What Is Social Trading, Its Benefits and Top Social Trading Platforms

 

Do you want to invest your money in the financial market? But you do not understand half of the stuff written on those platforms? Well, social trading platforms are exactly the one for you. They will make your trading fun and easy to understand. 

 

A trading platform like Forex gives you a bunch of information, including analytical charts, and daily financial reports. It can be very difficult to comprehend and grasp all that information. Therefore, one would prefer a social trading platform where you still get all that information but in a concise and brief manner. 

 

So let’s check in detail everything you need to know about social trading platforms. You would also learn why you should choose a social trading platform, see the main benefits, and how to use it to gain profit. In addition to that, you would also learn the top social trading platforms in 2022.

 

Contents:

Clear the basics

Let’s talk about the benefits

1. Fast access
2. Reliable information
3. Learn efficiently
4. Training & eEarning
5. Build a community

Top platforms to focus on in 2022

1. Covesting
2. TradingView
3. eToro
4. Coinmatics
5. Spiking

Final thoughts

 

Clear the basics

So a social trading platform is quite similar to a social networking platform. If we compare it with a social network, it is almost the same purpose but instead of posting selfies and writing something on your wall, you would share your current trading ideas, posts or analysis related to trading topics. Traders usually use these platforms to update certain important news about the current stock market.

 

The best thing about these platforms is that you receive all the information one would get on the Forex platforms, but without all the stock market jargon. One can simply watch others, ask questions about the trading, and share recent news. Also, you can see the result of a recent trade on such platforms.

 

If you are not a trader or have minimal knowledge of trading, you can follow a successful trader and follow their moves. This is a hands-on experience for you and at the same time, you get tips on how to trade successfully every day, or rather, every moment.

 

Let’s talk about the benefits

Now you know what a social trading platform is and how it can be beneficial for people who do not have a strong background in Forex. It is time to learn why one should go on and use these platforms, rather than taking time to research and study all about trading.

 

Well, apart from the benefits which we will talk about below, studying could be time-consuming and expensive. There are many online courses, but the ones that are authentic, and taught by experienced traders are few and will not be less than $1500 for a 3-month course. Therefore, such platforms could be a good start for many newbies to catch up, other benefits include:

 

1. Fast access

You don’t have to search for information and do extensive research for trading data. The social trading platform can always provide amazingly authentic information from professionals all around the world. On certain platforms, one can also interact with these professionals and get some of your doubts cleared.

 

2. Reliable information

Another reason why social trading platforms are beneficial is that the trading data on social platforms is quite reliable. You don’t have to worry about researching that information and knowing whether that data is correct or not. Mostly, that trading information is checked by trading professionals, so you know you have the right info every time.

 

3. Learn efficiently

Now you know that you can get quick information about cryptocurrencies, Forex, and the Stock Market on these social trading platforms. You would be glad to know that you can also learn quite efficiently. Foremost, the duration of learning is significantly reduced. Secondly, the cost is minimal and, in some cases, free. Sounds good right?

 

4. Training & eEarning

Another positive thing about the platform is that you can train and earn at the same time. For example, you have been following seasoned trading professionals for some time now. So, you can start using his tactics and earn some money.

 

5. Build a community

These social trading platforms help one build a community. One can collaborate with other traders (newbies and experienced), share stuff, and simply interact with others. You can even be a part of a big venture in the trading field when you are a part of the social trading community. So, you are not limited to learning and earning, you can also make friends and develop relationships.

 

Top platforms to focus on in 2022

Knowing the advantages of a social trading platform, you understand that they are quite useful. We will give you several top platforms where you can receive and share information about trading. Following are the best platforms:

 

1. Covesting 

Covesting is a social trading platform as well as a blockchain platform. Here, you can learn about trading, and get information specifically about crypto. If you like a trader’s style, you can follow their style and choose to copy him/her. One special feature of Covesting is that you can view a trader’s skill level and their strategy. It is quite transparent and this helps you to learn and grow.  

 

2. TradingView

One of the recent, modern, and best social trading platforms is called TradingView. One can connect, interact with, and copy other traders. Additionally, you can use their amazing charting tools and understand the current analysis of the market without complications. Even as a beginner, you might have a different idea that you can share with the rest of the world. 

 

3. eToro

Almost like a social network, eToro has News Feed, copy trading, and various other features. The main purpose is to help you connect and share information with other traders and investors. Like other social trading platforms, eToro helps to copy a trader of your choice automatically or manually. One can also create a demo account, free of charge, which can help you to get an idea about eToro and the trading help it can provide. 

 

4. Coinmatics

Launched in 2018, this trading platform helps you to connect with traders and also, copy their trades. Professional traders can provide help as teachers and get subscriptions. When an investor subscribes to an investor, the traders getgets a few advantages. The subscriber gets to automatically follow the trader’s ideas and strategies. If you want, you can always follow manually. It is a choice on Coinmatics. 

 

5. Spiking

This is the first trading app developed and has now become one of the largest in the trading community. With over 170,000 traders, one can receive help to make an informed decision. Also, top traders like Warren Buffet can be followed using this platform. Using this app, one can follow seasoned traders, know the stock prices, and current analysis, and get instant notifications.

 

By the way, Finage, a real-time stock APIs and websocket service are one of the best trading platforms that gather investors and people who want to share their ideas too. It offers all the needed tools to access financial markets and start trading. The Finage company provides users with great tools in all areas, and above that, they have fair fees and offer security. You can find educational information as well.

 

Final thoughts

With over a hundred cryptocurrencies, social platforms and trading is becoming more popular. You can discover many benefits of trading with the world's leading social trading platform Finage. You have checked the top social trading platforms to start your research and learning, and trading simultaneously. Trading might seem difficult at first, but as you register on those platforms and start looking at their services, you will catch the wave quickly. Also, you can easily receive reliable information, real-time and historical data, and see important updates.

 

All the charts and analyses are simplified. Furthermore, you can always ask whatever you want whenever you don’t understand something. The best part is that you can even start earning while you are still learning. Because the best way to learn is to start your new activity and get to practice.

You can get your Real-Time and Historical Market Data with the Finage free API key.

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