Copy trading is a great way to trade for those who have no experience or time. Using a trading platform will make the process even easier.
Before we get to explaining what a trading platform is, let's understand the concept of copy trading. You copy deals of your chosen professionals and get equal profit as they do. Such a method is convenient if you want to learn how this or that strategy works, if you are not confident in your skills or if you have a goal to earn money without making any efforts and trusting professionals.
If you are a successful broker, and you know how to copy trade crypto, you can become someone whose trades are copied and earn large sums on your followers. The more successful your trades are, the more followers will copy your deals and the higher your profits will be.
The advantages of this approach were listed above, but it also has disadvantages. First - for each trade, you need to pay a commission to the trader, whose deals you copied. And second - if the trade of your chosen professional turns out to be unsuccessful, you will lose money, as well as he.
In any case, copy trading crypto is a great tool, which is why its popularity is growing every day.
Copy-trading platform - what is it?
Essentially, it's software that allows you to get information about trading on an exchange, analyze the behavior and value of digital assets, make trades, and manage your account. In addition, many trading platforms provide a feature that is described in our article - copy-trading.
There are several types of copy trading platforms:
Desktop. The most fully functional version. Installed on the computer by running the installation file, previously downloaded from the broker's website. Since many platforms are constantly being updated by the developers, almost all of them are compatible with the used versions of Windows. However, if someone still has an old computer with Windows XP/2000, there will be problems with the installation of the platform.
Web. Does not require installation, opens in a browser. Considered faster than the desktop version, but may have limited functionality. For example, you cannot add custom indicators to the browser platforms.
Mobile. Installed on Android and iOS. Allows you to open/close trades, impose a limited number of indicators on the chart. The mobile version of the terminal is not suitable for full-fledged trading in cryptocurrency. But it is convenient when you are on the road or on vacation, when you need to view the chart for a couple of minutes or close an order opened on the desktop platform. You can connect the desktop platform to the mobile platform to use alerts.
There are both paid and free options. As a rule, brokers provide access to the terminal for free if you open an account with them. Of course, each company offers different conditions, so before choosing a particular platform, it's best to read the terms in the contract or in the description of the tariff plan.
How does the such platforms work?
The principle of work is quite simple. We will describe it step by step.
You need to choose a trading platform. To do this, study its features, tariffs, as well as reviews about them on the Internet. The latter is especially important, because it is thanks to the reviews you can avoid scams in resources.
Register on the platform. Some require you to enter your personal data, while others just need your phone number. In fact, the more complicated the verification, the more reliable the platform can be considered.
Connect your trading account to the platform via API.
Go to the "Copy trading" section and from the list of suggested traders, choose the one whose trades you would like to copy.
Click the "Start trading" button.
The name of the button can be different on various trading platforms, but the essence will always be the same. So the principle of copy trading crypto that we've given you will be suitable for any copy trading services you choose.
How to choose a copy trading platform
Choosing a trading platform is a very important and responsible task, because your income will depend on it. We advise you to adhere to the following parameters:
Reliability. Failures in the work of the exchange or brokerage software today are rare. However, they can have an extremely negative impact on open trades and portfolios of traders. That's why trading has such criteria for choosing a platform to work with. Even a one-second delay can affect the final profitability, such as in the work of a scalper trader. A trader makes many deals during one trading day, that is why the delay in information in movements of quotations should be minimal.
Features and tools. Large exchange platforms offer a wide set of tools for technical analysis. As a rule, web terminals and mobile applications do not have them.
User interface. Although mostly an individual factor, it is much more comfortable and faster to work with a program, in which all the buttons are located intuitively and there is no constant doubt about the tasks of certain tabs.
Cross-platform. This means versions of the same program for a computer, a mobile device, and sometimes a web terminal. They are all interlinked with each other. For example, you begin operations in the mobile terminal, and in the evening come back to the computer, look at the daily history of transactions and continue trading. Some traders find such a possibility very convenient.
Security. Agree that losing all the money you earned as a result of successful trading, at least, is very unpleasant. That's why the platform you choose should have reliable security systems. In addition, take care of protecting your account yourself and always use two-factor authentication.
WunderTrading - the best platform for your work
We can confidently say that WunderTrading is what you need if you are going to get into copy trading or are looking for a simple and reliable solution to work with various exchanges. Undoubtedly, it matches all the characteristics listed above, and in some parameters it even exceeds them.
WunderTrading can be called one of the best trading platforms. It is so simple, clear and easy to use that it allows even a beginner who has no special knowledge in trading and is not familiar with technical analysis tools to start work.
WunderTrading allows you to automate trading with various robots, and the copy-trading function will do all the work for the user - he will only have to connect an account at the exchange of his choice, find a professional trader from this exchange and receive the same profit as he does.
The platform works with major cryptocurrency exchanges, allowing you to copy trades - whether it's copy trading Binance futures, copy trading Kucoin, or any other exchange. In other words, you can trade on your favorite exchange using WunderTrading's user-friendly interface.
WunderTrading is trusted by tens of thousands of users thanks to its multilingual interface, convenient settings and usable trading tools. So if you want to make significant profits without spending much time trading and without learning the ins and outs of technical analysis, take advantage of copy-trading implemented in WunderTrading. In addition to profits, you will be able to learn the methods of experienced traders and eventually become as professional as they are.
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