Whether you’re just starting out in your copy trading journey, or you’re an experienced copy trader looking for your next investment, you’re probably wondering which copy trading platforms are the best.
In this article, we’ll explain what to look for in a copy trading service and how to choose the right copy trading platform for your next investment.
Does It Really Matter Which Platform You Choose For Copy Trading?
There are many different copy trading platforms around, but not all of them are profitable. Successful copy trading relies on choosing the right platform to trade with. But how can you be sure that the platform you’re choosing is safe and reliable?
That’s where Trade Wise comes in. I’ve spent over a decade testing and reviewing various copy trading services to separate the scams from the genuine investment opportunities. I’ve made the mistakes so that you don’t have to.
Read on to discover how to choose the right copy trading platform for your next investment.
What Is A Copy Trading Platform?
Copy trading allows traders to mimic the trading actions of a more experienced trader. You can choose from a range of established traders and then benefit from their experience and knowledge by mimicking their trading movements.
Copy trading platforms facilitate this, matching those interested in copy trading with more established traders.
There are a few different types of copy trading services to choose from. For example, you can use a signal service which sends you alerts when your selected trader makes trading actions, or you can opt for an automated copy trading service such as an automated trade bot which performs the trades on your behalf.
Unfortunately, there are many traders out there who are regularly making a loss. If you choose to follow one of these traders and you’ll also replicate their losses. The secret to successful copy trading is knowing which traders to mimic and the right services to use.
What To Look For In A Copy Trading Service
Your copy trading success will depend mainly on the copy trading service that you use and the trader that you choose to copy. If you choose the right copy trading platform, you’ll have a good chance of making a profit each month. However, choose the wrong service and you may risk making a loss.
Here are five things that you should look for in a copy trading service.
Type of service – As we’ve already discussed, there are a few different types of copy trading service available. These include signal services which send you an alert whenever your selected trader makes a trade or fully automated services which act automatically on your behalf.
Track record – It’s always a good idea to check the track record of any copy trading platform that you’re considering using. Whilst many services are genuine, there are a few scam platforms out there which are unlikely to offer the returns you’re looking for.
Minimum term – Many copy trading platforms have a minimum or fixed term and it’s important to check whether this applies to the platform you’re considering before you choose to invest.
Minimum deposit – Most copy trading services will require a minimum deposit. This could range from £10 to over £1,000.
Returns – You’ll also need to find out how your returns are paid. Some platforms pay monthly whilst others allow auto-compounding or reinvestment.
What Are The Best Platforms For Copy Trading?
There are lots of copy trading platforms out there, but not all of them are effective. There’s nothing worse than investing your hard-earned cash, only to find out that you’ve invested in a scam platform.
Effective copy trading relies on choosing the right copy trading platform, but it can be difficult to separate the effective services from the scams. How do you choose the right platform to begin copy trading?
For over a decade, I’ve been researching, testing and reviewing hundreds of copy trading services to find the genuine investment opportunities. I’ve made all of the mistakes so that you don’t have to. You can jump straight into the genuine investment opportunities, beginning your copy trading journey the right way.
I’ve put it all together in my guide to the top 3 rated copy trading services to help you to make an informed decision when it comes to which copy trading platform is right for you.
Is Copy Trading Safe?
As with any type of trading, there are risks involved with copy trading. You could make a significant profit, or you could make a loss. You’ll probably find that some months are better than others. With copy trading, you’re relying on the experience and knowledge of an established trader. As long as you choose your platform and trader carefully, copy trading can be a safe and profitable way to invest your money.
How Much Can You Make From Copy Trading?
The profit that you can make from copy trading will depend on how much you choose to invest, the copy trading platform that you use and the trader that you follow. There’s no set amount that you could make from copy trading, but providing you make the right decisions at the right time, you could soon find yourself with a passive income stream.
Find The Perfect Copy Trading Service For You
It can be hard to know where to start when it comes to finding the right copy trading platform. There are so many options out there and getting it wrong could risk losing your hard-earned cash.
That’s why I put together a list of my top three rated services, to help you to avoid the scams and get started with copy trading. I’ve made all of the mistakes so that you don’t have to.
I’m Jon, owner of Trade Wise at https://tradewise.community/ and https://www.youtube.com/channel/UC7VmOx8DbvX4Rbrac2pPcjw
I review forex and crypto trading products and services to find the best of what’s out there for creating a passive income without becoming a full-time trader.