Guide to Cryptocurrency Copy Trading

Excerpt. image url

There are a few things to be done before you can start trading or investing in cryptocurrencies. You need to choose one out of many crypto trading platforms, get a cryptocurrency wallet and then decide what amount you will be investing in cryptocurrency. This guide will help you to understand what is copy trading, choose the best cryptocurrency trading software and everything else you need to start copy trading in crypto markets.

Everyone knows that the cryptocurrency market is insanely volatile. That is the single most important reason for them being so profitable, yet so risky. Here are some ways to decrease the chance of losing money in Cryptocurrency Trading.
Trading, as a source of stable income, will require a good level of knowledge/understanding of the market and appropriate mindset. This, in turn, would be achieved through practice and therefore will require a good portion of your time. At the same time, risky markets become even riskier, if you have no experience with trading.

In that case, you might want to consider social trading as a solution. That way you won’t have to come up with trading plans or strategies yourself and use a strategy of the professional trader instead.

What is Copy Trading?

Copy Trading is basically a strategy of mimicking deals of another trader. On most copy trading platforms, this is an automatic process in which you have to select the trader and as soon as he will execute any trade, the same trade will be created on your trading account. It can be done in any market and crypto market is not an exception.

Online platforms that are using copy trading feature vary a lot in their terms and conditions of usage. Some operate as a free market where any trader can register and start trading, while others act as a more exclusive platform with monthly subscriptions and allow only certain traders into the platform. At the same time, some platforms restrict the amount of trading funds and you will have to upgrade to the best possible plan to trade without any restrictions. That is why it is important to carefully select the best copy trading platform with all the pros and cons.

Benefits of Copy Trading

What's make most traders successful is consistency in trading cryptocurrencies. However, to achieve that consistency a trader will require a significant amount of time. Secondly, traders who can make a consistent profit, may not have enough capital to make trading as their full-time job. On Wunderbit Trading platform, successful traders get access to investors’ capital and receive commission out of profitable trades, therefore boosting their own capital.

Copy Trading vs Manual Trading

You shouldn’t rush to invest/trade without having a deep understanding of the markets. Even then, it’s recommended to make trades with 1-2% portfolio loss possibility. The profits can be as high as your imagination, but the loss has to be cut short.

Same goes for copy trading, to understand how the markets work, we’d recommend starting by reading a few books about the markets, then do some paper trading using virtual money, then go and test the markets with the lowest possible capital, with a goal to learn, and only then increase your investments to get some gains. 

Never go full in on something you know nothing about – that’s a very common rookie mistake, usually the last one too.

Which Copy Trading Platform to Trust

We recommend Wunderbit Trading – a copy trading platform that is free and easy to use.

Benefits

• You always own your crypto, it's always on your account
• You can stop at any moment
• Best crypto traders and bots
• In-house exchange to buy bitcoin instantly, or then the sell bitcoin

Wunderbit Trading is an automated trading platform that allows two types of audience to engage and profit from each other. It brings together people who would like to invest in crypto with people who actually know how to do that. An online trading platform is connected to the largest crypto exchanges, where all actual crypto trading happens. This also ensures a high level of security, liquidity and availability of the most popular cryptocurrency list. Role of Wunderbit Trading is to make capital management and trading activity as sophisticated as possible by allowing to focus on the most important – analysis and decision-making.

With Wunderbit Trading platform crypto traders become more than a trader, they become fund managers. The instruments that are combined in the platform allows traders to create, manage and grow their capital in a flexible and easy to use manner.

How to start Copy Trading?

Copy Trading has never been easier. All you have to do is:

1) Choose a crypto trading software you like (we recommend Wunderbit Trading)
2) Sign up and connect your exchange account through API
3) Pick a successful trader and follow him
4) That's it – copy trading will now start making you more crypto

Disclaimer

You shouldn’t rush to invest/trade without having a deep understanding of the markets. Even then, it’s recommended to make trades with 1-2% portfolio loss possibility. The profits can be as high as your imagination, but the loss has to be cut short.

Same goes for copy trading, to understand how the markets work, we’d recommend starting by reading a few books about the markets, then do some paper trading using fake money, then go and test the markets with the lowest possible capital, with a goal to learn, and only then increase your investments to get some gains.