Copy Trading on Bingbon can result in high profits if you can find successful traders to copy. See what professional traders do, learn from them, and when they make a profit for you, you will share 8% with them. It’s a mutually beneficial relationship.
If you are among those traders who don't have time to keep track of their trading markets, then Copy Trading on Bingbon Exchange is certainly a perfect option for you. The biggest advantage of copy trading on Bingbon Exchange is that it will help to takes away the hassle of designing & implementing a strategy for placing winning trades. Instead, traders need to follow other professional traders to place profitable trades. This is exactly why, platforms such as Bingbon or Let me Trade have gained popularity among newbie and professional traders.
What is Copy Trading on Bingbon Exchange?
Copy Trading on Bingbon Exchange is a form of portfolio management which allows you to directly copy the positions taken by other professional traders and connect a part of your portfolio with their portfolio. By linking your profile to others, you copy all of their trade on the market and any actions they make. Copy Trading can be useful for one who doesn’t have time to follow the markets themselves. When copying other traders, one doesn’t receive the layout of the trader’s strategy but follows their trades blindly.
Copy Trading doesn’t mean that you don’t have any control over the outcome. In most platforms, once you’ve established a connection, you still can close trades, open new ones, and otherwise moderate the overall result. However, by copying another trader, you can easily make money based on their skills
How to start Copy Trading on Bingbon Exchange?
To start Copying Trading, you have to make sure your account is in Isolated Margin Mode, not Cross Margin Mode.
In the trade section on Bingbon Exchange, you can choose between these two modes. Make sure that your funds are in the Fund Account, not Cross Margin Account.
Step 1: Create account on Bingbon
Step 2: Find and select professional traders that you want to follow
Go to Community >>> Filter >>> Choose Traders based on your criteria
Step 3: Adjust your Copy Trading
Select your margin (USDT/VST) and the margin mode (Fixed Margin/Proportional Margin)
- Fixed Margin: That function allows you to set the per-trade margin for each copy trade. For example, if I set the Fixed Margin to 5 USDT, each time the trader completes a trade, I will copy with 5 USDT.
- Proportional Margin: That function allows you to set the margin on a per-unit basis. For example, if I set the Proportional Margin to 5 USDT/unit, and a trader opens a trade of 10 unit, I will copy with 50 USDT.
Set the Day Copy Trading Amount
This is the amount for copied orders in a day. When your account reaches this amount, it will automatically stop copying this trader until the next day.
Set Maximum Position Amount and Stop Loss Ratio
Maximum Position Amount is the maximum amount of open principal allowed for copied orders. Once the copied open order reaches this amount, no more trades will be copied until some of open orders are closed.
The Stop-loss feature will help you never lose more money than which you are ready to lose per trade in accordance with your Copy Trading strategy
Frequently asked questions about Copy Trading on Bingbon
What are the benefits of Copy Trading on Bingbon?
What are the risks of Copy Trading on Bingbon?
If the strategy of a professional trader you are copying is unsuccessful, you can lose money. You also face liquidity risk if the instruments you are trading experience the trading pairs have liquidity issues when markets are volatile. However, you have a lot of ways to protect yourselves from market risk on Bingbon Exchange by using an asset allocation strategy such as Set the Day Copy Trading Amount, Set Stop Loss Ratio and Maximum Position Amount.
Can I become a Copy Trader?
Anyone can become a copy trader. If you are a professional trader, you can build up your profitable trading history, KYC, and open the Copy Trade Mode. As a Copy Trader, you can earn 8% of the net profits of your followers!
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