The cryptocurrency market is heavily retail-driven, making it ultra-sensitive to industry trends, both from a price action standpoint to how products and services are developed. For example, the trading community is becoming increasingly social, making copy trading one of the hottest new trends for the coming year.
To prepare you for the new year, this guide will explain the benefits of copy trading, how to take advantage of the tool, and where you can find the most reliable copy trading solutions available.
Could Copy Trading Become As Big As The Copy Machine?
When Xerox first introduced the copy machine at scale, the benefits were immediately seen. The company’s name became so commonly associated with making copies American’s called it “Xerox-ing” much like today, people will “Google” what they are looking for online rather say they’re making a “search query.”
With a copy machine, you simply hit copy, and a duplicate of the document you are seeking to replicate will be produced. From the moment it became a home and office staple, it did everything an individual or business needed short of actually printing money.
Copy trading clearly doesn’t have anything to do with the copy machine, but in concept, it works like the above. Click “Follow” and automatically copy the trades of proven-successful strategy managers who have their performance tracked transparently within the PrimeXBT copy trading community. It’s the closest thing you’ll get to actually printing money.
What Are The Benefits Behind The Copy Trading Trend?
PrimeXBT copy trading is presented in partnership with the licensed and regulated European fintech developer Covesting, who created the copy trading module from the ground up. The Covesting copy trading module connects followers and strategy managers, who form a symbiotic and synergistic relationship where both benefit from one another financially.
Followers get the obvious benefit of making money when the strategy manager successfully closes a profitable trade without having to do all the hard work themselves. However, strategy managers also make a cut from each follower’s success fees, creating an extra stream of income otherwise not possible without the following.
This system encourages strategy managers to perform at their best, grow their ROI and following, and rise the ranks of the Covesting leaderboards. The higher the rank, the more visibility the strategy gets, which means more potential income from followers.
How PrimeXBT Copy Traders And Followers Stay Profitable
Followers can build a diverse and risk-averse portfolio by following several traders at once. At the same time, strategy managers can manage a portfolio of crypto, forex, stock indices, commodities, or any of the more than 100 trading instruments provided by PrimeXBT.
PrimeXBT gives all traders – strategy managers included – access to powerful tools like long and short positions on leverage, stop-loss orders, built-in technical analysis software, and more. There is also an educational website called the PrimeXBT Trading Academy, where traders can sharpen their skills and learn new strategies.
Another section of the platform, PrimeXBT Contests, allows competitive traders to earn extra crypto rewards by competing in weekly competitions for a chance to win prizes. The risk-free trading environment and virtual funds also enable traders to practice what they learned in the academy or backtest technical indicators before using a trading system in a live market.
Catch The Copy Trading Trend Early With PrimeXBT And Covesting
PrimeXBT currently has more than seven of the top ten traders with more than 1,000% in total profits for followers to tap into at any time. The highest-ranked trader boasts more than 4,000% ROI since they joined the platform. PrimeXBT regularly releases a monthly trader report to give the community more insight into overall performance in critical areas, like max win ratio, monthly profits, and newcomer profits.
All facets of the Covesting copy trading module have been integrated into PrimeXBT’s award-winning Android and iOS mobile application, giving traders access to global markets and complete control over positions. It also lets traders buy crypto at any time in a few taps to top up a margin account or exchange one asset for another.
PrimeXBT was named Crypto Expo Dubai’s Most Trusted Crypto-Asset Trading Platform for 2022, closing out an incredible year of growth and achievement for the company. With copy trading becoming a more important trend for 2023 and Covesting emerging as the market’s most innovative copy trading experience, get the full benefit of catching the trend early with PrimeXBT.