Copy trade - New trend of cryptocurrency exchanges?

[Mia44]

Recently I have heard a lot about copy trading on two cryptocurrency exchanges Bingbon and LetMeTrade. With the Forex market, copy trade is not new, but with the cryto market, the trade is just beginning. The question is:
- Is copy trade a new trend in 2020 of cryptocurrency exchanges?
- Does copy trade help new people? when they only need to copy professional people.

[mk4]

Copy trading has been a thing for a while now; as far as I remember, eToro was one of the first(or at least one of the first successful ones) to have this feature on their platform. Can people make money through this feature? Sure, but they definitely could also lose money. Would I suggest people to use such feature? Hell no.

If you're lazy to trade crypto and just want to leave money, then just go with bitcoin. If you're lazy to do research on stocks and be updated on the daily, then just go with index funds or ETFs like the Vanguard Total Stock Market ETF(VTI/VOO).

[Strongkored]

I will answer question number two because this is based on my experience doing copytrades on the forex market, the answer is NO.
In my opinion copytrade is dangerous compared traders who don't or not yet understand the charts, because in copytrade they don't do any analysis which means their knowledge of the market will not increase.
When they lose they just wait for the next order and expect a very different result there is profit.
If they do the trading themselves even if they are not proficient by continuing to analyze will increase knowledge so as to minimize risk.
And you need to pay fee to still access the copytrade.

[Ucy]

I have not tried things like that before, though I have followed and learned from some interesting traders in the past.
Copy trade will probably work better in "social trading" like setting. In such settings, you could find top rated traders who are consistently successful, subscribe to their trading activities and possibly copy them. I have seen similar things posted on this forum. I wonder if they worked out for the owners.
It probably would work well on decentralized & immutable network.

[pawanjain]

According to me, one should only take the risk of investing in something new if he is planning out the strategy well by himself and has calculated the risk of loss of investment.
In this case, copy trading fails to achieve our goals. So the simple answer would be not to take the risk of trading via copy trading and instead plan your strategy well by yourself and then execute the trade.

[leowonderful]

I'd also say that this isn't a completely new trend given eToro's previous support for copytrading crypto on their platform starting at least several months ago, and I personally haven't noticed many other major platforms offering crypto copytrading, but I wouldn't be surprised if this did become more of a major trend in the future as I imagine this is something appealing to newer investors.

Copy trading can definitely help people, but you don't learn anything at all from it and it's unrealistic to expect that copying someone else's actions will make you rich. At least have some basic understanding of trading.

[mk4]

Copy trading can definitely help people, but you don't learn anything at all from it and it's unrealistic to expect that copying someone else's actions will make you rich. At least have some basic understanding of trading.

How? I really can't think of any way how copy trading can help people. Sure, there are definitely traders out there that you can copy that could earn you a profit, but it's pretty much a gamble as you wouldn't know how long a certain trader will keep on winning.

Again, BTC for crypto, or index funds and ETFs for the stock market. The best "lazy" solution imo.

[SquallLeonhart]

- Is copy trade a new trend in 2020 of cryptocurrency exchanges?
- Does copy trade help new people? when they only need to copy professional people.

Why not? If copy trading is successful with the Forex market then we not we have that in crypto exchanges? I believe this will be a most welcoming trend in crypto currency trading space in 2020. I believe this will be providing better benefits for the people who are still lagging with their technical analyzing skills.

At the same time, I worry about the people who themselves calling professional traders but actually not having good skills for performing better in crypto trading. Because, copy trading will not be coming for free of cost. You need to pay some subscription charges every month but it will be for the right people then it is not a big problem. I'm just concerned about the other cases .

[btcholder]

Recently I have heard a lot about copy trading on two cryptocurrency exchanges Bingbon and LetMeTrade. With the Forex market, copy trade is not new, but with the cryto market, the trade is just beginning. The question is:
- Is copy trade a new trend in 2020 of cryptocurrency exchanges?

It's not a new thing may be it's a new way to scam yourself. Copying another people strategy or following trade bot isn't a new thing. Forex trading is not such a sensitive marketplace like crypto currency. So It's a bad idea to follow same strategy like that. In my thought those exchange you mentioned above is not much trust worthy to trade. So careful before start trade their.

- Does copy trade help new people? when they only need to copy professional people.

There are many people out there whom try to share their thought how can you profit from trading just because of following their steps. I can tell you that maximum people will use you for their own profit. So stay away from them and use your own method for trade.

[wozzek23]

This is not a new thing when it comes to forex trading, but as for cryptocurrency trading, this is the first time I’m seeing or hearing about this copy trading. The two exchanges you have mentioned here I don’t know about them, and this copy trading is a really good idea. It’s going to be of a really great help to newbies.

In forex sites like eToro, traders are able to copy the professionals and place trades the same time and the same way. Having that in cryptocurrency exchanges will allow traders to be able to do the same and copy professionals, instead of carrying out the wrong trades and losing their money.

[bitbunnny]

Copy trade isn't that new but as far I know don't many people trade like that. Maybe it's now becoming more popular and people are always searching for new techniques and methods, something that will bring them better profit.
Personaly I haven't tried it and I don't know what are the advantages but I don't think that only by copying.someone else you can become successful.

[rexxarofmoknathal]

As a matter of fact, copy trading which is a form of management trading has been around for years, and to be precise from ~ 2005. This type of trade where new traders copy the trading strategies of others, more advanced traders can be a great success for those who understand a little bit about the trading industry.

The pitfall of this type of trade, especially for the new traders is that without a basic understanding they can copy these strategies and without even knowing could potentially undergo a huge loss.

As such, I recommend copy trading as a resource for people who have trading experience, as otherwise in my opinion, their use may lead to catastrophic losses.

If any of you would like to read more about this topic, this is a easy to read article: https://www.cmcmarkets.com/en-gb/trading-guides/what-is-copy-trading

[exstasie]

Copy trading can definitely help people, but you don't learn anything at all from it and it's unrealistic to expect that copying someone else's actions will make you rich. At least have some basic understanding of trading.

How? I really can't think of any way how copy trading can help people. Sure, there are definitely traders out there that you can copy that could earn you a profit, but it's pretty much a gamble as you wouldn't know how long a certain trader will keep on winning.

Betting on a winning fighter, or a winning horse, or a growing company makes perfect sense. It's probability, not pure gambling. As long as they keep performing, people should keep betting on them. Nothing is guaranteed but that's not a reason to abstain from profitable trades or bets.

I have actually learned a few new tricks watching top copy traders too. Granted, I wouldn't have picked anything up if I were a novice and didn't already know what I was doing. Just saying, I did find some value in observing the trades of high performing traders.

[Yamifoud]

No wonder why it comes into like this. Because they saw the others that this kind of artwork has an amazing result in attracting them to copy their works and mirroring with them will actually it works. This kind of scenario isn't new to everyone, people will always do the same if they saw the others being successful in one thing. I'm not sure if that falls into greediness (maybe) but for sure it is because of jealousy.

That is why some mentors won't teach everything they know to their trainees because they also think that these trainees could copy everything they have in the future. And possible they can be of its big competitor in the future.

[Assface16678]

No wonder why it comes into like this. Because they saw the others that this kind of artwork has an amazing result in attracting them to copy their works and mirroring with them will actually it works. This kind of scenario isn't new to everyone, people will always do the same if they saw the others being successful in one thing. I'm not sure if that falls into greediness (maybe) but for sure it is because of jealousy.

That is why some mentors won't teach everything they know to their trainees because they also think that these trainees could copy everything they have in the future. And possible they can be of its big competitor in the future.

Many people today are struggling about trading and most of them lose their money because of having a wrong decision for investment or prediction of the market price. One of the best things to do by the market and platform because they created the copy trading platform today with the use of it many people now will easily trade because they can now copy the market trade of the other people. But still, we need to monitor the market price of the coins because even we have a trusted copy trader still there is a chance that they have a mistake of having trading. Still, you can follow the trade of other people and make changes if you think you are not confident by that market prediction.

[MWesterweele]

No wonder why it comes into like this. Because they saw the others that this kind of artwork has an amazing result in attracting them to copy their works and mirroring with them will actually it works. This kind of scenario isn't new to everyone, people will always do the same if they saw the others being successful in one thing. I'm not sure if that falls into greediness (maybe) but for sure it is because of jealousy.

That is why some mentors won't teach everything they know to their trainees because they also think that these trainees could copy everything they have in the future. And possible they can be of its big competitor in the future.

Many people today are struggling about trading and most of them lose their money because of having a wrong decision for investment or prediction of the market price. One of the best things to do by the market and platform because they created the copy trading platform today with the use of it many people now will easily trade because they can now copy the market trade of the other people. But still, we need to monitor the market price of the coins because even we have a trusted copy trader still there is a chance that they have a mistake of having trading. Still, you can follow the trade of other people and make changes if you think you are not confident by that market prediction.

I agree, most of player encounter a hard time in trading particularly those newbie because not all have ability to know when the good time to trade or not. Sometimes those who fail are the one who easily get distracted like when a little pump or dump  of the market, also another reason why they failed is they trade without checking the status of the market. I think traders should be more learning to know and more knowledge to avoid mistake trading.

[TravelMug]

Recently I have heard a lot about copy trading on two cryptocurrency exchanges Bingbon and LetMeTrade. With the Forex market, copy trade is not new, but with the cryto market, the trade is just beginning. The question is:

As others have said, etoro has been in this kind of "game" - https://www.etoro.com/en-us/copytrader/

- Is copy trade a new trend in 2020 of cryptocurrency exchanges?

No, it's been in the market as I have said, perhaps it was not well known though.

- Does copy trade help new people? when they only need to copy professional people.

On the contrary, new traders should stick to the old and traditional way. What I mean by that is that they should learn from scratch because it is more fun and rewarding, instead of just being lazy, by copy-trading someone's success. So where is the adrenaline rush there? Not very challenging for majority of us. Let to trade by yourself in the beginning, I know that there could be challenges, but treat it as a journey, and I'm sure that once you find success it is going to be very rewarding in your end.

[iv4n]

Copy trading has been a thing for a while now; as far as I remember, eToro was one of the first(or at least one of the first successful ones) to have this feature on their platform. Can people make money through this feature? Sure, but they definitely could also lose money. Would I suggest people to use such feature? Hell no.

If you're lazy to trade crypto and just want to leave money, then just go with bitcoin. If you're lazy to do research on stocks and be updated on the daily, then just go with index funds or ETFs like the Vanguard Total Stock Market ETF(VTI/VOO).

Probably the best answer he will get! If he is too lazy to do research, to lazy to have his own plan, than he shouldn't do it, end of story! There is just one case when you should consider copy trading, it's when you know that trader very good, if he is your close friends, and he shares secrets with you.
People will try everything to make profit with little or no work. Copy trading is one of those ways where you can easily make and lose money!

[Wexnident]

Answer to first question, Hell no. Copy trading has been a thing for quite a while already. Idk which cave you actually came out from to not even know that. Answer to the second, well, technically it doesn't help them in terms of learning how to trade. Nvm, there actually isn't any type or form of learning happening with copy trading, just like how Copying the answers of your friends in assignments and exams in school doesn't give out a learning vibe. Although, it does give them a higher chance of earning money compared to when they do it themselves, but it still depends on who you actually copy from.

[justdimin]

I still do not understand how people could trust other people when trading. I understand that now copy trading also has historical data and shows success rates and so forth which means you get to see those traders past trades as well and decide if they worth copying or not but even with that how could you know their past trades would reflect on their future trades as well?

I personally think that a persons historical success can't be copied into future because they could very well be a great trader until a point but then lose all of their money after a while as well. Maybe I am too paranoid and maybe this is a good way for newbies to learn how to trade from the veterans of the space while also not losing money but I still think it is quite risky.

[imstillthebest]

Recently I have heard a lot about copy trading on two cryptocurrency exchanges Bingbon and LetMeTrade. With the Forex market, copy trade is not new, but with the cryto market, the trade is just beginning. The question is:
- Is copy trade a new trend in 2020 of cryptocurrency exchanges?
- Does copy trade help new people? when they only need to copy professional people.

copy trade ? havent heard of that term before except this time . so it works like copying the trades of someone or if what are thier portfolio ? you ask if its okay to copy profesional traders , well hell yeah if they are really professional and only if you can check thier stats and see if they have a good trading stats but if its hard to prove it then no i wont trust it because they could be only leading you to your losses and they want to manipulate certain coins .and btw  is binary trading work like that too ?   i see on an ad of binary trading that you can also copy other peoples movemement. .

[Harlot]

Would you really trust your own money on someone else's decision? You see the thing here is even if you copy trade the highest gaining trader in that website there is no guarantee that he will make profits for you on all of his trades. The trader can basically manipulate the market but what if he is wrong or the money he has is not enough to make the move he wanted to do? Or what if he is in collusion with another trader where they just decide to short Bitcoin? He basically doesn't have any liability when you lose your money as you allowed him to use it so all the risk is on your side, he has the upper hand when it comes to your money so I don't think any trader can be trusted with that even if they are the most recognized one.

[sana54210]

Would you really trust your own money on someone else's decision?

If you're not ready to believe into some other traders'decision then there will be no such concept of copy-trading.
But, I believe copy-trading is famous in forex markets for more than a decade. Without proper reasons any concept will not survive for such a long period of time. There are enough justification for people to believe into some other trader's decision and this is the reason we are still having copy-trade functionality in many exchanges.

Personally, I have never tried copy-trading but when there will be crypto exchanges introducing this feature then definitely I will risk small capital for this. If there will be good results we may start getting, I believe you this will open big doors for passive income generating options.

[Harlot]

Would you really trust your own money on someone else's decision?

If you're not ready to believe into some other traders'decision then there will be no such concept of copy-trading.
But, I believe copy-trading is famous in forex markets for more than a decade. Without proper reasons any concept will not survive for such a long period of time. There are enough justification for people to believe into some other trader's decision and this is the reason we are still having copy-trade functionality in many exchanges.

Personally, I have never tried copy-trading but when there will be crypto exchanges introducing this feature then definitely I will risk small capital for this. If there will be good results we may start getting, I believe you this will open big doors for passive income generating options.

Well that's in the forex and stock market you also really need to consider that the crypto market is very volatile and is not as controlled as the other markets I have mentioned so really the risk is considerably big in this market even for a seasoned crypto trader you will copy on. But if you really think that the idea of copy-trading is favorable for you then go for it, I was just giving my two cents on this matter after all it is your money and right now you have two not well-known crypto exchanges mentioned in the OP offering it so you can try it out.

[nelson4lov]

Recently I have heard a lot about copy trading on two cryptocurrency exchanges Bingbon and LetMeTrade. With the Forex market, copy trade is not new, but with the cryto market, the trade is just beginning. The question is:
- Is copy trade a new trend in 2020 of cryptocurrency exchanges?
- Does copy trade help new people? when they only need to copy professional people.

Copy trading has been around the crypto space for as long as I can remember. When eToro trading platform first added cryptocurrencies to their trading platforms, they added the copy trading feature where users can follow their favorite 'top' traders and then the trades are executed automatically. Soon after came Coindash (now blox), they did their ICO and launched their platform soon after. But the idea of copy trading didn't make much waves... Why? For starters, copying people trades doesn't make one a better trader. You will just be given fidh every time and at such, the profits were short lived. Even when these traders make losing trades, people get losses as a result.

 Today, not a lot of people are fascinated anymore about the concept of copy trading. The best way to become a better trader is to make your analysis yourself so that if you win, you'll know the efforts you put into it paid off and if you lose, you'll be able to identify your mistake and where you went wrong and execute better.

[Stedsm]

Copy trade is actually a good thing if you completely understand the risks involved and know who you're following. A trader's open track record is what makes this a great feature which avails you a variety of people and their trading results and lets you decide whom to copy the trade from and whom to be blocked / blacklisted from the list you watch.

[harizen]

- Is copy trade a new trend in 2020 of cryptocurrency exchanges?

It might be a good feature but I think for it become a trend this year, "not this time".

First of all, this copy-feature is expensive. I don't how much it costs on those sites you have mentioned but I'm sure it can't be afforded by average crypto-earners. During the time I was interested in this feature (in Etoro IIRC 2018/2019), it cost around Php 250,000 (around US$4,900 as of the current exchange rates). Not sure though about the pricing today. And aside from that, you will only see the portfolio statistics of the certain trader once you subscribe. Meaning prior to choosing on which trader, you will just only see their winning rate. Might be the same scenario if also applied to crypto exchanges.

But maybe, if those reputable exchanges today will open this feature, that might be the start. But in crypto, you honestly don't need this copy-trade feature since even the most professional and well-backed up analysis can be wrecked overnight. That's how volatile crypto is, way different to the behavior of the forex and stock market.

[mbakruroh]

- Does copy trade help new people? when they only need to copy professional people.

For beginner should take courses and join several trading group as start, they need basic knowledge before jump into real market. Copy trade is alternative way to get money using professional adviser and easy platform, for people who don't have time is really helpful. Up to you but I'm really sure copy trade can't help you become expert, do it by your self.

[el kaka22]

Of course, it helps new people, how could it not? But, it also depends on the new people and how they take it as well. For example, we all probably went to school right?

Well in school teacher teaches the same class to a lot of students, some of them will learn it and be fascinated and be in love with the subject and maybe grow to be someone with a profession regarding that subject, while another kid would just sleep in that class.

Same goes for copy trading, you can follow a trader and do what they do and learn from them and be great at it and become your own trader in the future as well, or you could potentially just rent a bot that copies someone else all the time and you go back to sleep hoping it would make you profit.

[sana54210]

- Does copy trade help new people? when they only need to copy professional people.

For beginner should take courses and join several trading group as start, they need basic knowledge before jump into real market. Copy trade is alternative way to get money using professional adviser and easy platform, for people who don't have time is really helpful. Up to you but I'm really sure copy trade can't help you become expert, do it by your self.

Copy trading can't help us become a expert but it can start teaching us some basic phenomenon about trading and also it might give us the knowledge to enter and exit the markets at the exact time. Professional traders make deep TA and also they do study the market conditions before entering any markets and if you are copying such traders than you might even be able to spoon feed yourself with such required knowledge and this can even enhance your trading knowledge.

I think, for newbies this might be a better way to start gaining some experience and to start their career with trading. They can than move forward for spot trading on their own without following someone else's research.

[barbara44]

I have not heard about the platforms you mentioned for copy trading but I have used eToro in the past to perform some copy trading. I really think that this is a most useful function for newbies who do not have any knowledge about trading but yet want to invest some of their capital into trading.

Copy trading actually minimizes the risk associated with trading as we only perform trades which are been researched by the trader we are copying. Also while copy trading, you should check the portfolio of the trader you are copying and also the ROI which is been displayed on some platforms. We have the freedom to choose a trader to start copying accordingly by paying some smaller amount of fees.

[shoreno]

I have not heard about the platforms you mentioned for copy trading but I have used eToro in the past to perform some copy trading. I really think that this is a most useful function for newbies who do not have any knowledge about trading but yet want to invest some of their capital into trading.

Copy trading actually minimizes the risk associated with trading as we only perform trades which are been researched by the trader we are copying. Also while copy trading, you should check the portfolio of the trader you are copying and also the ROI which is been displayed on some platforms. We have the freedom to choose a trader to start copying accordingly by paying some smaller amount of fees.

oh so we need to pay small amount of fee first to be able to copy other traders ? oh no i thought it was free haha but that is okay to pay small fee especially if you are really noob on it and you are copying a good trader , pretty sure you can earn something good on your first few tries on these platform  .

 this does really minimize the risk but we should be aware of that even good traders do also commit mistakes or not thier own mistake but their chosen coin are only being manipulated which can also lead for us to loose if that bad luck happens .

[stomachgrowls]

Of course, it helps new people, how could it not? But, it also depends on the new people and how they take it as well. For example, we all probably went to school right?

Well in school teacher teaches the same class to a lot of students, some of them will learn it and be fascinated and be in love with the subject and maybe grow to be someone with a profession regarding that subject, while another kid would just sleep in that class.

Same goes for copy trading, you can follow a trader and do what they do and learn from them and be great at it and become your own trader in the future as well, or you could potentially just rent a bot that copies someone else all the time and you go back to sleep hoping it would make you profit.

Well said! It would just vary on a particular trader or person if he would make himself learn even though he do initially make some copy trades etc. Some will really be concern
on learning everything while on its way and some wouldnt really care as long they can make money through it.Who would have the advantage? Of course to the one
who do choose to learn.

In talks of trend of copy trades then it wont be surprising if this one would make some buzz or noise and as said this had been pretty common on forex and stocks,so this one
is already expected to go into this market.

[RealMalatesta]

That’s a really good features and I’m looking forward to a time when the bigger exchanges in the cryptocurrency network will start adopting this feature for their trading platforms, it would be really good. I haven’t heard about these two exchanges you have mentioned and I have not used them before so I’d wait for when such feature will be available on the exchanges I make use of.

I have only seen this feature in a binary option trading platforms. It is a helpful tool for a lot of people and you can easily just copy anyone you want to copy and trade when they trade. I wish this feature must remain free of cost for all the times so that we can choose anyone who is performing well in terms of profit making rather than being paid subscriptions.

[beerlover]

The trick with copy trading is to find a trader that is good in the long run and not just couple weeks. You may see someone who has made a lot of money in the past week or past month even but that person could be not so well in the longer term like one year.

Copy trading is still something quite new so I still suggest many people to sit out and wait and see who is actually good in the longer term and if one person can manage to have a great month after month that means you may actually spend money on copying their trades. Copy trading is actually a lot less scarier than bot trading if you ask me, bot trading is a lot riskier because you let some computer do the trading for you, here at least there is a human counterpart to what you are doing and know that humans can change gears when needed.

[nicolas1979]

- Is copy trade a new trend in 2020 of cryptocurrency exchanges?

We have something different about using " trend " word, for me trend describe market movement. Copy trade is not a trend just simple method to make money that I believe you'll get small amount than you running account with your skill. I'm not blame everyone who use copy trade services but I see this method only create lazy people, they don't want to learn and try new method because already have income. Good trader do his strategy in his account and accept the result, copy trade not helping people to grow up.