enhanced analytical tools which integrate trading positions on single screen formats to provide greater functionality. Cryptocurrency traders can also take advantage of the ‘Streaming Trade Signals’ social feature, which gives them a real-time view of what other traders are buying and selling.

Here is a summary of the main features:

Easy-to-navigate trading platform
Free demo account
Trade different crypto-pairs through CFDs
Provides enhanced analytical tools
Relatively low minimum account balance

Covesting

Covesting is a cryptocurrency exchange and social trading platform that offers a variety of features for traders at both beginner and advanced levels. Unlike eToro and ZuluTrade, which began as traditional asset trading platforms, Covesting has been entirely focused on digital currency trading.

Users can buy and sell bitcoin (BTC) Ether (ETH), Litecoin (LTC), Ripple (XRP) and small-cap coins. Interestingly, while the trading is done in digital currencies, users can deposit funds in fiat currencies. The site offers several currency pairs with crosses for Tether, ether, and bitcoin.

Covesting allows users to make trades in a secure environment, with data being fully encrypted and anti-DDoS Protection being deployed. The site charges no fees for cryptocurrency deposits and withdrawals (though the latter is subject to network fees).

Furthermore, users can get rebates for passive limit orders. Traders can access algorithmic strategies and utilise arbitrage trading bots, as well as take advantage of aggregated liquidity from multiple exchanges. The site has also incorporated the most advanced charting software to help traders in making informed decisions.

New entrants can copy trades made by successful traders and reap the rewards. This social trading aspect ensures traders whose strategies have been successfully copied earn COV tokens (the native utility token underpinning then platform). Beginners can access each experienced traders history, strategies and reviews by other users who have executed similar strategies. Those who use COV tokens to invest get 50 percent off on all fees.

Here is a summary of the main features:

Mainly focuses on cryptocurrency trading
Enables use of fiat currencies to buy crypto
Supports a variety of digital assets and altcoins
Zero fees for crypto assets and withdrawals
Incorporates advanced trading tools and software
Utilises anti-DDoS protection for secure trading
50 percent of on all fees for using COV tokens

NAGA Trader

NAGA Trader is a social trading platform that enables users to trade in traditional assets and cryptocurrencies by copying other traders. Originally, the site was called SwipeStox and was primarily available as a smartphone app. In 2017, the platform was rebranded to Naga Trader as part of an aggressive expansion plan by the new management of Naga Group AG.

NAGA Trader supports eleven cryptocurrency pairs crossed with both the US dollar and euro and include, BTC/USD, BCH/USD, ETH/EUR, BTC/EUR, DSH/USD, ETH/USD, ETH/EUR, as well as pairs for IOTA, Ripple, NEO and Litecoin. Users can deposit money in digital currency and trade any of the crossed pairs. Traders can also purchase the NAGA coin and use it to trade within the platform.

Unlike other social trading platforms, the site provides users with a free wallet to store their coins. New traders can test the platform using a demo account that has been loaded with 2,500 virtual credits to allow them to enjoy the full social trading experience, without capital risk. The CYBO AI-powered feature will locate the best trading opportunities, and develop a personalised trading strategy for the user.

Other social tools include news on major events for different coins and a real-time feed on other traders take on the market, among others. NAGA Trader is available for download for smartphones on Google Play Store and Apple Store.

Here is a summary of the main features: