To start making money in the digital world, you need at least basic knowledge about it. However, today there are a lot of newbies who want to make good transactions without this knowledge. It is possible with professional’s help.
What is crypto copy trading? Does it really help to earn on exchanges without any experience? And if so, which crypto copy trading platform should you use. All these questions will be answered in this article.
Briefly about copy the deals
Copy trading is a strategy in which a participant of a market or investor copies deals of another trader. This means that the participant in the trade:
- Does not make decisions himself.
- Chooses a trader who has succeeded in trade and is ready to share his experience with others.
- Completely repeats his actions in the market.
There are two types of such trading.
You find a trader who gives you his trading history and tells you that if you pay him a flat rate, he will share all the deals he makes.
Then you get the information and decide whether you want to copy this trade. We could say that this is not a type of copy trading, but rather copy trading signals. It all depends on how fast the trader gives you the information and how fast you open the deal.
This approach has a serious disadvantage. You will always need to monitor messages from the trader, be in touch and perform all actions manually, in order to catch the moment when you need to repeat the trade.
The more interesting type for each trader. It is a customizable instrument to make trading automat. The trader registers on the exchange, chooses a suitable professional, subscribes to him, makes a deposit and starts waiting.
As soon as this trader opens a new deal, the system will copy it. You don’t have to do anything or keep track of the trader’s every deal. You simply wait until the professional finishes his trade and you make the same profit as he does.
Let us highlight the advantages of such trading:
- The ability to start making a profit in financial markets with minimal experience.
- Wide range of professionals offering their services.
- Full flexibility in trades: you can change volumes, and adjust filters and time periods for copying. At any time you can disable copy trading and finish open deals by yourself.
- It saves a lot of time: a trader does not need to analyze the market to determine the moment of opening and closing a position, and does not need to monitor the news because trading is possible in fully automatic mode.
- The ability to use information from several traders simultaneously. This diversifies the risks.
There are many people who are engaged in trading and have it as their main source of income. If they are good at it they can register at an exchange and become a trader whose deals can be copied.
After that their statistics will be displayed on a page with other trading professionals. The better it is, the higher the position in this list. People who want to try copy trading go to the list and choose a trader. They subscribe to it and pay 10% of each successful transaction (this is the standard rate, it may vary on different exchanges).
Just google “how much crypto traders make?” and you will understand why so many professionals allow their deals to be copied.
What is a copy trading platform?
It is software developed to ease the work of participants in the market. It includes many tools allowing you to automate your trade work. One such tool is the possibility to copy your deals.
The work on the crypto copy trading platform is as follows.
- The trader creates an account on the platform.
- The trader connects the accounts of crypto exchanges to the platform via API.
- The trader begins to copy deals of the selected trader on any of these exchanges.
The best crypto copy trading platform must have the following characteristics:
- Connect to as many exchanges as possible.
- Have a large number of additional trading tools.
- Have a user-friendly interface to make trading even easier.
- Have good technical support to solve any problems.
WunderTrading, which is one of the top trading crypto platforms, has it all. No wonder tens of thousands of traders trust it – both professionals in the crypto world and those just taking their first steps in it.
The platform uses charts to help you visualize a trader’s success over the course of a week, month or year. The profile displays the trader’s current and historical trades.
WunderTrading has many trading robots that allow you to implement any of your strategies. It allows users to develop and automate their own trading software. You don’t need to be a programmer to create one, as the WunderTrading includes step-by-step instructions and tutorials. Connect your robot to any exchange through API and start trading that will bring you profit. If you want to copy trading crypto Binance, WunderTrading will help you with that.
Another advantage of WunderTrading is free crypto copy trading. WunderTrading offers a free unlimited plan that includes all the features you need. This is especially convenient for newbies who are just starting and are not ready to invest extra money in it.
WunderTrading also has a great blog about cryptocurrency, where everyone can enrich their knowledge and learn a lot of new things.