When it comes to popular crypto trading platforms, Bybit’s name comes to mind. This crypto trading platform offers high-end features, such as copy trading, which is one of the many reasons traders prefer using it.
Copy trading is a great and helpful feature for novice traders as it doesn’t require a lot of crypto trading experience. Here’s a guide to copy trading and how well it works on Bybit.
What is Copy Trading?
If you are interested in trading crypto without much hassle, copy trading is the ideal option for you. It’s an easy form of trading that is offered by numerous trading platforms, and Bybit is one of the most popular ones, where expert traders use Bybit trading signals to alert other traders about cryptocurrencies.
All traders can use the Bybit copy trading feature, but new traders tend to go for it more. Inexperienced traders copy the trading techniques of the experts, which makes this a safe way for them to copy crypto trading strategies and gain experience.
There are two types of copy trading:
- Automated copy trading: This means that a new trader gets to choose the trader they want to copy and they make the trade when the experienced trader does.
- Manual copy trading: This form of trading comes with fewer risks since it’s up to the new trader if they want to copy the position of another trader.
How Good is the Copy Trading Feature on Bybit?
Bybit copy trading provides a simpler way to exchange digital currencies. This is beneficial for new traders, who don’t have any trading experience or are unable to monitor the markets to manually place trades.
Moreover, Bybit’s copy trading feature offers several benefits to traders, both new and old. Listed below are the top reasons why traders should go for copy trading.
Copy trading is free for traders to use, whether they want to register themselves as Followers or as Maser traders. According to Bybit’s guidelines, traders who have registered as Followers are required to share 10% of the net profits they earn with the traders they copy.
There’s also a Bybit copy trading referral program, where users can get 30% in commission and a maximum of 500 USDT in bonuses when they invite their friends to join Bybit’s copy trading.
2. Automation Features
When a new trader picks the Master Trader they want to follow and copy, all of their trades are then executed automatically. Therefore, this makes copy trading an automated feature.
3. Ease of Use
Copy trading is a reliable method of trading, which makes it easy to use. Expert traders have to fulfill high-end requirements. This provides new traders with numerous reliable options they can choose from for a good copy-trading experience.
Bybit’s goal is to make copy trading easy for its users, therefore, Followers are just required to make a small deposit in order to start copy trading. Other than that, there aren’t any unnecessary fees.
All of the important information is available for a user so that they can make the right decision for themselves. This is one of the important features of Bybit’s copy trading. This is a transparent trading platform that displays all of the losses, profits, and trades, which are available for the users to go through.
How is Copy Trading on Bybit Different from Other Platforms?
Many trading platforms offer copy trading, but what makes Bybit different from these platforms? For starters, Bybit has made it easy for the Followers to take part in trades by allowing them easy entry, as mentioned earlier. In fact, Followers can directly learn from and communicate with other top-tier Master Traders.
Bybit thoroughly screens all of its Master Traders before allowing them to trade using its platform. They offer extensive performance statistics of each Master Trader so that the Followers can choose the most experienced trader to mimic.
Moreover, the Master Traders get to dip into the biggest Follower pool within the industry through Bybit. This allows them to boost their income by letting new traders mimic their trading strategies. Plus, they have full access to a variety of smart trading tools that allow them to combine different trading strategies in order to produce profits for both their Followers and themselves.
How to Start Copy Trading on Bybit?
It’s easy to start cryptocurrency trading on Bybit. In order to start, go to Bybit’s copy trading page, where you get to pick your Master Trader. On the page, you will see drawdown statistics, the commonly traded pairs, seven-day ROI (return on investment), and various other performance metrics that can assist you in making the right decision.
If you already know which Master Trader you want to follow, there is also a search option where you can find them. After choosing your Master Trader, the next step is to move some funds into your copy trading account. Once you have done that, pick a comfortable order size and leverage for your chosen trading pairs.
In the case of advanced traders, they get to customize their daily order sizes, slippage, position margins, levels of take profit and stop loss, and leverage for various trading pairs. Once you have confirmed your choices, you are all ready to start your Bybit copy trading journey.
Bybit Copy Trading Review – Bottom Line
Bybit is known as one of the main crypto trading platforms within the industry that offers some of the highest leverages. After introducing copy trading, which makes it easy for new traders to trade, Bybit’s popularity has risen.
If you were looking for new ways to trade or wanted to step into the trading world for the first time, then copy trading might be more suitable for you. This is an easy yet profitable way to learn how to trade. However, keep in mind that while you get to copy a trader’s successes, you might also end up copying their failures too.
With Bybit copy trading, it’s easy to find experienced traders you can copy. You get to open and close the same trades as the experts and see an increase in your crypto balance, all thanks to one easy-to-use crypto trading platform.
Hopefully, this Bybit copy trading review has helped ease your doubts about trading. If you want to discover Bybit alternatives, check out our Bitmex vs Bybit review.