So how does copy trading operate in terms of eToro? After creating an account using the official website, you’ll realize how unique it is compared to other cryptocurrency platforms. Copy trade phenomena is just copying the steps of senior traders and earn.
Everyone has their profile, news feed, and wall, similar to Facebook, unlike other cryptocurrency exchanges like Binance or Coinbase; this platform functions as a social trading network and a location to buy and trade cryptocurrencies.
Therefore, if you look up a coin (or stock) by its ticker or “hashtag,” such as $btc for Bitcoin, you’ll discover knowledgeable traders who share their opinions on the markets and the current price action (PA) and publish charts with technical analysis (TA). Additionally, if they are a member of the well-known investor program, you can duplicate trade them. Or several persons.
The money you set up to copy trade will be used to automatically replicate their swing trades, including their buys and sells, take profit orders, stop losses, leverage if they are trading CFDs, etc.
Add a trader to your watchlist and click the “copy” option next to their name to enable copy trading on eToro. Visit the CopyTrader page on the eToro website, where some of the top traders to imitate trade are ranked according to their risk score and profit increases over the last 12 months. The steps to copy traders on eToro are you simply choose the trader, search the traders by performance, risk score and more.
Although other cryptocurrency platforms are starting to imitate it, eToro is still the only platform that offers this option.
Fees for eToro Copy Trading
You pay the standard spreads you would if you were trading alone rather than utilizing the CopyTrader feature; there are no additional fees to pay.
However, there is a minimum deposit, or minimum capital for copy trading, of $200. Additionally, there is a $1 minimum for each trade. Trades are immediately and in real-time carried out.
You can be paid to trade and have others mimic your trades if you are recognized as a well-known investor. Visit the eToro website to learn more.
Review of eToro Copy Trading:
Copy trading on eToro enables you to invest your money instead of keeping it in a savings account and receiving 0.05 percent interest from a bank. copy traders on eToro are allowed because its social platform anyone can take benefit from that.
Compared to most crypto-staking platforms, it offers a greater APY.
It also offers a more significant interest rate than the top cryptocurrency interest accounts. One of the top automated trading platforms is eToro, and most copy trading reviews on websites like Reddit are excellent.
The fact that eToro is authorized and subject to international regulation by the FCA, CySEC, and ASIC provides security. The United States accepts investors, and copy trading is permitted.
You may open an eToro account for free and use as much of your portfolio as you like to trade, maintain as a long-term investment, or stake for rewards on Tron, Cardano, or Ethereum (TRX).
You can stop using the CopyTrader feature at any moment and take your profits. Additionally, a demo account is available for practice and paper trading.
So, is copy trading on eToro worthwhile? By first imitating other traders’ trading strategies, you can increase your wealth, create passive income, and learn how to trade as a beginner. We’re interested to see what the profit margins look like in 2022.
Just keep in mind that it’s not 100% risk-free and isn’t guaranteed to be successful, so only invest money you can afford to lose or money you can set aside and wait to appreciate if there’s another multi-year bear market in cryptocurrencies, as there was from 2018 to 2020.
What Kind of Profits Can You Expect From eToro CopyTraderTM?
You can make a lot of money when you use copy trading on eToro. But it all comes down to how much you put into the program. Consider that you picked a trader who consistently made 10% per year for many years. Although there is no assurance, he probably will make 10% this year.
You will only make $20 if you invest $200. $20 is equal to 10% of $200. However, if you put $5,000 into the investment and the trader makes a 10% profit, you will receive $500, or 10% of $5,000. I’m trying to emphasize that it’s up to you how much money you make.