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The Best Social Cryptocurrency Trading Platforms in 2020

by Steem Experts ***
Are you looking for a secure and reputable social trading platform for cryptocurrencies? Then you are exactly on the right page! Social Trading or buying cryptocurrencies is currently very difficult because the range of supposedly good providers is large.



What is crypto social trading?

Social trading platforms are like social networks for traders. In most cases, they act as brokers and allow you to buy various assets, CFDs, ETFs, and cryptocurrencies.
Unlike regular trading platforms, social trading platforms allow you to get in touch with other traders trading in the same markets and copy their actions, exchange and discuss analysis and predictions, ask questions, increase your following and learn faster than you would normally do.

Cryptosocial trading refers to social trading platforms that enable their customers to trade cryptographic currencies or crypto-based asset contracts.
So, which social trading platforms are best for cryptocurrency enthusiasts in 2020?

1) eToro: eToro is a multi-asset social trading platform that is a pioneer of social trading. Therefore, it has the most advanced social trading features on the market.
 
Advantages :

Excellent social trading experience
Wide range of instruments
Serious, regulated company

Disadvantages: 

Inactivity fees
No crypto deposits
Customer care can sometimes be slow


2) ZuluTrade:  ZuluTrade was founded in 2007 and is a social cross broker trading platform. It brings together more than 50 brokers worldwide and combines them in a single trading and social trading service. As a user, you can choose and interact with thousands of signal providers, read their analysis, and copy their actions with a tailored risk management strategy.


Advantages:
Many signal providers
Wide range of brokers
Transparency
Disadvantages:

A limited number of cryptocurrencies
Strong learning curve
Many amateur dealers

3) NAGA Trader

Naga Trader is another social trading platform that ventured into crypto. In 2017, the platform even launched its own ICO and NAGA (NGC) utility token and raised over $50 million.

Advantages:
Many trading tools
Crypto-friendly company
Well designed platform

Disadvantage:

Can be a little overwhelming at first
Not available to US citizens
High minimum deposit

4) Tradeo

Tradeo is another social trading platform with the ability to trade crypto CFDs and many other products. It has advanced social trading features that allow you to quickly find and track other traders' signals.
Like most social trading platforms, it makes it easy for you to start trading. Even if you're initially not sure enough to trade for real money, you can set up a realistic democopy trading account and test yourself.


Advantages:

Advanced social trading features
Many trading tools
Reliable, regulated broker

Disadvantages:

Limited number of cryptocurrencies
Not available to US citizens

Basic options can scare off advanced traders Final thoughts


With both cryptocurrencies and social trading becoming more popular, it's important to keep in mind that most retailers (over 70%) tend to lose money. Therefore, the help of an expert does not always lead to the desired results and you should be aware of the risks. Even the experts misunderstand things.

However, if you are willing to take a risk, you should expect some losses for the sake of learning. If you want to take the right path, getting started on trading on a social cryptocurrency trading platform is an excellent place to start, especially if you are aware of the risks.

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About Steem Experts Freshman    ***

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Joined APSense since, December 6th, 2016, From New Jersey, United States.

Created on Jul 28th 2020 06:52. Viewed 177 times.

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