Cryptocurrency exchange Bybit has launched a copy trading feature on its spot exchange. The product will help traders realize higher returns by enabling them to mimic the trade moves of the most successful traders on the platform. As the crypto market often depicts high volatility, FOMO, fear and greed, it is easy for many newbies to fall by the wayside. Copy trading minimizes these risks for new traders.
To make its copy trading model work, Bybit follows the performance of master traders in order to identify and recommend the most competent pro traders. You may now follow an expert trader and have the system automatically place their trades for you in minutes. Bybit customers will be able to trade their crypto holdings like pro traders as a result of this development.
Particularly, traders will be able to know the perfect time to go long and when to go shorts, enabling them to earn large profits. If you’re a master trader, you’ll get a 10% cut of any profits your followers make.
With copy trading, it is possible to replicate the performance of successful traders who have proved the capacity to profit from market volatility and develop equity regardless of the market conditions. It’s a win-win situation for both expert traders and their clients. This is because the masters earn a commission on each wining trade.
“This new product demonstrates our commitment to creating a safe and reliable one-stop crypto platform for crypto traders of all levels and experiences,” stated Ben Zhou, co-founder and CEO of Bybit. He added that copy trading will allow new traders to make higher profits, and also learn while doing so.
Established in March 2018, Bybit is a cryptocurrency exchange that specializes in online spot and derivatives trading services. As part of its derivatives trading model, it supports leveraged crypto trading of up to 100X. It also provides crypto mining services and supports staking. Also, Bybit offers API support to its clients and provides a testnet environment where users can test their trading strategies. To date, the exchange has more than 2 million registered users.