Copy trading is a modern concept that has been around in the financial sector and is starting to pick up in the crypto space. BingX is a frontrunner in crypto copy trading, allowing its users to follow specialised investors and copy their trades for their own gain. 

To start from scratch, copy trading is a type of online trading where traders use software to copy trades made by other traders – in this case, done through the BingX trading exchange. Essentially, copy trading allows traders to mirror the trades of other successful traders in real-time to replicate their success.

When a trader chooses to copy another trader, the platform automatically executes the same trades that the copied trader makes in real time. This means that the copied trader’s trades are replicated proportionately in the copier’s account to the amount of capital allocated to the copy trading.

Copy trading is generally considered a beginner-friendly and low-risk way to participate in the financial markets, which is no different in crypto. It allows crypto traders to benefit from the expertise of more experienced people without investing a lot of time and effort into learning how to trade themselves. However, it is important to note that copy trading in crypto does not guarantee profits, and traders should always do their own due diligence before copying others’ trades. 

In this article, we’ll dive briefly into how you can start copy trading on BingX and how risk vs. profit should be considered when using this feature.

Get started with copy trading on BingX

If you are considering getting into crypto copy trading, BingX might be the right place. At BingX, you can copy global elite traders, who consistently showcase the ability to profit from crypto even during the current bear market. 

When you enter the BingX platform, you can choose “Copy Trading” on the menu bar, and you will be redirected to the copy trading site. Here, you will find an overview of current trending traders on BingX and more. Depending on what you are looking for, you can sort by conservative traders who invest with low-risk strategies to gain consistent profit. You can also find the rising stars or a complete list of all the active traders BingX offers. You can even apply to become a trader if you are confident enough to share your trades with others.

Source: BingX

BingX has hundreds of active traders that you can follow regularly or copy their trades in real-time with the amount of money you want to invest. Before choosing one or more traders to copy, you can enter their respective BingX pages and see how they are going. 

On each page, you will find a detailed data overview of the respective trader, so you are completely aware of how they are doing in the market. You can check their return on investment (ROI) on a 7, 30, 90, and 180-day scale. With this simple function, you’ll quickly learn how profitable the trader is.

Dive into the BingX copy trading world, search for the trader that fits your needs, and get going through the user-friendly platform.

Source: BingX

Risks vs. profit: Is copy trading worth it?

Even though copy trading sounds like one of the easiest ways to profit in crypto, note that there’s always risk bound to the strategy. While copying experienced traders with a proven record increases your chances of success, no one can guarantee profit – especially not in a volatile market like crypto. 

So before jumping into copy trading, you still need to compare the risk you are willing to take compared to the potential profit. If you are willing to take risks in the crypto market, copy trading can be a great idea, especially if you are still new. If you invest conservatively, it’s important to look in depth at the different traders since you want to find one with the same risk management. 

Another risk to consider in copy trading is that you aren’t in complete control of your own investments. You put your trust and money in the hands of another trader and rely on him or her to make the right decisions. Since no one can predict market movements, even the best traders will make wrong decisions. So in copy trading, it will be about trust and patience so that the respective trader can beat the market in the long run. 

Overall, copy trading can be a useful tool for novice traders, but it is important to be aware of the risks involved and approach copy trading cautiously. It is important to do your own research on the traders you are considering copying and to ensure that you have a solid understanding of the markets you are trading in. If you manage to do this due diligence, then you are in a position where you can also profit heavily from copy trading. With all these risks comes great potential for earning money in the crypto space and slowly learning how to invest by yourself.

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