Copy Trading, Margin Trading, 100+ Assets: All Benefits Of PrimeXBT Trading Platform Explained

June 15, 2022 by No Comments

Many traders, especially those new to the world of cryptocurrency, may need to gain the knowledge or experience to make informed trades on their own. By using a copy trading bot, they can follow the trades of more experienced traders and potentially make a profit. Capitalising on this trend, companies are now developing copy trading platforms, aimed to target novice investors who are seeking to earn profits.

what is copy trading in crypto

It is a risk that investors must be aware of when they decide to use copy trading as an investment. It can lead them to have their money taken from them by hackers or have the bot in their portfolio hacked. Both of these things could cause significant losses for investors that aren’t aware and are not careful about it. This trading method is not for those with limited experience in the crypto market but used by seasoned traders to research the market and save time so that they can focus on other important tasks. AvaTrade have established a strong reputation for both themselves and their platform over that time. They are now recognized as one of the most highly regulated online brokers to provide CFD and cryptocurrency trading, which provides their clients a sense of security.

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Another benefit of copy-trading bots is that they can save traders time and effort. Instead of constantly monitoring the markets and making trades manually, the bot can do this for them. This can be especially useful for traders who have busy schedules or want to diversify their investments across multiple platforms.

Your deal may not play out, and sometimes even expert advisor, which gives you the strategy, is not to blame — something just went wrong. Established in 2018, Bybit is a fast-growing and innovative cryptocurrency derivatives exchange. The Bybit founders are a team of professionals with expertise in the Forex and investment banking industries. Bybit is registered in the British Virgin Islands and has its headquarters in Singapore. In 2014, eToro became the first trading platform to support cryptocurrencies when it added bitcoin support.

The Risk of Not Taking Advantage of the Trading Bot

In general, copy trading with crypto is now one of the top tools to raise profits in the modern market. In a professional language, copy trading is the process of copying by one trader the trade routes of another who allows doing this. It is not fraud, everything happens on a mutual agreement, and crypto copy trading is legal. Investors in cryptocurrency can also choose more than one lead trader to spread out their investments. But each person needs to decide how much money they want to give to each lead manager.

what is copy trading in crypto

A lot of the websites that offer cryptocurrency trading are hacked regularly. If an investor trusts a website with their money, they need to be sure that it will work when expected and that there won’t be any issues from it being hacked. what Is a copy trading platform and how It work It’s another risk traders must consider when using cryptocurrency copy trading as an investment. Without knowing how they want their portfolio traded, they run the risk of investing more money than they should be investing overall.

Different Kinds of Crypto Copy Trading Software

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  • You need to select an expert trader on any of the crypto social trading platform where everything will be automated.
  • It’s an innovative way for investors to grow their wealth and, at the same time, have someone else take the risk for them if something goes wrong.
  • To date, BingX built a community of millions in more than 150 countries across 13 languages.
  • After deciding on the trader you want to copy, simply click on the “Copy” button.
  • Trends show an unprecedented increase in profits for cryptocurrency owners today.
  • You are basically looking for traders who will have a long-term profit history.

It is an ideal option for beginner traders who are unfamiliar with the digital asset market. This allows them to enter the market immediately while learning trading techniques. You can also monitor the results that copy transactions generate for you. Observing progress will also allow you to understand how to backtest crypto trading strategies. Choose your favorite and seasoned trader and software, then customize its settings.

Can Crypto Trading Bots Improve Your Trades?

All performance metrics are tracked transparently in the leaderboards so followers can make informed decisions about who to follow and how much capital to invest. Even though knowledgeable individuals design these strategies, they do not entirely eliminate the risk with trading. Sometimes, they are used by traders to influence the market price for their gain. Copy trading does not require traders to research and learn about the markets, thus providing little incentive for traders to learn about the underlying asset as well as creating their own strategies.

This fact makes beginners and novice traders more and more attracted by the asset. They expect to get easy profit but do not have at least a baseline understanding of the crypto market. One of the obvious risks is that while copying trades, you may also lose some as it’s part of trading. After choosing a crypto copy trading platform and a seasoned trader to follow, you need to manage the platform settings.

Who Can Benefit from Using Crypto Trading Bots?

The task is made harder by a flood of information from all kinds of sources, some of which are reliable and some of which are not. When choosing a trader, it’s important to do more than just look at their profile. How well cryptocurrency trading works depends a lot on which platform is used and how skilled the person in charge of trading is. Before investing, it’s just as important to know how copy trading is regulated in the country you live in as it is to make sure the dealer is regulated.

what is copy trading in crypto

Testing and trying a profitable strategy and consistently refining it can be a long and time-consuming process. Especially since in the cryptocurrencymarket a high number of new investors enter the market every day due to the media hype and the volatilitythe asset offers. Therefore, copy trading can be a safe alternative to experimenting with the markets. Inexperienced traders or new users may face such risks or issues while copying the trades. They may not possess the right skills to evaluate such strategies, and therefore, there are chances of losses as they have to rely on the features offered by strategy makers or experienced traders.

Crypto Copy Trading: All You Need To Know

You can click on any of the leaders to see more details about their strategy, performance, allocations, and other vital details that would help you choose the right leader to copy for social trading. Allocate a fund for the copy trading strategy, and let the pro-trader make money for you. And, if you pick an inexperienced trader, you will have to bear the losses along with the platform charges. Besides, the settings panel of the copy trading app will give you complete control over your assets, even though they are self-executing. So, if you feel that a trading move is not right, you can opt-out anytime.

what is copy trading in crypto

The fact so many uncorrelated assets exist under one roof means that traders can build a risk-averse trading portfolio. PrimeXBT is a cryptocurrency-based margin trading platform first launched in 2018 amidst the deep freeze of the crypto winter at that time. The platform immediately saw a surge in new users seeking to go short on cryptocurrencies like Bitcoin, Ethereum, and others. Moving forward to 2023, BingX is committed to building a reliable, innovative, friendly, and social crypto ecosystem, and it is earnestly practising that. BingX keeps leading in cutting-edge crypto innovation and providing better service to both professional and new traders.

After that, the copy trading software will be ready to perform crypto trades on your behalf. The procedure for commercial copying varies from platform to platform. But usually it comes down to choosing an experienced trader and following their decisions. You then select an application to replicate those decisions for you.

Is Crypto Copy Trading Safe?

There are so many crypto-copy trading platforms that it could be hard for a new trader who doesn’t know much about the field to choose the right one. If a trader doesn’t think carefully about what to do, they could lose hundreds or thousands of dollars. Copier traders with a lot of experience would compare the features of different platforms and read reviews of them before making a choice. The copy trading crypto feature allows all Bybit users to follow experienced traders and realize similar gains while only contributing 10% of their profits to Principal Traders as commission. Since the cryptocurrency trading market is rather new, it might be a good idea to follow a professional trader who has more technical knowledge than you have. If you don’t have enough experience trading cryptocurrency, it makes sense to copy their trades.

The novice traders who are just starting their trading journey can choose the best crypto trading platforms to perform buy and sell orders 24×7 with copy trading bots. Thankfully, there are some tools which help such traders to explore the potential of the crypto trading world, simplifying the trading process by following the trades of expert traders. Crypto copy trading is a dynamic concept which allows anyone to replicate the exact trades of proven crypto experts automatically. If you are new to crypto trading and are not aware of the successful trading strategy or mastering the markets, copy trading will be quite beneficial for you in all ways. One of the main benefits of using copy trading bots for crypto trading is that they can help inexperienced traders make better investment decisions.

Premium leader fees are additional fees that are charged for following a leader. Each leader can charge these extra fees for following one of their portfolios. The premium leader fees are charged by Shrimpy on a monthly basis. The two different fees that leaders can charge include “Performance Fees” and “Assets Under Management Fees”. People who are beginner prefers copy trading method as this way they can rely on the expertise of experienced traders.

However, it is often beginners who benefit the most from copy trading, as they are the ones who are most likely to lose money if they were to trade themselves. “2022 was tough for everyone. For many, life has changed, but what remains unchanged is hope. We should feel proud that we went through it,” said Hasan Bracic, Vice President of BingX. Investors (aka followers/copiers) don’t need to pay for copy trading if they’re already paying for the subscription plan. If you’re on the free plan, your trading volume limit is 2500 USDT. The Lite plan ($13/month) will allow you to copy trade for a maximum of USDT. Other packages will give you access to the unlimited copy trading volume (starting with $25 per month).

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