Top 5 copy trading apps: What you need to know
Have you ever had the urge to buy a cryptocurrency but don’t know how? It can be hard to know where to start if you’ve never traded before. That’s why some people choose to use copy trading apps, which are designed for beginners.
These apps allow you to follow the trades made by more experienced traders. The idea is that more experienced traders show you what kind of trades work, and then it’s up to you whether you want to make those trades or not.
In this blog we’ve outlined the 5 best trading apps out there, so check them out!
What is copy trading?
In a nutshell, copy trading is a simple and relatively easy to understand trading strategy, which consists of selecting the trades of an expert trader, and copying the entries and exits of their trades. When he buys, you buy, and when he sells, you sell. You can choose the amount you would most benefit from investing, and copy his automatic profit and loss limits, for example.
Top 5 copy trading apps:
The market is a very competitive place.
The market is a very competitive place, and copy trading apps are a way to differentiate yourself from the rest. It can be difficult to get the right information about traders and the market, so the copy trading apps we are going to recommend will help you choose wisely the trader you would be interested in copying.
Darwinex
This is a copy trading app that will give you the opportunity to learn from a variety of well known people in the trading world, with over 50k followers, although it is only available for buying and selling stocks.
Naga
This app is a favourite for traders who are just starting out and are still learning to trade. It is free and is available for Android, iOS and Windows. It allows you to copy the trades of other professional traders, as well as read and share the experiences that other traders have had with their trades. Naga has multiple payment methods available, as well as trading and investing in more than 950 of the world’s leading instruments, from currencies to futures, commodities, stocks, indices, cryptocurrencies… etc.
Its tools for Copy Trading and Social Trading make it a unique trading application and one of the best options. And if that wasn’t enough, it offers free seminars and courses to all its members, just for registering.
eToro
We are sure you are familiar with this application. It gives you access to hundreds of different opportunities to invest in stocks. You also receive real-time notifications and alerts about what’s happening in the market and within the platform via your wallet. You can use it on your mobile and on your computer, whichever way you prefer.
CEX.IO
CEX.IO is the newest cryptocurrency exchange in existence. Trading government stocks and bonds on their exchange has been one of the most lucrative businesses they have ever had.
Cex.io allows you to trade bitcoin, litecoin, dogecoin and ethereum, among many other cryptocurrencies, and you can buy or sell currency pairs directly, meaning that if you wanted to trade the Australian dollar you could.
NinjaTrader
This free platform is also widely used by more experienced traders, and is geared towards advanced charting, backtesting and trade simulation. It has a simulation module available to put your trading strategies into practice, but you will have to pay for the premium features.
You should be aware that trading the stock market carries risk and should not be done lightly.
These applications are designed to make it easier for users, but they are not going to give you anything for free, so you will need to study them thoroughly if you are new to trading.
To do this, it is best to start with an application that allows you to have a DEMO account, like this one, so you can spend some time testing strategies without risk.
We hope we have helped you once again, may the market be with you!
Canal Trader.
