In recent years, cryptocurrencies have become one of the most popular investment instruments. Copy trading is one of the latest cryptocurrency investing technologies that is gaining more and more popularity. In this article, let’s find out why copy trading is ushering in a new era in cryptocurrency investing and how it works.
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How copy trading works
Copy trading is a way of investing that allows users to automatically replicate the trades of other experienced investors. In practice, users can choose an expert trader to follow, such as on social networks, and the system will automatically replicate his trading operations on the market. In this case we are talking about the crypto sector, but in reality, copy trading obviously also exists outside the crypto market.
The main advantage of copy trading is that it allows users to invest in a very simple way and without necessarily having to have specific skills. Furthermore, this method of investment offers the possibility of obtaining excellent returns, even if the risks are obviously greater than with other types of more conservative investments, given that in any case it is a question of having to choose a person to trust and who in turn could commit errors.
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The case of Bitget
Copy trading is gaining momentum in the crypto industry for several reasons. First, it allows investors to benefit from the experience and knowledge of other traders. Secondly, it allows investors to reduce their investment risk, as it is possible to open positions in different cryptocurrencies based on the strategies of the best traders.
In particular, the case of Bitget is particularly interesting. Bitget is a copy trading platform that allows users to follow and copy the trades made by other experienced traders. The platform also offers a free demo account with virtual funds, allowing users to test their trading strategies without any risk. What is defined by Bitget as “One-Click Copy Trade” has over 55,000 professional traders, with 1.1 million followers for a total of $3.38 billion invested.
“Bitget – he explained to us Gracy Chen, managing director of Bitget – was the first exchange to offer copy trading in the crypto futures market in 2020 and our One-Click Copy Trade has been a featured product in the company ever since. success has been proven by numbers and it has also helped Bitget to become the largest cryptocurrency trading platform. We are proud to extend the product to the spot market as this will further expand our audience base and offerings for social trading as well as solidify our position as a leader in the crypto space.”
Also, recently Bitget launched a section called Bitget Insights to increase the potential of social trading. With this feature traders have the opportunity to compare themselves with other users. In particular, it is important to underline that Bitget accredits only qualified traders for copy trading to avoid malicious people or scams that can instead happen on normal social networks.
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Other exchanges to copy trade with
Copy trading is becoming increasingly popular in the cryptocurrency industry for several reasons. First, it allows investors to profit from market movements without having to personally manage their own assets.
Secondly, copy trading allows investors to diversify their portfolios so as to reduce the risk of losing all of their capital in a single trade. There are several exchanges that offer the possibility of copy trading on cryptocurrencies. Among these, eToro is certainly one of the most popular. With eToro, investors can select traders to copy based on their past performance and the level of risk they are willing to take. Other exchanges that offer the possibility of copy trading on cryptocurrencies are ZuluTrade, Ayondo and Trade360.