A 2015 World Economic Forum report described social trading networks as disruptors, which “have emerged to provide low-cost, sophisticated alternatives to traditional wealth managers. These solutions cater to a broader customer base and empower customers to have more control of their wealth management," and "pose a tangible threat to the traditional practices of the wealth management industry”.

With traditional trading, investors and traders were relying on fundamental or technical analysis to form their investment decisions. Social trading makes it possible for crypto investors, who don’t understand the charts and other things, to invest successfully in cryptocurrencies. That is because not everyone is good at using these tools. Therefore, you need a collaboration of investors and traders to make the most out of it.

Social trading is a form of investing that allows investors to observe the trading behavior of their peers and expert traders and to follow their investment strategies using copy trading or mirror trading.

What are the benefits of Social Trading?

• Quick access to reliable trading information
• Quick grasping of the trading market
• Earning while still learning
• Build a trading community of investors

Top Platforms for Social Trading

Below are 3 top crypto social trading platforms you can try for social trading.

eToro

etoro.com is a platform allowing users to share and access each other information and trading activities like on social networks.

The platform has features such as News Feed, Copy Trading and demo account for users. The News Feed feature allows users to monitor and manually copy their preferred traders, while the Copy Trading feature automatically does the coping for users. The demo account is completely free and unlimited for users, and they can try all the eToro trading and social features.

Trading View

Tradingview.com is a cloud as well as a web-based social trading platform for Futures and Forex traders. It offers incredible charting tools and social components for beginners and advanced traders to view and share trading ideas.

Through a forum setting, the platform enables users to follow, copy as well exchange ideas with other like-minded traders. Traders consult with their peers and with more advanced traders on the current market conditions. The conversations are in real time.

Traders publish their trading ideas, and they get feedback or comments from other traders trading the same instrument. The goal here is supporting each other to prosper as traders by sharing ideas and seeing what other investors are doing.

SOXex

soxex.com is a new cryptocurrency exchange platform invested by IDG in 2019. It allows beginner investors connect with skilled traders to earn profits in the crypto market. On the platform, as an investor, you are able to earn profits by simply copying trading strategies from skilled traders automatically. You get to choose the trader to copy from according to his/her strategy, trading history and level of trading skill. Professional traders benefit through profit sharing from an investor.

SOXex’s universal exchange plan also allows users to create their own exchange by collecting 100% trading fees from up to 5-tiers invitees.  Latest news also shows they will be the first one to introduce Free IEO/ILO (Initial Lock-up Offering) to investors allowing them collect 100% original investment refund.