Bitget, a pioneer in the cryptocurrency derivatives industry, has introduced copy trading to its spot market, becoming the first centralized exchange (CEX) to do so. By allowing users to copy trading strategies and hold the crypto in their wallet, the recently introduced Copy Trading function in the spot market seeks to provide a streamlined and comfortable experience.
Understanding Copy Trading with Bitget
To improve their chances of making profit, beginner traders can use copy trading to model their portfolio after that of a more seasoned trader. If a user is interested in following a specific trader, they can look at their profile and make an informed decision based on the trader’s profit and loss (P&L), trader ranking, and portfolio data stored in the platform. After subscribing, a follower’s trades will be automatically conducted alongside those of the subscribed traders, and the follower will only be required to pay their portion of the profits if and when those trades generate a profit.
Bitget’s One-Click Copy Trade, its extremely liquid and innovative flagship product, will provide spot traders with a similarly seamless experience in 2023 after the exchange pioneered copy trading for derivatives in 2020. Bitget’s flagship product, One-Click Copy Trade, simplifies trading for newcomers by making it possible for anyone to automatically replicate high-performance futures trading techniques with a single click. Also, successful and seasoned traders can further boost their yield with this function, as it provides a passive revenue stream.
Traders’ Return on Investment (ROI), buy and sell times and prices, portfolio and profit and loss records, and user-specified Maximum Investment (MI), Stop Loss (SL), and Take Profit (TP) options are all made public through the One-Click Copy Trade feature. This gives users greater transparency and control over their trading.
Bitget has more than 8 million users from over a hundred different countries. In the futures market, the company’s One-Click Copy Trade had over 80,000 traders and 338,000 followers as of December 2022. Furthermore, during the crypto winter, Bitget says it implemented a number of safety and protection mechanisms, such as Fund Custody, Merkle tree Proof of Reserves, and Bitget’s US$300 million Protection Fund, to ensure the security of user assets.