Ultimate Guide To Copy Trading With Bitget

Trading has many facets; and one is taking advantage of the experience of leading traders through a strategy known as copy trading. Considering the growing interest towards risk-minimizing options for trading, similar instruments have been spotted on the market before. Leading cryptocurrency exchange Bitget has introduced copy trading to make it accessible and comprehensive to users on a massive scale. 

Enter Bitget 

Bitget, established in 2018, is a leading crypto copy trading platform. The exchange serves over 8 million users in more than 100 countries worldwide; providing them with one-stop trading solutions, and has become the largest crypto copy trading platform. 

In early 2023, Bitget took a bold step in opening up the cryptocurrency market to a broader audience of traders. It became the first centralized exchange to launch a copy trading service for the spot market with the expansion of their flagship product, One-Click Copy Trade. 

What Is Copy Trading? 

Сору trading is the process of copying an experienced trader’s strategies and trades. The approach not only provides a fast track into trading, but also gives new players a readymade playbook to follow. The transparency with copy trading also discloses the selected trader’s returns, trading history, applied methods and strategies, and portfolio makeup. Combined with a variety of trading tools like Maximum Investment, Stop Loss and Take Profit options, copy trading can be beneficial for both novice and experienced traders seeking ways to simplify and enhance their trading operations. 

However, it’s important to note that copy trading comes with risks and traders should always do their own research and exercise caution before making any trades. This information is for educational purposes only and should not be considered financial advice.

Key Features of Copy Trading with Bitget 

Bitget developed its flagship product with users in mind, ensuring that the onboarding process is as seamless and convenient as possible. The application, both mobile and web-based, guides the user through all the key functions and actions necessary to kickstart their trading careers using copy trading. 

The key features that set Bitget’s copy trading solution apart from similar products are the following: 

  • Thousands of verified traders available, many experienced and with successful track records, whose spot copy trading strategies are available for users to reference; 
  • Selection of filters and metrics allowing users to find elite traders with strategies and trades matching their personal requirements, including trading pairs, timeframes, risk levels, etc.; 
  • Broad range of trading pairs and assets to choose from, including BTC, ETH, XRP, BCH and others; 
  • Trading turned into a social interaction process through the availability of trade insights, educational articles, elite trader profile details, and real-time market updates; 
  • Customized risk control instruments for setting stop loss and taking profit orders based on individual risk appetite preferences. 

How to Find a Trader to Follow 

Finding a trader to follow is not always an easy task for a number of reasons. There are hundreds of successful traders posting their trading strategies on the platform, each with their own advantages and shortcomings.  

First, gains over the long term can be a sign of a successful trader. Keen traders with a special connection to the market’s vibe retain high performance throughout bearish and bullish markets alike. 

The second key factor is risk appetite. All traders apply risk management in one way or another, however, some have a higher risk tolerance threshold than others. The higher the risk – the higher the potential for profits, but so is the possibility of losses. Users should always take a pragmatic approach to risks based on their preferences and never chase high-profit indicators at the expense of prudence. 

The follower count can be an important indicator of a trader’s performance and may indicate high standards of professionalism in market operations and a conscientious approach towards the interests of their followers. 

Novices to copy trading must always bear in mind the fact that even elite traders are humans and their fault tolerance is never zero. Any trading strategy is vulnerable to market changes and no single one should be considered perfect. The risk of losses remains even if the selected trader has been demonstrating consistent performance over a long period of time, and users must be prepared to set limits accordingly to minimize potential losses. 

This post is commissioned by Bitget and does not serve as a testimonial or endorsement by The Block. This post is for informational purposes only and should not be relied upon as a basis for investment, tax, legal or other advice. You should conduct your own research and consult independent counsel and advisors on the matters discussed within this post. Past performance of any asset is not indicative of future results.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.