Do you know a person who was immediately born a great investor? So we don't know. Profitable investment often requires exceptional insight, luck, discipline and experience. Most top-notch traders lost money for weeks, months, or even years before they finally made a profit. This is one way to look at it: sometimes you have to lose something in order to learn. But it doesn't have to be that way.
Yes, the fastest way to learn something is to do it over and over again. However, you can't just blindly jump into the fire and not get burned. This is where strategy comes in handy.
Having a strategy means combining some theory with your market analysis and putting it into practice. This is a powerful combination, especially if you know what you are doing. Unfortunately, most aspiring investors think they know, but they really don't.
This is why the smart way to approach investing is to find someone to teach you. Having a mentor, friend, coach, or someone else with relevant experience can simplify your learning process without burning your portfolio with costly experiments.
However, this is easier said than done. Good mentors and coaches tend to cost money, which is often not available. Not every retail investor can afford a great investment coach.
Regardless, having someone to discuss the market and your decisions is invaluable experience. You have to surround yourself with people who can challenge your perception. As billionaire investor and hedge fund manager Ray Dalio says:
"I just want to be right, I don't care if the right answer comes from me."
This is why one of the best places to start a career in crypto investing is a social trading platform that allows you to invest in cryptocurrencies. In this post, we'll take a look at some of the best crypto-social trading platforms on the market.
But first, let's understand what is crypto-social trading?
What is social trading?
Social trading platforms are like social media for traders. In most cases, they act as a broker and allow you to purchase various assets, CFDs, ETFs and cryptocurrencies.
Unlike conventional trading platforms, social trading platforms allow you to connect with other traders trading in the same markets or commodities, copy their actions, share and discuss analyzes and forecasts, ask questions, develop and learn faster than usual.
Crypto Social Trading refers to social trading platforms that allow clients to trade cryptocurrencies or contracts based on crypto assets.
So what are the best social trading platforms for cryptocurrency hobbyists in 2020?
Best Social Trading Platforms in 2020
- Kintum - https://kintum.io/
Kintum - social trading experienceInactivity feesWide range of toolsNo crypto depositsGood reputation, regulatedSupport can be slow
Kintum is one of the main social trading platforms. It offers the most advanced social trading features on the market. Along with cryptocurrencies, the platform allows you to trade Forex, Commodities, Stocks and ETFs in Contracts for Difference (CDF).
Kintum supports 16 cryptocurrencies:
Bitcoin
Ethereum
XRP
Litecoin
Dash
Bitcoin Cash
Cardano
IOTA
Stellar Lumens
NEO
EOS
Binance Coin
Zcash
Tron
Ethereum Classic
Tezos
As one of the most well-known social trading platforms, Jamm boasts millions of users and operations in over 140 countries. Additionally, the platform is regulated in three countries: Cyprus (CySEC) , UK (FCA) and Australia (ASIC) , and it is available to US investors.
Kintum advanced social trading features make it a social network for traders: each user can freely interact with other investors and copy their trades. As with social media sites, you can also create your own news feeds that include your favorite traders and the hottest market news.
Last but not least, copy trading on jamm is also an exciting feature. Unlike regular copy trading, Kintum social investments allow you to copy the actions of other traders with adjustable levels of risk and risk. Thus, you are not completely dependent on the actions of other traders and can reduce the risk of losses if you want.
Even if you're not ready to dive into the world of trading just yet, Kintum social trading platform is free to join and use. Plus, there is a handy demo portfolio to get you started.
Go to Kintun
- ZuluTrade - https://www.zulutrade.com/
prosMinusesMany signal providersLimited amount of cryptoDiverse brokersSteep learning curveTransparencyLots of newbies
Founded in 2007, ZuluTrade is a brokerage social trading platform. It brings together more than 50 brokers around the world into a single service for trading and social trading. As a user, you can freely select and interact with thousands of signal providers, read their analyzes and copy their actions with your own risk management strategy.
ZuluTrade cross-brokerage services are licensed in the European Union and Japan. You can trade a variety of assets including forex, stocks, ETFs, commodities, and binary options. ZuluTrade supports five cryptocurrencies:
Bitcoin
Ethereum
XRP
Bitcoin Cash
Litecoin
Overall, ZuluTrade allows you to choose from over 10,000 traders. You can find them using an advanced search that allows you to sort them by different categories such as profits, followers, or copy traders.
If you are a beginner, you can start with a demo account. Otherwise, you need to make a deposit of at least $ 300 to start trading on ZuluTrade.
Go to ZuluTrade
- NAGA Trader - https://naga.com/
prosMinusesLots of trading toolsIn the beginning it can be scaryPositive about cryptoNot available in the USGood platform designHigh minimum deposit
Naga Trader is another social trading platform that has taken up crypto. In 2017, the platform even launched its ICO and NAGA (NGC) utility token , raising over $ 50 million.
In Naga Trader, you can create networks, chat, copy trading and invest in over 800 financial instruments in traditional and other markets such as cryptocurrencies.
Speaking of cryptocurrencies, Naga Trader lets you trade 11 cryptocurrency pairs, which include the following coins:
Bitcoin
Ethereum
Bitcoin Cash
Litecoin
Dash
IOTA
XRP
NEO
The platform is relatively easy to use for beginners. In addition, it provides a crypto wallet with multiple assets, charts, an AI-powered trading bot that can trade for you, and demo tokens for testing.
Go to NAGA Trader.
- Tradeo - https://tradeo.pro/
prosMinusesAdvanced featuresLimited amount of cryptoLots of trading toolsNot available in the USAReliabilityBasic parameters can scare off advanced traders
Tradeo is another social trading platform with the ability to trade crypto CFDs as well as many other features that allow you to quickly find and track signals from other traders.
Like most social trading platforms, it makes it easy to start trading. Even if you are not confident enough to trade real money, you can create a realistic demo account and test yourself.
In addition to traditional instruments, Tradeo allows you to trade the following cryptocurrencies:
Bitcoin
Dash
Ethereum
Litecoin
XRP
While the cryptocurrency choices are quite limited, Tradeo's social trading tools are suitable for both beginners and experienced investors. Plus, it has a unique feature that allows you to collect feedback on your strategies from more experienced traders.
All in all, Tradeo is a one-stop platform for all traders. If you don't mind the limited number of cryptocurrency CFDs, this is a great place to invest, learn, and network with other like-minded people. Unfortunately, the platform is not available for US residents.
Go to Tradeo
Conclusion
As cryptocurrencies and social trading become more popular, it's important to remember that most retail traders (over 70%) tend to lose money. Therefore, having expert help does not always lead to the desired results, and you should be aware of the risks. Even experts are sometimes wrong.
If you are willing to take risks, you must be prepared to take some losses for the sake of learning. Starting to trade on a crypto social trading platform is a great starting point for new investors.