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The Number of Copy-Trading Services Grows

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Trading Services

One had difficulties trying to find a good and reliable copy-trading service in the past. Currently, the situation has changed. eToro, PrimeXBT, Naga, and the recently appeared SpyStream platform offer their services worldwide. Which one to choose?

It’s been a while since investors spent much time trying to get a proper trading education to succeed in trading. Now, they don’t have to trade on their own. Modern technologies allow them to delegate the most difficult part of investing to those who have greater experience. Nowadays, any investor can profit from any asset as if they were successful traders. Thanks to special copy-trading services, investors can choose the best strategies and win.

Those platforms have become numerous. SpyStream was established in 2021. We are going to compare this copy-trading service with the closest competitors and will try to find out which one is the best.

What are copy-trading platforms and what are they for?

Copy-trading is a way of investing money allowing financial market participants to invest in the most successful traders. This method is suitable for all those who start their investing career. Investors don’t need to apply any strategies or control their risks. Traders will do all those steps on their own providing investors with trading signals.

The idea of copy-trading is simple. The investor chooses a managing trader and copies their trades. Let assume a trader has profited from a trade. He has earned some money. The same profit goes to the investor. However, the latter has to pay a commission

This method is suitable for all who want to get a passive income without any effort. Investors don’t have to spend time monitoring news and be aware of what is going on around them. They have to follow successful traders and choose strategies.

The pros of copy trading:

  1.     Investors have access to the most profitable strategies without applying much effort.
  2.     Those services are suitable for all those who are new to trading.
  3.     One can get all the necessary knowledge by looking at the strategies and activities of managing traders.
  4.     Investors still have this opportunity to trade on their own.

To try those services, investors need to choose one. All platforms have the same set of features. The difference between them lies in the number of financial instruments, the number of commissions, and the minimum deposit they require.

Some platforms are reputable enough. Those are eToro, Naga, and others. The demand for this type of service is constantly growing. New platforms appear to provide investors with a new set of features. SpyStream appeared recently, for example. We are going to provide you with information about the most popular services.

eToro

This is a copy-trading platform providing services since 2006. For 15 years of their fruitful work, they have served more than 12 million users worldwide. By using this service, an investor gets access to stock, commodities, indices, cryptocurrency trading. Apart from this, eToro provides access to the Forex market and ETF funds.

One of the most popular features of this service is the simple interface. It is comfortable for all types of investors. According to the official website, eToro takes care of all beginner investors by simplifying their work. This service is available for desktop and mobile devices. One can trade using their smartphone or tablet.

The pros of using eToro are the following:

  1.     There is a mobile version of the platform.
  2.     Low minimum deposit requirements. One can start at $200.
  3.     The platform is regulated by FCA, CySEC, ASIC.
  4.     eToro provides services since 2006.
  5.     A wide range of assets to invest in.

The cons of using eToro are the following:

  1.     Spreads are above average.
  2.     High commissions.

Spystream

This copy-trading service is a blend of many features and trading strategies. The platform is designed for either new and skilled investors. Seasoned traders can offer their strategies while new investors can copy their trades.

This platform was established in 2021. They have a good reputation. Their innovative solutions simplify the investing process. To start using this platform, investors choose managing traders. Those traders conduct market analysis as well as manage funds and control liquidity.

Apart from copy-trading tools, users can benefit from various market reviews provided by the professional traders. Investors can read the latest news releases.

The pros of using SpyStream:

  1.     No hidden commissions. The fees are fixed there. You will pay below $5 in most cases.
  2.     All transactions are shown in the dashboard. You can follow your managing trader activities.
  3.     Investors can add several strategies to their portfolios.
  4.     You can learn more about trading while investing funds there. By looking at how managing traders do their work, you can become a more skilled trader.
  5.     SpyStream users can benefit from various reviews.

The cons of using SpyStream:

  1.     They are still young.

While the age of the company is not the advantage, most investors can benefit from it by saving more funds. Many popular services charge their customers more commissions for being in demand. As for SpyStream, they try to give the best conditions to attract as many investors as possible, providing customers with the most beneficial tariffs.

PrimeXBT

This is another copy-trading service providing investors with the opportunity to invest and get passive income. Seasoned traders can earn by providing trading signals.

PrimXBT was established in 2018. They have had huge growth since. Traders from 150 countries use this service currently.

Another great advantage of using PrimeXBT is that they have low minimum deposit requirements. To start investing there, you need to deposit $60 only. Apart from this, they allow investors to use leverage. Before you can start using this platform, you need to learn more about its features. The interface of PrimeXBT has significant issues. Beginner investors will have problems dealing with it. It is overloaded with information and excessive graphic data.

The pros of using Prime XBT:

  1.     More than 50 trading instruments are available.
  2.     Low entrance amount. You can start from $60.
  3.     One can use leverage to increase their financial capacities.
  4.     Investors can place stop-losses and take profits to protect their positions.

As for the cons, they are the following:

  1.     One can deposit using cryptocurrencies only.
  2.     There are major interface issues.
  3.     The platform is still young.

Naga

This copy-trading platform was established in 2015. The slogan of the website welcomes investors to “copy trades and to get the maximum profit”. They offer a wide range of assets to trade – stocks, commodities, cryptocurrencies and others.

This platform offers a rating of successful traders. This feature helps all investors to choose the best managing traders. This table is constantly updated by the service administration allowing you to see the latest changes.

Naga is almost similar to its rivals. They offer a standard set of financial assets to trade and services. They allow investors to place SLs and TPs allowing investors to get more control over their funds.

However, we can’t say that this service offers many advantages to the customers. They charge investors various fees for copying trades and withdrawing funds. One can’t use various accounts to follow different strategies.

The pros of using Naga are the following:

  1.     Investors can use stop-losses and take profits to control their risks.
  2.     There is a table of leading managing traders.
  3.     This service offers access to the main financial instruments.
  4.     Investors can use mobile versions of the platform.

As for the cons, they are the following:

  1.     You need to pay withdrawal commissions.
  2.     No possibility to use several strategies simultaneously.
  3.     High entrance amount. You need to deposit $250 to start investing.

Naga is an experienced company. However, they didn’t manage to provide traders with competitive conditions.

Final words

Many investors have a dream to get passive income without applying much effort. Copy-trading services were created to satisfy those investors’ dreams. They allow customers to profit from financial assets’ price fluctuations by copying positions of seasoned traders.

Such platforms are numerous. The industry has experienced and young companies. We have concluded that the age of the platform has no impact on its popularity. According to the current situation, most “aged” services do not provide their customers with comfortable trading conditions. Young services, in their turn, offer good conditions.

Which one to choose? It is up to you to decide. If you have already had experience in dealing with such platforms, share your opinion in the comments. This will help investors to find the best platform.

 

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