7 Best Crypto Social Trading Platforms for Newbie

Social trading is a great solution for beginners as it can help them improve while simultaneously make money along the way. Here are some of the best social trading platforms for beginners.

In the early days of a trader's journey, it's perfectly normal to fail and lose money. Sometimes, you indeed have to lose some in order to learn how to make some. But even so, that doesn't mean you should just give up and expect yourself to fail in your first tries.

Before start trading with actual money, it's best to learn the basics and prepare a trading strategy. You can learn it yourself by reading educational articles or participating in various seminars. You can also find a coach to teach you.

However, such processes may take a while and are costly. The good news is, some companies have found a solution to this issue, namely social trading. 

If you wish to boost your crypto career in no time, you might want to try social trading and choose a trading platform that supports it. This article summarizes the 7 best social trading platforms for you to check out, especially for newbies in this industry.

The following are the 7 best social trading platforms for beginners:

1. eToro: Lets you copy other trader's strategy with adjustable levels of risk and exposure.
2. Coinmatics: Provides free-to-use features.
3. PrimeXBT Covesting: Has a straightforward user interface.
4. ZuluTrade: Has an automated copy trading system.
5. Tradelize: Provides mobile apps.
6. Tradeo: Has comprehensive performance analysis tools.
7. Naga Trader: Offers a wide range of markets and assets for trading

Why are those 7 platforms good for beginners? Let's check it in the article below.

1. eToro

eToro is the pioneer in social trading and arguably the best crypto social trading platform at the moment. So naturally, it has the most advanced social trading features in the market.

Since its first establishment in 2006, eToro has served millions of users and operates in more than 140 countries. In addition, the company is regulated by top-tier regulators, including CySEC (Cyprus), FCA (UK), and ASIC (Australia).

eToro is often known as beginner-friendly because of the copy trading feature, allowing traders to see other traders' strategy and copy it to their own portfolios. What's unique about it is that it lets you copy the strategy with adjustable levels of risk and exposure.

The purpose is that so you won't be entirely dependent on the trader you follow. Also, you can create your custom news feed by adding your favorite trader or most relevant market news. Last but not least, there's a demo account that lets you test the platform before using it for actual trading.

As a multi-asset platform, eToro offers cryptocurrencies in addition to forex, commodities, stocks, and ETF CFDs. Cryptocurrencies supported in this platform include Bitcoin, Ethereum, Litecoin, Dash, XRP, Bitcoin Cash, Cardano, IOTA, NEO, EOS, Stellar Lumens, Binance Coin, ZCash, Ethereum Classic, Tezos, and Tron.

2. Coinmatics

Coinmatics is another top crypto copy trading and analytical platform that was founded in 2018. It is known as a user-friendly platform that is excellent for both beginners and professionals. As a social trading platform, Coinmatics provides a social network that will enable traders to grow their subscriber base and earn profit from their trades.

The main focus of this platform is copy trading, which allows traders to copy the crypto deals either manually or automatically. If you want to join the copy trading program, all you have to do is open an account, connect your API key, choose your favorite trading strategy, and track its performance.

While it is highly suitable for beginners, Coinmatics also offers various useful features for professional traders like ticket alerts, crypto arbitrage, and analytics. Experts can also join the copy trading program and let other traders copy their trades.

When it comes to trading fees, you will have to pay a 5% profit commission, while investors pay only for strategy subscriptions. Almost all of the other features are free to use, though.

See also: List of Cryptocurrency Exchanges with the Lowest Fees

3. PrimeXBT Covesting

Covesting is a social trading platform that recently integrates with PrimeXBT, a crypto margin trading exchange. This union then creates a unique environment where you can enjoy the power of social trading directly inside a crypto exchange.

Currently, the platform supports 8 exchanges along with all the cryptocurrencies they provide including Binance, Bitfinex, Bitmex, Bittrex, HitBTC, Huobi, Kraken, and Okex.

Covesting is designed to be user-friendly, making it suitable for beginners with limited trading experience. The platform provides a straightforward interface that allows users to easily navigate and access the copy trading features.

PrimeXBT Covesting also provides a community-driven platform where beginners can interact with other traders, share insights, and discuss trading strategies. This engagement fosters a collaborative environment that can further enhance a beginner's learning experience.

PrimeXBT Covesting offers more than 50 assets like Bitcoin, gold, forex, etc. With the social trading feature, you can choose among the best-performed strategies and automatically copy the strategy straight to your very own portfolio. You are free to choose the expert that you want to copy based on their plan, followers, track record, and reviews written by other traders. 

Getting started with PrimeXBT Covesting is really easy. First, you need to sign up and deposit some Bitcoin (BTC). Then, you will have to either set up or follow an already established strategy on the platform. After that, the trades will be executed automatically. All you need to do is keep the tabs on your account balance or make adjustments on the go.

4. ZuluTrade

ZuluTrade is a well-known cross-broker social trading platform that has been around since 2007. You can choose to trade with various assets including forex, stocks, ETFs, commodities, and binary options. When it comes to digital currency, ZuluTrade supports Bitcoin, Ethereum, XRP, Bitcoin Cash, and Litecoin.

ZuluTrade's copy trading system allows beginners to automatically replicate the trades of the traders they choose to follow. This automation eliminates the need for manual trade execution, reducing the potential for errors and providing a hassle-free experience for beginners.

ZuluTrade also offers a demo account feature that allows beginners to practice copy trading without risking real money. This enables beginners to familiarize themselves with the platform, test different strategies, and gain confidence before committing their own capital.

As a cross-broker social trading platform, ZuluTrade aggregates more than 50 brokers worldwide and connects them in a single social trading service. You are free to and interact with various signal providers from any broker, read their analysis, and copy their moves with a customized risk management strategy.

Before starting, you can choose to use a demo account and try out the platform for free. But if you want to register and start real trading, you would need to deposit at least $300.

5. Tradelize

Tradelize stands out because it is a decentralized social network based on real-time statistics. The platform was built by traders with more than 10 years of trading experience and offers a new level of social networking. The purpose is to increase the success of crypto traders from all around the world.

Some of the advantages of using Tradelize are the wide range of services provided, the availability of mobile apps, and a simple portfolio management system. On the platform, you can create and develop a professional profile similar to what you find on Facebook or LinkedIn.

As it is based on live statistics from the exchange, you can demonstrate their historical profitability and success. That means, other traders will be able to see the profitability of different trades on different exchanges. In addition, you can also generate money from it through a paid channel or translate your page into premium content.

6. Tradeo

Tradeo is another social trading platform that allows you to trade crypto CFDs along with several other assets. There are five cryptocurrencies provided, namely Bitcoin, Ethereum, Dash, Litecoin, and XRP.

Conveniently, it comes with advanced social trading features that allow you to quickly find and follow other traders. If you just started, you can choose to use the demo account and test the platform first.

Tradeo offers comprehensive performance analysis tools that allow beginners to track and monitor the performance of the traders they want to copy. Users can assess historical performance, drawdowns, and other performance metrics to make informed decisions about which traders to follow.

Although the features are still quite limited, Tradeo is still considered suitable for both beginners and professionals. Besides, you will find that there's a great feature enabling you to collect feedback on more experienced traders' strategies. Despite the limited number of assets, Tradeo is a great place to learn, invest, and connect with other traders as one community. However, keep in mind that Tradeo is not available for US citizens.

7. NAGA Trader

NAGA Trader is another excellent social trading platform that was established in 2017. While it's still relatively new, the platform already has its own ICO and NAGA (NGC) utility token that has raised over $50 million.

NAGA Trader offers a wide range of markets and assets for trading, including stocks, cryptocurrencies, forex, commodities, and more. This variety allows beginners to explore different markets and diversify their trading portfolios.

The platform currently supports 8 cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dash, NEO, XRP, and IOTA. In Naga Trader, you will be able to connect, copy trade, and invest in more than 800 financial instruments.

Conclusion

As cryptocurrency continues to grow, the market is getting more packed with new traders each day. Many newbies don't realize that like any other investment or even more, crypto trading is very risky. In fact, getting losses is somewhat a part of crypto trading and most traders tend to lose money every once in a while. This is why trading alone as a beginner can be quite dangerous as you still have minimal knowledge.

Using a social trading platform is an excellent starting point. The best thing about it is that you will be able to educate yourself while simultaneously earning profit from your trades.