BitFrog is a social trading platform that builds a perfect veteran-newbie trader ecosystem by integrating livetrading track in the exchange accounts and copy order functions. In addition, the platform provides traders with comprehensive data analysis and market indicators, helping newbies analyze the market while watching the live action of experienced traders; hence, they can communicate with these veterans to improve their trading skills while making money on the side; basically, learning and earning.
Also, unlike many platforms that limit the selection of guide traders to a single platform, BitFrog allows users to select from several platforms. BitFrog supports traders who trade on Binance, OKX, FTX, and ByBit; hence, BitFrog users can copy trades from Guide traders who use the above-mentioned exchanges, deposit on BitFrog, and go ahead to trade.
BitFrog Company Information Table
| BitFrog Basic Information | |
| Official Website: | https://www.bitfrog.io |
| Owner: | BitFrog Services |
| Home Location: | Singapore |
| Social Media: | Telegram, Twitter |
What is Livetrading Track？
When a user grants Read Only API access of his exchange accounts to the BitFrog account, he connects his livetrading with BitFrog and gets a livetrading track. Livetrading track is a tool for traders to track trading actions, report profit and loss, get detailed transaction metrics. People will know what you are doing by watching your livetrading track and you can refine your trading strategies through reviewing your livetrading and watching others’ livetrading track as well.
What is Copy Trading?
Copy trading is a way to take positions in financial markets by copying the trades of peers or expert traders with the hope of making profits with very little knowledge. In addition, copy trading gives more room for you to be in charge of your assets and portfolio, unlike hiring an investment manager; for example, to copy trades of expert traders in the crypto market, you can simply open a BitFrog account, pick a trader of your choice, and copy their trades.
Copy trading allows you to profit from the market without knowledge of Technical or Fundamental analysis; with your capital and a Guide trader, you are good to go.
What is Social Trading?
Social trading allows community interaction among traders who relate and share ideas and opinions. With BitFrog’s social experience, newbies can watch experienced traders and chat with them, thereby learning from them.
BitFrog Unique Features
Several social/copy trading platforms exist, each with pros and cons. However, BitFrog addresses many incapacities of social trading platforms with the following unique features:
- CEX Livetrading Track: This function computes traders’ income statistics by recording complete transaction records, making it easy for users to perform transaction reviews. With this information, newbies can improve their trading skills by watching the live operations of experienced users. At the same time, this function allows veteran traders can exhibit their skills, getting an opportunity to be invited by BitFrog to become Guide traders.
- Multi-Platform Copy Trading: BitFrog users can easily copy trade from both spot markets and the futures derivatives market across multiple platforms.
- High-Quality Guide Traders: BitFrog ensures that users are copying trades from profitable traders with verifiable track records. The platform manually evaluates each trader via several factors to ensure quality and professionalism.
- Market Data Function: BitFrog understands that many users are newbies in the crypto market; hence, the platform is equipped with comprehensive trading assist functions that help traders make market judgments and catch trading signals early; this is achieved via comprehensive market data analysis to assist users in decision-making.
- Early Warning Function: This works alongside the market data function; like an alarm, it notifies traders via phone calls and pop-up notifications to ensure that traders will not miss out on potentially profitable trades.
- Powerful Safety and Risk Control Mechanism: BitFrog has an automated multi-layered risk control mechanism that helps newbie traders to mitigate losses and maintain a healthy portfolio. For instance, a copy trade will automatically get terminated if the losses trigger a specific baseline; at other times, the traders could get a prewarning in the case of an abnormal asset from either the trade copier or guider.
Who Should Use BitFrog?
Social trading via BitFrog can be carried out by newbies or veteran traders.
As a veteran trader, you can benefit from BitFrog by influencing trades of newbie traders via copy trading; As a result, you will get rewarded with commissions from each of your follower’s profits. Besides, you can check your transaction and review your performance through track record with the livetrading function.
As a newbie, you can benefit from BitFrog by copying the trades of Veteran traders to earn profits. Also, you can learn from other Veteran traders via BitFrog’s “Livetrading function,” where you can observe live trading.
How to Use BitFrog
BitFrog can be used for carrying out real or copy orders
Carrying out real orders is done via the “Livetrading Track” function; the steps are outlined below
How to observe operation of other hotshots?
- Create a BitFrog account and sign in
- Review Guide Traders’ performance; to do this, you can scroll through the list of available traders from the contract trader master, recommend traders or the real list (leaderboard).
The leaderboard rankings are based on different criteria, which include: Weekly rate of Return, Monthly Income, Monthly Rate of Return, Total Revenue, Total Return, and Total Assets.
- After reviewing performances, pick a trader and subscribe to the trader; then, their trades will be available for you to watch “live” so you can see their “real-time” trading actions. This will help you improve your trading skills, and you can become a pro by watching other Veterans.
N.B.: BitFrog Copy Trading and early warning functions are not yet live but will be available in Q3 2022.
How to Dock Your Own CEX Livetrading?
Docking your own CEX livetrading means to connect your exchange account with BitFrog for trading reviewal and asset analysis. The process simply needs to link your exchange Read-Only API which only allows people to read your transactions and can not alter or perform any actions on your account. You can also hide your operation in the settings.
- Create an API with Read-Only Permission in the exchange in advance
- Register a BitFrog account for login
- Select Livetrading – My Livetrading and tap Dock Livetrading
- Enter your Read-Only API key and secret and authorize to dock. Here you can view your futures leverage, asset statistic report and whatnot
Advantages of Using BitFrog over Other Copy Trading Platforms
BitFrog offers some competitive advantages over other copy trading and social trading platforms; these include, but are not limited to the following:
- Ability to Pick Multi-Platform Portfolios: Currently, copy trading is predominant on exchanges like ByBit, eToro, Gate.io, Poloniex, etc. In order to monopolize trading fees, these platforms limit copy trading to their platform, and users are unable to copy traders from other platforms. However, BitFrog allows Guide traders to connect their accounts to their preferred exchanges via a Read-Only API that reads trades; from there, users can utilize Bitfrog’s copy function to replicate the trade after depositing on BitFrog.
- Sophisticated Tools: Typically, copy trading platforms only offer users the ability to copy trades without additional features; however, this isn’t the same with BitFrog. BitFrog has sophisticated tools that provide users with professional trading information as well as market data analysis; this assists users in making trading decisions.
- One-stop Social Trading: BitFrog has chat functions that allow traders to relate, share opinions and ideas, and collaborate to make the most of the market while building a strong community.
What to Expect From BitFrog in Q3/Q4 2022
BitFrog is expected to roll out new updates in the second half of 2022 to facilitate a seamless social trading experience; they include:
- Mobile App Development: The BitFrog team is currently developing a mobile application for easier execution of real orders and copy trading with “contract copying functions” on the go. Also, the mobile app will be optimized to integrate tracking livetrading in the exchanges and copy orders while improving the accuracy of transaction records to enable newbie traders to review past transactions and improve their trading skills.
- Push Notifications: BitFrog also intends to add more in-app trading support, including the “early warning function” and the “risk control warning” that notifies traders of set parameters (e.g., entry and exit prices). Traders can also set indicators for entry and exit based on their analysis on TradingView, and they will be reminded via pop-up and call reminders.
BitFrog Frequently Asked Questions (FAQs)
- Can I interact with other Traders on BitFrog?
Yes, you can interact with other traders on BitFrog, and share your opinions and ideas on trading strategies; BitFrog aims to be a one-stop shop for social trading.
- Is There a BitFrog Mobile App?
At the moment, BitFrog only has a desktop version; however, the mobile application will be available by September 2022, with easier copy trading functions for users.
- What Kind of Trades Can I Copy on BitFrog?
At the moment, BitFrog only supports the CEX livetrading track function; the copy order function is expected to kick off in September.
- If I copy the trade of the best Guide Trader, will I lose?
In crypto trading, there is always a possibility for profits and losses. So, no matter the success rate of your preferred guide trader, it is vital that you practice adequate risk management and diversify your portfolio; never rely on only one person or strategy.
