Disclaimer: This article doesn’t give any financial recommendations. We are sure you are wise enough to manage your investments yourself.
Bitget is an exchange, that has an incredibly interesting feature of so-called copytrading.
For the ones, new to crypto market
Inexperienced users can see all the top investors’ moves and use that same pattern with their assets, giving away 10% from those patterns’ profit to pattern creators. That way they can gain knowledge and experience about trading, while also having a passive income, that is totally safe.
For the more experienced ones
You can appear on the other side of the copytrading feature, not using the professionals’ patterns, but creating them. That way you earn 10% royalties from every successful operation, executed with your pattern.
Just imagine opening a successful long position on some cryptocurrency, while having 20 subscribers. Let’s say you earn 300 USDT yourself. Your less brave subscribers didn’t invest that much and have only earned 2000 USDT in total. However, those are still 200 USDT passive royalties because of the pattern, you shared.
The feature isn’t new to forex trading overall, but Bitget are the first ones to utilise it on a decentralised price exchange.
When copytrading appeared on centralised exchanges it also brought the problem of “professional” investors, verified by only the exchange itself, who are also anonymous. That way, people ,subscribed to some professionals, could be easily scammed due to the lack of information about them.
Blockchain and clear are synonyms, so you have all the info about professional traders, when using DEX-based copytrading systems. That makes this feature much more safe and choosing which investor to follow much easier.
However, we will still give a definition on every metric, trader’s profile shows.
- Total P/L 3W - a ratio between how much loss to how much profit has the trader made in the last 3 weeks. The most important indicator of a reliable trader.
- Total P&L - shows how much trader’s money has gone through Bitget overall.
- Win Rate 3W - shows the percentage of successful deals, executed by the trader.
- Accum transactions - shows the overall number of deals in the last three weeks, executed by the trader.
- ROI (Return on investment) - shows how much of the money invested has the trader returned back in the last three weeks.
- Accum followers - how many people have followed the trader overall.
- There is also a follower/max.follower indicator, that shows how many more people can follow the trader to copy his trades.
For the ones, who want to become verified traders requirements are:
- Holding at least 500 USDT on your balance;
- Completing a short KYC (Know Your Customer) form and if your application is marked as approved you are able to share your trades.
We aren’t sure about how much you can earn by copying others’ patterns. However, you can certainly have passive profit if you are skilled enough for people to use your trades.