Trading invaluable assets to gain from the price variation of the asset over time requires experience and knowledge of how the market functions. Gold bullions, or shares of companies, have been traded for times immemorial. But cryptos, or blockchain-based currencies, are a new addition to the list of items that are being traded, and hence, most traders are inexperienced when it comes to crypto trading.
Hence, crypto trading platforms like Bidsbee, which have features like copytrader, are useful for new traders.
What Exactly Is Copytrading?
In simple words, copy trading allows new and inexperienced traders to learn from and imitate the knowledge of more experienced peers. Mastering the tricks of trading takes years of experience, so copy trading allows individuals to automatically copy positions managed by others. For instance, if a verified trader places ten percent of the total amount of his trading account in gold, the person who copies that verified trader will automatically see this change in his account.
The major advantage of copy trading is that it allows a new trader to use the skills of experienced players and thus helps to avoid costly losses and make a worthy investment. Typically, copy trading platforms permit new users to copy different verified traders from time to time. So, copy trading allows you to learn different crypto buying styles so that you can make the most in the field of crypto trading.
Copy trading helps new traders, as well as the verified ones whose moves are copied by others. These traders are also known as signal providers, and they can earn additional income by allowing others to copy their positions.
Copy trading has several advantages, but there are disadvantages as well. New players are assured that their investments are safe when they copy verified users. However, one major disadvantage is that new players miss the practical opportunity to learn the tricks of the trade.
Bidsbee Copytrader And Its Useful Features
Bidsbee offers a simple, easy-to-use app where a new user has to pick up a trader whom the platform has verified as a profit-earning trader. Once you subscribe to the verified user of your choice, you must set up your desired total balance. Setting up a total balance will make sure that the trades are placed in proportion to the total balance that you have set.
Some Features Of Bitsbee Copytrader
The service uses non-custodial services, which means it doesn’t request the trader to deposit the funds anywhere, nor does it source the user’s funds. To register into an account, one doesn’t have to pass KYC or provide any confidential information. ‘
Moreover, the app is such that a new user does not waste much time monitoring the markets. All that one needs to do is register, connect an account, and pick the best possible trader to copy.
Developing one’s crypto buying strategy is tough and very time-consuming. So, it is always prudent to take the help of copytrading features in crypto exchange platforms to minimize losses.