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Social Trading vs Copy Trading.
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Can you get big returns without doing hours of research? With copy trading and social trading, it may be possible. See how they compare in this guide.
eToro - Best for Crypto Public - Best for Stocks and ETFs ZuluTrade - Best for Forex Collective2 - Best for Riskier Traders.
Social Trading and Copy Trading are investing strategies that involve observing or following other traders. These methods have a lot in common, but they aren't the same. In this article, we'll break down the differences and similarities between Social Trading and Copy Trading. Plus, get the pros and cons of each, and learn which platforms offer these features.
Overview: Social trading vs copy trading.
Social Trading copy trade profit sign up Trading Time Investment Moderate Low Best For Beginner to Intermediate Traders Beginners Legal in US? Yes Yes Benefits Gain experience and connections Avoid newbie mistakes Disadvantages Shady influencers can be hard to trust Won't gain much knowledge of good trading.
What is social trading?
Follow other traders Track other traders' stats Get notifications of other users' trades Communicate with other traders Great for those who learn by doing Access to tons of helpful data Focus on community More time/research involved May have a learning curve Easier to miss out on hot trades May not get the full picture of others' trades.
What is copy trading?
More hands-off Enables trading beyond your expertise Many platforms have loss-limits Good for beginners Potentially high-risk Not as good for hands-on learners.
With social trading, every decision is your own. This makes it ideal for those who want full control. There may be more of a learning curve, but you get to choose what risks you take, and for better or worse, you're responsible for your trades. Copy trading may be ideal if you want a hands-off experience and are okay with letting other traders "do the work." Social Trading is Best for Copy Trading is Best for Beginners who want to learn with a community Beginners who want to copy more experienced traders Hands-on traders who want to make their own choices Hands-off traders who want to leave decisions up to others Rational investors who want to develop a trading strategy Emotional investors who tend to make rash decisions Experts who want to share expertise and build a large presence Experts who want to earn commissions when others copy them.
Is Copy Trading really profitable? Copy Trading has the potential to be profitable, just as all investing does. But it comes with the same risks, too. No copy trader can guarantee future returns because no one can predict the market. However, experienced traders with a successful track record are more likely to make wise decisions than inexperienced ones. If you're looking for a hands-off way to trade beyond your expertise, copy trading is a viable option.
Is copy trading a good strategy?
Copy Trading can be a solid strategy for new investors or for those who want a hands-off approach. Plus, most platforms incentivize popular traders to perform well, and even reward them for getting more followers. And, of course, people are most likely to follow the traders with the best track records, meaning that popular traders will have a history of successful trading. The one problem with copy trading is the same problem that you run into with any kind of investing: It's very hard to beat the market. People certainly do it, at least for a period of time. But consistently making money through investing isn't easy, and carries the inherent risk of loss. The traders with the greatest potential to make you a lot of money quickly are also the ones with the greatest potential to lose you money quickly. Because of the performance differences between risk-averse and risk-seeking traders, it is nearly impossible to judge copy trading as a strategy on the whole. The higher-risk traders you follow, the more like gambling it becomes. If you decide to copy traders with less exciting returns but lower risk scores, then you are more likely to have a positive experience over the long term.
Social Trading and Copy Trading Platforms.
Interested in trying copy trading or social trading? Review the platforms below to see which one suits your investing goals.
1. eToro - Best for Crypto.
eToro.
Our Review : ( 3.8 ) eToro is a cryptocurrency trading platform known for its popular CopyTrading feature. Find out if it's worth the fees and how it compares to other platforms.
Copy Trading & Social Trading eToro is a popular social trading platform based in the UK. With over 20 million users all over the world, they're currently limited to trading cryptocurrencies, stocks and ETFs in the U.S.
In other jurisdictions, they also offer stocks, commodities, ETFs, Forex, and CFDs jurisdictions.
eToro is best known for their CopyTrader program. It allows users to mimic the trades of other investors, who are ranked by rate of return and given a risk score between 1 and 10.
They also offer social trading features, such as public feeds, where users can interact and viewable profiles where they can monitor important stats.
eToro also offers a range of educational content. They provide market news and analysis, guides, and a free demo trading account that lets you practice trading $100,000 in virtual money.
Cryptocurrency, Stocks, ETFs in the U.S. Stocks, Commodities, Forex, ETFs, CFDs, Indices internationally.
Deposit $100 and Get $10.
Expires 12/31/2023.
Sign up for an eToro account Deposit $100 Explore stocks, ETFs, and crypto.