Best Crypto Copy Trading Platform for AustraliansLast Updated on January 31, 2024 by Kevin Groves
Copy trading is a user-friendly way of investing in cryptocurrencies. The strategy was initially kick-started by the popular platform eToro and has since become a natural step up from the basic HODL approach.
If crypto copy trading is new to you, then you should read on to find the best crypto copy trading platform that suits your trading needs and risk appetite.
Best Crypto Copy Trading Platforms
After careful consideration of numerous crypto exchanges and platforms, these are the best platforms to copy trade for Australians.
- eToro Australia – Best copy trading platform for Australians
- Bybit Australia – Best for copy traders who want to limit risk
- MEXC – Good option for copying leverage trades
- PrimeXBT – Copy trading with reasonable fees
- Gate.io – Alternative option for traders
- Bitget – Best platform for futures copy trading
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Top Crypto Copy Trading Platforms In Australia – Our Reviews
Australians looking to get ahead of the rest have several choices when it comes to choosing a copy trading platform. Here are our detailed reviews of the copy trading features offered by some of Australia’s best crypto exchanges.
1. eToro Australia – Best copy trading platform for Australians
eToro Australia’s CopyTrader feature is globally renowned for its simple, yet powerful ability to help users replicate the trades of experienced and successful traders. Often referred to as social trading, you can peruse other traders’ portfolios with various filters and categories, and search through eToro’s risk scores to find the right strategy for your needs. You can read more about its user-friendly features in our eToro Australia review.
Apart from being highly usable, eToro Australia’s CopyTrader feature provides you with the following features:
- Access to over 273,000 multi-asset investment portfolios that you can copy with the click of a button.
- Excellent filtering options to sort results by performance, investment asset type, risk score, and the number of copiers.
- Compatible with eToro’s free demo mode.
- Licenced in Australia with ASIC.
While cryptocurrency trading platforms like KuCoin and Bybit offer social trading options, eToro Australia stands out for its user-friendly interface. Perfect for the general public, eToro Australia makes it straightforward to find a trader strategy, and just a few clicks are needed to purchase the same assets. As demonstrated in the image below, all you need to do is enter your allotted funds, and confirm the order.
The flexibility that eToro offers and the ease at which the platform can be used are some of the reasons why the popular platform is at the top of our list. Using the filter and sorting tools will give you the best results when browsing through investor portfolios. As you can see in the image below, these are some of the 170 search results for crypto portfolios that had moderate Returns on Investment (ROI) ranging between 10% and 50%.
eToro Australia Pros:
eToro Australia Cons:
2. Bybit Australia – Best for copy traders who want to limit risk
Bybit’s Copy Trading feature is similar to eToro’s conceptualisation but takes on a more detailed approach that will suit traders who have been social trading for a while. If you want to copy the crypto trade moves made by other Bybit users and at the same time apply stop limits to mitigate potential losses then Bybit might be for you. You can read our Bybit Australia review for more information about the exchange’s features and trading markets.
You can access some of the highest-performing portfolios on the Bybit platform and replicate their trades with ease. At the time of writing, there were 5,104 crypto investment portfolios available for copying from other traders. Coined by Bybit as Master Traders, these users must be actively trading over 30 days to maintain their status as well as have a win rate that exceeds 60%, or an ROI greater than 30%. These criteria ensure the high quality of portfolios to copy.
Although Master Traders are typically managing large sums of money, casual investors can still benefit from their expertise by investing a proportionate amount. You can adjust your investment amount according to your risk tolerance or even practice on the crypto demo account first.
The trading performance of Master Trader portfolios can be sorted by using the several filters available. These include:
- Being able to assess their ROI over 7, 30, or 90 days.
- Sorting Master Traders by type – top traders by ROI, traders with the highest profit for their followers, lowest drawdown, and top intra-day traders.
- Country of residence.
- ‘Badges’ given by Bybit give you an indication of the Master Trader’s nature such as Social Connector, Trend Trader, and Win Streak.
Although Bybit may be seen as a crypto exchange that caters to traders, it still recognises that copy trading is a feature that appeals to the general community. As a result, you have two copy-trading modes when you click on a Master Trader – Smart Copy Mode and Advanced Copy Mode.
If you leave it on the default Smart Copy Mode, then you let the selected Master Trader manage your portfolio risk with a fixed ratio and optimised entry timing. On the other hand, the Advanced Copy Mode will set a fixed order cost for each copy trade.
One of the features that distinguish Bybit from other copy trading platforms is the ability to set up Copy Stop Loss (CSL) orders on each copy trade. The benefit of this is that you get to limit the risk of your copy trade positions. If the value of your position falls then the position will sell and close. For example, if you set the CSL to 500 USDT, then you will automatically stop following the Master Trader’s moves if your losses accumulate to 500 USDT. Despite the strength of this feature, all copy trades done on Bybit must use USDT as the purchasing asset. If Bybit doesn’t appeal, we’ve already written a list of Bybit alternatives you can also consider.
3. MEXC Global – Good option for copying leverage trades
MEXC is an ideal starting point for the general community who want to try copy-trading, particularly as it’s a no-KYC crypto exchange and offers a basic set-up. However, there are a few features that will appeal to copy traders.
- Rating: ★★★★
- Number of crypto: 1,520
- Trading fees: 0.0% maker and 0.1% taker
- Acceptable deposit methods: Credit card, crypto, bank transfer (P2P only)
- Allows AUD deposits and withdrawals: No
- Visit Website
When selecting a trader to follow, you can view the trader’s win rate, total profit and loss, and the trading pairs available. However, there is no way to identify the traders beyond their statistics, and the search filter is quite limited.
To start copy trading, you must select a trader, input your parameters, and submit the order. The trader you copy will receive a portion of the successfully copied trades. Although MEXC is a suitable option for the general public, it does not provide the same level of ease, customization, and control to copy trading platforms like eToro and ByBit. Additionally, the volume of top traders available is quite low.
Despite its cons based on our MEXC review, the crypto exchange makes up for it by letting you copy the leverage trades of other users. This feature can be found under the ‘Advanced’ tab. This is a unique feature as there are very few copy trading platforms that provide a gateway to leverage margin markets. You can either use the same leverage multiplier as the trader or customise your own.
Similar to ByBit, you can apply stop-loss limits but also take profit orders to your copy trades. In addition, USDT is used as the purchasing asset.
4. PrimeXBT – Copy trading with reasonable fees
PrimeXBT is an acclaimed multi-asset broker that focuses on its crypto margin platform, derivatives market, and an exclusive Peer-to-Peer copy trading feature. PrimeXBT takes the leverage market further than MEXC by allowing accredited traders access to 100x leverage. Although risky, inexperienced traders can emulate the moves taken by more experienced traders.
The copy trading feature provides all the necessary data needed to make decisions on copy trading strategies, including rankings on parameters like profit history and risk management. The minimum deposit for the copy trade service is 0.01 BTC or its equivalent, with a 1% entry fee and trading commissions starting from 0.0001%. Discounts on fees are available if you pay using the platform’s native COV token. This makes PrimeXBT one of the cheaper copy trading platforms, however, we note that there are zero fees to use its CopyTrader feature based on our PrimeXBT review.
In terms of supported digital currencies, you can start investing through copy trading using BTC, ETH, USDT, USDC, and COV. Overall, this gives you a bit more flexibility since most copy trading platforms only support Tether as the purchasing asset.
One of the biggest pros of copy trading with PrimeXBT is its social trading community, Covesting. Available on Telegram only, Covesting provides an environment where you can connect with like-minded people. At the time of writing, there were 8,105 members with about 300 traders online at any given time.
If you value social trading and high-quality copy trading with multiple crypto assets then PrimeXBT might be for you. However, it does suffer from several cons that might make it a bit hard to choose. Apart from the fees (albeit low), you can only buy crypto with a credit card.
5. Gate.io – Alternative option for traders
Gate.io is a world-class cryptocurrency exchange that enables investors to borrow the expertise of experienced traders. The copy trading feature is available in advanced markets, and you can elect to manually or automatically replicate trades with a strategy bot. Unlike Bitget, which charges an 8% commission, copy trading on Gate.io is free, with only 5% of the trading profits going to the creator of the strategy.
- Rating: ★★★
- Number of crypto: 1,600+
- Copy trading fees: None
- Acceptable deposit methods: Bank transfer via PayID, credit card, crypto
- Allows AUD deposits and withdrawals: Yes
- Visit Website
Similar to MEXC, you can copy the leverage trades undertaken by people you follow, either by using their leverage multiplier or your own depending on what your risk appetite is like. However, that’s about the features and access you get. Some of the downsides include a lack of filtering options to efficiently browse trading portfolios, a limited number of traders to copy in comparison to other platforms on this list, and a clunky interface that doesn’t appear to have had much thought put into it.
Based on our Gate.io review, its copy-trading feature is not as polished or refined as its other features. But this is not too unexpected since the exchange places more focus on its cutting-edge blockchain-based technologies and advanced markets.
6. Bitget – Best platform for futures copy trading
Bitget offers a unique copy trading feature, which is similar to eToro’s CopyTrader. Traders can conveniently follow and mimic the strategies of “Top Traders”, for free. These traders are presented with a ranking, followers, trade history, Return on Investment (ROI), and total Profit and Loss (P&L) for you to assess. Top Traders are incentivised and can earn up to 8% of their followers’ total profits.
- Rating: ★★★
- Number of crypto: 450+
- Copy trading fees: None
- Acceptable deposit methods: Credit card, Apple Pay, Google Pay, crypto
- Allows AUD deposits and withdrawals: No
- Visit Website
If you prefer a more passive approach, Bitget also offers the “Strategy Copy Trading” feature. You can subscribe to a strategist or buy a trading strategy from experienced traders and mirror their trades 24/7.
To simplify things, there are basic and advanced copy trading modes that can be toggled after selecting a trader to follow. On top of that, you get access to common risk management features such as stop loss and take profit limits that can be applied for each trade you copy.
However, further to our Bitget review, the distinguishing feature that makes this platform unique is that you can copy trades in its futures market. Although the number of trading pairs varies between Top Traders, you can easily see which pairs are available. As a result, Bitget is a great option for those who want to explore futures trading without having the need to analyse TradingView charting.
What Is Crypto Copy Trading?
Copy trading is a type of investing that allows inexperienced individuals to benefit from the financial strategies of experienced traders. Copy trading is a beginner-friendly strategy that has become immensely popular, particularly with the rise of eToro’s CopyTrader service, where digital currencies can be easily traded.
Most trading platforms provide a simple way to filter through the trading results of experienced traders, making it easy to find the right one for you based on your risk tolerance and investing style. When someone you’ve chosen to follow opens a trade, the platform will automatically open the same trade on your account.
You can also set the amount of capital you want to allocate to each trader and the maximum risk per trade. Most cryptocurrency exchanges that offer copy trading will provide risk management tools such as take-profit and stop-loss features.
What Are The Pros & Cons Of Copy Trading Crypto?
- It may be a lower risk: Copy trading allows you to invest in the same trades as more experienced traders, thus lowering your risk and increasing your chances of success. This is especially the case if you want to further your existing HODL strategy but are new to reading real-time market charting.
- Quicker learning curve: By following the trades of more experienced traders, you can quickly learn the ropes and develop your own strategies without having to put in as much time and effort.
- Diversification: You can diversify your portfolio by investing in multiple strategies and strategies of different risk levels. eToro Australia’s Smart Portfolio feature is an example of a beginner-friendly copy trading platform where you can easily get exposure to multi-asset investment types other than cryptocurrencies.
- More control: You can find and select traders who match your own trading style, risk appetite, and investment goals.
- Copy trading is automated: Copy trading offers a convenient way to automate your trading by allowing you to follow the trades of other successful traders. All you need to do is identify a profitable trader with a proven track record, and then periodically monitor their performance.
- Emotion trading is omitted: One of the limitations of being human is that our emotions can get in the way of smart trades. Since you are placing capital in the hands of a more experienced trader who holds a good track record of returning yields, there is less risk involved.
- The fees might be high: Although most copy trading platforms provide the service for free, some can be expensive, as the platform may charge a fee for each copied trade.
- Lack of control: You have limited control over the trader’s positions and performance.
In this guide, we gave our opinion on the best Australian crypto platforms that provide copy trading. eToro Australia is still the #1 copy trading platform that Australians can use. Apart from being easy to use, the platform’s popularity has resulted in an impressive number of experienced traders offering their portfolios to be copied. Moreover, eToro gives you exposure to investment assets besides digital currencies including stocks, Forex, commodities, and CFDs. However, other options such as ByBit and Gate.io are worthy options that also have crypto bots to automate a proven strategy.
Kevin is a cryptocurrency writer that has published hundreds of articles, guides, and reviews. He has been in the crypto space since 2016 and is passionate about sharing his expertise and knowledge with others.