Top 3 Copy Trading Platforms in the United States – Best Picks for 2024

In the past few years, copy trading has grown in popularity, especially among newbies and people who do not have time to engage in active online trading. This article explores the top 3 copy trading platforms in the United States for replicating trades of experts in crypto or traditional markets.

Understanding Copy Trading

Before looking at the best copy trading apps in the US, it is important to understand the concept of copy trading. Simply put, copy trading is a form of online trading that enables investors to automatically or manually copy the trades of successful traders.

Since investors rely on the strategies of experts to profit from the financial markets, they are able to save the time required to analyze the markets.

Bybit

Leading crypto exchange Bybit is known for facilitating derivatives trading. Given the deep liquidity available on the platform, Bybit can settle thousands of copied trades at optimal prices within seconds.

Moreover, lead traders get access to analytical tools on TradingView, enabling them to analyze the crypto markets more accurately.

Bybit is one of the few crypto exchanges offering leverage of up to 120x. That means copy traders can maximize their profits if they replicate trades with high leverage. However, understanding the risk of high-leveraged trades before copying them is vital.

It is worth pointing out that Bybit lets you copy trades on both futures and spot markets. There are more than 300 crypto assets you can copy trade on the spot market, while the futures market offers 63 contracts for copy trading.

Advantages and Disadvantages

Advantages

1. Bybit users can copy trades on the spot and futures markets.

2. Copy traders enjoy high leverage.

3. Lead traders get unlimited access to TradingView’s analytical tools.

4. Bybit executes copied trades instantly.

5. Users can copy futures contracts with just $1.

Disadvantages

1. Crypto trading is relatively new. Therefore, copy trading digital assets can be complex for some investors.

eToro

eToro is a global brand operating in over 145 countries, including the United States. It is regulated by several top-tier financial watchdogs, giving users a sense of safety. With eToro, copy traders can replicate trades in multiple markets, such as crypto, Forex, commodities, and Stocks.

Advantages and Disadvantages

Advantages

1. As an eToro user, you can copy trade diversified asset portfolios.

2. You don’t pay fees to fund your account. Also, eToro doesn’t impose account maintenance charges.

3. The broker offers unlimited access to educational materials.

4. eToro users are protected by several financial authorities.

Disadvantages

1. eToro lacks a live chat functionality, which allows customers to access the customer support team quickly.

2. The minimum deposit requirement ($200) may be too much for some US investors.

Bitget

Bitget is another crypto exchange that allows Americans to participate in copy trading. The platform lists over 800 digital assets, including the most popular, like Bitcoin, Ethereum, and Litecoin.

Regarding trading fees, each copied trade is subject to a maker fee of 0.02% or a taker fee of 0.061%. Note that Users do not pay any account maintenance fees. However, a commission is deducted from any withdrawal amount.

Further, investors on Bitget can mimic the strategies of proficient traders using demo accounts, allowing them to trade cryptocurrencies risk-free.

Advantages and Disadvantages

Advantages

1. Demo accounts facilitate risk-free copy trading.

2. A wide range of digital assets are available for copy trading.

3. Novice traders can learn more about copy trading before participating in Bitget’s dedicated educational center.

4. It is possible to fund your exchange account using fiat currencies like USD.

Disadvantages

1. Some trading pairs lack enough liquidity. That means copy traders may encounter slippage problems.

Conclusion

Copy trading is an ideal way to generate passive income. However, like any other type of online trading, copy trading carries some risks. Therefore, before replicating trades on any of the above-mentioned platforms, understand the risks of copy trading.