The number of traders using copy trading platforms to make money in the crypto market is growing dramatically daily. Most people see copy trading as an opportunity to use the knowledge of experienced traders to make money in financial markets. 

A good copy trading platform such as BingX is quite simple, as you only need to copy the trades of experts who have more knowledge than you and make money from them. Today, there are more subpar copy trading platforms posing as credible platforms. 

However, there are proven signs that can tell if a copy trading platform is authentic and reliable. This article will comprehensively explain copy trading and the essential features to look for when choosing a credible copy trading platform. 

What is Copy Trading, And How Does it work? 

As the name suggests, copy trading involves copying the trades of investors with more knowledge of the trading market. With copy trading, you don’t have to conduct extensive market research before crypto trading. All you need to do is duplicate a professional trader’s trading data to make a profit in the market. 

BingX Copy Trading: Benefits and The New Elite Copy Traders’ programme. Source: BingX

Although professionals and amateurs use copy trading, beginner and intermediary traders are the biggest beneficiaries. Since most beginners have little experience in financial markets, they can also leverage the trading knowledge of experts. 

When a trader signs up on a copy trading platform, they are given all the necessary information that will allow them to start trading. The financial asset to trade, the entry point, the closing point, and even the stop-loss limits are provided for the trader. 

It is worth noting that copy trading does not always guarantee profits, as it sometimes ends in losses. A copy trader’s success or failure will depend on the copy trading platform and the professional trader from whom they copy trades. 

Essential Features to Consider When Choosing a Copy Trading Platform

Below are some features you should look for when choosing a platform for copy trading.

Customer Support 

Customer support is one of the first features a trader should consider when choosing a copy trading platform. It is critical to sign up for a copy trading platform that can handle and respond to any problems you may encounter, regardless of the size of your portfolio. BingX is a copy trading platform that responds to customers with as little as $50 in their account as they do to customers with $10,000. 

Also, before choosing a copy trading platform, ensure there’s customer support available for your location. BingX has presence across Asia, Europe and America and has a large customer service base that serves you irrespective of country or language.

A good copy trading platform’s response time should also be fast; always go for a copy trading platform that responds within hours and not days. 

Proper Security

If you care about the state of your funds and trading account, you need to evaluate the security of a copy trading platform before using its services. Sometimes, a copy trading platform can have the best customer support available but fail to secure their customers’ funds. 

When discussing the security of a copy trading platform, the emphasis isn’t only on the security of funds. Also, the privacy of those using the platform should be considered; don’t use a copy trading platform whose customer data always leaks.

Security For Cryptocurrency Exchange. Source: Merkeleon

This is why BingX stands out as one of the most secure exchanges in the world due to its robust security features and certificates. 

Reliability 

Imagine being in the middle of a trade when the copy trading platform you use crashes suddenly. That’s a very bad experience for those who want to make a huge profit by copying the trades of expert traders. Apart from bad experiences, it also leads to losses in time and resources used in the failed copy trade. 

A glitch within a copy trading platform can result in losses, especially when trading on volatile financial markets such as the cryptocurrency market. The in-app features within the copy trading platforms should also work smoothly. This will help avoid unnecessary mistakes. 

Quality Signal Providers 

Many experts will recommend that you don’t use any copy trading platform that does not have quality signal providers. Indeed, what is the point of joining a copy trading platform if they do not provide high-quality trading signals?

BingX copy trading platform provides all the information you need for a successful trade, such as analytics tools, stable infrastructure, and successful signal traders you can copy. 

Ease of Use

One of the features to look for while looking for a reliable copy trading platform is its ease of use. 

For starters, the website or software of the copy trading platforms should be easy for users. The interface should be designed so that traders won’t have a hard time navigating through the exchange. 

On top of that, what distinguishes BingX from the rest is its relentless innovation. Our exchange not only comes with many features, but the interface is simple enough for traders to know exactly where to find certain features. 

Innovative features 

BingX Partners with Mercuryo to Enhance Payments Efficiency. Source: InvestingCube

BingX has always pride itself as pushing the boundaries and pioneering the latest features on its exchange. Most recently, we have announced our partnership with Mercuryo, which is set to transform the digital payments landscape by providing secure, fast, and easy-to-use solutions for customers worldwide. 

The partnership between BingX and Mercuryo is a significant step forward for the Fintech industry, as it paves the way for a more accessible and efficient digital payments ecosystem and is just the beginning of a new era in the digital payments industry.

Best Copy Trading Platform To Use in 2023: BingX Exchange

Copy trading is very important for many traders, as it helps them make certain trades without needing to be experts. With copy trading, beginners can start trading daily by duplicating the trades of successful and expert traders. 

However, in making a choice, one must choose the best and most reliable copy trading platform to ensure you do not suffer losses. Some of the essential features of a reliable copy trading platform are good customer support, ease of use, quality signal providers, and many others. 

BingX remains the best crypto-copy trading exchange option around. Not only does it have thousands of expert traders to copy from, it was voted TradingView’s Best Broker Award for the second year running.

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