Can You Copy from Other BTC Traders?

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Blockchain technology has revolutionized the world of finance by providing millions of people all over the world with easy access to new income-earning opportunities. Crypto trading is typically considered one of the most profitable, but also one of the more risky ways of profiting from blockchain. But what if you could copy BTC traders which are the most successful, thus mitigating all the risks?

What Is Bitcoin Copy Trading?

Copy-trading, also known as mirror trading or social trading, is an innovative way of trading blockchain-based digital currencies. Although pioneered on forex and stock trading platforms, copy trading is now becoming massively popular in the crypto ecosystem as well.

Trading cryptocurrency is not easy, and it involves long hours spent staring at charts and analyzing the technical fundamentals of different crypto coins and tokens. While it can be very profitable, getting good at trading crypto takes years, and during these years traders lose a lot of money learning from their own mistakes.

When you copy BTC traders, you skip the entire lengthy and complicated learning process and go right to the part where trading crypto is actually profitable. Instead of trying to guess or deduce which trading strategies are the best, you simply copy the strategies of the crypto traders who are most successful.

Of course, you don’t have to copy Bitcoin traders exclusively. The same mechanisms can be applied to other cryptocurrencies, which means that you can just as easily copy ETH traders or altcoin traders.

Why Copy BTC Traders?

Copying BTC traders is becoming increasingly popular, and for a good reason: mirroring the trades of more experienced traders provides many advantages over personally coming up with every trade you make.

Benefits of Copying BTC Traders

Easy to Use

Of course, the greatest advantage of copy trading is its simplicity. You don’t have to spend hours or even days staring at charts and trying to predict what the market will do next. You can simply copy Bitcoin traders with a proven record of successful trades.

Mitigated Risk

Trading cryptocurrencies always involves a certain degree of risk, mostly related to the notoriously high volatility of the crypto market. The less experienced the trader, the bigger the risk. While the risk can never be completely eliminated, copying veteran BTC traders allows you to mitigate it as much as possible.

Rational Trades

Beginner crypto traders usually lose money due to making trades based on emotions, and not cold and rational calculation. In other words, beginners are prone to buy high and sell low, which ultimately means that their trades are unprofitable. When you copy BTC traders, you eliminate the emotional aspect altogether, as you mirror the strategies of elite traders who never base their trades on emotions.

Increased Profitability

One of the main benefits of copy trading is its improved profitability compared to just making all the trades by yourself. Simply put, veteran traders always make more money than beginners, so copying experienced traders is the surest way to increase your crypto trading gains.

Different Strategies for Copying BTC Traders

It’s extremely easy to copy BTC traders: usually, all you have to do is to pick the trader that you like, and who has a proven record of successful trades. But copying Bitcoin traders also involves some flexibility, and you can employ different copy trading techniques depending on your specific goals.

Setting Limits

One of the main reasons why beginner traders lose money is spending more funds for trading than they can afford to lose. Some trades can look very attractive at certain times, which can cause the traders to put a lot of money into trades that involve a lot of risks. Fortunately, copy trading platforms allow the user to put limits on the trades, which greatly mitigates the risk.

Verifying the Traders

When you copy BTC traders, you can thoroughly analyze many different traders before you decide to mirror the strategies of the trader you like the most. You don’t have to trust anyone’s esteem – you can take a look at their portfolio and trade history to verify their skills and experience by yourself.

Spreading Your Investments

Diversifying your assets is the best way to increase the overall profitability of your trades while mitigating the risk. Simply put, you don’t have to copy all your trades from a single trader – you can spread your assets between different traders, and copy many of them at the same time.

How to Copy Bitcoin Traders?

Of course, copying crypto traders doesn’t mean that you have to manually mirror somebody else’s trades. All you have to do to copy BTC traders who are successful and experienced is using one of the platforms which provide copy trading functionality.

Thanks to using specialized platforms, copying BTC traders is very easy. You just have to select one of the many crypto traders that you think are successful and allocate a portion of your assets to copying the strategies or even the exact trades of the traders you’ve picked.

The Best Platform to Copy BTC Traders

It’s becoming increasingly popular for beginner traders to copy Bitcoin traders who are more experienced and more successful. The popularity of copy trading has caused a large number of platforms to provide their users with the ability to copy Bitcoin traders.

Some platforms on the market originally offered only forex and stock trading and introduced cryptocurrency support at a later time. Other platforms weren’t designed with social trading in mind and added the option to copy BTC traders as one of the side features

In order to copy Bitcoin traders with maximum efficiency, it’s essential to use platforms like Bingbon which are designed specifically for people who want to copy BTC traders in the easiest and most profitable way possible. Only by using a dedicated social trading platform can you be sure that you benefit the most from copying veteran Bitcoin traders.